- After a short break, Keith Cunningham continued with many insights born out of a major bankruptcy that occurred in 2001:
And then …
Of course, he was speaking about ENRON
- To repeat a BFO from part 1 – Profit is a THEORY / Cash is a FACT
- If the Wall Street analysts had looked at ENRON’s Cashflow Statements, they would have easily discovered that ENRON was in an unsustainable cash situation. So …
- Another great Keith quote “The key to getting rich (generating cash) is to make fewer stupid decisions.” Generate, digest and understand your timely financial statements, and scoreboards. Your financials and scoreboards MUST be relevant, based on a granular chart of accounts and metrics that are reflective of your goals. If you do this, you will make better decisions.
- Get the BUSINESS into business!
Next Mr. Cunningham concluded with what I consider to be the most important message of his presentation:
- An Owner/CEO/Leader has four jobs that CANNOT be delegated:
- Getting clarity about the obstacles
- Identify and understand the obstacles to success, develop a strategy to overcome the obstacles and then build a machine to carry out the strategy / OSM – Obstacle + Strategy + Machine
- The Machine is A Plan, the People and Execution
- Be careful to determine the REAL problem
- Continually ask yourself what can I do today to improve my situation?
- Often, we don’t have clarity because we don’t ask the RIGHT Questions
- “Smart people have really good answers, geniuses have really good questions.”
- Powerful questions:
Powerful Growth Questions:
- To identify the underlying reasons:
- Prioritization – Allocation of resources
Another great question:
- Organizational Chart – Structure and Who
- Keith said “opportunity without structure is chaos and drama!”
- One of my coaches says “Abundance cannot exist where there is complexity and/or drama.”
and solve problems
- Culture, Not Perks
- Employees are number 1, not customers
- The source of all value is your Team (your Who) and your Culture
- To Summarize – As a CEO/OWNER/LEADER you cannot Delegate:
The next presenter was Dr. Ivan Misner
, founder and Chairman of Business Network International (BNI). Dr. Misner has been called the “Father of Modern Networking” and is a well-known speaker and author on the subject of business networking. You will not be surprised that the subject of his presentation was networking. Here are a few BFOs from his presentation:
- When at a business networking function, it doesn’t hurt to ask for business – RIGHT? WRONG! Networking is all about making and building relationships.
- Many people, when introduced to a person of certain professions will cut the conversation short – thinking they can’t help me. That is a mistake because you never know who they know.
- Networking is like farming – you must plant the seeds of a relationship with everyone you meet.
- Diversify your networks – join industry exclusive, non-exclusive, industry specific, locally based (chamber of commerce, for example), regional and on-line networks.
- Be aware of the relationship of the time it will take to build confidence with someone you meet based on your profession.
- And remember perception is reality
Be aware of how you are perceived.
This wraps up my BFOs from the first day of the 2017 BEFA. Stay tuned for Part 3.