Kevin W. McCarthy

The Professor of On-Purpose

Business

Is Money Mastering Your Life?

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What is the relationship of purpose and money? Here’s the crux of many a modern-day challenge of money mastering our lives and dominating our thoughts. Is it practical and affordable to be on-purpose? How do we bridge the gap between what our heart wants and paying our bills? Keep reading!

The text and the video of this On-Purpose Minute provide important insights and strategic direction to create a healthy co-existing relationship with purpose and money. 

The Material World of Money

The chorus in Madonna’s 1985 hit single Material Girl is:Cover of "Material Girl"

Living in a material world
And I am a material girl
You know that we are living in a material world
And I am a material girl 

If your worldview is one of a material world, then money is its highest status symbol. Money becomes “what makes the world go around” because it occupies the center of one’s life, attention, and efforts.

Does money define purpose? Purpose is a currency all its own so it doesn’t need money to define it. It would be like thinking that only the rich are on-purpose. Money is a unit of measure, but not a measure of how on-purpose a person is or isn’t.

Purpose lives in your heart; whereas money jealously aspires to rule the house of your heart. Matthew 6:21 says, “For where your treasure is, there your heart will be also.”

We have a choice which to treasure: money or purpose. Even of the best intended of us, far too few have taken a break from the material world and invested our time to discover our purpose in life. Our heart therefore remains relatively empty and undefended from within. We’ve shoved our purpose into a hall closet expecting to pull it out someday when we have more time and money to pay attention to it. 

Money, therefore, has an easy job of filling the vacuum of our spirit. Dropping our guard and inviting money to preoccupy our hearts places us at risk of never having the rightful resident abide within us.

Purpose and money are, however, related because if our heart or purpose remains ill-defined, money and purpose are competitors vying for the same space. Purpose politely awaits for our invitation to enter, whereas money will break and enter. Living life divided tears us apart with busyness and distraction as we jump from one pursuit to another in constant, yet ineffective attempts to calm our guilt as we deny and violate our true selves yet again.

Who wins the battle of the material and the spiritual? The answer is simple: the one we most give provision and comfort to within our being. Settling the matter is deciding once and for all which treasure lives in our heart.

I’m, of course, advocating for establishing your purpose as the sole resident of your soul. Money is a harsh and ill-prepared master of the home. It is intended to be a highly obedient servant of the master.

But how does one reclaim one’s heart? Taming money’s lust for control means gaining greater mastery of your life by answering essential questions:

  • Do I know what truly matters?
  • Do I know my 2-word personal purpose statement?
  • Am I willing to do the work to create the life I want?
  • Am I prepared to put money in its place?

Here’s a simple and fun exercise. How would you live your life differently if you had unimagined wealth? In this On-Purpose Minute, we’ve explored money’s unhealthy and overly aggressive elbowing of its “claim” on your heart, mind, actions, and decisions. Turn the tables by taking money off the table for a moment and imagining your life lived abundantly.

For what you may not realize is that you’ve already won the lottery! Imagine the price tag Apple would place on selling an iYou! The computing power, the eyesight, the touch pads of your fingertips and body, plus the mobility are priceless. Now add a heart and spirit! $30 million doesn’t come close to estimating your value and worth.

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Right Business Strategy

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Strategy& (Formerly Booz & Company and part of PwC (PricewaterhouseCoopers)) does for large businesses what On-Purpose Partners does for small and mid-market companies. As you watch the video above listen as they describe in their words the pillars of The On-Purpose Business Person:

  • Do More of What You Do Best More Profitably
  • Strategy is about the business being (purpose) with aligned execution (missions)
  • Answer important questions at the core of the business and culture
  • The Service Model to execute the strategy

Learn how to instill purpose into your business strategy (being on-purpose) by watching this 9-minute video called The On-Purpose Business Plan. 

Here are some of the highlights of this Strategy& video that hit me:

  • 80% of value destruction has come from bad strategic decisions
  • Competitors are coming from all corners so differentiation is important
  • Companies go chasing growth by letting a thousand flowers bloom only to have fields of weeds to clean up later
  • 60% of C-suite executives have no confidence in their strategy
  • Fundamental questions are not being answered — being best and better than anyone else
  • Double down on differentiated capabilities and competencies
  • Who are we going to be? — the most important question (purpose, vision, mission, and values)
  • Strategy provides the advantage to win

Here you can watch a series of these brief video commentaries on business strategy and leadership.

 

Employee Engagement: How Are Your Three E’s?

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Peter Drucker, the famous management guru, spoke of doing business with effectiveness and efficiency. Let’s add another “E” to the equation: Engagement, as in “employee” engagement. Learn to assess your career and business using these 3 E’s and you’ll be amazed what might be revealed about your career, team, or business. 

Engagement has more recently come to the forefront of employee discussions by The Gallup Organization. I admit to being a huge fan of their work on Employee Engagement. Twenty years ago, I had the pleasure of partnering with a Gallup leader on a client assignment, and I was roundly impressed. Several years back, I reconnected with their work again through a client’s company. Their books and StrengthsFinder survey are first rate as well.

Jim Harter, Ph.D., author of New York Times bestseller 12: The Elements of Great Managing, talks about the power of Gallup’s 12 questions at this Gallup site.

Team Engagement is one of the primary measures for a Chief Leadership Officer™. If you’re leading a business, then you need to get your head into this topic. Leadership of people is the future — engage with it! Be a CLO

Efficiency. Effectiveness. Engagement

Chapter 7 of Chief Leadership Officer will positively rock your take on employee engagement. Basically, the very use of the term “employee” dooms the engagement effort to failure. An employer-employee relationship is transactional. Whereas, engagement is relational.

Chief Leadership Officer – order your book today!

Who Cares About Leading The Business?

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Leading the business carries responsibilities. Being aPurpose of Organization business advisor and strategic management consultant for more than a couple of decades, I can tell you the single, simplest, most overlooked root of more problems in organizations is the failure to articulate, communicate, and execute based on the purpose of the organization (Po). Its absence is massively expensive; its presence nourishes the corporate culture for productive and efficient growth in people and profits.

Someone in charge, however, has to care. Is that you who is leading the business?

This lack of deep strategic clarity muddles every aspect of the organization. People, process, performance, profits, customer service, and operations are just a few of the functional areas informed by a potent, simple, 2-word purpose statement. 

Yet, purpose statements are amazingly misunderstood, unappreciated, and under-engaged. In businesses, I’ve seen the benefit of the leadership team knowing and executing on their purpose produce a 25% or more increase in sales and even greater percentage increases in profits. 

Are you finally ready to set a strategic cornerstone and write your purpose statement? Remember, it is just a beginning but an essential start. I recommend that all business clients first write their personal purpose statement before they do the business statement.

 

How Do You Manage Disappointment?

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Disappointment is inevitable but it need not be debilitating. How you manage it, however, is a choice with profound implications to your well-being, relationships, and opportunities. The easy route is to react negatively and stay there, but what good is that? You have a better choice. What words of advice have you heard for getting unstuck when you find yourself disappointed with something important?

I got to thinking about the word: disappointment. It led me to this chain of words: disappointment > disappoint > point > appoint > appointment. The common word is “point” as in a mark or dot or direction. When we’re disappointed, the mark has been missed. It does, however, provide an opportunity for redirection. What if disappointment is really intended to direct us to a greater appointment? So when we stay in a negative place, aren’t we the ones who increase the price of the initial disappointment and risk missing where we’ve been appointed to shine?

What works for you in managing disappointment? What you have to say may be the very words that help transform another person’s perspective. Be courageous and share your ideas when opportunity arises. Now don’t disappoint me!  : )

Check out this 10-minute excerpt from a keynote address I did where I was talking about changing the punctuation point in your life from a question mark to a statement to an exclamation point.

Need help going from a question mark to a period to an exclamation mark? Read The On-Purpose Person and get one of the companion workbooks.* Better yet, engage an On-Purpose Professional to coach you through the process of becoming an on-purpose person in creation.

*On-Purpose Peace is a workbook for Christians.

 

How Do I Focus My Small Business?

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As you stare at the walls of your office, your mind swirls with a hundred different items on your mental To Do List. You haven’t got a clue what to do next because everything seems important. By default you open up your email so at least you’re keeping up with something. A couple of hours pass at the keyboard and your list is only longer and you’re further behind than when you began. A sinking feeling leaves you even more overwhelmed and disappointed with yourself. Ugh! How do I go about organizing the business? How do I get more focused and productive? I’ll deal with it … tomorrow.

Admit it, you know this scenario all too well. And it bugs you because it is sabotaging your business, your dreams, and your finances. With so much on the line, you wonder, How can I be so stuck? 

Over the decades of working with business owners, this shallow pattern of performance is most often associated with an ill-defined or out of focus business. While brilliant ideas abound in your brain, there’s no blueprint to build the business. Would you hire a home builder to construct your house who didn’t have blueprints? Yet, you’ll build your business without the most basic of plans.

There’s a reason most SOHO (small office, home office) business owners don’t write their plans. It is called flexibility and responsiveness to opportunity. Unfortunately, keeping your options open typically results in a cycle of learning, but not one of earning. The secret to building your business is to create an economically efficient engine of profit. Once the engine is up and running, you can afford to invest in your other ideas. Depth, not breadth, is essential. This takes discipline and commitment … to a well designed, thoughtful, written plan.

Here are three On-Purpose® tools to help you gain focus and sustain it:

  1. Use The Discovery Guide to clarify which of your many options is the best. This “Want List and Tournament” tool is a free download and can be used for many situations, such as clarifying which opportunity makes the most sense for you and why.
  2. The Service Model is a simple tool to map out why and how to design and build your business on one page starting with purpose. 
  3. My On-Purpose Folder is a self or small group guided process to develop your personal leadership capacity. When you’re in mental disarray, your business will reflect it too.

You may think you have a plan, but you may not. Candidly ask yourself, Just how isFocus my plan working? If you’re not obtaining adequate results, speed to market, or profits, then please consider a small business advisory package. Let us help you bring order, focus, clarity, and direction to your business enterprise by guiding and documenting your business plan and model. Organizing the business is a couple of clicks and a few hours away.

Ambition. At What Price?

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Click on text for more information about the On-Purpose Small Business Package

The desire to make a positive difference is the sweet, soulful heart of ambition. In contrast is blind ambition that tramples all in its path to accomplish an end, perhaps even a noble end at that, which is fraught with unhealthy costs. Much of this rests on your view of people.  

Which will mark your life, career, and legacy?

Herein lies the rub for many a business person. To what lengths are you willing to go to realize your ambitions?

Results, especially in the form of company sales and profits, are outward and tangible measures of success. Measurable signs, however, tell just a portion of the story. If you want to know the full story, ask the people along the way who helped to produce the results.

Here’s a painful example. For 12 months spanning 2008 to 2009, I worked nearly full time with a CEO client to author a book that codified his corporate culture, leadership development moves, and business strategy for internal use. Intending for the company to go public via IPO, the book also targeted Wall Street analysts and investors so they could readily grasp what truly made this company great.

The IPO market at that time dried up with the challenges in the economy. Instead, the company was purchased by a national competitor for $130 million. By the CEO’s own admission, the book helped them get more than $15 million in greater value for shareholders over the IPO price, plus they kept their name, and the CEO was offered the position of President over the merged companies.

“Wow!” you may be thinking, “That CEO had to be a happy man.” You would think so. Eight months after delivery of the manuscript, a client satisfaction clause I wrote into the contract was used to deny issuing me an “earned” six-figure stock bonus despite personal assurances from the CEO to the contrary. My concern for my client’s satisfaction and best interests was used against me. Ouch! That hurts on so many levels.

Just because one can take advantage of another person, does that mean one should? Best-selling books on the art of war and being a prince would say go for it. But I say there’s nothing noble in selfishness and greed. True nobility is knowing one has the upper hand and using it to raise up the other person instead of jamming them down further.

The deeper value is seeing people as being above things. Translation: relationships are greater than transactions. Results with responsibilities and citizenship can coexist and produce true greatness.

For a couple of decades I’ve worked with my CEO clients to get them to stop saying things like, “Our people are our greatest asset.” Assets are bought and sold as in slavery. Relating people to assets dehumanizes them and places them on par with the photocopier. By the way, the investment in the photocopier maintenance agreement often far exceeds the equivalent “maintenance agreement” for the people in training, development, and benefits. How sad is that!

Along this same line, the term Human Resources certainly isn’t endearing and doesn’t advance the cause of people as human beings. Resources is just another name for commodities or assets that are traded, discarded, and otherwise moved about indiscriminately. The Human Resources Department is a blind co-conspirator in the loss of human identity and dignity. Instead, rename the department to something like, “People Development” or “Talent Management” but not “human resources.” It is degrading.

I hold no delusions of grandeur that either the perfect person or company graces the face of the planet. Self-serving serpents slither the planet preying on others. We are all capable of being this way, yet deep within our spirit we yearn to a higher self, call, and standard. We’re better to aspire and fail than to have no aspiration at all.

Gazing with admiration upon the shells of “successful” men and women may provide inspiration, but it tends to deliver little instruction. You know better. Get the true back story from the secretaries, bookkeepers, janitors, clerks, delivery persons, and cafeteria workers in corporate headquarters. Look at their personal life. Are their personal lives as captivating as their business headlines? You’ll soon discern whether the person capturing the headlines and your attention is gold-plated or 24 karat solid gold.

Do this: Whether you’re leading your life, a team, or a business, you need to decide: Ambition, at what price? Knowing your purpose and defining your values is a great start to building a life and a career where you can put your head to your pillow at night and sleep soundly.

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Here are some famous quotes about money for your consideration and amusement.

“Money makes the world go around.” $100 bill stack

From the song Money (Watch the performance!) in the Broadway play Cabaret sung by Liza Minnelli and Joel Grey.

“For the love of money is a root of all kinds of evil.”

 1 Timothy 6

“A wise man should have money in his head, but not in his heart.”

Jonathan Swift

“Get all you can [money], without hurting your soul, your body, or your neighbor. Save all you can, cutting off every needless expense. Give all you can.”

John Wesley

“With money in your pocket, you are wise and you are handsome and you sing well, too.”

Yiddish Proverb

Are You Doing Business By Design?

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Chief Leadership Officer book cover
Today is the last day you can pre-order Chief Leadership Officer. Click here or on the book cover above to be one of the first to read it.

 

Chief Leadership Officer presents an On-Purpose® based advanced alternative to the traditional CEO–run management system and method. It takes a choice to lead a business in this manner.  

Most start-up businesses begin with great intentions, but too often wind up being haphazardly led with little to no regard for the founder’s spirit or original intent—even if the founder is still running the business! It is a costly loss of strategic advantage, employee and customer engagement, and business profits!

Most susceptible to this drifting from the founder’s intent are large organizations and institutions where work is highly fragmented across divisions or countries. Specialization must be paired with a sustainable corporate culture that honors and innovates upon the strengths of its past and informs the future.

For example, did you know that universities and colleges such as Harvard, Yale, Princeton, and other Ivy League colleges were started as seminaries to train and equip ministers in the Christian faith? Today, these academics bastions of intellectualization and secularization are so far from their founders’ intent that their roots are obscured, if not outright ridiculed. So much for the founders’ idea of a truly “higher” education.

Large businesses are very susceptible to losing a measure of their soul. The pressures to produce profits can create expedient behaviors that diminish sustainable brand value and equity. When ethical issues arise the tendency is to resort to conveying and communicating corporate values as a “fix.” In truth, authenticity was lost long before and expediency started rotting the roots of the tree long before the “harvest” went bad. When values need to be more codified and communicated than caught, then real business problems are predictably on the horizon.

Solo owners or one person entrepreneurs are susceptible too; but they face a different challenge, however. Founders of these SOHO (small office, home office) businesses are typically wearing far too many hats and are preoccupied with production, sales, or customer care. They’re easily caught in a vicious swirl of learning, working, and selling or overwhelmingly stuck in procrastination. Fortunately, their passion to perform typically enables them to muscle through and deliver on a small scale basis.

Solo owners are alone and that’s a disadvantage when it comes to doing business by design and being ethical. The perspective of oneself is limiting. If the solo owner is willing to be transparent, here’s where a business coach or advisor can lend perspective and accountability. 

Years ago, a client was starting an IT business. He got so lost in his software development, he soon forgot why he started a business. His intent was to help clients, employees, and his family, but he lost sight of the larger picture as he was buried in the details.

It sounds so basic, but the fundamentals of business really don’t change because ultimately business is about people serving people. In my client’s case, lines of code were the means for creating value and making a contribution. He, however, got caught up in the making of money versus creating an “everyone profits” culture. The true value of his business wasn’t code or cash, but grounded in how his software improved the lives and productivity of his client companies. By refocusing his attention on his original “why” and design for starting the business, he was able to turn around the business.

Any kind of plan or business plan for small businesses tends to be scarce. Who has the time to plan? or so the thinking goes. Understandably so because they’re really not all that appropriate or useful in many businesses (See: What is the Purpose of a Business Plan?). Nonetheless that doesn’t mean strategy and planning are useless and meaningless. They have a specific and powerful place in a company of any size.

(Special plug: A couple of years ago I met Jim Horan, creator of The One Page Business Plan. Here’s a great planning device for businesses of all sizes. It is, however, especially apropos for solo owners. Also take a look at The Service Model, a one-page organizing tool for businesses.

Regardless of whether you are an entrepreneur of a one-person show or the CEO of a billion dollar business, as your business advisor and designer, you don’t call me until there’s a problem in the business that your team or you can’t fix yourselves. Your SWOT Analysis only takes you so far.

Let’s assume that you are competent at delivering your product or service, but the business isn’t growing. That means the problems lie in the design of the business or the leadership or both! Conversations and conventional wisdom swirl around business infrastructure, business planning, and the business model, but it is like a fish swimming in water trying to see water—you won’t see it because you’re too close to the matter.

Times like this demand depth, not shallow manipulations of the status quo under the guise of change management. In the strategic depths of an organization, a slight adjustment in understanding, a tiny shift in strategy, or an orientation toward greater alignment ripple powerfully into positive results. The simple articulation of a 2-word purpose statement is the tiniest of acts, but the most potent of all strategic initiatives.

Tweaking the fundamental design of the business is not for the faint of heart. Eventually, failure to do so will be manifest in every facet of the business … and that’s costly at every line item on the budget. Strategic business design can TOPBPerson coverelevate the business to the next level of performance, profits, and expression of its purpose. 

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The On-Purpose Business Person provides a solid framework for any person at work to learn how to treat their work as a business. Click here or on the image to the right to purchase it for $16. It is also available on Kindle for $9.97.