Watch these 66 mins if you want to build a $10,000,000+ company in 2023

Summary

The speaker emphasizes the importance of the five principles of management for growing a business: setting clear expectations, accountability, effective communication, meeting cadence, and recognition. Drawing from personal experiences, they illustrate how these principles, when applied correctly, can transform a business from mediocre to successful, creating a positive work environment that fosters growth and productivity. The talk encourages leaders to focus on these 'soft skills' to achieve long-term success and team satisfaction.

Takeaways

• 📈 The importance of management principles in growing a business beyond just increasing sales or traffic.
• 🏋️‍♂️ The impact of a good leader, like Mike from 24 Hour Fitness, who was a great communicator and motivator, on team performance and job satisfaction.
• 🤝 The need for clear expectations in a business, which are the unsaid rules of engagement and the non-negotiable behaviors that everyone on the team is held to.
• 🏛 Core values as the highest level of expectations that guide an organization's behavior and are essential for building a business that people love working for.
• 🔢 The concept of accountability in business, which is the responsibility for one's actions and results, and the role of the CEO in disseminating it throughout the organization.
• 📊 Accountability's role as the glue between commitment and results, and the negative consequences of a lack of accountability such as low revenue per headcount and high employee churn.
• 💬 The power of effective communication in a business, defined as trading assumptions for curiosity and actively listening to others, which is crucial for understanding and team cohesion.
• 🔄 The significance of meeting Cadence for maintaining a regular heartbeat of communication within a team, contributing to productivity, morale, and innovation.
• 🏅 Recognition as a critical component of management that can drive behavior, retention, culture, profitability, and talent acquisition, and its impact on reinforcing desired behaviors in a team.
• 🎁 The different types of recognition, including formal, spontaneous, written, verbal, and reward-based, and the importance of timely recognition to reinforce positive behaviors.

Q & A

What is the main focus of the speaker's discussion on growing a business?

The speaker focuses on the importance of management principles over simply increasing traffic or sales to grow a business.

What does the speaker identify as a common mistake made by small business owners?

The speaker identifies the common mistake as trying to grow their business by adding more channels, content, and people without first establishing a strong management foundation.

What impact does the speaker suggest this common mistake has on small businesses?

The impact is that businesses become chaotic, have less conversion, and suffer from increased overwhelm, often resulting in decreased revenue despite increased efforts.

What is the speaker's background that informs their perspective on business growth?

The speaker's background includes working in a big box gym, experiencing different management styles, and eventually building businesses like Gym Launch, Prestige Labs, and Acquisition.com.

What are the 'five principles of management' mentioned by the speaker?

The speaker does not explicitly list all five principles in the provided transcript, but they emphasize the importance of clear expectations, accountability, communication, meeting cadence, and recognition.

How does the speaker describe the role of a manager in a sports team and how is it similar to a business?

The speaker describes the role of a manager in a sports team as crucial, with the ability to influence team success significantly. This is similar to a business, where the CEO or owner has a similar impact on the business's success.

What is the importance of having a good coach or manager according to the speaker's experience?

A good coach or manager is important because they set clear expectations, are predictable and fair, provide encouragement, and make the work environment enjoyable, which can significantly impact employee retention and performance.

What negative impact did the change of management have on the speaker's former workplace?

The change of management led to a decline in performance, with the gym going from top-performing to mediocre, increased employee turnover, and a decrease in job satisfaction.

What is the significance of core values in a business according to the speaker?

Core values are the highest level of expectations in a business, guiding the organization's behavior and decision-making. They are crucial for defining the company's culture and ensuring all team members understand the desired behaviors and norms.

How does the speaker suggest using core values to improve business operations?

The speaker suggests that leading with core values rather than rules can help team members adhere to the desired behaviors more effectively. This approach can simplify management and ensure that all team members are working towards the organization's goals.

What is the role of recognition in a business according to the speaker?

Recognition plays a vital role in reinforcing positive behavior, increasing employee engagement, reducing turnover, and fostering a positive company culture. It is a powerful tool for leaders to motivate their teams and drive desired outcomes.