Featured Coaching Training: Tim Redmond's 50 Management Maxims
Management and growing a company is tough, yet Tim was able to grow a company from 2 employees to over 450 employees. Why? Learn about the 50 Management Maxims that Tim Redmond lived by while helping to build the massively successful TASC company which produced an outstanding $120 million of profits.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Maxim #49: Wealth is creating value to serve others, profits follow. Management focuses on increasing the value served.
Maxim #50: In whatever you do, do it with passion!
"The man who does more than he is paid for will soon be paid for more than he does." - Napoleon Hill
coursera for training your team, small business management
-Final two points. Number 49 in this small business management training. Wealth is creating value to serve others. Profits follow. Management focuses on increasing the value served. Talk to me about that. I'm getting a little. That's some deep stuff there.
-Yeah, that's a lot. This whole basis of this book that I wrote called "The Power To Create" is redefining wealth and business. Is not chasing after profits and chasing after money. That's something that's added to you, that's something that's a result that comes from. But business, at the heart of it, is all about creating increasing levels of value.
So I'm going to get you loyal to me if I can create something so valuable that when I give it to you, you go, wow, this is awesome. Let me have more of this. And so management understands that that's what business is all about.
Then you want to manage the value process. You want to manage that value chain, as one author says. You want to manage the capacity, everything that you're managing, the people, and the processes, and the accountabilities, all that is there to create increasing levels of value so that your customers are attracted to you and loyal to you. That's what that is all about. So your management isn't just fixing problems and all that. The purpose of it is to increase value that you serve clients with.
-So let's make sure on that. If you want to make more profit in your business right now, you're looking for more problems you can solve for the customer, more value you can provide them. That's where the profits flow from. Another problem you can solve.
-I've got a guy that builds barns for a living.
-And it's D Cross Barn Company. He does such quality, but he almost underrates it. He is a constant, he's brilliant. He can get this all in his brain how it works. He does it with such quality that we say, listen, you've got to position yourself as a premium provider. You've got $4,000 or $5,000 you're leaving on the table on this. And he obsesses over this value he creates.
He does things special so that when people, I say, listen, we have on your website now that says, you're going to love this barn that we built. And you're going to love it 10 years from now because of the quality we built into it. And so that's what business is all about, is just developing that value. And people are coming and knocking down his door to get their barns built by this guy.
-If you overdeliver, you will soon be overpaid. Napoleon Hill. Napoleon Hill said that. Again, if you overdeliver, you're soon going to be overpaid.
-That's beautiful, yeah.
-The point is, if you exceed the expectations of the customer, if that's your goal, is to whatever their expectation is to go beyond that, whether you're building a barn or you're selling software. No matter what it is, if you wow that customer, if you give them more than they expect. So right now think about it. In your business right now, what's one thing that you could do right now to exceed the expectations?
Just as an example real quick. If you own a bakery and I bought a coffee, go ahead and give me a brownie with it. Maybe that's not affordable. Maybe you give me a mint. Maybe that's not affordable. But maybe. But think about it. Olive Garden. Do we not think about the mints? Of course we do. Because the mints are that extra little--
-Differentiated. The Olive Garden mint, maybe. So think about that. Starbucks, they write your name on the cup. It didn't cost you money. It's just writing your name on the cup. There are things that we can all do to offer people more than they expect. But it's up to us to do that, which takes me to our final point. Because you will not be motivated to exceed the expectations of anybody if you are not fired up with passion.
So point 50 in whatever you do. In honor of David Robinson. This one goes out to you, Dave.
-Boom. The Admiral. And whatever you do, do it with passion. Talk to me.
-OK. So your business is like an airplane. You're coming down the runway. And it's not going to get up and really begin to soar until you have enough energy, until you have enough volume, until you have enough speed. Let's go with this thing. It's moving, it's moving, it's moving, it's moving, shhh, oh, I'm losing my passion. Oh, no. It's not going to work, OK? So and this is something I like to play with, stuff like this.
So it's moving. And to get this thing moving fast enough for you to get up is your passion, your energy gets to a point where it gets acceleration, where it begins to lift up. And you begin to soar with your business. This is what passion is. You're not going anywhere without energy. Energy drives and fuels your business.
That energy is not just from some technical gadget or some technique. That energy flows from your heart. You show up. Take a bath long enough, like my good friend Clay Clark. Take a hot bath long ago where you can meditate and you can see yourself serving people and seeing them with their mouth open saying, wow, wow, wow. Some of them say it backwards, wow.
And then you get passionate about serving people. And you begin to show up at your work with that passion. That's going to drive your business to new heights where, I'm telling you, you're going to begin to thrive in the way that we're going to cheer you on.
-Tim, I appreciate you being here. And I wrote a note, but I'm not going to show it to you. I'm just going to show it to the folks at home here. So hopefully you can see. Can you see that there? I don't know if you can see that. I don't want to show it to Tim. But Tim, thank you so much for your time.
-What does that say?
-It says more than I think is appropriate to say verbally. I'm just putting it on the words here. But thank you for coming out. We appreciate you.
-It's awesome to be here in this small business management training.
-And man, a fire hose of knowledge. I'm excited. Thank you so much.