Showing posts with label Business-Ethics. Show all posts
Showing posts with label Business-Ethics. Show all posts

Friday, May 31, 2024

This saved us $5 million in revenue…

Let’s play a game… 🎲

Imagine yourself as a key player in a multi-million dollar company, and you’re in charge of managing client relationships. One day, your VP of Sales, (let's call him James), comes to you with a challenging scenario:

The company has decided to discontinue a product—One that's critical for one of your major clients.

James’ idea?

To tell the client a white lie–That the product is on a 6-month backorder.

His reasoning?

This would supposedly save face and prevent losing the client's other business.

Now... What would YOU do in this situation?


Option #1

Go with James’ idea as he's your VP. Tell the client the product is on backorder, avoiding immediate conflict and keeping the business afloat in the short term. This option seems less confrontational and more in line with your VP.

Or…


Option #2

Reject the idea of misleading the client. Stand firm on your moral grounds, even if it means risking conflict with James and potentially losing a portion of the client's business (and your job) because you defied your VP. Choose transparency and honesty, trusting that it will lead to a better outcome in the long term.


If you chose Option #2—valuing honesty and integrity over a convenient lie—Then you and I are on the same page.

Because this scenario isn’t just a hypothetical situation. It was a real-life dilemma I faced a little over 20 years ago in my career. When James (not his real name) suggested we mislead our client, I was at a crossroads.

I mean, sure… The easy path was to comply, but my conscience (and insights from a mentor I shared this with) pointed me to do the right thing.

From that point forward, my relationship with James was contentious at best, but in the long run, it was for the better.

Because in less than a year, James was let go, and the choice I made played a pivotal role in saving the company over $5 MILLION… plus the margin from James' decision would’ve cost the company BIG TIME.


How did I know?

I decided to fight for what was right. I brought the situation to the company's CFO, Gary (that’s his real name) and I laid out the two scenarios.

Then, I asked him to work on projections on what could’ve happened if we went with either option and bring them to the company's executive team.

They all agreed with my decision and hopefully appreciated that I was willing to fight for what was right for the company.


This experience taught me a very valuable lesson:

Integrity isn't just about doing the right thing; it's about building a foundation of trust and respect with your clients that can grow (and maybe even save) your business in the long term.

And now that I think about it, this reminds me of the story of Daniel in the Lion's Den from the Book of Daniel in the Tanach (Daniel 6:5-29).

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Daniel, the wisest of King Darius’ counsel, was one of three chosen to be a supervisory by Darius.  Darius was considering appointing Daniel over the entire kingdom.

Daniel's colleagues, envious of his position with Darius, devised a scheme to accuse him of treason. They suggested to the king that, for 30 days, no one in the kingdom should pray to any G-d or person except the king.

The penalty for violating this decree was death in a lions' den. The king, believing this would strengthen his rule, agreed and officially enacted the decree.

As the others figured, Daniel would not comply as he was committed to his faith. As always, Daniel continued to pray to G-d every day with his windows wide open facing Jerusalem, knowing full well the consequences.

Then, when King Darius found out about this, he had no choice but to send him to the lion’s den.


What happened next is nothing short of a miracle…

The next morning, King Darius went to check on Daniel in the lion’s den. And to his surprise? He was completely untouched, because an angel of G-d shut the lion’s mouths to protect Daniel (since he did the right thing by continuing to pray).

Now, let's bring this back to the world of business…

Like Daniel, we are often faced with challenging situations where the easier path might be to bend our principles for immediate gain or to avoid conflict.


However, the story of Daniel teaches us three vital lessons that, when implemented, can help scale your business faster, easier, and smarter. 👇


  1. Stand Firm in Your Beliefs

Like Daniel, if you believe in something strongly, stand by it, even if it goes against the grain. This could be your business ethics, your commitment to quality, or your approach to customer service.


  1. Lead by Example

In business, as in the story of Daniel, your actions set an example for others. By choosing integrity, you not only do what's right, but you also inspire your team and peers to uphold similar values.


  1. Short-term Loss for Long-term Gain

Sometimes, upholding your integrity might seem like a risk, but it often leads to greater respect and trust in the long run. Clients and colleagues who know they can trust you are more likely to remain loyal and supportive.

So, the next time someone challenges us and our decisions, we can ask ourselves, “What would Daniel do?”

At the end of the day, for our sanctity, it is important to…

NEVER bend what we believe in, no matter how tempting the circumstance may be.


To your success,

David

Wednesday, March 20, 2024

Keeping Commitments

Have you ever promised someone you'd do something (or be somewhere), but then a 'better' opportunity comes along shortly thereafter?

Maybe you promised to help a friend move on Saturday, but then you get an offer for courtside tickets to a big game.

…Or maybe you promised your child that you'd coach their youth sports team, but then you get a call from a major investor who wants to meet at the same time to negotiate a big deal.

To me, it’s a test of integrity, a moment where our principles are on the line. Do we flake on our commitments for the temptation of potential gain? Or do we stand firm, honoring our word?

Not long ago, I faced a similar challenge.

As a board member of EO Atlanta, I was set to attend our annual Board Strategy Summit. But then, out of the blue, I got an invite to speak at a HubSpot conference with hundreds of potential clients.

An incredible opportunity, right?

Naturally, my team’s reaction was: "Wow! That’s huge! You HAVE to speak!”

I could see the excitement in their eyes…HUNDREDS of ideal clients gathered in one place hearing our message?

But here's the thing—Commitment means something to me. I believe in the power of being a man of my word.

I had given my word to EO Atlanta that I would be there and contribute, as the previous year I was not able to attend due to a prior commitment.

And if there's one thing I've learned throughout my career, it's that the integrity of your word is the foundation of your character and your business.

So what did I do?

I stayed true to my promise.

I went to the summit, not only to fulfill my obligation but to fully engage without the nagging thought of 'What If'.

At the summit, we discussed the topic of thinking big, and it reminded me of a recent book I read, "10X is Easier than 2X" by Dr. Ben Hardy. 👇

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I offered to give every board member a free copy as a personal gift, so I personally purchased 25 books (one for each board member). It was my way of contributing, of planting a seed without expecting anything in return.

And here's where things take an interesting turn…

After handing out the books the next day and speaking at the summit, something unexpected happened. Connections were made, conversations sparked, and people reached out to me to connect further.

I had lunches, meetings, and meaningful interactions with several other members who were there.

Somehow, (without intending to), I had created a ripple effect. By simply honoring a commitment, providing value, and sharing something I believed in, I laid the groundwork for future opportunities and collaborations.

Isn't it crazy how the universe works?

We often want to chase after the big fish (Hubspot in this scenario), often forgetting that it's the small, consistent acts that build the ocean we fish in.

And in the weeks that followed, I noticed a shift. Those seeds I had planted started to sprout. People reached out for advice, partnerships, and referrals, seeing the genuine value I could add.

It's a testament to a principle I’ve held since childhood: The power of commitment.

Keeping your word, (even when you don’t think there’s much in it for you or if better alternatives present themselves), builds a reputation of reliability and trustworthiness—Qualities that are priceless in business and life.

Over the years, I've often been asked, "Why do you do so much when there's no immediate payoff?" And my answer is simple: I'm planting seeds.

I genuinely believe that much of the success I enjoy today is the harvest from the seeds I've sown throughout my life.

So, in theory, was it a better business move for me to attend the HubSpot conference?

On paper…Sure, yeah, maybe.

But at the same time… I would have sacrificed my integrity for an “illusion” of something better.

So, what's the moral of this story?

First, plant a lot of seeds. Be generous with your knowledge, your resources, and your time.

And second, honor your commitments. If you say you're going to do something, do it—Even if something seemingly better comes along.


To your success,

David

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