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Lead your people by knowing your financials, so they don't leave you with Greg Sheldon

Are you struggling to stay afloat in today's competitive metal and manufacturing business world? Would you like help to make your metal and manufacturing business stand out? Fear not; service is at hand!

In the presentation, I talk about finding you why and why it's key to success for your people. Maslow's Hierarchy of Needs and how it applies to your business, how to read your P&L and what specific numbers mean. What benchmarks are and why they are essential. The clues that the most successful people in the world leave behind. How pricing strategies are crucial and what you can do to improve your profit and legacy. The Golden Triangle. Compounding pricing and lowering costs. What a market-dominating position is and why you need one. Why buyers never buy on price; it's always emotional. Get people to pay you more for your commodities and services. The power of joint ventures. And how to be unique in a saturated market, and why.

Here are a few quotes from the presentation:

"They practice, practice, practice. Michael Jordan is famous for that and many other things too. But he's famous for being on the court, doing the work, putting the practice in, putting the work in. And I say, why should your business be any different? They're in business. It's just another type of business. You're in business; it's a different business than theirs. But practice is what makes you the best. And that's why these people are the best: they exercise. So success leaves clues. And the clue is, in this case, practice."
"I recently did a podcast with the NASCAR guy, and one of the biggest takeaways was winning teams. Those pit crews practice, know where they're going, learn every single step, have systems and planning, and see why they're doing it. The leadership knows where they're going, which is let's win the race. And then what comes into that is market-dominating positions. And we will talk about this, but it is really what's dominating the world market. You're looking to dominate the market. But there's a strategy around that. There's a reason there's a way to do that. Unique selling propositions. This is how you attract talent in 2022 and beyond, giving people purpose. And why? Why are we here? And it does not need to be life-changing, world-changing. You know, we're going to solve all life's problems with our business. It can be as simple as finding the why."
"When you know what these things mean, they lead to questions. The questions lead to knowing why things are happening the way they are, which leads to understanding your business better, which leads to your people knowing that you know what's going on, which leads to you being a leader—highlights what's working and what isn't. As I said, it shows you things you can't see in your business unless you look at the financials. And again, the beauty of the financials is that you already have this data. You don't have to put in a new camera system. You don't have to have a whole bunch of different KPI things, which are great, but maybe you need to be more sophisticated and care about that, but you already have financials because that's what we run businesses on. So it helps you measure and control. What gets measured gets managed. Of course, we've all heard that, and that's true. It enables the planning process. So the control and the measures, measuring controls, and planning the strategies come from understanding your financials."

"Joint ventures where it's at. And I have a philosophy we all need to start; we all need to share in the wealth. People are divided enough as it is today. Let's work together. Let's improve our communities by working together instead of competing so viciously."
"We all got to win. There's nothing wrong with making money. And I feel that in this day and age, everybody has some bad taste about money. We all got to win. We all got to come out ahead. We're all here to make money, but we're all here to change things and make things better and progress as a race, as a people. So I challenge you to survey your people and ask what the purpose of what we do as a company is. Is it obvious why we do what we do? Do you know if the directions management or ownership provide precisely? And why do you care if yes, and why?"

It's no secret that business success requires hard work and dedication.

But for many, the secret to success may lie in something far more exotic; financial education and understanding!

Michael Jordan is famous for putting in the practice and dedication required to become the best at his craft; the same is valid for business.

Success leaves clues, and the key is practice.

Leadership is key to creating a culture of trust and transparency. It is essential to understand your financials to measure and control your business. Markup and margin are two different things, and margin should be used to calculate profit. As well as understanding your financials, you must listen to your clients and create something they need. Amazon is a prime example of a business that is heavily focused on customer needs.

Revenue feeds the ego, while profits feed the family and legacy.

Joint ventures and content marketing can help increase revenue and profits. Gamifying performance can help motivate teams to do better. And if you are looking for financial training services, we offer a one-time payment to discover more about how to have a winning team by knowing your financials.

Finding and keeping good people is the top struggle for businesses today. So why not collaborate with others instead of competing? We all got to win. We all got to come out ahead. We're all here to make money, but we're all here to change things and make things better and progress as a race, as a people.

So if you feel you are in over your head and ready to give up, take a step back and focus on the financials. You already have the tools, and it doesn't require a new camera system or many different KPIs.

With the proper financial education and understanding, your business can become a market-dominating position and join the 5% of the companies that reach 1 million plus in sales.

Who doesn't want to be part of that elite group? So, let's get down to business and start making money, changing things, and progressing in your industry. Now that's something to laugh about!

How would you like to immediately generate thousands of dollars in additional profit for your metal and manufacturing business – do so in a matter of a few hours – without spending a cent on marketing or advertising?

Let us teach you the three key numbers to focus on in your business that increases your revenue, slash your costs, and explode your bottom-line profits.

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