Farm4Profit Podcast Using a 10x Growth Mentality to Get to More Profit
May 18, 2020
48:18
Think 10x rather than 2x for more farm profits.
- Introduction
- Like, rate, review, share
- Answer questions
- Farm4profitllc@gmail.com
- @farm4profitllc
- What’s working for Ag – listener or farmer feedback
- Using social media-long distance connections to help with repairs, parts searches, business advice, etc……
- Introduce Guest-------Chad Hutson
- Owner of HT Plumbing. Locally-owned and operated since 2003, HT Plumbing has been providing residents and businesses in Ames, Huxley, and the surrounding areas with quality plumbing installation, repairs and servicing for years.
- We’re excited to have Chad here to talk with us about the growth mentality with his leadership experience and insight from the Goldman Sachs of the second Iowa class of Goldman Sachs 10,000 Small Businesses. He was one of 36 scholars from across the state to complete the program.
- What’s been working in Chad’s business?
- Our main topic for the day is creating the growth mindset! It’s a lot easier to think 10x vs 2x when thinking about growth and progress
- Heads will shake and you might think about turning this episode off, but wait….. This is a mindset that has proven to work and create laser like focus on growing your farm’s or business profitability.
- Reaching for 10x rather than 2x Immediately has an impact on YOUR
- Thinking
- After seriously engaging in a growth goal of 10x and its locked in your brain
- Brain gets locked in on a goal and visual then
- Intellectual engagement
- Brain gets locked in on a goal and visual then
- After seriously engaging in a growth goal of 10x and its locked in your brain
- Emotional Commitment
- You will need to hurdle the previous beliefs……if you think it’s hard that is the first thing that needs to change
- Challenge those beliefs and grow/develop new ones
- Ability to Innovate
- Decision Making
- How quickly they are made
- Clarity of thinking
- Communication
- How we talk to others
- Who we talk to
- Efficiency of conversation
- Actions
- Let go of stuff, tasks, roadblocks
- Thinking
- Before you make/believe a goal or target; Your mind is on “everything” and everything else, but once you make the 10x commitment your brain begins to filter everything you do and think about through that goal.
- Does this belong on the path to the goal?
- Yes, move forward
- No, dismiss
- Totally/Completely
- Stop doing the task, action, chore, etc….
- Trash the idea or connection
- Task to others
- Delegation to others
- Outsourcing to a 3rd party
- Totally/Completely
- Exercise to help you thinking about this…..Stop now and begin looking around the room and look for something blue, now close your eyes and tell us what you saw that was red.
- Brain doesn’t see the red……brain filters it out
- Think back to sitting in a Movie Theater, were you engrossed in the movie and you don’t notice the squeaky seats or chomping popcorn? Or as soon as you heard the chewing it was all you could focus in on and it’s all you heard?
- Thinking 10x and focusing on the 10x goal turns your brain in to that filter and you begin to see the things that are getting in your way.
- Does this belong on the path to the goal?
- You have to have commitment from yourself first
- The plan has to start in your brain
- You have to believe it
- Then make its way to paper
- Then it gets shared with people you trust
- Then you can put it into action.
- Have an advisory team surrounding you to hold you to your goals and steps along the process.
- The plan has to start in your brain
- 10x Mindset makes you
- Have a total different way of looking at the world
- Forces you to connect all of the resources you have together
- Efficiency
- Network
- Money
- You must break even at best to grow….have to farm for profit
- You must be open minded
- You won’t be able to get there on your own. Your way of treating and engaging people will changed by necessity.
- Relying on advisors
- Relying on employees
- Relying on credit
- You won’t be able to get there on your own. Your way of treating and engaging people will changed by necessity.
- When making purchases and sales you now have a clear vision
- Focused in on whether this decision will
- Help me get to 10x
- Prevent me or prolong me from getting to 10x
- No longer trying to sell the whole market place and your results focused decision making
- Focused in on whether this decision will
- Understanding Leverage
- Less is more
- Doing more with less of your effort
- Tractors, pulley, etc….
- Doing more with less of your effort
- Use leverage for money
- Borrowing from banks
- Borrowing from an investor
- Borrowing from the government
- A clear vision with well written plan will make seeking the funds easier
- Use this for other people
- Cleaning the sheds
- Chores
- Mechanics
- Using their knowledge and expertise
- Guest Question: What are ways that you can discover the talents of the people that you have working for you?
- Using systems
- Routine tasks
- Accounting, HR, Chores, Maintenance
- Marketing
- Sales
- Create a method
- Purchasing
- Requests for Proposals (RFP)
- Routine tasks
- Less is more
- Summary
- It all starts with you and your mindset. Think about what 10x looks like to you and put a plan together. Once you have a clear goal and commitment to yourself the decision making process becomes clearer. Will this help me reach my goal or will it set me back. You must start by breaking even, but ultimately generating a profit is a must to get to 10x. Once you’re in the 10x mindset begin to leverage the resources that you have to reach your goal.
- Challenge
- Challenge is to think about what 10x means to you and your farm or business. Do you want 10 times the number of livestock, number of acres, amount of net income, free time, etc….. Then continue by writing it down. It will evolve, but that is part of figuring it out!
- Reminders
- Rate, Like, Review, Share – this one especially because it’s for more than just farmers
- Send us your topic ideas and discussions
- Farm4profitllc@gmail.com
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