ProfitSchool

Challenges and recovery in the economy, rising interest rates, adapting to the new normal in business, strategies for an AI-driven world, and predictions for AI's impact on the workforce and industries are discussed in this episode.

Topics Covered In This Episode Leveraging Cash for Operational Improvements: The podcast kicks off by highlighting the power of cash in enhancing business operations, covering investments in systems, advertising, and employee retention as key areas of focus. Strategic Cash Flow Management: Mercer and Jeff delve into the importance of managing cash flow effectively. They stress the need for maintaining cash reserves to address unforeseen challenges, challenging the notion that cash is merely an expense, and emphasizing its role as an investment for long-term growth. Optimizing Cash Flow and Payroll: The podcast advocates prioritizing a 3-month reserve account to ensure stability in handling unexpected expenses and payroll. It explores lessons learned from past investment mistakes and delves into how payroll structure can impact team performance and overall growth. Smart Cost Savings through Prepayment: Strategies for saving money, such as prepaying annual expenses and negotiating vendor discounts, are discussed. The financial advantages of forward-thinking approaches are highlighted. Leveraging Cash Reserves for Strategic Growth: The podcast explores the concept of overfunding a reserve account to provide founders with financial stability and leverage for future expenses. It touches on the importance of personal financial comfort and investments in higher-risk assets. Investing in Business Efficiency: The podcast underscores the significance of investments in AI and automation tools to enhance business efficiency and forecasting accuracy. They emphasize the role of proper tax planning, including the involvement of a CPA and bookkeeper, for financial stability. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=xnykxp5n

Topics Covered In This Episode Defining Outside Investment: Mercer clarifies outside investment as external cash infusion in exchange for equity, setting the discussion's foundation. Equity vs. Non-Equity Investments: Mercer and Jeff delve into various outside investment forms, stressing the preservation of equity for new entrepreneurs and cautioning against premature equity relinquishment. Investing in Private Companies and Non-Traditional Methods: Jeff and Mercer explore the pros and cons of lending to businesses, with an emphasis on early-stage private investments and the recognition of non-cash contributions as valuable. Entrepreneurship, Investment, and Growth Strategies: They advise building a profitable business before seeking outside investment, considering potential drawbacks for small businesses, including the importance of product-market fit and nuanced angel investments. Investment for Business Growth and Timeline: Next they discuss investment's impact on goal timelines, emphasizing understanding business operations and planning for successful investment acquisition. Investing in Businesses and Cash Flow: Finally, they explore investment strategies, focusing on visionary companies, diversification, trust-based investments, and evaluating conversion rates. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=r8k0j0zn

The podcast discusses the spectrum of coaching, from self-education to expert guidance. It emphasizes the value of personalized one-on-one coaching for addressing unique business challenges. The hosts explore overcoming self-sabotage and aligning business actions with goals through coaching. They also discuss the cost and efficacy of coaching, the importance of selecting a credible business coach, and the effectiveness of group masterminds versus personalized growth. The podcast concludes by highlighting the importance of investing in coaching for business growth, suggesting allocating 5% of net revenue for coaching as a worthwhile investment.

Topics Covered In This Episode The Concept of "Minimum Viable Resource": Mercer introduces a lean approach to testing business ideas with the least resources necessary, prompting a conversation on cost-effective strategies for validating new business concepts. Smart Resource Allocation: Jeff Sauer recommends utilizing affordable platforms like Fiverr for tasks that require less expertise, maximizing profit margins while keeping client charges steady. Profit-Driven Processes: Sauer reveals a key business insight—distinguishing between contractor labor costs and system costs, a strategy that has led to higher profitability in his ventures. The McDonald's Model for Business: Drawing inspiration from the fast-food giant, Sauer discusses the power of a well-oiled system in delivering consistent results and simplifying talent recruitment, sharing how a similar model streamlined operations at his agency. Analyzing Profitability for Growth: The hosts explore the importance of a thorough service line profitability analysis, with Sauer detailing his approach to specializing and optimizing costs for better financial outcomes. Innovative Solutions to Scale: As the conversation progresses, they delve into overcoming scaling challenges, such as managing payroll through economic downturns and leveraging AI to maintain operational efficiency. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=q803vrqn

The hosts discuss the concept of revenue streams, the benefits of diversifying income sources, and the challenges of managing multiple businesses. They share personal experiences with failed ventures and successful growth strategies. They emphasize the importance of active management and debunk the myth of passive income.

Topics Covered In This Episode Mercer and Jeff delve into the transformative power of "no" in the entrepreneurial journey, underscoring its pivotal role in sharpening focus and conserving resources. Jeff champions the act of declining as a strategic empowerment, turning the cessation of ineffective initiatives into a source of strength rather than a symbol of failure. The dialogue evolves into the art of prioritization, where Sauer introduces the concept of a "no-yes barrier," a selective filter that ensures only the finest opportunities make the cut. As the conversation deepens, the duo addresses the challenges and techniques of refusal, revealing how a carefully deployed "no" can carve out space for growth and genuine connection. Highlighting the dual nature of "no," they explore its capacity to act as both a safeguard against distraction and a potential avenue to procrastination if not wielded with discernment. The speakers round off with personal insights on balancing refusal and acceptance, encouraging listeners to engage with the podcast, and shaping its future with their invaluable feedback. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=xnv2lj5n

Topics Covered In This Episode Redefining Reinvestment for Growth: Jeff Sauer distinguishes between investing and reinvesting, stressing the necessity of fueling growth by putting profits back into the business. The discussion sheds light on the common struggles entrepreneurs face due to inadequate reinvestment. Balancing Human Resources and Reserves: A candid dialogue uncovers the pitfalls of over-investing in people over reserves. Both Jeff and Mercer emphasize the significance of setting clear expectations, measuring success, and maintaining a balance to avoid unforeseen financial barriers. Strategic Investment and Resource Allocation: Drawing on the Boston Consulting Group matrix, Jeff illustrates the importance of prioritizing investments in “stars” and “question marks” for sustained business growth. He cites Google's allocation strategy as a beacon, suggesting a focus on research and development alongside main revenue drivers. Adaptation and Cost Efficiency in Reinvestment: The conversation explores the criticality of adapting to technological shifts and optimizing expenses. Mercer recommends reallocation of resources, and Jeff highlights working on the business as a pivotal form of investment, resulting in a smoother, more profitable operation. Time – The Undervalued Investment: Jeff Sauer advocates for the deliberate reinvestment of time, underscoring its role in solving significant business challenges and fostering development. Both hosts converge on the idea that focusing energy in the right areas can substantially enhance business growth and efficiency. Harnessing Technology and Shared Experiences for Success: The episode concludes with insights into leveraging AI and shared experiences for optimal results. Jeff shares personal anecdotes and encourages listeners to act on the knowledge gained, underscoring the symbiotic relationship between time management and technological advancement for business success. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=rnkr5rk8

Topics Covered In This Episode Differing Perspectives on Time Tracking: Mercer advocates for using tools like Time Doctor, while Jeff Sauer emphasizes trust over tracking. Both discuss the importance of balancing trust and oversight for optimal team management. Contractor Autonomy and Time Audits: Sauer stresses respecting contractors’ autonomy and conducting time audits for employees, categorizing tasks into strategic, tactical, and management areas, aiming for a well-optimized work process. Identifying Efficiency and Role Alignment: Regular time audits are highlighted as a tool to uncover potential inefficiencies, ensuring team members focus on energizing activities, and identifying whether A-players may be risking burnout. Balancing Investment in People and ROI: Jeff Sauer delves into the challenges of investing time in people while maintaining profitability, the cost of meetings, and the potential pitfalls of pushing team members too hard. Enhancing Business Efficiency with Time Tracking: The podcast reveals how time tracking can pinpoint inefficiencies, help in managing schedules, and aid employees in self-management, thus improving overall business operations. Tailoring Time Tracking to Business Needs: The episode concludes with a discussion on the necessity of time tracking for profitability and different time tracking options, emphasizing choosing a system with the appropriate level of granularity for the business. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=x8y646jn

Topics Covered In This Episode Defining Top Performers: Mercer and Jeff Sauer delve into what makes an individual a top performer - individuals who yield significant results with minimum stress, generating exponential ROI. Employee Grading: Jeff introduces the concept of grading employees from A to F, asserting that 'A players' are the ones who redefine roles for the better, while 'F players' may not fit in an organization. Tailoring Management Approaches: Emphasizing the importance of tapping into individual strengths and areas of growth, Sauer discusses the power of two-way communication, giving top-performing employees control, and helping them focus on their core competencies. Unlocking True Motivation: Both speakers stress the importance of going beyond monetary incentives, tapping into internal motivations. This involves understanding long-term goals of employees, connecting daily tasks to a larger purpose, and setting high standards alongside personalized guidance. Personalized Motivation Strategies: Sauer champions the value of understanding personal motivations at an individual level, coupling this with envisioning the company's future and offering impactful educational resources. Investing in Visionary Leadership: Concluding, both hosts emphasize the essence of visionary leadership, especially when leading a sizable team. The sentiment that top performers need genuine investment, not just a new title, stands clear. Have a question or feedback about Business Unfiltered. Record an audio message https://s.bcast.fm/business-unfiltered-with-chris-mercer-and-jeff-sauer?episode=xn1676p8