Unlock the Power of ChatGPT in Your Business
Join Patrice Miles- BOP Business Coach and Jessie Barber- BOP Client Connection Director, as they explore the power of ChatGPT at My Business on Purpose Podcast- Tuesday Tools On Purpose.
Learn how ChatGPT can transform your business operations and elevate productivity.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatrice
SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
This week marks the launch of the Business On Purpose annual PREP WEEK for clients. Each year at the beginning of November, we guide each of our heroic business owners through a series of repeatable, predictable, and meaningful (RPM) steps to help bring the clarity they need to get their business in shape for the coming year.
Each year brings its own swirling mix of headwinds and tailwinds, and the business must be properly prepared and maintained in order to handle the predictable and unpredictable chaos that will come.
There are eight steps that we guide our owners through to equip them and their teams with the foundation to lean into their mission.
First, every business owner (including me) will go review and update their vision story. The vision story is a seven-category outline inviting the owners to detail what the future snapshot of their business looks like and enables their team to have a clear picture of what they are pushing towards.
The Proverb is self-evident, “where there is no vision, people scatter” (29:18).
Next, each owner will write an annual letter to their business…even if the business only has a few employees.
The concept of the annual letter was inspired by Jeff Bezos’ 1997 shareholder letter where he went back and reviewed the prior year, a brief history of Amazon, and his anticipation of what was to come. It was powerful and insightful to go back and read that letter in contrast to where Amazon is today.
An annual letter works as a reflection, a vision boost, and a chronicle of the history of your business. Each owner will then read their letter to the entire team either at the end of this year, or at the beginning of next. Hemingway is not the goal…just a simple reflection and anticipation of the business.
The third tool of annual preparation is the business’ culture calendar. The culture of any organization is simply the growth and culmination of whatever cultural ingredients have been planted.
Plant chaos and confusion and your culture will follow suit. Plant clarity byway of repetition, predictability, and meaning…your culture will follow suit.
A culture calendar is a timeline through the following year showing exactly what ingredients will be installed (team meetings, check ins, training, birthdays, whatever you want) and when those ingredients will be planted, watered, and fertilized.
The fourth, fifth, and sixth tools all have to do with an owners business financials taking a past, present, and future look.
Reviewing the past will require an owner to make time to review the business balance sheets and profit and loss statements from prior years. These will provide a visual “flow” of the business finances as the owner moves into the next two steps in the financial preparation stage.
To review the present financials we ask each owner to go back and see the continuity of their Level Two Dashboard. All BOP clients are encouraged to subdivide their bank accounts beyond the one, two, or three accounts typically held by a business.
A BOP business will subdivide all receivables into 5 to 10 different bank accounts each designated for various business or profit purposes.
As these receivables are “flushed” or “swept” into the various accounts, a simple spreadsheet template (Level Two Dashboard) tracks the flow of those accounts giving the owner a helpful snapshot of the “water levels” of their business.
During annual preparation, each business owner makes time to review and adjust the percentages they have allocated to each account ensuring profitability and retained cash for growth.
Having a good perspective of what has happened and what is happening, owners will now run a simple exercise of determining a helpful budget that will guide them in decision making throughout the next year. It is a fiscal map of sorts reminding the owner and team of how much they were going to allot to certain activities for the coming year.
We talk all the time about the reality that for business owners, life and business necessarily intersect. In the final steps of BOP PREP WEEK we invite each owner to go home and have some necessary planning conversations with the people they share a home with.
The seventh, and often toughest (and yet most productive) conversation is a guided discussion around personal finances called the Financial Barn. This exercise allows the owner and their spouse to walk through every area of generosity, spending and investment that will be flowing in and out of their home finances in the upcoming year. It can be uncomfortable, and yet it is healthy and good.
Finally, with the eighth step comes the less-than-exciting work of legacy planning as we ask each owner to connect with their advisory professionals to audit and discuss the legacy and protection issues of insurance, financial advisory, legal/estate, etc.
With business ownership comes increasing risks of exposure and the need for planning and protection.
Unfortunately most business owners never make the time for these important steps in their annual planning. But we know you are different, and that you will make a decision to make the time to build a business on purpose because life and business necessarily intersect.
Reach out if you need help at mybusinessonpurpose.com/contact.
Unleash the Power of the Master Process Roadmap!
Join Patrice Miles- BOP Business Coach and Dr. Jessica Mendelsohn- New South Family Medicine and Medspa as they delve into the power Master Process Roadmap at My Business on Purpose Podcast- Tuesday Tools On Purpose.
Discover how Dr. Jessica Mendelsohn leveraged this game-changing tool to streamline her operations and achieve stunning success.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatrice
SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
Revolutionize your business with the power of "Reels"!
Join BOP Business Coach Patrice Miles and Business Coach Brent Whitaker as they delve into the power of Reels on the My Business On Purpose Podcast: Tuesday Tools On Purpose.
Discover why Reels are more than just a trend—they're a game-changer for your business! Learn the importance, gain insights, and walk away with actionable strategies to level up your brand.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatrice
SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
"Hey, Brent, what are unique core values?" Well, they're just that! Not to sound flippant, they're unique to you, to your business, to your family. 'Cause yes, we create those with our clients for their businesses and for their family because operating out of those filtering decisions through their unique core values makes a huge difference in life and work.
I got these the other day from a client that we work with. These are their family core values. Listen to these. These aren't integrity. These aren't discipline, these aren't, um, honesty. Those are core values.
We should all at our core have those values. Unique core values are just that. One of theirs was "Be where your feet are". And they, you know, the challenge is to, to define that. What is "Be where your feet" are mean. It means to be present. When we are at home, we are focusing on family and relationships. When we are at work, we are focused on work. We're being intentional.
Uh, being intentional to be in the moment, to be present and checked in. One of theirs is "Rest". Good gracious! We all need that. This is how they defined REST- Create space from the chaos by giving your mind, body, and soul time to relax. This is vital to give us margin. They said spontaneity to keep, keep things light and fun. We value... listen to that. We value unplanned activities to challenge us and get us out of the day to day rut or predictability of life.
What do you think their family's gonna look like if they filter decisions based on the unique core values that they've cultivated? It makes a difference if you implement them. And if you define them, they are game changers.
So question, "What are some things you and your family value?" Create a space maybe around the dinner table, cut off distractions, set a timer, and just brain dump on a piece of paper, a Google doc. Just start throwing descriptors out there…
We value.. being together…
we value laughter and goofiness…
we love having folks over to our house…
and building community…
Make the list then go back to the list and start narrowing those descriptors down. If you value being together then maybe your Unique Core Value is “togetherness”. Use a thesaurus. No, seriously. Type in some of the keywords and get some synonyms. Use some words in front of the main world to make it stick…
Cultivating togetherness…
Intentional ___________ you get the idea.
Make it fun, make it YOU. Then, make sure you have no more than 5 Unique Core Values. Have them displayed in the house, talk about them at dinner. One question we ask is “Where have you seen us live out a Unique Core Value this week? Again, it really has been a gamechanger in our household, and if you would have told me even 2 years ago, that I would be excited about having the Whitaker Family Core values. I would have looked at you like you were from another planet. What do we want to instill in our family that will leave a legacy? Trust me. Your family will feel differently from taking the time and investing in these. Check us out at mybusinessonpurpose.com/roadmap.
LinkedIn Strategies for Success!
Join Patrice Miles (Business Coach, BOP) and Carter Polsgrove (Regional Sales Manager, Momentum) as they dive into the power of LinkedIn on the My Business on Purpose Podcast: Tuesday Tools On Purpose
Learn the best practices, tips, and tricks to maximize your presence on this professional platform. Discover how to use it strategically, whether on your personal page or company profile. Uncover the secrets to building a meaningful network and boosting your business!
LinkedIn Tips and Tricks:
https://docs.google.com/document/d/1YfLs65P-GolMBKUSTfrgXfQNW4HWQLnh/edit?pli=1
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatrice
SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
Futurist Bob Johansen describes our modern context with the acronym VUCA - volatile, uncertain, complex, and ambiguous.
He goes on to explain, “Leaders will be buffeted, but they need not allow themselves to be overwhelmed, depressed, or immobilized. Leaders must do more than just respond to the whirl of events, though respond they must. They must be positive change agents in the midst of chaos.”
That is our very aim, to liberate owners from chaos and make time for what matters most.
Since 2008 virtually every business owner has thought, “when will the next recession come and how bad will it be?”
Yours truly has wrestled with the same question during moments of emotional and mental weakness in my well-documented struggle with fear.
Recently though I have wondered, “could I approach a market dip with enthusiasm and expectation rather than doom and gloom?”
I believe so, here is what I mean.
The lowcountry of South Carolina, where our family lives, has been on the receiving end of active hurricanes almost every year since 2016. It is nice to believe that we can hurricane-proof our home. The reality though is that the best we can possibly work towards is a thoughtfully hurricane-reinforced home.
I was in earthquake plagued Northern California a few weeks ago and saw first-hand the construction efforts of code enforcement mandating an over-engineering of residential spaces in an effort to thwart the devastation of an earthquake. And yet, there could always be a scenario where the disaster-proofing is just not enough…but we can work to build up a healthy resistence.
Even some well run businesses were knocked off of their foundations during the Great Recession. In most cases, the businesses that were recession-reinforced were able to withstand.
Here are a few non-negotiables to reinforce your business so that if a market dip comes you can go into the storm with expectation and anticipation instead of doom and gloom. These are in no particular order.
First, your Vision story is even more important than cash.
Liquidity (accessible cash) is a delightful tool that we would all love to have in excess, but what is more crucial is vision.
In a market-storm debris usually gets thrown around and if your perspective is lost your course can get easily thrown off.
Ed Sheeran says in his song Lego House, “I think the braces are breaking…” In a storm braces have a chance to break and equilibrium thrown for a bit. While the storm is raging, and when the storm is complete it is both refreshing, comforting, and re-centering to know and have confidence in your heading. Ship captains and airplane pilots would surely agree.
The only way you can lead a team to run is to write the vision down (literally...write it down) and communicate it with incredible repetition.
Second, cash will offer buoyancy and give you options.
In a typical room full of business owners if I had everyone raise their hand who could make it through three months of business with no revenue...not many would be able to respond.
The hurricanes here in the lowcountry exposed some businesses to the reality that they could not even survive one week of zero revenue generation let alone a few months of market correction.
We recommend that businesses have an accessible stash of three to six months of cash reserve to live on under the assumption that no new revenue was generated. This is not a move based on fear, but instead on wisdom.
A decision based on fear (or greed) is to have two years of cash built up (unless maybe you are a farmer:). Hoarding is not healthy either.
The likelihood of zero revenue is not very high in most industries. If you have cash, you have options.
One option is to float the entire business with no reduction of overhead, personnel, etc.
Another option is to thoughtfully trim the business expense in line with the new revenue. Obviously this is easier to do with a team of subcontractors verses a team of full time employees.
The most exciting option is to have cash available to purchase other businesses at a discount. Remember all of those hands in the room that would not go up? Many of those represent good products that are simply poorly managed and can be revived by your leadership. You may be able to purchase their business (assets, people, contracts, relationships, etc.) at a discount during a stormy market. You cannot do that though if you do not have cash.
The smoothest way to build cash that we have seen and exposed hundreds of business owners is to subdivide your bank accounts and metaphorically cut up each receivable that comes into your business so that every penny has a home immediately. When you begin thoughtfully watching your money…your money magically begins to be used with intentionality.
A third tool of reinforcement are team meetings that ensure the right things will be communicated in the right way.
Having endured the geographical displacement of a few hurricanes now has helped train us on the importance of predictable communication channels.
Obviously, our family is together so we are able to communicate in real-time and with frequency.
Our mayor has done a great job of communicating certain times where she would communicate to displaced citizens using social channels.
Our local Sheriff would also hold regularly scheduled updates accessible to anyone anywhere.
If you do not have a regular method and frequency of communication (i.e. - agenda-driven, leader-led, regularly set team meetings), then a market-storm will further exacerbate the irregularity, frustration, and unpredictability of a communication-challenged culture. Don’t wait for a market storm to communicate using team meetings, build that habit now.
If you have clarity of knowing where your business is going (your vision), cash to keep you afloat (your fuel), and a reliable method of predictable communication (your lifeline) then your braces are less-likely to break and Ed Sheeran will be a musical companion during an opportunity rather than a prophet of doom through a storm.
Unlocking Health Benefits Solutions for Small Business Owners
Join Patrice Miles- BOP Business Coach and Dr. Jessica Mendelsohn-New South Family Medicine and Medspa on My Business on Purpose Podcast as they dive into the world of Direct Primary Care (DPC) - a game-changer for business owners.
Learn how DPC can transform your employee benefits, making healthcare accessible without breaking the bank.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on. Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatrice
SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/ LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210 SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1