Your Last Business Mentor

13. The Power of Feedback: Navigating Mistakes and Boosting Engagement

Opening Clip: 00:07 - 01:18 "Think of all the times that you've got some feedback by making a mistake. You take a risk, you make a mistake, you get the feedback, whether it's a customer, whether it's you do something silly, you don't think about that.”
 
In this episode, we delve into the vital role of feedback in businesses, specifically learning from mistakes and boosting employee engagement. We explore the importance of taking risks, making mistakes, and viewing feedback as a learning opportunity. 
 
The episode underscores the decision-making autonomy that comes with owning a business, and the learning opportunities that arise from mistakes. It emphasizes the need for staff members to also have these learning opportunities for their growth, despite the costliness of mistakes. The episode poses a thought-provoking question on striking a balance between encouraging risk-taking and minimizing costly mistakes.
 
We further delve into the importance of feedback in enhancing employee engagement. The episode highlights the significance of regular feedback in fostering a culture of growth, engagement, and continuous learning. It explores the idea of formalizing feedback mechanisms, such as weekly one-on-ones, and the positive impact this can have on employee performance and business growth.
 
Moreover, we explore the dynamics of giving instructions and the importance of aligning communication styles within a team. The episode highlights the value of open conversations and feedback loops in negotiating different work styles and fostering a harmonious work environment.
 
Finally, the episode circles back to the power of feedback and the importance of consistent learning for business growth. It reminds listeners of the essential role feedback plays in learning and growing, both as an individual and a business.
 
We hope this episode inspires you to see the power of feedback in a new light and implement these insights into your business. For more practical, empathetic, and clear business management advice, follow us on social media and subscribe to our podcast.
Produced by The Podcast Boss

12. The Business Triple Threat: Excelling at What Matters

In this episode, we delve into the concept of the 'business triple threat'. Most business owners feel they need to excel in every aspect of their business to succeed. But is this the right approach? Drawing parallels with the entertainment industry's triple threat - singing, dancing, and acting - we explore the idea of mastering multiple skills versus being competent in many and excelling in a few.
 
We discuss the pressure of being a 'subject matter expert' in all areas of your business. While it's crucial to have a broad understanding of all facets of your enterprise, trying to excel in all areas can be overwhelming and counterproductive. 
 
We reference a study by Ulrich and Smallwood that investigated the capabilities of successful companies like Microsoft and Starbucks. Surprisingly, these companies didn't excel in all areas. Instead, they mastered three capabilities aligned with their strategic goals and were competent in the rest. 
 
Using this insight, we argue that as a business owner, your goal should be to excel in a few key areas that drive your business forward while maintaining a baseline competency in all other areas. This approach prevents the 'Jack of all trades, master of none' scenario.
 
The episode also highlights the importance of a balanced team. Each team member should excel in their respective roles while maintaining baseline competency in other areas. This balance creates a well-rounded, efficient team that can drive your business forward.
 
Wrapping up, we discuss how understanding and managing the friction between different skill sets within your team can lead to a more productive and balanced business. 
 
Takeaway: Identify the key areas where you need to excel, ensure you're competent in all other aspects of your business, and build a balanced team around you. 
 
Engage with us on LinkedIn and Instagram to share your thoughts or ask questions. Let's keep growing your business together.
Produced by The Podcast Boss

11. Don't Let Your Business Fall for the Post-Turtle Trap

Welcome to the world of 'Post-Turtles' in business. No, it's not an exotic new species, but a metaphor that reveals a common pitfall in hiring strategies. A 'Post-Turtle' is an individual who has been promoted or hired into a position they are unprepared for or unsuitable, leading to potential business chaos. You might even recognise a few in your own business journey!
 
This episode dives into the concept of the 'Post-Turtle' and how it can detrimentally affect your business growth and staff management. We explore two main scenarios where 'Post-Turtles' come into play - internal promotions and external hiring. 
 
In internal promotions, 'Post-Turtles' are often competent employees promoted without due process, leading to a situation where they are out of their depth. The solution? Treat internal promotions as you would an external hire, assessing competencies and supporting the transition.
 
In external hiring, 'Post-Turtles' can often be identified by a pattern of job hopping for promotions rather than gaining them within a single company. While this might initially appear as an aggressive career progression, it could be a red flag signalling a lack of solid experience and competencies. 
 
The episode provides practical advice on how to avoid falling into the 'Post-Turtle' trap, emphasising the importance of thorough competency testing during the hiring process, particularly for candidates with a history of job hopping. 
 
Remember, growth is about making smart decisions, not fast ones. Avoid the 'Post-Turtle' trap and ensure your business is filled with people who are competent, capable, and ready to contribute to your success. 
 
Engage further with us by subscribing, following us on social media, or visiting our website. If you have any ideas or issues you'd like us to discuss, don't hesitate to reach out. We're here to help you grow your business.
Produced by The Podcast Boss

10. Leading with Context: The Power of Risk Matrix in Decision-Making

Leading with Context: The Power of Risk Matrix in Decision-Making. In today's episode, we tackle a critical aspect of leadership and decision-making - leading with context, not control. 
 
We kick off with a real-world dilemma from a small business owner, who discovered a newly hired manager had a past conviction for fraud. The immediate reaction from many was to fire the manager, a decision based on control, not context. This episode explores the value of providing context to such decisions, enabling better judgment and understanding.
 
We introduce the concept of a Risk Matrix as a tool to provide context. The Risk Matrix evaluates the likelihood of a risk happening and the potential damage it can cause, rating each on a scale from 1-10. This simple, yet powerful tool can guide decision-making processes, from safety measures to strategic business decisions. 
 
We demonstrate the practical application of the Risk Matrix with an example from an agricultural business deciding whether to grow corn in the autumn. While the immediate reaction could be control-based ("Don't grow corn, it's not profitable"), using the Risk Matrix offers a context-based perspective, evaluating the likelihood of profitability and risk of crop damage. 
 
In the case of the business owner with the fraudulent manager, the Risk Matrix proved essential. Even if the chance of the manager re-offending was low, the potential impact on the business was high, leading to the clear decision to let the manager go.
 
The key takeaway from this episode is the power of leading with context. By using tools like the Risk Matrix, you can equip your team with the understanding they need to make informed decisions. 
 
Take this knowledge and apply it to your business. And remember, it's about owning a business that's worth owning, not a business that owns you. If you found this episode valuable, please subscribe for more actionable advice. 
 
Until next time, keep growing your business!
Produced by The Podcast Boss

09. How to Stop Doing the Small Stuff and Start Making It Rain.

 This episode is a must-listen for business owners who find themselves constantly juggling multiple tasks, many of which may not be contributing to the growth and success of their business.
 
We delve into the challenge of distinguishing between the 'important' jobs that truly drive your business forward, and the '$20 jobs' that could easily be delegated. We explore the Eisenhower Matrix, a tool that can help you categorise tasks based on their urgency and importance, and guide your delegation process.
 
The episode offers practical steps to help you identify and record tasks that should be delegated, and offers insights into how to effectively delegate tasks using tools such as Loom for screen recording. We also discuss the importance of reframing your mindset around delegation, viewing it not as offloading your work, but as empowering others to contribute and grow within their roles.
 
The key takeaway is the importance of focusing your time and energy on tasks that align with your business goals, and the need to delegate tasks that don't directly contribute to these goals. This will free up your time to 'make it rain' and drive your business forward.
 
If you're tired of feeling like you're constantly playing 'whack-a-mole' with tasks in your business, this episode is for you. Tune in to learn how to work smarter, not harder, and start making strides towards creating a business that's worth owning.
 
For more insights and advice tailored for business owners, don't forget to subscribe to our podcast and follow us on social media. Your business growth journey starts here.
 
Produced by The Podcast Boss

08. Transform Your Team Communication and Efficiency

In this episode, we delve into the power and importance of understanding and catering to individual work styles for improved team communication and efficiency. We introduce the concept of personal user manuals - a practical tool designed to communicate your work preferences, strengths, and quirks to your team members. 
 
We explore how this novel idea can eliminate unnecessary confusion, improve workflow, and foster a better understanding among team members. By creating your own user manual and understanding those of your team, you can streamline communication, making your business more efficient and harmonious.
 
We share our experience of implementing personal user manuals within our small team, revealing how this resulted in not only improved communication and understanding but also unexpectedly served as a team-building exercise. This tool allowed us to identify and discuss our blind spots from an outside perspective, providing valuable insights for personal growth.
 
We also discuss the potential of these manuals as part of the onboarding process, helping new employees understand the team they're joining more quickly and deeply. As your roles or work style change, these manuals can be updated, keeping your team informed and aligned.
 
To make the process easier, we've introduced an AI tool to help you create these personal user manuals. This tool is accessible via a link we provide, enabling you to create your own user manual and start reaping the benefits today.
 
In conclusion, we believe that personal user manuals can be a powerful tool for small businesses, fostering better communication, understanding, and team cohesion. We encourage you to try this tool and experience the difference it can make in your business.
 
For more practical advice on managing and growing your business, stay tuned for our future episodes. To access the AI tool for creating personal user manuals, visit our website. Don't forget to follow us on social media for more actionable tips and insights.
Produced by The Podcast Boss

07. Quality Over Quantity: Harnessing Knowledge for Business Growth

This episode is all about making the most out of your reading time and choosing the best books to help develop your business acumen. 
 
We discuss the importance of being selective in your reading choices, focusing on quality over quantity. The episode delves into the concept of 'sundoku', a Japanese term for the pile of unread books that many busy professionals tend to accumulate. The key takeaway is that it's not about how many books you read, but about absorbing and reapplying the knowledge from the best ones.
 
We also share practical tips on how to carve out time in your busy schedule for reading, such as being selective with your TV viewing and setting up digital boundaries to limit distractions. The episode further explores the decision-making process when it comes to choosing books, advising you to use the '90-minute rule' - if a book doesn't captivate you within the first 90 minutes, it's probably not worth your time.
 
We also recommend using the Goodreads app to check ratings and reviews before committing to a book. The episode concludes with the reminder that developing knowledge takes time - so be patient and consistent in your reading habits.
 
Whether you're a seasoned reader or someone looking to incorporate more reading into your life, this episode offers valuable insights and practical advice. Join us on this journey and start making your reading time count for your business growth.
 
Keep growing your business and tune in next week for more actionable advice. In the meantime, remember to subscribe to our podcast and follow us on social media for more engaging content.
Produced by The Podcast Boss

06. Transforming Your Business: The Power of Anchoring and Hard Conversations

In this episode, we explore the power of anchoring and having hard conversations in transforming your business. We delve into the essence of preventing downstream issues by addressing the root cause of the problem, much like stopping a factory from dumping rubbish in a river, rather than constantly cleaning up the river. 
 
We discuss the concept of 'anchoring', a psychological phenomenon where our first offer or interaction sets the tone for our expectations. This concept can greatly impact your business by setting clear and achievable expectations for your clients and employees. The art of under-promising and over-delivering can lead to improved customer satisfaction and employee morale.
 
We also highlight the importance of tackling difficult conversations head-on. These could range from addressing an employee's tardiness to managing customer expectations realistically. By having these conversations, you can alleviate future problems and run a smoother, more efficient business.
 
The takeaways from this episode are clear. Be proactive, not reactive. Address issues at their roots, set realistic expectations, and don't shy away from difficult conversations. By doing so, you'll find yourself running a business that's worth owning, not a business that owns you.
 
Don't forget to subscribe for more actionable business management and growth advice. Visit our website for more resources and follow us on our social media channels to stay updated. Keep growing your business!
Produced by The Podcast Boss

05. Beyond Participation Awards: Actively Cultivating a Winning Culture

In this insightful episode, we grapple with the elusive concept of culture within small businesses, examining its importance, how to cultivate it, and overcoming challenges in its implementation. We tackle the notion of culture being the X-factor in successful businesses and sports teams alike, a common denominator that sets apart winners from also-rans. 
 
We delve into the Culture Web, a tool that businesses can adopt to actively foster their desired culture. This interconnected web of rituals, routines, stories, symbols, control systems, organisational structure, and power structures, offers a comprehensive approach to building a strong business culture. A practical example highlighted is the creation of a recognition wall, a symbol that simultaneously serves as a ritual and a source of stories that reflect the business's values.
 
However, it's not always smooth sailing. We discuss the pitfalls of falling into the 'participation award' trap, where recognitions are handed out for minor achievements, potentially diminishing their value. Drawing parallels to society's trend of rewarding mere participation, we argue for a balance where recognition applauds significant contributions without becoming a participation trophy.
 
But remember, Rome wasn't built in a day. Building a strong and effective culture is a long-term endeavour, and it's crucial to celebrate progress along the way. Focusing on the gain rather than the gap can keep us motivated and steadfast in our journey.
 
Visit our website for more resources on the Culture Web and how you can implement it in your business. Remember, growing a business is a marathon, not a sprint. Keep striving, keep growing.
Produced by The Podcast Boss

04. Aligning Your Business: The Importance of Choosing the Right Partners

We delve into the crucial topic of aligning your business with the right partners. We discuss why it's vital to choose partners that understand your business model, growth plans, and work ethic. Through personal anecdotes and insightful examples, we highlight the importance of having a bank manager and accountant who are not only competent but also share your business vision and understand your business model.
 
We discuss how ineffective partners can hinder your business growth and why it's essential to choose partners who are willing to navigate the complexities of your business with you. Listeners will learn the importance of alignment between your business and your partners, and how misalignment can lead to inflated costs and hindered growth.
 
The episode also touches on how to identify if a potential partner is right for your business, focusing on their willingness to grow with your business, understand your business model, and provide services that align with your needs.
 
Finally, we discuss the importance of not settling for less and actively seeking out partners who align with your business needs and growth plans. The episode is packed with practical advice and actionable tips that will help business owners make informed decisions when choosing partners.
 
So, are you ready to align your business with the right partners? Tune in to this episode and start making strategic decisions for your business growth.
 
Don't forget to subscribe to our podcast, follow us on social media, and visit our website for more actionable business management and growth advice.
 
Produced by The Podcast Boss