Are You Chasing Money Or Is Money Chasing You?

I had an epiphany ten years ago. I realized after a business reversal that I was chasing money. For a variety of reasons, I believed financial security resulted from a singular focus on that which I needed the most and thought to be necessary. At the time, that was the simple five-letter word money.

But, I had my priorities wrong. I was putting my focus on the wrong five-letter word. The word I learned to focus on was value. I learned that when I created significant value for my customers, I didn’t have to chase money. Money would chase me.

During the coronavirus crisis, are you chasing money, or is money chasing you? Is your focus primarily on revenue, preserving your cash, keeping your doors open, and surviving? If it is, that’s completely understandable.

I want to ask you this question, though. What happens to your relationships with customers, employees, stakeholders, or business partners when your primary focus is on money and not on creating value? 

When chasing money is the primary objective, creating value becomes a secondary objective. Based on my own experience, this scenario negatively impacts the quality of our important relationships.

I met someone this week who is not chasing money, but who is in the position of having money chase him. His name is Corey, and he’s a plumber.

Corey replaced a leaky faucet of ours and walked away with $280.00 for 35 minutes’ worth of work. I’m glad our faucet works, but being Scottish, I asked about his schedule and how busy he was. Corey said he works 50 hours a week and earns on average $250 an hour. That’s $625,000 before expenses. 

Corey is not chasing money. Money is chasing Corey. He doesn’t spend a dime on marketing. He doesn’t need to build a website or do social media advertising. He needs to do high-quality work that is valuable to a customer, and in turn, referrals keep him busy fifty hours a week. And busy he is.

What can we learn from Corey? While not an extensive list, here are three things I learned from Corey.

1. Even during a worldwide pandemic, there are sectors of our economy doing well. Technology and plumbing are two examples. 

2. Getting referrals remains the best way to grow a business. I’m happy that 87% of our business comes from referrals and or repeat customers. 

3. Provide high-value and money will chase you. Even when revenue is down, and you are uncertain as to the long-term future of your business or organization, a ruthless focus on creating value for your ideal customer is the primary catalyst for a prosperous future. 

Think of your business in five areas—strategy, execution, talent, mindset, and leadership. Ask yourself the following five questions. Choose one question that is most directly linked to the current state of affairs in your business and brainstorm one action to improve your effectiveness in that area. 

1. Strategy: Do you have a defined market that has the long-term potential to grow at 5-7% per year and where your value is distinctively attractive to the market’s top customers? If not, how will you differentiate yourself in the marketplace?

2. Execution: Have you innovated a new product or service in the last 90-180 days that delights your customer? Have your competitors? What does that mean for your business?

3. Talent: Have your employees willingly raised the bar on their performance without being prompted by management? Have you raised the bar on your performance? If not, is it a surprise an employee hasn’t?

4. Mindset: Are your employees playing to win versus playing not to lose? Are you?

5. Leadership: Amidst the current crisis, are you role-modeling passion, innovation, and growth? Do your customers see employees as passionate, innovative thinkers, and focused on growth? What are the implications for your answers?

I want to help you rise above the current demands of your day and to believe in and work toward living and working abundantly even during times of crisis. If you would like a copy of my Strategic Quarterly Review Questionnaire or to schedule 30 minutes to work through these questions, drop me a note at hugh@clarisconsulting.net, and we’ll schedule a call.

The Sales Code Podcast Episode #36: What Makes A Great Sales Leader

I was a special guest on The Sales Code Podcast with Kevin Thiele, and we discussed how sales is rooted in more about people skills than technical skills. You can take a listen here! tinyurl.com/237b832j

And remember to live boldly!

The Leadership Podcast Episode #302: Your Mindset Is Way More Important Than Your Strategic Plan

I was a special guest on The Leadership Podcast with Jim Vaselopulos and Jan Rutherford, and we discussed the 7 Principles for Transformational Leadership. You can take a listen here! https://bit.ly/TLP-302.

And remember to live boldly!

Four Traits of Passionate People

Five years and two weeks ago I recorded a Monday Morning Minute entitled the Four Traits of Passionate People. It is one of the top ten posts out of the 650 blogs and videos I’ve written over the last eleven years.

I’m distributing it for a second time today not in a Facebook “Throwback Thursday” type of way, but as reminder that passion is essential in order to not simply endure a pandemic, but to excel as a consequence of the pandemic.

Yes, I know there are thousands of people who are struggling and are in dire straits. I also know that there are a vital few who in the face of tremendous hardship are able to embody the four traits outlined in this video.

If you would find it helpful to have a conversation about how you can find or rekindle your passion, send me a private email at hugh@clarisconsulting.net and we’ll schedule a forty-five minute call. I’d be honored to be of help.

Video notes:

This week I want to talk to you about whether you’re passionate. Passion gets bantered around a fair amount these days in the world of work, but I’m going to suggest you stop thinking about employee engagement, and start thinking about employee passion. Let me tell you why.

Passion is the fuel that drives people. It compels people to do things that they may not know how to do. There are four traits and characteristics of passionate people. They are:

1. Curiosity. Passionate people are always looking to learn new things. They will uncover new ideas by looking in the strangest of places, they will overturn rocks, they will open drawers that nobody else has opened before because they’re genuinely curious.

2. Courageous. Passionate people are willing to be uncomfortable and they are willing to push themselves outside of the known, safe, and predictable to learn more and to take what they’ve learned and apply it in ways that challenge them.

3. Committed to exemplary work. Passionate people don’t do just ordinary work…that’s not acceptable to someone who’s passionate. Someone who is passionate says, “What I want to strive for is the exemplary and that is what I will do.” Extraordinary and exemplary work…that is the line that they have drawn in the sand.

4. Community. They have a community of like minded co-collaborators that are willing to challenge themselves, that are willing to learn, that are committed to exemplary growth. They come together, they share best practices, they teach one another, they learn from one another.

So they’re curious, they’re courageous, they’re committed, and they have a community. Here’s the question though: do people describe you as passionate? Would people describe your employees as passionate? Would you describe your customers as passionate about your organization?

Ladies and gentlemen, infusing passion into an organization starts with the organizations leaders. So this week, I suggest you ask yourself those three questions. On a scale of one to ten with one being low and ten being high, how passionate am I for my work? On a scale of one to ten, how passionate are my employees? And on a scale of one to ten, how passionate are our customers for our services? If you start asking these three questions you’re going to have a fabulous week.

That’s the Monday Morning Minute. I hope you have a fabulous week, and I’ll see you here again next week. Take care.

Ten Attributes of High Performing Leaders

I was asked yesterday by a CEO client to list what I thought were the essential characteristics of high performing leaders and team members. After giving a disclaimer about high levels of competency and a deep expertise in their respective areas, I provided my top ten list of suggested attributes for leadership and team effectiveness.

1. Passion: Successful leaders and team members have one idea that has grabbed hold of them and won’t let go. They can genuinely, enthusiastically and readily talk about their idea and the linkage to an uplifting and desirable future. They are passionate communicators and use powerful language to infuse hope and optimism in others.

2. Curiosity: Successful leaders and team members have a deep curiosity about people and what makes them tick. They are continuously looking at and discussing how to build greater effectiveness with and through people as well as technology. They are also curious about their brand and are committed to enhancing it. Their curiosity has them traveling to diverse places, reading broadly and being intellectually engaged both at work and at home.

3. Courage: Successful leaders and team members have the courage to turn their back on what has made them successful in the past. They still experience fear but see courage as essential for accomplishing something noteworthy. They embrace their fears and move forward confidently knowing they are smart enough to learn and grow from whatever they experience.

4. Credibility: Successful leaders and team members recognize that being able to make a contribution takes personal influence. They know that people will willingly follow them only if people believe them to be authentic, credible and believable. They agree with the admonition that people only believe the message if they first believe the messenger, and in turn they strive to be exceptional role models.

5. Urgency: Successful leaders and team members have a healthy dissatisfaction with their current performance. They are continuously thinking bigger about their own personal leadership as well as their role in creating a culture of continuous learning, experimentation and risk taking. They also believe that speed coupled with passionate dedication can achieve something noteworthy.

6. Ownership: High performing teams have members who take responsibility not only for the performance of the team, but they also take complete responsibility for the quality of their personal and professional lives. Simply put, there are no victims on high performing teams. The prevailing mindset is one of “what can I do to make a difference and if I can’t make a difference then I need to make an exit from the team.”

7. Tenacity: Successful leaders and teams don’t give up. Once they have a clearly defined desired future (one they are passionate about and have the courage to pursue) they exhibit deep reserves of resolve and determination. They believe in progress not perfection and are tenacious in the face or adversity.

8. Agility: The world of work demands that leaders and team members be comfortable with ambiguity and that they don’t expect all aspects of their work to be expressed in black and white terms. They have the ability focus intently while remaining open to recalibrating their course of action whenever they learn of a better course of action.

9. Discernment: The ability to filter large amounts of information and determine the one or two most salient actionable points is essential for leaders and teams. Effective leaders listen to gain information, ask questions to understand diverse points of view, and act confidently even in the face of competing ideas and or demands.

10. Results Focused: Successful leaders and team members recognize the difference between taking action and getting results. Their focus is on results and use all of the preceding traits and characteristics to drive their team, department or organization forward.

I have three questions for you:

1. Which of the ten attributes do you do best?

2. Which one challenges you the most?

3. If you could leverage your greatest strength more while also reducing the effects of the attribute you feel challenges you, what impact would that have on your performance?