Tropical MBA: Entrepreneurship & Founder Lifestyle #791 Is Your Biggest Expense Helping or Hurting?
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Jan 23, 2025 Exploring the secret to entrepreneurial success, the discussion centers on the importance of staff audits. Dan prompts listeners to consider if they would re-hire their team, emphasizing that personnel is often the biggest expense. He shares ten thought-provoking questions to help in making tough and informed management decisions. The conversation highlights the necessity of understanding team roles and contributions for effective business growth.
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Staff Audit
- Conduct regular staff audits, focusing on individual contributions and alignment with business goals.
- Ask ten key questions, including re-hire considerations, support dynamics, project ownership, and financial logic.
People Management as Investment Management
- Founders often resist managing people due to discomfort or a preference for other tasks.
- However, treating staff as investments and addressing underperformance directly can significantly impact the business.
Quick Adaptation
- Founders who adapt their teams quickly to changing business needs see better results.
- Infrequent staff audits and delayed changes hinder progress and capital efficiency.