In this episode, Andy answers questions about paying oneself in business, avoiding complacency, and dealing with people who do the bare minimum. There are discussions on backlash and learning from mistakes in business, cancel culture and the need for tolerance, finding balance in business and personal finances, and creating a positive and productive culture by eliminating negative influences.
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Quick takeaways
Weeding out individuals who intentionally hinder progress is crucial for maintaining a positive and productive culture.
To avoid complacency after reaching goals, set new targets and prioritize reinvesting in your business for long-term success.
Deep dives
Dealing with Negative Culture and Resistance
In a construction and industrial maintenance company undergoing a culture shift, there may be individuals who resist the change and have a complacent attitude. It is important to recognize the difference between those who are skillfully striving to improve and those who are intentionally holding back progress. For the latter group, there should be zero tolerance. Directly address their negative behavior and let them know they are hindering the success of the team and affecting everyone's livelihood. Weed out these individuals to maintain a positive and productive culture.
Staying Motivated after Achieving Goals
After reaching a significant milestone, such as buying a house, it's common to feel complacent and lose motivation. To continue progressing, it's essential to raise the bar and set new goals before achieving the current ones. Don't solely focus on material possessions or instant gratification. Expand your vision for success and push yourself to new heights. Delaying gratification and reinvesting in your business or career will lead to greater success in the long run.
Knowing When to Pay Yourself
As an entrepreneur, it's crucial to prioritize reinvesting in your business before paying yourself. Delaying personal income allows for more resources to be directed towards business growth and expansion. Avoid falling into the trap of materialism and focus on the long-term success of your company. Once the business is secure and thriving, you can consider increasing personal income, but always prioritize further investment in the business.
Eliminating Negative Individuals from the Team
In a team striving for improvement and excellence, it is crucial to address and remove individuals who bring a negative attitude or exhibit a 'this has always been good enough' mentality. These people act as anchors, holding back progress and affecting the success of the entire team. Actively identify and confront such individuals, letting them know their behavior is not conducive to the team's goals. If they don't change, it's best to let them go and focus on building a positive and high-performing team.
In today's episode, Andy answers your questions on when it's the right time to pay yourself in business, how to avoid complacency after reaching your goals, and how to deal with people who do the bare minimum and take no action to better the team's objective.
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