Weekly Bookmarks –
163rd Edition – May 4, 2024
Excellent leaders have deep convictions about serving their teams and their clients in uncommon ways.
Daniel Harkavy, Becoming a Coaching Leader
1. The Greatest Business Stories of All Time
Do you have a favorite business story? When I have spoken at events, one that I tell with dramatic embellishment is the auction of RJR Nabisco in Barbarians at the Gate. I never tire of telling that story, along with three key central truths of pricing (not valuing) a business.
Out of curiosity, I searched for the term ‘greatest business stories’ and was somewhat shocked to see that such a title existed. Not only that, but I’ve also interviewed the author, Daniel Gross.
And yes, I had to grab a physical copy, and the used ones are affordable.
What do Bill Gates, Henry Ford, J. P. Morgan, Mary Kay Ash, and Walt Disney have in common? Uncompromising vision, a willingness to take risks, and exceptional business acumen. Not only did these individuals amass great fortunes, but they also revolutionized the business world and helped shape society as we know it. These are just a few of the stories collected in this anthology of commercial ingenuity.
2. My Favorite HBR Article
I maintain a Notion database of my favorite HBR articles. Pinning one down as my favorite is difficult, but I’ll try.
The title is The Five Stages of Small Business Growth, published in 1983. But don’t stop there. If you like the article and want to gain deeper insights on this topic, skim the first and read the second:
3. Finance for Beginners
I recently told a CEO that I coach that I do not like small business finance books. I find them painfully dull, and they repeat what is taught in most college Finance 101 courses. I also admitted that I’m an arrogant snob regarding books in my profession.
However, I did point him to the HBR Guide to Basic Finance for Managers. It’s overly simplistic, but I’m not approaching this material for the first time, as this CEO is.
Here are a few questions I like on the chapter regarding cash and the business model where that cash comes from:
- What were your company’s sales during the last year? Are sales growing, declining, or flat?
- What is the profit margin? Is it growing, declining, or flat?
- How does your margin compare with those of competitors? With those of other industries?
- Do you know your company’s inventory velocity? Its asset velocity?
- What is its return on assets?
- Is cash generation increasing or decreasing? Why?
- Is your company gaining or losing against the competition?
The CEO who can answer these questions quickly and completely has mastered small business finance basics.
Can you prepare a breakeven analysis? Do you know the difference between an income statement and a balance sheet? Or understand why a profitable business can still go belly-up? Has your grasp of your company’s numbers helped—or hurt—your career? Whether you’re new to finance or need a refresher, this go-to guide will give you the tools and confidence you need to master the fundamentals, as all good managers must.
4. Read This Before Hiring an Executive Coach
Have you ever thought about hiring an executive coach? If so, what do they do? How do they think? How do they help you get where you are today and where you should be tomorrow?
My favorite book on this topic is vastly underrated. It is by one of the top executive coaches in the U.S., Daniel Harkavy, and the title is Becoming a Coaching Leader. This book deserves to be read if you serve in any management capacity.
If you want to hire an executive coach because you want more time, more money, or to improve how you lead, this book is a strong starting point before you find that coach.
Since founding his company Building Champions Inc. in 1996, Harkavy and his team have coached thousands and shared their knowledge by certifying coaching leaders across the country. Now, in this strategic and thought-provoking guide, he shares his proven strategy for improving your team’s performance while raising quality of life inside and outside of the office.
5. What I’ve Been Skimming
Have you ever stumbled upon a new blog and couldn’t pull yourself away from it because the writing was so good? That’s the case with Robert Breen’s site, which I find addicting as he’s also a reader.
If interested, check out these pages:
I purchased Thinking on Paper, one of his recommended books. Chapters such as Writing for Thinking, A Framework for Thinking in Writing, and Deductive and Inductive Reasoning will be too difficult to pass up for strategic thinkers.
Thinking on Paper shows how writer's block and many other writing problems are engendered by the tendency, supported by traditional approaches, to separate thinking from writing. Drawing on the developing field of symbol theory, V.A. Howard and J.H. Barton explain why this separation is unsound and demonstrate how to dramatically improve our ability to generate and express ideas.
Recent Bookmarks 162 | 161 | 160
Thank You
Thank you for reading. If you like the content above and the posts at CFO Bookshelf, may I ask a favor? Feel free to share this with other readers and comment on your favorite LinkedIn, Twitter, or Facebook.
Take care, and have a great week. Always be learning.
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