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[Music] [Music] so many people i have found economics was not their favorite subject in school anyone so when you think about economics what comes to mind is it my goodness what um what in a collection of fascinating data that i can use to grow my business or is it these are things in the news that are mostly frustrating and difficult to manage and a little bit irritating for most people it is that so what i want to do today is talk to you a little bit about the us economy predominantly a few factors that globalization are impacting in terms of the us economy and how that is potentially affecting your business and then i'm going to move into a section called armed how to attract recruit retain mentor manage evolve and develop the next generation of leaders and there's a segment in there that i want to share with you and then i'm going to close it out by showing you how major and successful organizations are using strategic thinking tactics in order to move their business forward does that sound like a good way to spend the next 45 minutes exciting that didn't sound that exciting so are there any do you have any issues in the economy that you think my goodness i would love to know more about that beth what do you think what's happening with the chinese tariff issue and is this affecting real estate terrific anyone else what is the fed going to do with interest rates thank you so much for throwing that one out thank you anyone else anything on the economy at all when is the next recession oh i love that so let me just make that one real clear we're going to start with that a recession ladies and gentlemen is like death it is not it's not if it's going to happen of course it's when yes when it's going to happen so i'll give you my very best guess on this this is a little bit later in the program but since you asked i would like to answer it right away first every recession is based on a decrease two successive quarters of decreasing gross domestic product and if you didn't love economics in school then maybe you might be reminded that our gross domestic product is comprised of essentially four elements and that's our consumer expenditures our business expenses government expenditures and our trade surplus or deficit that is what comprises our gross domestic product and we're doing pretty darn well but if we have two successive quarters that is considered a recession so one quarter is not so if we have one bad quarter that's perfectly fine but if we have two bad quarters then we start to get into trouble so my very best guess on this is going to be about next fall and the reason for that is because of monetary policy is trying to be competitive right now with european monetary policy what i mean by that is if you borrow money right now from a major organization bank in the eu you are looking at a negative .5 interest rate and that negative 0.5 interest rate means that people are paying you to borrow money now if we've got an interest rate where people are still paying to borrow money then we're not going to be competitive on the global scale so when you see things in the news where president trump is encouraging chairman powell to lower interest rates it is not because the economy is doing poorly it is because we're trying to stay on par with other world events so are you feeling like your head is starting to hurt a little bit yet yeah we're going to get a little bit geekier as well so because bud is here i wanted to throw this up i started out at the naval academy in annapolis maryland like bud and i have to tell you that this is how most college students do not get to their lunch we had to march to lunch and we had to do this every day and i just wanted to share with you that i was fortunate enough to spend 25 years on active duty in the navy and as part of that i learned how to manage big things big people big budgets big buildings the military was very kind to give me these things to manage and i learned a lot and i do credit that to training back at the naval academy so many people wonder at school you know how does this compare to life at sea so bud knows the answer to this but many people don't we put 18 people into this space at sea and this is one of our newer configured ships this means that you get the six inches of space that is below your six inch tall rack your bed the mattress you sleep on and then you get that six inches below that as your personal space and then you get half of generally a wall locker like the kind you got in school for your books and that it that comprises your storage space for a six to eight month deployment for personal things so how many of you think wow what a great way to downsize exactly so that was me then this is me now i was very fortunate again that the military afforded me the opportunity to do some professional speaking and mostly because i was willing to do it many people who are professional speakers get asked how did you get started with this and i just wanted to share that with you i was back teaching as a professor at the naval academy and i was teaching leadership in history and we had a new admiral came come in as the superintendent and he did not like to speak in public so i was very fortunate again because i was sitting next to the public affairs officer when he first addressed his entire new staff and as soon as he said a few words i looked over at her and i said your job just got tougher and she said nope yours did because at the time i was doing talks at night about leadership to local communities and so when he came in and it was a little bit painfully obvious that he was not comfortable talking in front of groups of people she said we're going to need to change some things up so that's kind of how i started and this then matriculated into a business where i get to talk in front of groups of people about things like economics and leadership so this was something that britney was at in dallas this was catalyst corporate uh corporations uh association of credit unions essentially a conglomeration of credit unions and the program i talked about there is called futurenomics because many business leaders have your reaction to economics oh no you've got to be kidding there's a lot of numbers do i have to care i completely understand that so a couple questions that people always ask is are my loans going to cost more and you would think with a decreasing interest rate worldwide that they would not cost more and you would probably be right if you've got great credit but the average person who takes out a new loan a new loan and this is a personal loan pays about 19 right now in our country the average mortgage rate right now is only 3.887 so there's a huge disparity and the basis of that of course is what it is you're taking out the loan for how are your investments well if you've got investments right now most of you should feel pretty darn good about your investments as of this morning the dow jones industrial average was up about 20 for year to date the s p 500 the same so you should feel pretty good about that and then do i have a good job because folks we all know that economics is largely well it's emotional if it's an issue for you and it's anecdotal if you feel good about your job your friends feel good about their job your kids feel good about their job potentials and you think you might be getting your 26 year old college educated young person out of the house then you feel pretty darn good but if it looks like they're not getting jobs then this is a little bit of an issue so the economy by the way is pretty gosh darn okay for the year and again this is our how we calculate our gdp our c consumer expenditures plus our i that's our business investment plus our government expenditures plus our exports minus our imports so everything we export to other countries gets subtracted from everything we import right now that number is a negative number so that's what's called a trade deficit which is why when we talk about in the news or you see this in the news when you see another country has devalued their currency you think that's crazy why would a country want to devalue their currency and make things inside their country more expensive for their own people and the answer is because it makes their exports more competitive on the world market and it decreases that exports minus imports that x minus m number now here's what i thought you might find interesting that c that's our consumer expenditures and this is largely based on how people feel about the economy one of the things economists rely on every year is well december black friday and we gauge how things are going for the next year based on the consumer confidence of how people spend during that time and right now we're doing pretty gosh darn okay the median income in the united states right now is a little bit over 65 000 and that's pretty good again the median is the middle so think about if you're driving a car and you see the median in the middle of an intersection or that little patch of grass that's the median it's the middle it is not the average it's the middle and so because of that we can forecast what's going to probably happen for the next few years and we do see most people's median income increasing by about two thousand dollars a year so let's get into trade trade is in the news all the time and thank you for raising the the chinese trade issues some of you know that we will probably have brexit that will take effect in 2020. if we didn't have a brexit that meant that goods and services trading back and forth between the uk and the eu would be taxed at 29 so that means that basically about a third increase in the price of everything that goes back and forth between the uk and the eu now while this all of these discussions have been going on the us the us has been fairly quiet about these discussions why well because pretty much everything the uk gets from the eu in the trade back and forth well we provide so there's a few people on the u.s side who are kind of cheering against brexit because they think well you know what that really opens up market opportunities for us so the trade issue with china will probably be solved fairly quickly where this is impacting housing is people don't want to spend money on housing if they are uncertain about their job and the jobs that have been affected the most by the trade issue with china have largely been in some manufacturing and some farming so if you deal in those communities then yes people are slower to buy houses does that help oh terrific thanks so i the brexit deal looks like it's going to go through i want to talk a little bit about what the usmca and this is nafta 2.0 so this was proposed two years ago of course and it's been essentially in place this entire time for about the past year now nafta 2.0 between the united states canada and mexico is all about cows and cars it is about automotive production in the in the what we call north american trade uh region which is predominantly focused on labor from mexico and using that labor to produce cows that are then sold in north america so the idea was if you are part of the north american trade agreement and now usmca that you have to have a certain number of workers being paid a certain amount of money in order to certify the car as being actually produced in north america the idea was to make labor more fair for auto production and then the cows of course with canada that's all about opening canadian dairy markets to u.s farmers so nafta 2.0 is cows and cars now how do you remember this well we you can call it the agreement formerly known as nafta that's just for sam and my minnesota friends you can think of the marine corps as the usmc united states marine corps a plus canada usmc a or you could think of you know the village people ymca usmca there's a reason i don't sing so let's talk a little bit about the tariffs the idea behind all of the tariff conversations that you're that you're hearing about in the news again is to make the trade playing field fair and so it doesn't always look like it but that's kind of the idea um we were able to successfully say we i didn't have any part of this this is mostly peter navarro out of the white house the idea was to make the trade playing field fair and make sure that the tariffs we had were what they should be because right now if you sell a car from detroit michigan and you ship it to europe it gets taxed at about 30 percent if you ship a car from germany over to detroit michigan it gets taxed at five percent so our problem was our us goods were not being competitive simply because of the tariffs and this was what president trump campaigned on and this is why you sometimes see these things in the news so many people are saying well why is this suddenly an issue it hasn't suddenly been an issue it's been an issue for 30 years and people who deal with manufacturing and trade have known this but it really hasn't made the news because there hasn't been any real forward momentum getting this done so we're back to your question on the recession again it's two successive quarters of negative gdp growth which means it's falling so it's kind of like when you go to the gym and i don't know about you but when i was in my 20s i could go to the gym and get stronger and now i go to the gym to stay the same it's kind of that way so if you if you're already really really fast and and you're great at running then to get a little bit better a little bit faster it's simply it's much harder like shaving like when michael phelps was shaving off that that last tenth of a second swimming that was a whole lot harder than somebody like you or me all of a sudden going wow i can shave off a couple minutes if i just get myself into the pool so that's kind of what this looks like so the better your economy is going the faster and the easier it is to kind of see a slide so this is what this looks like so like i said this is what i think is going to it's going to contribute to a recession and our our big predictions right now from pulsonomics says that monetary policy so that's the federal reserve with lowering the interest rates combined with trade policy stock market uncertainty but also what i'm worried about i'm starting to see banks make riskier loans again and meredith alluded to that 2008 2009 recession all of us have memories of that and it happened because of risky loans and then of course we're in the political cycle which is going to add to this so you all know that uncertainty is bad uncertainty in the markets is bad uncertainty in your business is bad so anytime we have uncertainty we can we see that the markets are going to struggle right now because of political diatribe and many of you have just given up watching the news because of this that we're going to have some uncertainty regarding the election next year and because of that we're going to see the market take a little bit of a dive i think probably around the end of fall or early fall because of that depending upon who is elected whoever brings the most uncertainty to the office that is going to impact whether or not the recession lasts a longer time or a shorter period of time and again just to keep them just to remember the markets hate uncertainty so we also talk about this idea of inflation now inflation is the general upward movement of prices deflation is when prices go down so many people say i don't remember deflation in my lifetime yes you do think about all of the computers that you've bought over the years and do you remember your first computer i had a zenith 248 it came with a floppy five and a half inch disc that was awesome and that was hugely expensive several thousand dollars and i didn't get very much for it now you can spend three or four hundred dollars and get something a hundred times better that's deflation for the price deflation is a downward movement of prices in terms of what it is you get so when we talk again about the housing issue but this is just for you it's whether or not the trends in housing are impacting you and your business and where you are so right now in america the average house the average house costs about two hundred and seventy thousand dollars and many people will say from my friends in the real es ate industry many people will say houses are so expensive we can't afford them except that's not actually true if you think about that the average person the median makes 65 000 a year and then you divide that by 12 and then multiply that by 0.28 which is what real estate people use in order to calculate how much of your income you can spend on a house then you take that and you divide that out it comes to almost sixteen hundred dollars a month and that's very reasonable and when you think about the average american house in america costing about two hundred and seventy thousand dollars a year that winds up being a monthly payment of only about a thousand dollars and then you add in utilities insurance and taxes and it brings up it up to about thirteen hundred fourteen hundred dollars a month so you're well within your budget what we're finding in the housing world is not that the houses are more expensive they are getting more expensive as inflationary pressures are put on them but also because regulatory issues are making us are making us put houses together in a way that 30 years ago we we wouldn't even have dreamed of so right now about 40 of the costs of new construction are coming from regulatory mandates making houses safer making sure that homes have certain things built in that we would not have had before so these are some housing trends that we see when we also look at housing we um think about the taxes that happen in our county our state our locality and our community so taxes of course tends to be either on your income your property could be a vehicle could be on your business do any of you think taxes are going to go down i would have agreed with you but then again in december of 2017 they passed the tax cut program which did decrease personal income taxes on the national level for about 97 percent of americans so we do have to deal with taxes and we do have to deal with increased taxes and sales taxes and other things but this is what we're looking at so now our investments as i said your investment should be doing fairly well on the dow jones like i said is about 20 percent the s p 500 as well jobs when we think about jobs in america right now many people say oh gosh we don't have enough manufacturing we don't have enough people who are plumbers and carpenters and construction and things like that but right now we've only got about .8 of a person for every single job that is available right now and what that means is employers are desperate for talent so if you're sitting here today and you're thinking about migrating to another job you've got great opportunities right now because there are jobs out there now many people wonder is automation or some kind of technology going to take my job there's a terrific website called will robotstakemyjob.com and you can go in and put in what it is you do and see how likely it is that your job would be automated now consumer confidence many people spend money based on how they feel about the economy which is natural but two years ago we had 78 of americans spend saying that they were living paycheck to paycheck now it's down to 59 of americans living paycheck to paycheck so that tax cut did give us more disposable income disposable income is the money we have after we pay our taxes so this is helping us feel good about spending and so our consumer confidence well what happens when we've got great consumer confidence we do spend more freely this is why we look at purchases especially around holiday times to figure out how people are feeling right now and how they're feeling moving into 2020 and so we also say well what are we spending money on some people are spending like this when they should be spending like this did you know they still make some of these wow so then let's talk a little bit about the national debt right now for every man woman and child who's a citizen of the united states you have your own share of the national debt so has anybody here recently had a baby is thinking about having a baby or has seen a baby good you've seen a baby that's fantastic so ryan so right now if you're born in america right now congratulations that brand new baby that's still in the hospital all cute and adorable congratulations their share of our national debt's about 69 000 you all sound excited about that but we know that little babies aren't actually taxpayers right now so what is the average taxpayer doing right now so the average taxpayer owes about a hundred and sixty thousand dollars per person this is our share of the national debt many people don't talk about the national debt because they don't want to it's a tough thing and it's big numbers so should we be worried about it well yes all right but we're not going to talk about it right now so let's talk about personal debt the average person in america right now who is living paycheck to paycheck again we're down to about 59 percent of americans again this doesn't mean they're badly paid but it does mean that many people are badly budgeting and because of that they rack up some personal debt so if you what we're seeing right now one of the trends is that more and more uh folks who are getting married are financing about ten thousand dollars of the average wedding cost which is about thirty thousand dollars unless you're justin bieber and then you spend a half a million on their wedding and they're financing it based on about a 19 personal loan amount now they know they could get a lower apr a lower annual percentage rate if they put it on their credit cards but they're electing not to do it because they say having that as a personal loan means they must pay it off it's not like a credit card where they can delay payments and they say that's helping them be more responsible right so our total debt balance is again it's balanced off by our mortgage which is a much higher percentage of our personal debt which is kind of good debt and then offset by credit card debt the average family who has credit card debt in the united states has about 15 000 of that credit card debt so some of you are feeling really good about yourself now many people say i can't afford to do the things i want but then they go out and they buy a car and they finance that now the average car in the united states right now sells for a little over 38 000 and most people finance about thirty two thousand dollars of that and the average apr for that winds up being let's just say seven percent and if you finance that car for four years that winds up being an extra seven hundred and seventy dollars a month now many people's mortgages aren't that high especially in cost affordable areas but those same people are the same people who because it's easier to buy a car and this goes back to you beth they oftentimes will not buy real estate because they say well i can make the monthly payments or i just don't have the down payment or i'm not sure if i can make the monthly payments but then they go out and spend the money on a car so again this is just some bad budgeting so we found out that most people by the way don't want a tiny house just so you know just so you know so wages and salaries wages and salaries have increased for the past few years but only by a few percentage points if you've got employees and you have not given them a raise for about three three years you really need to be thinking about that because right now the increase is about three percent a year and they can expect to get that in other areas so we know that we have to be very competitive in terms of wages and salaries now many people ask about income inequality and do we actually measure that or is it just something we feel when we see very wealthy people and baseball players who are getting you know two and a half million dollars for a nine-year contract and sometimes it makes us sad we say wow that's big income inequality well we as economists actually measure that using what's called the gini coefficient so a gini coefficient for example is zero means we all make exactly the same a genie coefficient of one means one person has all of the wealth so right now in the united states we're at about .485 now that is slight and we go between 0.485 and 0.487 and that slight increase recently made the news as income inequality in the united states huge difference on an uptick except it really wasn't it was a very small tiny percentage and the areas where we had income inequality before where poverty rates were the highest that had actually decreased so then we talk about financial institutions and what they're thinking about so those of you who are in the financial sectors know that right now we've got to be very very competitive because more and more banks are consolidating so we've got to make sure that our rates of return our message to our members our message to our clients is consistent it's constant and we are we know what it is other banks and financial institutions and credit unions are doing so like i said the majority of americans are living paycheck to paycheck here's our credit card debt and yes about 44 of americans are carrying that credit card debt emergency fund this is a little bit scary an emergency fund is supposed to be defined as three to six months of all of your living expenses but right now 38 of americans don't even have 400 extra dollars which means any catastrophe any emergency can throw them into a financial mess now again badly budgeting but on average the average american is spending a 500 extra that they don't need to spend on non-essentials and by essentials we mean things that we can't live without gas food lodging electricity so we we need to fix this only um well less than a third of americans have a written financial plan what's sad to me is that when people say well i don't have a written financial plan because i don't have enough money to matter so this is where i say well gosh you know if melinda gates comes home and she says hey bill i had kind of a rough day i i dropped my wallet and i lost it and there was about ten thousand dollars of cash in it bill is not gonna bill is not going to say oh honey that's super sad he's going to say oh baby we'll get you a new wallet he's not worried about the cash so the less money we have the more we have to pay attention to how we spend it now how is this all in a leadership issue as leaders in business we know now that we've got to pay attention to what it is is worrying our people and we're seeing more and more organizations companies and institutions creating financial plans for their people and actively training them so that that paycheck does go further now how can i re attract and retain top talent and this is where we move into this armed program so first leadership has shifted and we know that when we're trying to attract top talent and we're trying to keep top talent in our organization we know that salary attracts benefits entice but flexibility keeps people now many people say oh gosh it's those millennials they're the ones who want all this flexibility and this is just terrible well first off leadership today is harder than it used to be the workplace is more competitive society has shifted and we have to be better leaders in order to keep the top talent that we need in order to stay competitive and many of the baby boomers and the gen xers we're my gen xers by the way yeah there's three there's three people nobody cares about us nobody cares nobody cares that what we're finding is wow this flexibility idea at work this is a really good idea and that we're able to be measured then on outcomes not just putting in time at work and this is a major shift in how we think about the workplace and this is why knowing what's happening within the marketplace is critical for us to know what's happening within our organization and how our employees are interpreting that so this is just a quick section from the program called armed how to attract recruit retain mentor manage evolve your leadership thinking and develop current and future leaders so i just want to share with you some observations i've seen for the last few years so first off our future leaders when we're trying to attract talent they don't necessarily want a job they want to cause they want to be part of something bigger than themselves we know that our future leaders don't want a boss gone are the days when because i said so was a perfectly good answer both at home and at work people need to know the why they don't want a boss they want a mentor they want a coach they want to partner in terms of how can i be better within the workplace they don't want the corner office because guess what we found out we can work from anywhere how many of you have ever pulled into a coffee shop parking lot or a mcdonald's parking lot because you know there's wi-fi there and you know you can send off that document you sure have and we rely on this so we can work from anywhere we're a more mobile we're more mobile society and this is really healthy we don't necessarily need to dress for success what we found is gosh hoodies and black turtlenecks work pretty darn well for some pretty successful people and we know that future leaders don't want set working hours anymore what we want is we want to work work in around the rest of our life we want yoga classes we want to go to our pta meetings we want to make sure that we're able to beat our kids ball games and in case some of you are wondering we don't just want this great salary we want the flexibility we want co-ops we want the opportunity to volunteer we want the opportunity to network we want to make a difference in our community and of course we want the avocado toast we love the avocado toast and in case you haven't tried it it's delicious yes it is it is delicious so for many of you moving into 2020 i just want to give you a few things that i'm using right now with my organizations to help them think about what's happening next and what they need to be looking at for 2020. i have a series of five-minute plans and the five-minute plans are all about making sure that you can put in one page on one piece of paper things that you need to do in order to move your organization forward increase productivity profitability and happiness for your workers and this starts with a great vision so in the book that i worked on with peter stark called why leaders fail and the seven prescriptions for leadership success what we found was people were frustrated employees were frustrated when their boss didn't have a vision and i got to work with a fairly senior person at a fortune 500 company about a month ago and i said so what's your vision for moving forward into 2020 and he was tired and he looked at me and he said i'm just trying to get through the day i said you realize your people are keying from you about your vision moving forward he said i don't have a vision i just hope i don't get fired now that's a goal but it's not exactly a vision so if you're going to craft a vision for 2020 some of the things you might want to ask is what value are we providing right now how is our industry changing what's happening in a regulatory way that is impacting what it is we do and what legacy do we want to leave and then from there you can devise your vision now keep in mind your vision is different from your mission your mission is what it is you do i sell real estate to people who are downsizing who are over 60 years old that is what you do your mission is i provide world-class service to people in kansas who are downsiding downsizing who are over 60 and moving into their next community that is what it is you might do or i am the world's greatest real estate agent or fill in the blank so your vision gives you a little bit more of that cause that i was talking about before now for some people also they find that the five-minute business plan is helpful and this maps out what many long business plans have not quite been as successful doing what i mean by that is many people say when i talk to entrepreneurs i say so do you have a business plan and they say it's all right here which is problematic because it means that if something happens to you the rest of your team has no idea what to do because of that it needs to be written down on paper and the rest of your team needs to know what to do if you're not around so the business plan is broken down into things like the executive summary the big picture what do i do that helps other people that improves their life that decreases their pain that solves their problem and then we move into the making life better part and the management part what it is we do and for whom specifically and from there we can say well what are we doing to make money and is this a viable business i'm the first one to say somebody came up to me with a business idea i said that is a horrible idea i don't think it's ever going to make money why in the world did you combine yoga and goats i said i did not think this was going to take off i was wrong and then almost famous and marketing how do you get people to find out about you do you have great search engine optimization are you doing what it is you need to do to make sure that you are findable online and then climbing that mountain of management are you trying to do everything yourself and one of the things i talk to people all the time and i didn't create this i've heard brian tracy say it i've heard other people say it too if you want to make two hundred dollars an hour you have to stop doing the eight dollar an hour jobs find help delegate things and many of my folks say oh but gosh my company won't pay for it wait a second your company is paying you pretty good money right now so why in the world would you expect your company to pay you to help you do your job better so hire somebody yeah do it out of your own pocket if it saves you five or ten hours a week and it costs you eight or ten or twenty dollars an hour and you're looking at making a hundred or fifty or seventy five dollars an hour then guess what it's probably a really good investment but the biggest investment with delegating is it gets things done that you're probably not very good at doing so think about all of the things that you are currently doing in your business and think about how you could outsource those things to someone else who's even better at doing those things for you and then the last point we have on the five-minute business plan is what defines success for you and this is where many entrepreneurs many business people struggle what does success mean many people say well i want to be the ceo and then they get into that ceo role and guess what 40 percent of the ceos in the united states right now are fired in 18 months so is that really what you want what defines success is it money is it fame is it popularity is it being respected in your community is it being able to provide for your family what defines success to you because many people struggle with that question right and then we know that at the beginning of every year which is a wonderful time especially the beginning of a decade we get to set goals and many people have nebulous goals in their head and again if it's all up here and it's not written down you're probably not doing yourself any favors so the five minute goal setting plan articulates what it is you need to do in order to make a great goal become a reality so you write out your goal and then as soon as you write out that goal you start to think of all the reasons and all the excuses why you absolutely can't do that so let's say you decide i'm going to sell i'm going to go from selling 30 houses this year to 50 houses next year and the obstacle for that is i don't actually know 50 people that could be an obstacle well then the solution is how do i find more clients and then what can i do in order to encourage those clients so brainstorm on the solutions and the great thing about our brain is that our brain goes to work on the solutions really really quickly it's a fascinating process your brain would rather work on solutions than excuses and we've all certainly made excuses and and we call them reasons for why we can't do things and then from those solutions then you write out five action steps of things you can do right away now an action step is a specific thing that you can do to cross off the list so for example let's say i had a goal to lose five pounds and an action step was eat healthier well that's not an action step because they can't cross it off a good action step might be drink 64 ounces of water a day and once i've done that in a day i can cross that off or eat a bag of carrots something like that something that we can cross off the list does that make sense okay great all right so let's talk a little bit about strategy moving into 2020 and what you can do to help your team migrate into strategy so many people again are taking the opportunity for a brand new shiny decade to set some long-term goals and move into plans and courses of action so a strategic plan what does this encompass well it means we need to be thinking really big thoughts really big thoughts and this is this this is the material that i'm rolling out for the beginning of this year because many people are looking at this new decade as a great time to do some strategic retreats some strategic planning and they've asked you know how can we take advantage of this new decade and make this new decade our best yet so we have to look at the needs and the products that we think is going to happen in the future we have to get ahead of the wave and that's really challenging for a lot of people because as we're crafting this it makes it really really difficult and as i mentioned many ceos are being fired within 18 months and looking at this one of the things meredith and i have discovered in research and working with some financial institutions is that they don't have a succession plan so this idea of strategic planning not only they're not looking forward with their members and their products and their clients and their customers but they're not even able to look at our succession plan or their succession plan in a way that is comprehensive and workable for the rest of their team now many people mistakenly believe that ceos are the ones who are leading succession planning so i just have news for you folks you ceos in the audience you don't care because here's why if you are one of those ceos who is fired within 18 months you don't really care about succession planning the other reasons that ceos are winding up winding leaving their organizations is because either they've got a health challenge their spouse has a health challenge so guess what they don't care or maybe they took a promotion somewhere else they don't care or like what just happened with an organization a couple weeks ago the ceo suddenly died of a heart attack he really doesn't care so because of this we've had to put something together to make sure that people are strategically thinking about not just the next quarter and the next year but also a decade down the road and the time to start succession planning of course is always in the military people somebody asked me this very recently they said well what does a military person know about succession planning and it's funny because in the military you have to understand that when you show up the person you're taking over for gives you a turnover binder and that turnover binder is supposed to help you be successful in that job what was a big change for me moving to the civilian world was there's people that they don't want their successor to succeed that was a surprise to me but also in the military you have to remember that one third to one half of every single person you work with is not going to be there next year we have a one third one half to one-third turnover every single year so succession planning for us making sure other people are able to step into those roles and responsibilities and be responsible is a huge element of what we do in the military so it goes back to this idea how do we think bigger than ourselves how do we get our teams to think bigger so just five points here first off try to see the big picture look at what it is we have and connect the dots and see if we can put together possibilities instead of just what we know is possible so the people i call them the dream killers the operations people in any organization are the dream killers because their job is to say no we can't do that instead of but what if we could do this and it makes it very difficult because we do put a lot of pressure on our operations people so some people think best if they're going to talk with other people they can brainstorm with other people in small groups and big groups they get excited about the energy and the exercise that meredith did this morning which i loved the people who don't wake up and love to talk to other people that is not necessarily going to help them so those people you can send them questions you can say hey can you think about this and get back to me whatever it is it requires devoted thinking about strategic thinking and that's hard so a couple questions that you might be able to answer that might help you is i can think deeply when i do what what it is you're doing when you're thinking the best where are you when you think deeply what it what are you doing um a lot of people think deeply in the shower because they don't get interrupted in the shower like they do with the rest of their life i'm not saying that you should have a strategic brainstorming session in the shower that is not what i was saying not what i was saying at all all right i brainstorm best with people who either ask me questions who invigorate me who think like me who don't think like me fill in the blank and figure this out number two know as much as possible about the people you're working with so that you can help them think deeply and how do you do that well we've got a five-minute plan for that and some of you are thinking the these five-minute plan things are pretty cool how many of these do you have i have 70. i have 75-minute plans because once i get on a roll i get on a roll and then an audience person will say you know i could really use this and growing up how many of you heard you know what you need to do is i got that a lot growing up so now when an audience person says that you know what you need to do is i'm like okay so i do it so these are all coming out in a big a big buy i mean a big uh full color book in january there's going to be this website where they're fillable pdfs and they're pretty cool and you are getting my top 10 at the end of this session which is happening very quickly yay i know yay all right so know what you know what you do know what they do and know why it is you do it and who you do it for because many people say i go to work and nobody cares the number one thing that people are depressed about is they don't feel appreciated in the workplace they don't feel valued and respected so a quick question how many of you at work feel as though you are over appreciated okay how many of you feel as though you're over appreciated at home i did have yeah i this is the same answer everywhere and i will share with you that last week i asked that second question how many people here feel over appreciated at home and the guy in the back row raises his hand and i knew him i said oh charlie you live alone with a labrador of course you're over appreciated at home so what do we make producer provide that makes the world a better place number three make sure that you tap into both the divergent and the convergent parts of your thinking brain both broad scoped and then more myopic or macro and then micro and this can be hard now when you're brainstorming you do have to gather some information and that's part of it but don't spend a lot of time on the information because again think about the movie the martian when they're trying to figure out solutions if you think it's never been done and i just don't know how we could possibly do that then you're thinking of the possible instead of what if around the impossible and then i can get i can brainstorm to gauge how this is being perceived and with whom and then who can we figure this out once we get to that point of implementation and those are your ops people and then for many people it's all about seeing it from a different perspective so how many of you on your phone play word games you play the word games where you make words scrabble crossword puzzles any of those phone the blanks and have you ever done that and i don't know about you but i do them when i can't do anything else so i'm standing in line and then there's that one word that you just can't get and you sit there and you can't move on to the next level until you fill in that word right and then you put and then you put the phone aside and then you pick it up 20 minutes later and boom you see it right away you ever had that happen that's the power of perspective and changing our perspective means that we've got to be able to do this in a way that is meaningful and changing the perspective all the time i tell my business people if you are hiring people who look like you sound like you act like you and think like you then guess what that person is probably unnecessary and it's easy to hire likes likes like to hire likes because it's easy communication bud here and i speak the same language we went to the same school we went to the naval academy at slightly different times he's much much older thank you for laughing sure and by the way my older brother is a naval academy grad so it's his wife my sister who's the air force officer her husband's naval academy grad i went my husband was a marine he did not go to the naval academy and then my younger brother also went to the naval academy so for that football game that's happening this saturday you kind of know who we're cheering for so if there's any army people in the room haha all right so number four change your environment get out of your own head i don't know about you but my head is a very busy place get out of your head and maybe go to an offsite go to a different space rent a different uh conference room get out of your own space in order to change your brain um my friend dara jewell calls this being pleasantly uncomfortable to shift your thinking shift your thinking be pleasantly uncomfortable just to make your brain stretch a little bit and we also need to eliminate distractions when you are working in an environment where there's there's constantly a list of things that you have to do and people you know you have to be talking to that becomes your top priority instead of thinking deeply so where can i go to think it's a great question where can my team spend a day to think deeply about what it is we're providing for our cons our customers our consumers our clients and how can we be even better so point number five many leaders hear about creative initiatives and they dismiss them they say oh gosh no we've already done that we've never we've heard this before or that's a dumb idea if you are a leader please encourage all of your people to come to you with new and different ideas because innovation and initiative is the thing that is going to differentiate you and also make you more and more successful if you are not innovating moving into the future you are going to fall behind and that's going to be a problem so you have to think long term you have to think of the future of business and if there were no resource constraints which is one of my favorite questions asked my business people if you had all the resources in the world what would you do this is the same question i ask my ceos who are leaving an organization voluntarily those are the ceos who do care i say so what does your legacy look like and many many of them say well i want to be philanthropic i just don't know how to start well if you didn't have to worry about resources what impact would you want to make what area do you want to build a little league field do you want to work in a children's hospital do you want to reduce poverty on a global scale what it is what what is it that you do or you think about that you know you want to make a difference in doing and then pursue that if there was unlimited money what could we do what could we do so think about it one a fun question i asked my solopreneurs is if somebody gave you a million dollars and you had to spend it on your business what kind of development would you do so here's where yo 're going to get all the resources that i'm providing from the of the five-minute plans this also includes the uh the trust chapter of the y leaders fail this is also just for you people today this includes the entire book called 15 ways to grow your business in every economy the entire full pdf book it also includes about 10 of the 5-minute plans the most popular plans which is the business plan the vision plan the delegation plan the social media plan as well as um some other personal plans like a bucket list so i thought that might be helpful for you today does that sound like a pretty good job yeah it's a pretty good idea so it's kiwilive.com and the key word is well dog and those of you who've seen me before and worked with me before you know that i love dogs and both of my dogs abby and bella say hello so there's that this is the book that i did with peter so again you're getting that full trust chapter and then again this is what sam richter is going to send out to today is a thank you for coming to see some of our new material today as you can tell some of this material is very new for me and i'm very excited to bring this to you and share this with you today so you're going to get the 52 leadership truths that sam is going to send out also from sam you're going to you uh got his 50 his big packet on business intelligence from mark hunter you're getting 52 prospecting truths and again ways that you can increase your business in a way that's going to matter to you and then from meredith eliot powell you are getting 52 sales leadership truths so we've got all of that as a gift to you today and sam richter is going to be sending that out so please make sure we've got your information there and with that i'm going to wrap up this is what we are doing on the final giveaway of the day and i'm excited to share this with you is the four of us are going to hop on a phone call with you a zoom call with you and we're going to strategize with you about your business so you get all four of us totally focused on your business this was just sold at auction for a ridiculous large amount of money wasn't it meredith lots of ridiculous amount of money so that's fantastic so you're going to get that so that is going to be our last of the day if you are looking for me and there's anything i can do to help you please contact me and let me know what i can do and with that ladies and gentlemen thank you so much for being part of our event here in kansas city sure to appreciate y'all thank you bye [Music] you