ClearPurpose

I’m in the middle of a long series on the “A,B,C,D’s of Glorifying God with Your Business”. So far we’ve talked about five attitudes (A’s) and seven behaviors (B’s). Each of these mindsets and habits are honoring to God on their own, but the real impact they have on your business is realized through how these changes shape your character to be more like Christ.  The five attitudes prepared our hearts for the hard work and discipline of the behaviors, and to receive and respond to God’s truths that those behaviors would deliver. The seven behaviors or habits or disciplines largely deliver the raw materials (God’s truths in His Word) that the Holy Spirit uses in changing our hearts and our character to be more like Christ.

With the A’s and B’s behind us, we look forward to the C’s (Godly character traits) that enable the D’s (God-honoring decisions). In the next nine articles, we will explore this God-glorifying character through the lens of the nine-part Fruit of the Spirit outlined by Paul in his letter to the churches in Galatia.

This article reviews where we’ve been and looks forward to where we’re going.

The importance of documenting processes in businesses cannot be overstated. Creating and maintaining a playbook can significantly reduce time and effort by ensuring everyone understands their roles and responsibilities in alignment with the company’s culture and vision.

“The Business Playbook” by Chris Ronzio is a valuable resource that guides businesses on developing effective documentation. As a growing business, having a clear playbook is essential, particularly for those anticipating ownership changes. A well-structured playbook not only enhances operational efficiency but also instills confidence in potential buyers regarding the business’s continuity and profitability post-owner transition.

I highly recommend “The Business Playbook” to businesses seeking to streamline their operations and prepare for future transitions.

Read my full review here.

Ed Gehres, Jr. is an attorney and businessman who has been involved in many mergers and acquisitions. He has written “Acquire Before You Exit” specifically to help business owners increase the value of their business by growing their business by buying up and integrating other small businesses. 

Gehres wrote “Acquire Before You Exit” because of the many mistakes he had seen business owners make as they prepared to sell their businesses. The book reads very much like a conversation with a trusted advisor sharing from his broad experience. In it, he walks the reader step-by-step through the process from thinking about growth through achieving it and then preparing to exit.

Every company and every deal is unique, so it’s impossible to provide a generic step-by-step that will cover every situation, but the author does a great job of providing a general approach and then talking about the exceptions. He includes practical advice on when and how to leverage external resources, and he tells lots of stories of companies that have done it well (and others that made mistakes to avoid).

To cap it off, Gehres includes nearly 100 pages of additional resources including example documents, agreements, checklists, etc.

Bottom line, “Acquire Before You Exit” is an excellent resource for anyone involved in mergers and acquisitions, on either side. Although not as polished as books from major publishers, the author’s style is very approachable and the content provides a comprehensive and practical guide to the entire process of growing through acquisition. As with input from any advisor, the reader should consider the author’s insights within the context of their specific situation, but I strongly recommend the book to anyone planning on buying or selling a business.

Read my full review here.

When I meet business leaders for the first time, I am genuinely interested in their business. But, I also care about how coachable they are. Have they allowed wise people to speak into their business situations and have they been receptive to that input? If a business leader thinks he already has all the answers or that people outside the business couldn’t possibly know enough to provide worthwhile advice, then my hopes for the business fade pretty quickly. They may enjoy short term success, but I don’t expect it to last — at least not under that leadership.

Willingness to allow others to walk alongside you, helping you see your unachieved potential, guiding you in how to improve, and encouraging you through the hard work necessary to perform your best isn’t just smart from a business perspective, it’s also biblical. And coachability is essential not only to the health of your business, but also to your personal health. Bearing all the weight of running a business alone can easily lead to major health problems. 

Bottom line, inviting a wise advisor in to help you see your weaknesses and mistakes, and to help guide you in how to overcome them, can increase your business success, your personal happiness, and your health. What’s not to like about that!

That doesn’t mean it’s easy. Coachability starts with the humility of recognizing our own weaknesses and faults and desiring to improve. It works through relationship with others, specifically being open to feedback and correction, and being thankful for those who care enough to help.

In the article linked below I discuss how to overcome some of the challenges many of us have opening up to others and asking for their help.

Read the full article here.

Triple Fit Strategy by Christoph Senn and Mehak Gandhi introduces a different way of engaging with your most strategic customers. Instead of selling product-centric solutions, suppliers work with their customers to co-create mutually-aligned growth. While “strategic selling” has been around for decades, the authors provide a framework, processes, and a collection of tools for collaboration between partners to align their strategies, execution, and resources, almost as if they were operating as one company. While the approach isn’t for every company, and certainly not every customer relationship, I strongly recommend the book for those involved in managing and growing truly strategic accounts.

The book introduces the Triple Fit framework which is made up of 9 building blocks across three levels of “fit” between supplier and customer: planning, execution, and resources. The book teaches how to use this framework to diagnose the strength of a supplier-customer relationship, address weaknesses in order to co-create growth, and build the overall strength of the vendor organization in serving business customers.

I like structure and so one of the things I particularly appreciate about Triple Fit Strategy is the collection of various lists that clarify the challenges, opportunities, and methods related to implementing the Triple Fit approach. I also enjoy learning new tools and frameworks and the book introduces (by my count) 9 new tools or frameworks.

Read my full review here.

I’ve recently finished reading Triple Fit Strategy by Christoph Senn and Mehak Gandhi. Parts of the book reminded me of the brilliance of Nextel’s SmartGrowth strategy. I thought it worth writing a quick article to generalize the overlapping principles from both models. Click the link below to read the details.

Read the full article here.

One of my favorite podcasts uses the tagline “Entrepreneurship can be a lonely journey. But it doesn’t have to be.” Business owners need to nurture healthy relationships or else the burdens they bear are likely to overwhelm them. Without a support system, both your business and your health are likely to suffer.

God knows that it’s not good for us to be alone and that we are prone to being tossed to and fro by the world around us. He knits us together into a church family to give us stability in our faith, to provide us an environment where we can grow in His grace, and to provide a community that we can love and that can love and serve us. You may wonder how the student, the airline pilot, the machinist, the homemaker, the web developer, the nurse, or the retiree in the pews with you could possibly help you run your business better, but each of them has gifts and insights that are different from yours and they may very well surprise you with the wisdom they are able to speak into your business situation. If nothing else, they can take your needs to the One whose wisdom and ability are beyond measure.

Read my full article here to learn more about what it means to be a good “churchman” and why it matters.

“ChatGPT and the Future of AI” by Terry Sejnowski is an insightful book that delves into Large Language Models (LLMs) – what they are, how they work, and their potential impact on our future.

The book is structured into three parts:

1. Living with Large Language Models: An introduction to AI technologies including ChatGPT (Chapters 1–5)

2. Transformers: Exploring the origins, workings, capabilities, and potential threats of LLMs (Chapters 6–10)

3. Back to the Future: Discussing the future of AI and its potential benefits (Chapters 11–14)

Sejnowski adeptly balances technical depth with clear explanations, occasionally seeking ChatGPT’s help to simplify complex concepts. His engaging writing style and use of stories make the content accessible and enjoyable.

The one area that was distracting to me, personally, was the philosophical differences I have with the author. Like many scientists, the author holds to the concept of macro-evolution and the miracle of millions of random changes combined with natural selection producing the amazing human being (and especially the human brain) that we have today. As a Bible-believing Christian, there were many times when I was struck by the author’s blindness to the work of the Creator. As I read in the final chapter two sentences separated by a few pages (“We do not understand how biology started, nor do we have a deep understanding of how cells work, let alone brains.” and “We have invented computational tools that can reveal the language of life, a great surprise; these same AI tools have revealed how life emerges from language, a shocking discovery.”), I simply wanted to point the author to the first chapter of Genesis where God spoke everything into existence — life emerging from language indeed!

While acknowledging the challenges of predicting the future in a rapidly evolving field, the book offers valuable insights for those looking to grasp the nuances of AI. Whether you’re tech-savvy or a newcomer, “ChatGPT and the Future of AI” provides practical value and is a highly recommended read, even if you have philosophical differences with the author.

Read my detailed review here.

Everyone’s talking about machine learning and artificial intelligence, but have we overlooked the importance of our own learning and wisdom? Growing in intelligence and wisdom not only leads to success in business but also allows us to bring glory to God.

Learning is a fundamental part of who we are, enabling us to apply knowledge effectively and create value in the world. While formal education may end in our mid-20s, the journey of learning and gaining wisdom continues throughout our lives.

Honoring God involves excelling in our work and deepening our understanding of His ways. Continuous learning is key to achieving excellence and applying knowledge to all aspects of life.

God has instilled in us a desire to expand our understanding and capabilities, emphasizing the importance of ongoing growth and learning. Let’s embrace this journey of lifelong learning and wisdom.

“A wise man will hear and increase learning, And a man of understanding will attain wise counsel,” (Proverbs 1:5)

Read the full article here.

Business owners, have you considered your exit strategy? Planning for the future is crucial to ensure a smooth transition when the time comes. The reality is, every owner will exit their business at some point. Whether it’s retiring, a sudden attractive offer, or unforeseen circumstances, having a plan in place is key.

A recent survey by the Exit Planning Institute revealed that for 70% of business owners, their business provides the majority of their income, with 64% needing to leverage the business’s value to live post-transition. With so much of their wealth tied to the business, a successful exit is vital.

Exit planning not only enhances your business’s value upon exit but also boosts its performance today, increasing your income and independence. Check out the linked article for insights on exit planning and feel free to reach out for guidance on your own exit strategy.

Read the full article here.