Monitoring employee performance and holding people accountable makes many business owners uncomfortable. Many owners don’t provide job descriptions for their coworkers and spell out functions for each position. This leaves everyone confused and frustrated. Owners ask why this person doesn’t perform and employees are asking what does the boss expect them to do. Patrick Lencioni…
On this episode of ProfitSense, host Bill McDermott welcomed Mark Beal, CEO of Instead of Flowers. Mark discussed the story behind Instead of Flowers and how he came into his role, what makes Instead of Flowers unique, who his typical customers are, why a gifted meal from Instead of Flowers is received with such joy, and…
When it comes to delegation or transitioning decision-making to the next level of management, it can be difficult for business owners to let go or know where to start. The dynamics of a top executive team can make or break a company. John Maxwell said, “Teamwork makes the dream work, but vision becomes a nightmare…
Every business owner wants to grow their business. However, many business owners don’t where to start or what to do. Growth for “growth’s sake” is not a good strategy. But, achieving scale is. Achieving scale is where you can consistently achieve revenue growth on a relatively stable cost or asset base. In other words, the…
When Warren Buffett speaks, people listen. He is a master storyteller. Buffett has been quoted saying, “Accounting is the language of business, and you have to learn it like a language.” Mr. Buffett makes great investments in great companies. “To determine a great company requires an understanding of accounting and the ability to read and…
Every business owner wants to make more money and maximize profits. The problem is many business owners don’t know what they should be paying attention to. They aren’t sure if the decisions they’re making are helping or hurting. Often, they’re confused, frustrated, and sometimes overwhelmed. Every business owner deserves to have a business with a…
Every business owner wants to make more money and maximize profits. The problem is many business owners don’t know how to manage the finances of their business leaving them confused, frustrated, and sometimes overwhelmed. They’re not sure if the decisions they make are helping or hurting. Every business owner deserves to have a business with…
As a CEO or business owner, it’s hard figuring out what things to focus on, where to allocate our resources, and how in the world we’ll find the time to do it all. It can be overwhelming. When you’re paralyzed by all of these thoughts and tasks, it’s hard to be an effective CEO. I…
Every CEO or business owner has a big dream for their business and wants to make it happen. But how does a CEO sell/exit their business and ride off into the sunset with a sum of money that achieves financial freedom and a sense of contentment? A failure to plan leads to leaving money on…
CEOs are often bombarded with little voices in their ear asking, “Am I reaching the best markets?”, “Is my management team capable of taking us to the next level?”, “What about my business model?”, “What changes do I need to make?”, and finally, “Do I have enough money?”. There are only so many hours in…
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