Facebook-Tracking-Pixel
Limited Time Offer! Schedule your FREE business coaching session and scale your business smarter & easier! Reserve My Spot

Success! Your account information has been updated.

close icon

This episode is a business coaching course that explains what cost watching is.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: PRINCIPLE 8: Create A Culture of Cost Watching.
  • Lesson Nugget: Give your employees a 10% bonus based on the money they save your company.
  • Recommended Reading:
    -by Kevin & Jackie Freiberg

- ♫ Break it down, down, down - Principle number eight: create a culture of cost watching. Clay, we're talking to those that are watching on Thrivers on how to manage your expense. Eight principles for cutting waste. This is our last principle so tell us a little bit about what you mean by "creating a culture of cost watching." Is that like bird watching or something? - Well, here's the deal. Give every member of your team a bonus. I'm asking you Thrivers to do this, this is huge. Give every member of your team a 10% bonus. Based on the money they save your company. - [Host] Awesome. - Period. And if that's not enough, do 50%. But say, "Hey, if the printer costs us XYZ, "every dollar you save us, I'll give you 50%. "Hey, the cost of the advertising is ABC. "For every dollar you save, I'll give you 50%." But set up a situation where your team is incentivized to save you money. The best example I can give you. There's a book called "Nuts" written by, it's about Southwest Airlines, wanna make sure we put it on the screen there. - [Host] Sure. - It's called "Nuts" And what they did is, it's a case study of Southwest Airlines. What they found is, they set up a culture where at Southwest Airlines, you make money based on the money you save. Remember, Southwest Airlines is flying thousands and thousands of flights everyday. A flight from Tulsa to Dallas, from Dallas to Atlanta, from Atlanta to... It's just endless flights. 737's, Bowing 737's all day. So they're going, "Hey look, we're having no problem "booking up the flight, "but we need to make some money here." So they set up a culture of saving money, and they said, what is it? For every dollar you can save us, we will reward you in some capacity. And they've, literally, at Southwest Airlines had people make hundreds of thousands of dollars. Who were stewardesses, flight attendants, pilots. It's the result of the money they've helped the company save. So you wanna set up a culture where your employees are running around trying to save money. And based off of the money they've saved, they make a percentage of the savings. That's how you do it.

Let's Get Started. Try Thrive15
Login Try Thrive15
search icon
Stuck? Need Specific Advice? Ask our Mentors any Business Question.

Ready to Thrive? Log In to your Account.

Login with your email
Please enter your email.
Please enter your password.
Login with social accounts
Signup | Forgot password?

Forgot Password?

Send us your email address, and our team of elite minds will get right on it.

Sign up to Thrive15

and get unlimited access to 1,700+ courses
  • Full Access

    Month-to-Month
    $ 49 /mo
    Try it free
    • World-class mentorship
    • 24/7 access to all videos
    • Practical business tools
  • save $98 on an annual membership

    Annual

    Year-to-Year
    $ 41 /mo
    Save $98!
    Try it free
    *Billed as one payment of $490.
    • World-class mentorship
    • 24/7 access to all videos
    • Practical business tools
  • Thrive15 group memberships

    Team Membership

    Need to train five or more people?
    Learn More
Graduation Cap Icon College student? Sign up for $19/month. Learn More

Contact Us

Give us a call or send us an email and we will be in touch as soon as possible, or sooner than as soon as possible.

Email: info@thrive15.com
Phone: 1-800-594-4457
Prefer communication by smoke signals?

Ask us a question!

We want to answer you, no strings attached. How can we reach you?

Please enter your name.
Please enter your phone number.
Please enter your message.

Feedback

Let us know what's going on.

Please enter your subject.
Please enter your message.
Even more feedback