Episode 595: From 1 to 10 Million: What It Really Took To Build a Multi-Million Dollar Team Machine
Feb 6, 2023
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Jennifer Finley of Team Wedmore joins to discuss the leap from $1 to $10 million in sales, emphasizing mindset shifts, team building, and upleveling strategies. Topics include embracing feedback, leadership evolution, building successful teams, and navigating challenges in business growth.
Transitioning to CEO mentor role involves fostering a team of leaders.
Implementing a process-dependent culture aids in consistent delegation and results.
Effective communication and coaching prevent leadership gaps and underperformance.
Leveraging diverse team dynamics enhances collaboration and productivity.
Deep dives
Transitioning to the CEO Mentor Role
Transitioning to the CEO mentor role involves a shift from being a solo entrepreneur to fostering and leading a team of leaders. The process requires defining a bigger vision, aligning the organization with that vision, and delegating responsibilities to team members. By creating a culture of ownership, responsibility, and autonomy within the team, individuals can contribute to the business's success and feel a sense of accomplishment.
Process-Dependent Business Culture
Implementing a process-dependent business culture helps in delegating tasks effectively and ensures consistent results. By creating structured processes and documenting tasks, team members can replicate successful strategies and contribute to the business's growth. Encouraging ownership, creativity, and solution-oriented thinking within the team leads to a culture of accountability and innovation.
Effective Communication and Coaching
Effective communication and coaching skills are essential for bridging gaps in leadership. Providing clear feedback, performance coaching, and fostering open dialogues prevent misunderstandings and underperformance issues. The ability to communicate feedback constructively and address performance concerns directly ensures a collaborative and supportive work environment.
Recognizing the Importance of Team Dynamics
Understanding team dynamics and leveraging diverse skill sets within the team is crucial for business growth. Recognizing the value of team members who bring different strengths and perspectives enhances collaboration and productivity. Building a team that complements each other's skills fosters a harmonious work environment and maximizes overall performance.
Continuous Improvement Through Training and Development
Investing in training and development programs for team members contributes to continuous improvement and skill enhancement. By offering opportunities for learning and growth, individuals are motivated to expand their capabilities and contribute to the business's success. Prioritizing skill development and providing resources for ongoing training fosters a culture of innovation and progress within the team.
Importance of Communicating Expectations and Feedback
Communicating clearly with team members regarding expectations and feedback is crucial for effective leadership. By articulating expected standards and providing constructive feedback, leaders can eliminate misunderstandings and improve performance. Not addressing performance issues or assuming team members understand expectations can lead to frustration and reduced accountability within the team, potentially causing long-term negative impacts on team dynamics and productivity.
Leadership Requires Modeling Desired Qualities
True leadership involves embodying the qualities and behaviors that one expects from their team. Leaders must lead by example, demonstrating integrity, accountability, and a growth mindset. By modeling the desired characteristics and values, leaders create a culture where team members are inspired to perform at their best, fostering a positive and productive work environment. Effective leadership hinges on showing certainty, instilling confidence, and aligning personal and organizational visions to fuel team growth and success.
Last week’s episode was a look back at how I created my first $1 million dollar year in business, and today I’m joined again by Team Wedmore’s Jennifer Finley, who is here to get all the details on what it really took to make the leap to $10 million in annual sales. As I always say, “what got you here, won’t get you there”, and today I reveal the mindset shifts needed, the huge role building the right team played, what most entrepreneurs are missing in order to uplevel their business, and so much more!
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In this episode you’ll hear:
How our latest episode on creating your first $1 million year resonated with listeners, in their own words
The role that thinking differently and taking different actions had in making the jump to 8-figures in annual revenue
Why I feel that the stage I’m in now is the biggest evolution that I’ve gone through to date
The “lightbulb moment” I had about the identity of the entrepreneur versus the identity of the Digital CEO
How assembling and developing a team to assist in this journey made all the difference on the journey to exceed $10 million in revenue
The ways in which many business owners are looking at building a team in the wrong way
The common symptoms I’m seeing in a lot of burgeoning CEO’s
What exactly is missing in most entrepreneurs that they must learn in leadership in order to unlock the next level of team