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Paper Napkin Wisdom

I've asked 1000s of the world's top Entrepreneurs, Leaders, and Difference-Makers to share with me their most important pearl of wisdom on a simple paper napkin. Then I ask them to have a conversation about why they shared that Paper Napkin Wisdom with me and what it meant to them and for them in their life. Visit http://www.papernapkinwisdom.com for full show notes and archives. Learn their exceptional Stories of Drive, Impact, Balance and Leadership shared by CEOs, founders, authors, speakers, mentors, and teachers. They share successes and failures alike, paying forward their learning experiences to all of us.
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Now displaying: Page 48
May 10, 2017

 Hybrid thinking has defined Matt Curry's career as an entrepreneur. His professional career started out changing tires and eventually working his way into a management role, but his entrepreneurial career flourished after he launched his first auto shop in 1997 and ultimately grew it into one of the largest auto repair chains in the Washington, DC metro area.

Having embraced the evolution of the auto industry by educating his line of business in the art of hybrid and electric car repair, Matt has also embraced the evolution of employee engagement through his contribution to Paper Napkin Wisdom: "You can't rule your world by email."

Whether your business is a brick and mortar operation or entirely virtual, Matt's experience has taught him that you still need boots on the ground and, as a leader, you still need to be involved in all aspects of your operation. This is a lesson learned from observing his four original locations, meeting with his key people, and maintaining a “two-minute meeting” strategy for alignment. It is a lesson that has allowed Matt to ensure that everyone shares the same vision for the organization.

Matt explains that once his business grew to ten locations, he noticed that his key people were over-relying on email to communicate, especially when issues arose that needed to be fixed. He quickly learned that, as the organizational leader, if you are present and keep your team on the same page, you’re able to create processes and procedures (and better guarantee team commitment).

A motto of “enforced reinforce” developed, which means threading the vision of the business throughout the entire organization, including every individual employee. As a tactical example, if policies and procedures aren’t followed, keys could get lost, business would be damaged, sales would suffer, employee morale suffers, and everything devolves into a downward spiral. The "enforced reinforce" mantra helped create a structure where Matt was able to identify gaps or errors early on, address them in those two-minute meetings, and quickly find a resolution.

It may seem counterintuitive, as Matt indicates, but you can embrace creativity while simultaneously adhering to a solid operational structure. The practical tool for achieving this is Matt's "two-minute meeting." While the name can be deceiving (it can sometimes last 30 seconds or 10 minutes), the point is to communicate with key managers, ensure P&P adherence, and guarantee quality service delivery. Emails can become an easy crutch for fast results, but if you focus your regular meetings on a single subject and relevant metrics, you can accomplish quality and quantity in lieu of electronic communication.

The direct result of implementing the “boots on the ground” philosophy for Matt: increase in sales, improved manager performance, higher employee morale (one location went from $30k at acquisition to more than $300k in a short time). In his experience, it is the difference between staying in business and going out of business: structure provides for a more efficient business, which helps employees create a better work-life balance. Ultimately, the vision becomes ubiquitous, as does person and professional success.

 

 

May 3, 2017

Michael Walsh has built his company, Kaizen Consulting, into something that allows him to explore his own personal freedom. By embracing the methods that he uses when working with other entrepreneurs to help them grow their businesses, he has surpassed his own expectations for what the entrepreneurial life can bring. His Paper Napkin Wisdom was inspired from his work with a particular client who experience a five-fold increase in sales: "Thinking big is not enough."

This concept arose when Michael asked himself the following two questions: "What stops businesses from growing?" and "What moves businesses past those things that have stopped them?" The conclusion at which he arrived was simple: vision is exciting and aspirational, in the way that limbic energy is contagious. Vision without structure, however, either creates chaos or will fall flat. Vision is fast and compelling, while structure is slow and stable. (Conversely, structure without vision is like slogging through the mud). 

Michael observed that while entrepreneurial businesses are on the rise - 45% last more than five years today, versus 15% two decades ago - the growth of these businesses is missing. Of those businesses that succeed, 85% fail to reach $1 million in revenue; of those that reach $1 million, 95% fail to reach $5 million; of those that reach $5 million, 98% fail to reach $10 million.

In Michael's experience, the difference between being an expert and being an entrepreneur running an expert business is three factors. Along with excelling at what you do, you must hone your skills in sales/marketing, finance, and people management (picture trying to balance four spinning plates instead of just one). Now consider that you’re also balancing these four spinning plates while balancing yourself on a ball, otherwise known as a constantly changing marketplace. When you attempt to grow from this point, your balance point ultimately falters.

The one single thing driving most entrepreneurs is freedom, and, as Michael puts it,  growth equates to access to freedom. This level of satisfaction, however, doesn’t come from reducing the risk - satisfaction comes from winning in the face of the risk. In response to the businesses that approach him with questions on how to grow, Michael proposes three simple rules:

  • 1.       Treat yourself as your company's most valuable asset
  • 2.       Free yourself up to do what you do best (i.e. trust others to execute tasks that are essential, but not your area of expertise, such as bookkeeping)
  • 3.       Focus on your own strengths and then concentrate your attempts to grow on those areas. 

 

Following this process will start to fuse all of those different spinning plates into one, cohesive organization. Eventually, you will find yourself experiencing better balance and the increased level of freedom that inspired your drive toward growth in the first place.

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