Wei Chen’s Passing; 7 New Year’s Resolutions; UK ERF Electrical; $2.99 Scaling Up Kindle
January 3, 2019
Burrito Bond!; Steve Martin; Client Command; Jan 22 Closing
January 17, 2019

#1 Advantage; The Wei Way; 8 Pillars; Super Bowl Exiting Event

"…insights for scaleups"

HEADLINES:

Trust, not money, is the currency of business and life.
  David Horsager, author The Trust Edge

The Wei Way entrepreneur Wei Chen's remembrance last Saturday was both moving and inspirational, more below, but first…

"Preparing to Exit" Super Bowl Bootcamp more info below, but second…

Is Trust the Most Powerful Advantage? trust is a serious business differentiator, and worth spending focused time nurturing in the marketplace (something a Brand Promise guarantee helps create). Go right to Chapt. 2 of David Horsager's excellent and practical book The Trust Edge: How Top Leaders Gain Faster Results, Deeper Relationships, and a Stronger Bottom Line. He opens that chapter with two poignant examples of trust – both smaller businesses, not Fortune 500 – and then goes on to share more. The balance of the book details The Eight Pillars of Trust (8 C's) and how to reinforce each. Join 1000+ leaders of mid-market firms and hear David keynote our two-day ScaleUp Summit May 21 – 22, Atlanta, where we'll feature a dozen top biz authors and leaders to help you outlearn the competition.

The Eight Pillars of Trust a key advantage of trust is speed, both inside and outside the firm – this is what several of the company case studies highlight. And the 8 C's of trust are: Clarity, Compassion, Character, Competency, Commitment, Connection, Contribution, and Consistency. Of course, I love the 4th one – Competency – which he summarizes as "People have confidence in those who stay fresh, relevant, and capable." The other is Connection – "People want to follow, buy from, and be around friends." 80% of life is showing up and every learning event I've ever attended, both competence and connection are reinforced – besides giving more clarity and reinforcing commitment.

Foundational Principles underlying a company's core values, which are unique to each firm, is what I've always believed is a foundation of universal principles. As I read David's book, it seems the 8 C's codify beautifully what must underpin all personal and business relationships. Go to the book's Table of Contents where David anchors each pillar with a short explanation. Then skip to the chapter that appeals to you most. This is a great book to focus on one chapter per month and audit the company for lapses that break trust.

The Power of Trustmy favorite summary paragraph in the book:

Trust can accelerate, and mistrust can destroy any business, organization, or relationship. The lower the trust, the more time everything takes, the more everything costs, and the lower the loyalty of everyone involved. By contrast, greater trust brings superior innovation, creativity, freedom, morale, and productivity.

Trust the Economy? — fear of a looming recession is dominating headlines. My take? Even if the global economy dropped by 5%, which would be considered another "Great Recession", the global economy would still generate $76 trillion, which is last year's GDP! If you can't grab a million or a billion of this economic activity, it's your fault. The key is to stay flush with cash (or access to cash) so you can weather any sudden losses and take advantage of the opportunities that surface. And these headlines give us permission to prune expenses, processes, etc. Do it now to start the New Year!!

The Wei Way last week I shared a sliver of what YPOer Wei Chen, founder of Sunshine Enterprises, achieved in his short 47 years. So how did he do it? It's what several of us are now calling the Wei Way, in honor of our dear fallen colleague. And not by accident, his way mirrors the 8 C's of trust:

  1. He was eternally grateful for everything he had and it showed (his 17 year old mother sent him to live with his grandparents until age 6 because she couldn't feed him in China)
  2. He always had a big smile on his face and assumed that whatever life dealt him, it was a blessing.
  3. He stayed "present" with people and activities
  4. And he could stay present and have the time because he really understood how to surround himself with great people to whom he could fully delegate his business and activities

A typical Wei moment – he would agree to chair something, assemble a team, walk in the room with the biggest of smile exuding love and energy and connection, listen in for about 10 minutes, then exit saying "I know you'll figure this out." Then he was the consummate cheerleader, never criticizing (just remaining silent if he didn't agree) and emphasizing, instead, what he did like. Thank you, Wei, for leading by example.

"Preparing to Exit" Super Bowl Bootcamp the 3rd Annual Super Bowl Weekend retreat is focused on "Preparing to Exit." Join the align5 team of John Ratliff, Chad Williams and Caley Sullivan as they facilitate 3 days of in-depth content and networking with other CEOs in the beautiful Florida Keys. Whether you are considering a possible sale of your company in 2019, or you are several years away, this retreat will provide you with the tools and strategies necessary to maximize value when the time comes to exit your business. In addition, align5 will provide a formal valuation analysis of your business, and one-on-one strategy sessions to help you build your unique Exit Plan. Space is limited to 5 CEOs/companies. Please visit the attached link for more details.

CEO-BOOTCAMP: spend 3.5 days with Verne, serial entrepreneur John Ratliff, and 6 other CEOs in a beautiful retreat setting, addressing the constraints holding back you, your business, and your industry. January 15 – 18; March 12 – 15; Jun 4 – 7, 2019.

EXITING: Thinking about selling the business for $40 million or more? Want to get 25% to 200% more than you thought? Request the whitepaper from the Exit Strategies Summit at Harvard from Denise Richmond at (610) 299-6466 or email at [email protected]  

COACHING:

Have you ever wondered if working with a coach might accelerate your company's growth, exponentially? Do you have what it takes to move the dial from good to great? Contact us at [email protected] for more information or visit https://coaches.scalingup.com/.

TECHNOLOGY:

Create Accountability – Drive Execution with Align, cloud-based software designed to scale up your Rockefeller Habits implementation. www.alignwithgazelles.com – on your computer, tablet or phone. Click here to watch an introductory video.

Better Book Club — What's your team reading? Increase your books read per team member. Easy, Proven, and in the Cloud at http://www.BetterBookClub.com.

Verne Harnish
Verne Harnish
Verne Harnish is founder of the world-renowned Entrepreneurs’ Organization (EO) and chaired for fifteen years EO’s premiere CEO program, the “Birthing of Giants” and WEO’s “Advanced Business” executive program both held at MIT. Founder and CEO of Gazelles, a global executive education and coaching company with over 150 coaching partners on six continents, Verne has spent the past three decades helping companies scale-up. The “Growth Guy” syndicated columnist, he’s also the Venture columnist for FORTUNE magazine. He’s the author of Scaling Up (Rockefeller Habits 2.0); Mastering the Rockefeller Habits; and along with the editors of Fortune, authored The Greatest Business Decisions of All Times," for which Jim Collins wrote the foreword. Verne also chairs FORTUNE Magazine’s annual Leadership and Growth Summits and serves on several boards including chairman of The Riordan Clinic and the newly launched Geoversity. He is an investor in many scale-ups. A father of four, he enjoys piano, tennis, and magic as a card-carrying member of the International Brotherhood of Magicians.

Comments are closed.