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The EntreLeadership Podcast
How to Control Your Largest Business Expense
Mar 11, 2024
The podcast discusses delegation for business scaling, establishing bonus structures, executive board compensation, being taxed on retained earnings. It provides links for further resources, offers from sponsors, and insights on navigating profitability challenges, sales compensation, non-ownership partnerships, and tax challenges for small businesses.
41:55
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Quick takeaways
- Delegation is essential for business scaling by training individuals to handle tasks and develop leadership.
- Strategic retention of earnings for business expansion involves saving a portion for long-term financial stability.
Deep dives
Navigating the Transition to a Management Team for Business Growth
As a business owner reflecting on the need for a management team after 15 years of being a one-man band with 11 employees, the dilemma of handing over control is discussed. Delegating tasks to employees involves training them to carry out responsibilities as per the owner's standards, ensuring a smooth transition from sole leadership to team management. The concept of basic delegation and building leadership within the existing team is emphasized, highlighting the importance of training managers and redefining the owner's role.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode