Exponential Growth with ‘Pulling Profits Out of a Hat’
Are you looking for a little extra motivation this Monday?
It’s no secret that I’m a big fan of business books. I love hearing about new ideas, new approaches, and new perspectives on how to improve my businesses. As an entrepreneur, it’s incredibly easy to get caught up in the nitty-gritty and forget to take a step back and look at the bigger picture, and what success looks like down the road. Listening to podcasts and reading business books is a great way to keep the big picture in focus. For that reason, I wanted to start sharing with you some of the books that challenged my views as an entrepreneur and painted a different picture for me – whether it was new strategies I wanted to try or different perspectives that I hadn’t considered. I’m kicking this series off with Pulling Profits Out of a Hat by Brad Sugars and Monte Wyatt.
Pulling Profits Out of a Hat – Learn how to multiply your profits
Pulling Profits Out of a Hat is a newly released business handbook that sets the goal of helping anyone in a business multiple their profits. While it may seem like magic (or luck) that helps many companies grow and many of the larger companies find success, it’s really not. The authors here identify five disciplines that you should master to ensure that any business can achieve sustained business success and increased profits. It’s an easy read with practical advice on finding the hidden potential in your business – regardless of the industry.
I started my digital agency in 1998. I was in 8th grade at the time, but I was an entrepreneur from day one. As I grew my business – graduated high school, undergrad, and grad school – I found myself running a reasonably successful agency, but the reality was I was really a freelancer with an LLC. I was a one-woman shop. I was unable to take sick days, vacations, or any personal time off – if I did. Nothing would get done. I WAS my business, and while I was successful doing so (and didn’t mind the constant hustle), I realized that to grow my business, I have to change how I’m doing things. For this reason, I was especially interested in this book. To grow, I need staff, but for staff, I need more income. It’s the chicken and the egg problem really. Which comes first? And how? I’ve hired employees before, but they’ve never been the right fit with the right drive, and I know that no one will care as much about my business as I do – so what’s the right next step for me? How can I increase profits to grow my business, hire a staff, and paint the picture of success that I want for myself?
As I mentioned above, this book discusses five disciplines to master to obtain sustained business success. I want to talk about one of those principles here, and encourage you to grab your copy of Pulling Profits Out of a Hat to discover the rest. So we’re going to talk about the third discipline – People.
People are what creates stability in a company. If you have staff that doesn’t trust you or doesn’t have clarity in what their roles are – you have a problem. Not to mention if you have a team that works the absolute minimum or you struggle to find the right people to hire – you have an even bigger issue. The goals you need to zone in on for this discipline are having a high employee morale, a high staff retention rate, and customers and employees that are treated with the same respect.
As an entrepreneur, you have to shift your perspective here. As a leader of a business, you don’t build your business, you develop people – and they build your business. A business’ greatest asset is its people.
Right now, my business’ greatest asset is me. I need more me’s in the company to grow to the next level. So how do I find that? What do I enjoy most about what I do – that a new hire with the same passion might also enjoy? I love the fact that I can work from anywhere, anytime – Flex scheduling and remote working are huge benefits that I’m able to offer. I’m able to indulge my love of travel through that as well. As long as the job gets done on time (and is quality work), it doesn’t really matter where in the world an employee is. If traveling inspires better work, then why not indulge that? A happy employee will produce better work than one that is stifled. Encouraging the passions of your employees will not only build loyalty – but it will increase the quality of their work, show your employees that you trust and respect them, and it builds morale.
Easier said than done right? Part 2 of this book dove into evaluating how well you address each of these factors in your company. And then in Part 3, it defines how to add zeroes to them and increase your business profits.
This book shifted a lot of my views, but this particular discipline changed a core approach to my business.
As a leader of a business, you don’t build your business, you develop people – and they build your business.
That’s the challenge I leave you with for this week, and if you’ve already found success with this discipline – I’d love to hear from you in our comment section below! What did you do to build employee morale? To retain a high staff retention rate? And if you’ve accomplished these elements – are you having any challenges in other areas? Let’s get a dialogue going!
Pulling Profits Out of a Hat is available wherever fine books are sold.
Disclaimer: This post has been sponsored by Adding Zeroes.
Providing a daily digital source for motivation and inspiration for the perfect work/life balance.