Do you have some of the wrong people still lingering around in your business that you can’t seem to let go of? You know in your gut that they’re not the right fit, but you still have a hard time pulling the trigger? There’s nothing wrong with believing in your people, but the truth is that they’re not going to change magically. Bill worked with a CEO who kept believing in one of his employees. He kept believing that he’d ‘work out’, but years went by and it was still the same result. Values are important within a company. If your employees are having a mismatch or aren’t aligned with your company’s core mission, then there’s going to be trouble down the road. You might keep an underperforming employee because at least it’s ‘better than nothing’, but that’s the wrong perspective to have. The changes we make on our team are important for the business and if you want to scale!   Resources: Scaling Up for Business Growth Workshop: Take the first step to mastering the Rockefeller Habits by attending one of our workshops. Scaling Up Summits (Select Bill Gallagher as your coach during registration for a discount.) Bill on YouTube   Did you enjoy today’s episode? If so, then head over to  iTunes and leave a review. Help other business leaders discover the Scaling Up Business Podcast so they, too, can benefit from the ideas shared in these podcasts. Scaling Up is the best-selling business growth book by Verne Harnish and our team of coaches. My name is Bill Gallagher, host of the Scaling Up Business Podcast and a leading coach. We help leadership teams with 4 Decisions around People, Strategy, Execution, and Cash, and the 5th Decision about what kind of leader you want to be. Our purpose is helping you Scale Up successfully and beat the odds of business growth success.  

Tuesday’s Tips — Made a Wrong Hire

Scaling Up Business is all about how a few companies make it...and why the rest don’t. Our podcast shows are drawn from the lessons of our coaching clients, coaching partners, and the leading authors that contribute to our Conferences and the Scaling Up best selling book by Verne Harnish, and the Team at Gazelles.  

We’ll share practical tools and techniques for building an industry-dominating business. These approaches have been honed over three decades of advising tens of thousands of CEOs and executives and helping them navigate the increasing complexities that come with scaling up a venture. 

We want to turn what can feel like an anchor, into the wind at your back — helping you create a business where the team is engaged; the customers are doing your marketing; and everyone is making money. 

Each episode of the Scaling Up Business show focuses on one of the four major decision areas every company must get right: People, Strategy, Execution, and Cash. We'll share the tools and methods that have been used by more than 40,000 firms around the globe to scale their companies successfully -- many to $1 billion and beyond.

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In this episode, Bill emphasizes the significant impact of crafting a company manifesto as a foundational tool for embedding cultural elements deeply and swiftly into the organizational fabric. This manifesto should articulate the company's purpose, its emotional core, the vision for the future, the values guiding its operations, promises made to customers, and a long-term transformational goal, commonly referred to as a "big, hairy, audacious goal" (BHAG). By doing so, a manifesto provides a comprehensive overview of why the company exists, its direction, how it plans to get there, the intended experience for its beneficiaries, and a specific target to achieve. Bill outlines a practical approach to creating such a manifesto, starting with defining the company's purpose and detailing its aspirations, operational values, customer commitments, and a visionary BHAG. He suggests integrating this manifesto into daily business operations through various means such as printing, office displays, recitation in meetings, and ongoing dialogue about its relevance and challenges. This integration process transforms the manifesto from a static document into a living, breathing aspect of the company's culture. By fostering regular conversations around the manifesto, businesses can ensure it remains a central, dynamic element of their identity, significantly easing the challenges associated with scaling and growth.

Ingraining Culture with a Manifesto

As an entrepreneur, have you given much thought to your exit plan? Are you not only capturing wealth but also putting the right things in place to preserve your legacy?  In this episode, Elizabeth Ledoux shares her wealth of knowledge on business transitions. With over three decades of experience, Elizabeth helps entrepreneurs start their business transition journey.  Elizabeth Ledoux is the founder and CEO of the Transition Strategists, an international consultancy that helps owners of private and family businesses to maximize the odds of successful business transitions.  
 Key topics that Bill and Elizabeth explore in this episode:  
 - Exit strategies for business owners. 
 - Why some entrepreneurs prioritize revenue or valuation over exit planning and impact, but may struggle with purpose and fulfillment in their businesses. 
 - Family business ownership and passing on a legacy to the next generation. 
 - The importance of starting with the "why, who, what, and when" during conflict resolution, rather than jumping to "how much" or "how." 
 - Fairly distributing profits among multiple investors. 
 - How business owners can identify their objectives and create a strategy for their exit.  
 - The importance of purpose and fulfillment in life, rather than just wealth or time. 
 - Encouraging entrepreneurs to consider their personal values and goals in their business decisions, including philanthropy and family legacy. 
 - Why starting planning your business transition early will provide you with more choices and reduce stress. 
 Thanks to Elizabeth Ledoux for being on the show!  
 Connect with Elizabeth on LinkedIn: https://www.linkedin.com/in/elizabethledoux/  
 Learn more about The Transition Strategists: https://transitionstrategists.com/  
 Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.  
 Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop  
 Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/ 
 Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach  
 Visit https://ScalingUp.com/ to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business growth.    Did you enjoy today’s episode? If so, then please leave a review! Help other business leaders discover the Scaling Up Business Podcast so they, too, can benefit from the ideas shared in these podcasts. 
 Subscribe via Spotify: https://spoti.fi/3PGhWPJ 
 Subscribe via Apple Podcasts: <a href="https://apple.co/3PKe00u" rel="noopener noreferrer"

Navigating the Terrain Of Business Transitions with Elizabeth Ledoux

In this episode, Bill delves into the significance of creating a powerful and positive company culture as a foundational strategy for scaling businesses effectively and sustainably. He likens the ideal company culture to a "good cult," emphasizing the need for intentional, cult-like qualities within a company to foster unity, commitment, and shared values among team members. By drawing parallels with companies like Disney and Apple, known for their strong, cult-like cultures, Bill outlines how such a culture can significantly contribute to a company's success by enhancing teamwork, shared responsibility, and overall satisfaction within the organization. Bill provides practical advice on building a company culture that resonates deeply with employees and guides the organization towards its goals. He stresses the importance of defining clear and meaningful core values, purpose, and brand promises that reflect the company's essence and how it operates at its best. Bill encourages embedding these cultural elements into every aspect of the company, from recruitment and onboarding to daily operations and external communications. Through rituals, traditions, and consistent reinforcement of these values, leaders can cultivate a unique and vibrant culture that not only distinguishes their company but also supports its growth and the well-being of its people. Moreover, Bill suggests incorporating various methods to keep the company's core values visible and top-of-mind, such as utilizing visual reminders in the workplace, incorporating values into employee recognition programs, and even integrating them into personal accessories or digital wallpapers. By rewarding adherence to these values and holding everyone accountable, companies can ensure that their culture remains strong and pervasive. This episode serves as a guide for leaders looking to build a cohesive, values-driven environment that propels their company forward while making the journey enjoyable and fulfilling for everyone involved.

Culture, Creating A Strong One

In this insightful episode, Bill delves into the essence and significance of company core values, demystifying how to get them right and why they are so crucial for creating a thriving, scalable business. He emphasizes that core values are not mere aspirational statements or the embodiment of desired traits but rather a reflection of how a company operates at its best. Bill argues that core values should guide the behavior and decisions within a company, ensuring it grows in a way that remains true to its founding principles without becoming overwhelming or diverging into something the founder no longer recognizes or loves. Bill advises against common pitfalls such as creating too many or too few core values, suggesting an optimal number of five to maintain focus and memorability. He strongly cautions against using generic business terms like integrity, communication, or teamwork as core values, advocating instead for richer, more descriptive phrases that evoke a clear picture and resonate more deeply with team members. Through examples, he illustrates how to transform generic terms into meaningful, actionable values that genuinely reflect the company's culture and operational ethos. This episode serves as a guide for entrepreneurs and business leaders aiming to build a distinct and enduring company culture anchored in authentic core values.

Core Values, How To Develop And Use Them

Why is it essential for management to strike a balance between profitability and cash flow for sustained business growth? In this episode, dive into the world of managing a positive cash flow and scaling up businesses with our insightful guest, Peter Kingma. We also explore the impact of different accounting practices on profit and cash flow, the significance of meaningful KPIs, and the importance of understanding cash flow in decision-making. 
 Peter Kingma works with multinational clients and leads EY Working Capital services in the Americas. Corporate leaders entrust him to help liberate cash through operational improvements, which help in reducing costs and improving service quality. Peter is also the author of Cash Is King.  
 Key topics that Bill and Peter explore in this episode:  
 - Different accounting practices and their impact on profit and cash flow 
 - The significance of measuring the right KPIs and avoiding information overload 
 - The impact of disputes in billing and payment on cash flow and potential solutions 
 - Having a "cash culture" in your organization 
 - Balancing profitability and cash flow management 
 - Making small changes in processes and operations to improve cash flow and profitability 
 - Avoiding comparison to industry norms and seeking improvements outside the industry 
 - How Peter’s book, Cash Is King: Maintain Liquidity, Build Capital, and Prepare Your Business for Every Opportunity, engages with the concept of managing cash flow 
 - The value of storytelling in explaining technical subjects 
 - Making strategic decisions regarding inventory and customer credit  
 Thanks to Peter Kingma for being on the show!  
 Get Peter’s book, Cash Is King: Maintain Liquidity, Build Capital, and Prepare Your Business for Every Opportunity.  
 Amazon US: https://amzn.to/3TWYkts   
 Amazon UK: https://amzn.to/49ogJ6O  
 Peter on LinkedIn: https://www.linkedin.com/in/peter-kingma   
 Peter’s website: https://peterkingma.com/  
 Bill Gallagher, Scaling Coach and host of the Scaling Up Business podcast, is an international business coach who works with C-Suite leaders to achieve breakthrough growth.  
 Join Bill in the Growth Navigator Coaching Program: https://ScalingCoach.com/workshop  
 Bill on LinkedIn: https://www.LinkedIn.com/in/BillGall/ 
 Bill on YouTube: https://www.YouTube.com/@BillGallagherScalingCoach  
 Visit https://ScalingUp.com/ to learn more about Verne Harnish, our team of Scaling Up Coaches, and the Scaling Up Performance Platform, which includes coaching, learning, software, and summit. We share how the fastest-growing companies succeed where so many others fail. We help leadership teams with the biggest decisions around people, strategy, execution, and cash so that they can scale up successfully and beat the odds of business...

Tuesday’s Tips — Made a Wrong Hire

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