I'd love to hear more about the changes after that bit of advice! (Small business owner here)
Honestly I donāt even know where to start answering this. Let me preface by saying that I am not a gifted smart, intellectual person. I am shamefully supported by a whopping 9th grade education and a pretty bad childhood
It really all started with a book. In that book I read a quote that I have tattooed on the inside of my eyelids. āIf you can get all the members of your team rowing in the same direction you can dominate any market, in any economy, in any industry, against any competitionā. Canāt be that easy right? I started to study great companies (or what i thought were great companies) like Costco, McDonalds, Four Seasons etc. How do they do what they do? How do they keep it all together? I went to these places just as they opened and snooped on their huddles, what do they say? Read up on them etc. Studied great sport teams, How do the Spurs and Patriots have such great culture when they are in small market towns? What is culture etc? How do you create it? I made those things my craft. Simply because i knew I wasn't smart enough and if I didnāt learn it I knew I would fail or just be āregularā.
I studied great corporations. I found their quarterly financials and board room minutes etc. Why are those public? Why should everyone know how much money the boss makes and the company spends? And more importantly why should we as small business people be different?
I interviewed prospective employees - Why are you leaving your job? Great info to gleam there. Customerās the same thing. Why choose Olsen? What didnāt you like about your last garage choice? Another great information dump.
I discovered and learned what transferable value was? Can your business run without you? Can your business grow without you? Of course it can. Thatās what creates the multiple.
The culmination of all of that was me realizing I needed systems and processes, and culture. And the team that I currently had wouldnāt get me there. Things were bad, quality was down, I was losing customers etc. I fired a bunch of people and changed everything. Those couple that were left quickly quit. So I was left with myself and my wife in a multi location, multi state business. Fun times! Rebuild mode!
Fast forward a couple years, I have core values, I have systems, I have processes, I have a leadership team, I have plants lol. I donāt make decisions, my team brings me a couple ideas/solutions etc that they have come up with and we round table it. We make the decision board room style by a vote. Sometimes I dont 100% agree but it always works out. Every single person has a clear cut understanding of the expectations of the COMPANY. They understand the vision. They know the 90 day and 5 year plan. They are excited to come to work.
I have quarterly financial reviews. PNL and Balance sheet comes out and we go over it line by line. They know how much I make. They know how much I run through the biz. They know how much cash we need and have. They know where it is going. I spend about half my working time at my store and then I become a ghost and let them work. They understand they are free to operate and make decisions as long as it falls inside our operating parameters.
I couldnāt be happier, more proud, or excited about working with a bunch of awesome people. Culture is an amazing, incredibly powerful tool.
My inspirations and idols are a couple people. David Goggins and Kobe Bryant. They werenāt the fastest, most intelligent, strongest etc. But they had that dog in them, and regular wasn't good enough. We all have it in us, but are you going to let the guy next to you outsmart, outwork, and outhustle you? Regular is ok for some people. Not me. I had to fix me first before I could expect others to be great.