I said it last year, and I must say it again, the Business Excellence Forum (BEF) gets better each year. There were more than 500 business owners, executives, team members and business coaches in attendance in Houston, Texas. With that many attendees, there was an abundance of formal and informal exchanges of ideas, strategies, success stories and best practices.
This year’s forum had an extensive list of keynote speakers whose presentations yielded many Blinding Flashes of the Obvious (BFOs) and new ways of looking at things. The following are some of the BFOs that struck a chord with me, most of which will enhance the value I bring to my clients. I am sure that some of these will have a similar effect on you.
During the opening session, Brad Sugars, founder and Chairman of ActionCOACH shared the following:
- We often present the concept of Learn More to Earn More. Brad added Serve More to Earn More. Serve More to Earn more became one of the major themes of this year’s Forum.
- To serve more, you must set an expanded vision (more about that later) and then you must grow into it.
- Brad highlighted the difference between a Leader and a Coordinator. Leadership is all about the Vision.
- During a discussion of referral strategies, Brad challenged everyone to develop a pre-gifting strategy. For example, give a book relevant to your product or service to ten of your top customers and encourage them to pass the books along to people who would benefit from your offering.
Our first keynote speaker was Keith Cunningham, author of “The Ultimate Blueprint for an Insanely Successful Business” and creator of the CFO Scoreboard. (keystothevault.com)
Mr. Cunningham, while explaining financial reports in very plain, simple language, slips in many gems about business. Following are some of the most important:
- For most in business, the universal answer to business problems or issues is growth – most of the time, that is a fallacy. It is often more effective to consolidate your business and address the problems directly before resuming your growth. After all, your problems may grow bigger as your business grows.
- “To play the game of business you’ve got to speak the language.” The language is knowing how to read and understand your financial statements and KPIs.
- You need two things; Language and Scoreboard:
- Language (Report Card) = Financials
- Scoreboard (Dashboard) = Optics which leads to strategy
- To make more money, get better at business
- M+D+A=N – Management -> Decisions -> Activities -> Numbers. The numbers on your Report Card (Financials) influence your Activities and your activities determine your Report Card.
- What activities need to change to change your numbers? When you stand on the bathroom scale and are unhappy with the number you see, what are you going to change to eventually see a happier number?
- We have too many goals, we need more standards (non-negotiable goals).
- Running your business with un-read or improperly formatted financial reports is like playing pin the tail on the donkey.
- You give what you tolerate – every management failure is caused by a lack of courage.
- PROFIT is a Theory – Cash is a FACT
- “It is not about getting big, it’s about getting rich (generating cash).” Too many businesses lately are focused on getting very big. Many of them are burning cash along the way.
- The only reason to spend money is to get or keep customers.
All the BFOs above were from before the morning break! There is much more to come from Keith and other speakers in the next blog post.