ProfitSchool

Topics Covered In This Episode 360-degree View on Compensation: Mercer and Jeff dive deep into the intricacies of compensation strategies, explaining its pivotal role in the business realm. Lessons from Mistakes: Both speakers share personal anecdotes of compensation plans going awry, emphasizing the necessity for careful strategizing, and recognizing the value an employee brings to the organization. Sales Bonuses and the 'Moving Goalpost' Dilemma: Jeff delves into the challenges of sales bonuses, particularly how escalating targets can demotivate. Mercer chimes in, noting such shifting goalposts are prevalent in commission-based roles. Variations in Sales Compensation Plans: The episode deciphers the many facets of sales compensation - from base salary, draw, and quota to bonus plans. Jeff highlights key similarities and differences, shedding light on their respective outcomes. Balancing Business Growth with Compensation: A core discussion revolves around aligning compensation with sustainable revenue growth. Jeff's agency's focus on recurring revenue exemplifies this, advocating for incrementally beneficial compensation adjustments. Employee Motivation and Benefits: The episode also touches upon the power of non-monetary incentives, like 401k matching. Emphasizing the significance of grasping individual team member motivations, the discussion underscores the importance of crafting compensation that offers stability, potential for growth, or risk-taking.  Role-Based Vs. Individual Performance: Closing on a thought-provoking note, Jeff champions role-based compensation structures, stressing their effectiveness over individual performance-centric plans. 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=v850702n

Topics Covered In This Episode The Nature of Top Performers: Mercer and Jeff delve into the contentious discussion of whether top performers are born or cultivated, emphasizing the role of an organization in nurturing and utilizing the innate capabilities of top talent. The Minneapolis public school district is highlighted as a beacon of top-performance. Identifying a Top Performer: The podcast sheds light on the traits that define a top performer - an individual who elevates your business to unprecedented heights. Mercer and Jeff also share insightful tips on hiring techniques, including the significance of behavioral questions and pre-interview tests to identify a true 'A player'. The Importance of Accurate Job Descriptions: The hosts discuss the critical role of a well-structured hiring funnel and job description in attracting top performers. They stress on the necessity for candidates to be detail-oriented and honest about their capabilities. Avoiding the Pitfall of Hiring for Potential: The podcast warns against the common mistake of hiring based on potential rather than the candidate's current skill set and alignment with the desired role. They stress on using purpose-built questions during interviews to ensure the candidates are as proficient as they claim. Strategies for Multiple Role Hirings: Mercer and Jeff analyze the challenges of hiring for multiple roles simultaneously compared to a single role, highlighting the risks of settling for candidates who seem good only on paper. They advocate for seeking candidates who can perform exceptionally from the onset without requiring nurturing. Maintaining Relationships with Top Candidates: The hosts recount personal experiences with keeping the lines of communication open with strong candidates who might not have been hired initially. The story of Julie Brody, who transitioned from a DMA to a director position, underscores the benefits of maintaining relationships with potential top performers. They further emphasize the importance of surrounding oneself with top performers, fostering a network of excellence and growth. 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=p8m6wy0n

Distinguishing between individual talents and roles in a company, optimizing the organizational chart, the value of a business partner, hiring specialists over generalists in marketing, strategies for filling roles amid limited resources

AI in business: brainstorming and content creation with generative AI, AI implementation strategies, using AI for technical tasks and gap analysis, Google's contribution to AI integration, advancements in prompt engineering, training AI and database utilization

Topics covered include the role of bookkeepers, the cost of running a company, the importance of professional bookkeeping, managing company divisions, maximizing benefits with virtual CFOs, and finding the right bookkeeper.

Topics covered include definition and importance of contracts, distinguishing contracts from proposals, master services agreements, involving attorneys in contract creation, using contracts prior to litigation, improving contract use, and lessons learned in contract writing and choosing clients.

Understanding pricing mistakes and the importance of clear price display. The art and science of pricing, including value-based pricing. Offering different pricing for different clients. Differences between small and large businesses. Incorporating profit margins and refining pricing strategies. Navigating and learning from pricing mistakes. Emphasizing the growth mindset and actionable takeaways for listeners.

The podcast explores the concept of profitability and the role of the team in ensuring a profitable business. It covers topics such as setting expectations, expense management, reviewing tools, and profit margin goals. The hosts also discuss planning for profitability amid reinvestment and managing business risks and failures.

Topics Covered In This Episode Defining an Executive Assistant: We begin with a discussion around the role and value of an executive assistant, the differences between a virtual and an executive assistant, and common misconceptions about having an assistant. Exploring how having an assistant could exponentially enhance your life by freeing up time and resources. The Need for an Executive Assistant: Dive into why executives may require an assistant, how it differs from other roles, and the level of trust and vulnerability required to effectively work with an assistant. Onboarding an Executive Assistant: Discussion on the effective onboarding of an executive assistant including email and calendar management strategies, like the email GPS system. Importance of setting up processes for daily and weekly tasks is also highlighted. The Value of an Assistant: We explore the significance of an executive assistant in managing workloads like sales pipeline, calendars, and tasks. The concept of the "zone of optimal genius" and how an assistant can help an executive stay in this zone is discussed. Building Trust with your Assistant: Discussion around the unique relationship between the executive and assistant, noting the personal nature of this working relationship.  We provide tips on how to offload tasks and how to avoid feeling unimportant when delegating tasks to an assistant. Email Management and Communication: We elaborate on the difference between personal and non-personal emails, rule-based approach to manage them, and the importance of clear communication. Then we take a look at how investing time in onboarding an assistant can result in more efficient email management. Involving the Assistant in Team Calls: We discuss the importance of having the assistant on team calls, and the utility of having a private, back-channel email for direct communication. The session concludes with a discussion on the importance of reassessing tasks that need the executive's direct involvement and the increased productivity that can be achieved by effectively using an assistant. 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=286mz0mn

The hosts discuss the concept and importance of project management, share their own experiences and insights, and address the misconceptions and stigma associated with it. They also explore the establishment of a virtual desk system, the use of specific terms for task progress, transitioning to a digital file system, leveraging working on dates for improved productivity, and the significance of planning and sharing in project management.