How To Be Moderately Successful.

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This is not the place where you'll hear about how to build a billion-dollar business, win an ironman event, or find spiritual enlightenment. What I can share is my experience around how to build, lead and exit a business of maybe a few million dollars, how to place in the top 10 in a mountain bike stage race or how to implement systems to continually work and improve on your mental and physical health.In short...I might be able to offer a little help on how to be moderately successful. To be really clear, nothing that I share is financial advice or advice of any kind for that matter but rather my own experience shared. It’s critical that you do your own research on anything that I share in this podcast and that you take responsibility for your own decisions.I want to challenge you to be more than just a passenger. If you hear anything in any of the episodes that resonate with you and that you want to implement in your own life, take action by teaching that thing to someone within the next 24 hours and then ask them to hold you accountable for doing the thing that you said you were going to do. Teaching is often the best way to learn and accountability is usually the thing between talk and meaningful, consistent action.
I hope you find some value...
Lastly, Please give us a rating - it really helps us to reach more folks like you:
https://lovethepodcast.com/Htbms
Get in touch with me here.
-Mike

Find out more about working with me. [email protected] or https://www.linkedin.com/in/mikeadamscott/

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In this conversation, Mike discusses the three different roles that entrepreneurs play in a small and mid-sized business: shareholder/investor, director, and employee. He emphasizes the importance of understanding and separating these roles to avoid overwhelm and maximize productivity. Scott provides a delegation framework, the 70% rule, and introduces the Eisenhower matrix as tools to prioritize tasks and focus on high-value activities. He also encourages entrepreneurs to determine the value of their time and delegate tasks that can be done at least 70% as well by someone else.
Takeaways
Entrepreneurs in small and mid-sized businesses play three different roles: shareholder/investor, director, and employee.
Understanding and separating these roles is crucial to avoid overwhelm and maximize productivity.
The 70% rule can help entrepreneurs determine which tasks to delegate by asking if someone else can do it at least 70% as well.
The Eisenhower matrix is a useful tool for prioritizing tasks based on urgency and importance.
Entrepreneurs should determine the value of their time and focus on high-value activities.
Chapters
00:00 Introduction
08:08 Shareholder/Investor Role
14:15 Director Role
19:23 Determining the Value of Your Time
25:32 Delegating and Prioritizing Tasks
28:07 Conclusion

Find out more about working with me. [email protected] or https://www.linkedin.com/in/mikeadamscott/

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In this conversation, Mike interviews Chris Wheldon, an investor and entrepreneur, about the importance of understanding and analyzing numbers in small and mid-sized businesses.
Chris shares his experience in acquiring and investing in businesses and highlights the key metrics he looks at, including cash flow, profit, margin, cost structure, and return on capital. He emphasizes the need for business owners to have a strong grasp of their numbers to make informed decisions and ensure the sustainability of their businesses.
The conversation also touches on the value of data transparency and the benefits it brings during the acquisition process. Understanding and analyzing financial metrics is crucial for business owners and managers. It is important to measure the inputs that contribute to revenue and profit on a weekly basis, such as sales, marketing, and customer retention metrics. Monthly measurements should focus on understanding sales trends, cost structures, and budgeting for future expenses. Quarterly analysis should provide a full picture of financial performance, including working capital changes and cash flow generation. Annual reviews allow for a deeper understanding of the balance sheet and the true financial profile of the business.
The key takeaway is that while the numbers are important, they are a reflection of the decisions and actions taken by the business in serving its customers and stakeholders.

Takeaways.

• Understanding and analyzing numbers is crucial for small and mid-sized business owners to make informed decisions and ensure the sustainability of their businesses.
• Key metrics to consider include cash flow, profit, margin, cost structure, and return on capital.
• Having a strong grasp of numbers allows business owners to negotiate better deals and demand higher prices when selling their businesses.
• Data transparency and access to high-quality information are indicators of a well-run business and can attract potential investors.
• Focusing on both input metrics (e.g., lead generation, customer activity) and output metrics (e.g., financial performance) is important for monitoring business performance.
• Regularly reviewing and analyzing numbers on a weekly, monthly, quarterly, and annual basis provides a comprehensive view of the business's health and progress. Measure the inputs that contribute to revenue and profit on a weekly basis
• Monthly measurements should focus on sales trends, cost structures, and budgeting
• Quarterly analysis provides a full picture of financial performance
• Annual reviews allow for a deeper understanding of the balance sheet and financial profile
• The numbers are a reflection of the decisions and actions taken by the business

Chapters

00:00
Introduction of Chris Weldon

03:04
Chris's Background and Current Venture

07:37
The Problem: Lack of Understanding of Numbers

13:08
The Importance of Knowing the Numbers

15:56
Key Metrics for Assessing a Business

22:21
The Owner's Understanding of Numbers

24:58
Metrics to Monitor Weekly

27:10
Metrics to Monitor Quarterly

32:20
Understanding Sales Trends and Cost Structures

36:46
Analyzing Financial Performance Quarterly

44:04
Deepening Understanding of the Balance Sheet Annually

46:08
The Numbers Reflect Business Decisions and Actions

Find out more about working with me. [email protected] or https://www.linkedin.com/in/mikeadamscott/

Send us a text

This is not the place where you'll hear about how to build a billion-dollar business, win an ironman event, or find spiritual enlightenment. What I can share is my experience around how to build, lead and exit a business of maybe a few million dollars, how to place in the top 10 in a mountain bike stage race or how to implement systems to continually work and improve on your mental and physical health.In short...I might be able to offer a little help on how to be moderately successful. To be really clear, nothing that I share is financial advice or advice of any kind for that matter but rather my own experience shared. It’s critical that you do your own research on anything that I share in this podcast and that you take responsibility for your own decisions.I want to challenge you to be more than just a passenger. If you hear anything in any of the episodes that resonate with you and that you want to implement in your own life, take action by teaching that thing to someone within the next 24 hours and then ask them to hold you accountable for doing the thing that you said you were going to do. Teaching is often the best way to learn and accountability is usually the thing between talk and meaningful, consistent action.
I hope you find some value...
Lastly, Please give us a rating - it really helps us to reach more folks like you:
https://lovethepodcast.com/Htbms
Get in touch with me here.
- Mike

Find out more about working with me. [email protected] or https://www.linkedin.com/in/mikeadamscott/

Send us a text

This is not the place where you'll hear about how to build a billion-dollar business, win an ironman event, or find spiritual enlightenment. What I can share is my experience around how to build, lead and exit a business of maybe a few million dollars, how to place in the top 10 in a mountain bike stage race or how to implement systems to continually work and improve on your mental and physical health.In short...I might be able to offer a little help on how to be moderately successful. To be really clear, nothing that I share is financial advice or advice of any kind for that matter but rather my own experience shared. It’s critical that you do your own research on anything that I share in this podcast and that you take responsibility for your own decisions.I want to challenge you to be more than just a passenger. If you hear anything in any of the episodes that resonate with you and that you want to implement in your own life, take action by teaching that thing to someone within the next 24 hours and then ask them to hold you accountable for doing the thing that you said you were going to do. Teaching is often the best way to learn and accountability is usually the thing between talk and meaningful, consistent action.
I hope you find some value...
Lastly, Please give us a rating - it really helps us to reach more folks like you:
https://lovethepodcast.com/Htbms
Get in touch with me here.
- Mike

Find out more about working with me. [email protected] or https://www.linkedin.com/in/mikeadamscott/