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EPISODE IN BRIEF:
In this episode, Nick and Chris discuss how brick and motor (or engine!) businesses can thrive in these changing and challenging times.
Do you have a Money Monday…? What is it and why is it a good idea to have one?
Post Covid-19, how can we adapt and ensure the business continues to be viable and even grow?
Listen as the guys discuss the value of three hot tips to adapt your operations: Eggs in Baskets, Adaptation, Efficiencies.
Ever wondered what works best to motivate your staff? Intrinsic or Extrinsic motivation… what are they and which works better? Nick provides real-life, practical examples of businesses working better, smarter and more profitably after figuring this out.
Learn how to blend incentive and focus to ensure your team has a clear, achievable goal and willingly buy into your vision for mutual benefit.
Enjoy this episode of Coaching Conversations – with Nick and Chris from Upcoach
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0:25 Welcome to the show
0:41 Intro to “Money Monday”…. Lock in a habit to grow revenue. Set a specific time aside.
1:35 Nick new inspired screen saver… Neil Armstrong’s Footprint! We can beat the odds.
2:27 In business, face adversity, push through it – like the US Apollo Space Program.
3:57 How do you change a Bricks and Mortar type business – to be lucrative with fewer overheads moving forward after the COVID times.
4:10 Three tips to adapt your business in changing times. Eggs not in one basket, adaptation, find efficiencies.
8:42 Adapt, analyse and look for efficiencies. Systemising works… McDonald’s is a multi-million dollar business run by teenagers.
9:14 Nick discusses a trucking company and how they streamlined things to become 40% more efficient and profitable.
11:25 What’s a great way to incentivise a team or staff? Intrinsic or Extrinsic motivation… which is better?
12:38 How did one Glass Installation company incentivise their team to continue to grow and reward all involved?
17:27 Incentives and Focus… make things clear and build a team “buy-in” is vital.
EPISODE SUMMARY:
Nick outlines practical steps a number of real businesses have taken to ensure they continue to succeed despite the stresses and concerning times we are experiencing. With a few simple strategies (Egg Baskets, Diversification and Adaptation) Nick has outlined valuable ways a brick and mortar business can succeed today.
Chris also reminded us that McDonald’s (A Billion Dollar business) is run by teenagers. So ensuring you have systems in place that work, are replicable and solid, will lay a fine foundation going forward with any business.
Nick’s real-world examples of how a few of his client’s incentive programs not only help stave off a loss but actually enhanced growth in their business… what can you implement today?