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Kevin W. McCarthy

The Professor of On-Purpose

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Businessperson

How Are Your Marketing Strategy and Plans?

October 11, 2018 By kwmccarthy


Tactical terror is on the face of many a business person these days thanks to the fundamental shift in marketing due to the internet, especially as it relates to social media. Despite all the change, the core of marketing remains much the same as it has for the past 50 years. 

In today’s On-Purpose® Business Minute, may I introduce you to the importance of purpose in your marketing strategy and plans?

Purpose brings the power, spirit, or juice to the business model and marketing plan that engages employees, customers, and shareholders alike, yet each differently.

Before you design that new website or write that new brochure or ad, please give the fundamentals of great marketing the investment of your time and energy on the front end. It will save you a ton of time and money on the back end.

Having the fundamentals of marketing in place provides a higher probability that your goals will be met or exceeded.

  • Regardless of your company size, do you feel overwhelmed, confused, or frustrated with your present marketing strategy and plans?
  • Are you facing the tactical terror of chasing your tail and not getting the results you want?

Please place On-Purpose Partners  CMO Services on your mind to help you order, focus, build, and expand your business so it can go to the next level of performance. If you need help, please drop me an email at kwmccarthy@on-purpose.com.

As promised, here is a link to the Marketing Mix concept by Jerome McCarthy, the author of Basic Marketing (and who is not related to me).

Is More Money Your Answer?

August 2, 2018 By kwmccarthy

Ask most business people what they need and the likely answer is “more money!” That’s like asking a football coach what he needs: “More points to win the games.” The real issue is What does it take to produce the points or the money?

Money (or points) is a self-deceiving answer or an easy target to articulate.

While Stephen Covey’s Habit #2 is “Begin with the end in mind,” it is as promoted just a beginning to the end. When we only have the “end in mind,” shortcuts are probably even ethical compromises.

The “Management by Objectives” movement has suffered many of these challenges. While never the intention of its creators, it became a rationale for sloppy management and the abdication of leadership and strategy.

Having worked as and with business owners for five decades (I started very early), I can tell you that money may be the obvious answer, but it is rarely the right answer.

Money is a specific commodity with well-defined functions, mostly as a measure.

Oddly, the lack of money in business may be more valuable than the money itself. It forces us to get real, to be creative, and to assess what’s working and what isn’t working. In the end, we’re apt to become better prepared and more capable of adding higher value and better services at a lower cost. Ergo, we make more money.

Being in business provokes us and pushes our buttons emotionally.

I’m not saying go out there and look to take stupid hits. On the contrary—avoid them, but some number of hits are inevitable. Rather than letting them take you down, let them build you up by learning, growing, and maturing.

In this On-Purpose Business Minute, I’m sharing with you the three most common attributes that attract money to businesses: law, order, and opportunity. If you’re a business owner or entrepreneur, this is a must see Minute.

Need some help with your business? On-Purpose Business Advisors has worked with start-ups and entrepreneurs to Fortune 100 CEOs. Email me to learn more.


 

Resource

Invest 9 minutes to learn about The On-Purpose Business Plan. This maps out the essential infrastructure to create sustainable growth and profitability.

click chalkboard to enlarge
click chalkboard to enlarge

 

What Is Your Cost of Pride?

May 10, 2018 By kwmccarthy

We businesspersons tend to be an independent breed.

We take pride in our work ethic, standards for excellence, and accomplishments. This is often what it takes to start a business, to persevere in the challenges, and then thrive.

There’s often (not always) a downside to this self-reliant trait.

This On-Purpose Business Minute invites you to consider the cost of pride especially in light of the subtitle to The On-Purpose Business Person: Do More Of What You Do Best More Profitably.

How do you know if your pride is costing you?

After watching today’s On-Purpose Business Minute, invest 159 more seconds to assess yourself with the following 10 questions:

Here are the 10 questions about pride:

  1. Do you describe yourself as a helper?
  2. Are you a low-maintenance friend or employee?
  3. Are you apt to say, “It’s just as fast to do it myself“?
  4. Do you believe “If I want something done right, I have to do it myself”?
  5. Are you one who hates to burden other people with your problems?
  6. Are you the person most people turn to for advice, wisdom, and counsel?
  7. Do you find yourself being more and more burned out and then bitter towards others?
  8. Are you easily frustrated that others can’t do what you do as fast or as well?
  9. Do you say, “I can’t afford to hire the expertise I need, so I have to learn how to do it myself”?
  10. Do you say, “I know what I need to do. I just haven’t gotten around to it yet”?

The more questions you answered with a “yes,” the more likely it is that your self-reliance is costing you more than you imagine. You are pushing people away from helping you and shouldering too much of the burden yourself.

Determine your cost of pride.

It could include job loss, slow business growth, long hours, stress, high turnover, ill health, strained relationships, being passed over for a job/raise or a hundred other costs. Do a quick assessment of your cost of pride. You may be stunned.

Share your assessment with a trusted advisor or friend. Invite them to identify what you’ve missed or where you are blind. Ask them for their opinion, be quiet, and avoid being defensive.

The simplest and most comprehensive action to take is to adopt and live into the On-Purpose Approach of Doing More of What You Do Best More Profitably.

Keep this adage in the forefront of your mind. You will prosper!

Why Is My Business Struggling?

December 21, 2017 By kwmccarthy

Fortune 1000 company CEOs and small start-up business owners who have yet to make $1,000 often share the same problem—a business struggling to succeed. Economic conditions can definitely have an effect.

Many of the business challenges I see, however, are self-inflicted!

Business problems due to lack of sales revenue are most often addressed at the surface level—”We need a new website, lower prices, more salespeople, and so forth.” Sales and marketing are obvious places to look by the entrepreneur or even seasoned CEO.

Business solutions like these are where hordes of consultants and advisors earn their fees. Most often they are well earned and justified.

But wait—there’s more!

My experience as a business advisor for CEOs of multi-billion dollar companies and one person start-ups tells me that these tactical plans and approaches to problem businesses are often futile. It leaves the business struggling and focused on the wrong activities, even if well intended.

The culprit of many a business challenge lies below the surface.

If the basic business design, model, and plan have flaws then the entire business is off the mark. The larger the business, the more it lives within the corporate culture—for better or worse. Even a small defect at the core of the business can be expensive.

What To Do

  1. Watch this video on The On-Purpose Business Plan. Invest 9 minutes right now. This will help you find undiscovered wealth within your business. As you’re watching ask yourself if your business has this kind of thinking and structure in place and developed. Better yet, ask yourself the value of it if you did have it in place. When you build your business on your purpose, then you’re capable of offering a full-bodied expression of your business instead of the typically tactical and anemic offerings of today.

If something is missing in your business … it is probably here!

    2. Do This: STOP! = Start Thinking On-Purpose! 

How to do that: Try this simple exercise. Write down your “truths” about your business. This could include your assumptions about your customers, the market conditions, what it takes to sell, the benefits and features of your product or service, costs, the quality of your team or delivery … you get the idea. Jot down what you hold as a reality or truth in your business. These are your assumptions and concepts.

Next, take your list to two or three people outside your industry and ask them to review the list and to tell you their take on your observations plus their thoughts and perceptions. Avoid defensiveness. Wear your R&D and market research hat and listen—don’t tell—and just ask.

Finally, interview a few customers or targeted prospects to learn if your truths are reality or simply impressions that constrain your business development and growth. Ponder it and then adjust accordingly!

Have You Had Your Profit Epiphany?

June 22, 2017 By kwmccarthy

Profit-making has a bad rap.

Too often we associate profit with greed.

Truth be told, greed is an attitude of the heart that is often revealed in business but isn’t inherent to being in business.

If your heart’s desire is to truly be of service to others, then greed is likely not going to be your problem. Your challenge is just the opposite—you run so far from the appearances of greed that you overdeliver and undercharge so often that your business is hanging by a thread. Check your mindset and see if I’m right!

This On-Purpose Business Minute may be just the message you need to hear to awaken you that it isn’t your marketing, sales force, or operations that needs the adjustment—it is your internal posture about profits in need of repair. 

 

What Do You Do? (The “Do Do Dialogue”)

January 26, 2017 By kwmccarthy

You’re at a business or social event and the inevitable question arises, “What do you do?” Now is the time for your “Elevator Speech” to kick in and smartly sell your product or service. Or is it?

Most often we tell the inquirer our job category (e.g., I’m an accountant, plumber, salesperson … ) or job title (VP, realtor, sales representative) and where we work. At this point, the conversation often goes relatively quiet as they offer an unknowing, polite, or perhaps perfunctory response about your work, “That’s nice.”

If you dislike your work, perhaps ending the conversation about your job plays to your advantage by avoiding a disheartening conversation. It may also be that the person was simply making polite conversation and has no real interest in your business.

The other extreme is the canned elevator speech where your tightly crafted unique selling proposition is flawlessly presented worthy of a Toastmasters’ award. You’ve rehearsed it over and over so now you’ve said it. What do you get in return?

“Oh! That’s nice,” again. Then the person walks away for fear of being sold or bored by a rehearsed jerk with robotic responses. You were insensitive to the person.

No one likes to feel stupid or feel like they are being sold. Under either approach, at best they only have a shallow concept of what you really do and how you truly make a difference for your clients or customers. In short, you’re either putting them to work figuring out what you do or you’re working them over with your sales pitch.

The Do Do Dialogue takes a bit of thinking on your feet mixed with some advanced preparation. The goal isn’t to sell or present. Rather it is to discover how you can help them, how they can help you, or what a referral or recommendation looks like for either of you. (Yes, some of us actually think that way from the start).

Assuming, however, that you are an on-purpose business person working in an on-purpose position, then you truly are interested in the on-purpose business approach of Doing More Of What You Do Best More Profitably. If that’s the case, then your response to their question just short-circuited an organic opportunity to earn a new client or gain a source of referrals or just make a friend.

Instead, what if you had a respectful and relevant response that actually got the person interested in what you do—or at least more interested—while providing a clear understanding of your on-purpose customer? 

In either a business or social setting, before you show up, think about where you’re going to be. Who you’re going to meet. This gives a huge clue as to appropriateness of response. If you’re at a neighborhood block party or the Chamber of Commerce Lunch, then you’re walking into different settings. Be wise to that.

Here’s the social setting response when asked, “What do you do?” I quickly assess whom I’m speaking with: a retired person, a young mom, an unkempt teenager, or a man in his working years.

“Do you know how many (retired persons, moms, teens, or working adults) often feel that their life is meaningless?”

Their response is typically, “Yes.”

Then I say, “I help my clients write their purpose in life and make decisions that are aligned with it so they are on-purpose rather than off-purpose.” The next question from them is typically, “How do you do that? Are you some kinda life coach?”

My response isn’t to directly answer their question, but to probe a bit further. “Why do you ask? Do you know someone who is looking to know their purpose in life?”

At this point they’ll talk about themselves or someone they know. Now I can probe further. “Tell me about that.” So rather than telling them I have a company that “does life coaching,” I model it for them by becoming interested in them.

In a business setting, I’ll assess the person but unless I know otherwise, I always assume they are a P&L business leader because that’s my clientele. I want them to get someone in mind who needs my help.

I’ll say, “Do you know how stressful it is for (business owners, sales people, executives) who are charged with making (a profit, sales, a budget)?”

Their response is typically, “Yes.”

My next “do question” is likely to be, “Does someone come to mind?”

Again, they’ll either self-identify or get someone in mind. Then, I probe further, “So what’s that story?”

Each of these series of questions has the potential to open up a powerful conversation about either the person or someone they know and just might introduce you to. 

Learn the “Do Do Dialogue” and you’ll transform small talk into engaging opportunities. Who knows, you might just gain a new client or a referral and truly do more of what you do best more profitably.

Subscribe for free to The On-Purpose Minute and On-Purpose Business Minute. Enroll by clicking here and following the instructions.

Ambition. At What Price?

July 7, 2016 By kwmccarthy



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.

______________________________________________________________

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

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