Month: January 2019

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015 Business Development Diagnostic—Part 1

015 Business Development Diagnostic—Part 1

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

Today on the podcast, we talk about the principles we apply in assessing business development efforts. We also talk about ways that businesses can improve their development processes.

Check out the full episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Assessing Business Development Efforts

We businesspeople tend to come out of the gate strong but then, later, slip. Maybe we forget or skip some important elements of the process. Regardless, somehow business development stalls.

Having a process in which you continually assess and improve is an important element of business development.

Tapping into Your Network for Business Development

Another theme I have seen in business leaders is a hesitation to put themselves out there by talking to people in their networks. Perhaps this hesitation is related to impostor syndrome, in which people progress in their careers but still have self-doubt. They’re a little afraid. They’re not confident. And they hold back.

But when we connect powerfully and confidently to the market—including members of our own networks—we’ll attract more opportunities.

All Revenue Grows Through Relationships

Many times when I talk with people about this, they say, “That’s applicable to you. You’re in a service-based business.” But I believe that relationships are important in driving revenue for any business. And by business relationships, I mean all relationships—clients and customers, partners, investors, employees, and any other stakeholder.

Business flows through relationships.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

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014 Setting Annual Goals

014 Setting Annual Goals

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s episode, we talk about annual goal setting. We share with you our goals for 2019, how we were able to achieve our goals in previous years, and how we plan to achieve our goals this year.

We also talk about how passion fuels us to achieve our goals and remain open to the opportunities that are presented along the way.

This episode is a gold mine for tips about goal setting. Listen to the full episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Fueling Goals with Passion

I’ve been told by reliable sources that at one point our business school tracked 4,000 graduates during a 30-year period. The graduates were divided into two groups. One group was composed of those who were very deliberate, set specific goals, and made decisions that they expected would help them to achieve those goals. Graduates in the other group followed their hearts, their passions, didn’t necessarily have direct objectives in mind, and took a more values-based approach rather than a goal-based approach. At the end of the 30 years, the school found that graduates in the second group reported happier lives and larger bank accounts.

But does that mean you shouldn’t set goals? Not necessarily. But it provides evidence that goals are more easily achieved if they’re driven by some fundamental passion.

Having a Work-Back Schedule

We recommend using a work-back schedule—a plan in which you decide what you want to achieve and then work backward to plan the steps that you have to take to get there. In putting together a work-back schedule, you may find out that you don’t know the steps. That’s OK. Somebody has done it before, and you can find out the steps from them.

Surround yourself with people who have done what you want to do.

The Path to Achieving Your Goals Is Not Always Direct

I prescribe to the idea of acting on intuitive impulses along the way to achieving goals. And I don’t find that to be incompatible with using a work-back schedule and being methodical. I simply recommend that you never close your mind to opportunities or impulses that might set you on a different track.

Airplanes go off their calculated paths 90% of the time but still arrive at their destinations. What I’m saying is that, like airplanes, we need to be adaptable.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

Join Carol’s newsletter, The 150 Years Mentorship Program

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013 Family Councils for Family-Run Businesses

013 Family Councils for Family-Run Businesses

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s podcast episode, we discuss the importance of family councils for family-run businesses, how such a council can benefit the performance of the business, and some tips for maintaining open dialogue among family members.

If you want to know more about this topic, listen to the episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Setting Agendas for Family Council Meetings

To fully engage the council members, meeting agendas should be fresh, dynamic, and interesting.

Particularly when multiple generations are involved, no two agendas should ever be the same. But the agenda should always relate to the family council’s purpose—the value that you expect to gain from the council’s existence.

The Importance of a Family Council

You should set clear rules for your family council—both its purpose and how it will operate.

These rules must be set up early and with input from not only members of the family but also non-family who are leaders in the business. The point is that everyone have a solid understanding of the council, including what to do when something unexpected happens.

What if the business’s leader gets hit by a bus?

I’ve worked in the leadership of family-run companies, and the senior executive and I weren’t allowed to travel on the same flights. We weren’t allowed to go to the airport together. Those are the types of procedures that the family and the Board of Directors put in place to secure a smooth leadership transition if the worst happened and the flight crashed.

What Makes Family-Run Businesses Different from Other Businesses

In a typical business, senior management reports to a CEO, the CEO reports to the Board of Directors, and the members of the Board report to the owners.

In a family-run business, senior management may be owners or members of the Board of Directors. The CEO may be an owner, a member of the Board, or neither, and he or she may or may not be a member of the family.

Given these potential complications, the way in which family-run businesses report to their owners and other stakeholders may differ from other businesses. For example, the head of the family may work for the CEO if that approach is best for the business.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

Younger Next Year (book) by Chris Crowley

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012 Working with an Advisory Board

011 Working with an Advisory Board

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

This week on the podcast, we talk about how advisory boards can help get you further in business and in life, as well as what being a member of an advisory board is like. We also give some tips on how to choose the right people for your advisory board and how to get the most out of your time with your advisory board.

Make sure to check it out!

To download the document, scroll to the bottom of these show notes and fill in the form.

Choosing People for Your Advisory Board

As a business owner, I may look at a potential member of my advisory board and ask myself why that person would want to join my advisory board when he or she is already very busy. But I challenge myself and anyone who is listening to this podcast to ask the person anyway.

Many successful business people are looking for opportunities to help others who are perhaps a few years behind them in terms of the growth of their businesses. They’re looking for ways to share their experiences and help others in their journeys.

Benefits of Being a Member of an Advisory Board

Being a member of an advisory board is a learning experience for that person as well.

When I’m on advisory boards, I always try to add value—to give back—but I also learn what those organizations are doing and then share what I take from that experience with other business owners who I mentor.

In this way, being part of an advisory board works both ways. I don’t think there’s a downside in having an advisory board or being part of an advisory board.

Operations of an Advisory Board

At the outset, the advisory board and the person who convenes it should discuss the range of issues that are on the table for discussion, the typical meeting agenda, how often the meetings will take place, and who will be the chairperson. Each advisory board needs a chairperson—somebody who leads it and keeps the ball rolling by creating meeting agendas, staying in touch with the person who convened the advisory board, and ensuring that progress is made and follow-up occurs.

An advisory board that isn’t set up with some structure and then proactively managed won’t be effective.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.