In this conversation, the hosts discuss the importance of knowing your numbers in business and the role of bookkeeping and accounting in managing finances. They highlight the difference between profit and loss statements and balance sheets, and how understanding both can help with financing and decision-making. They also emphasize the need for business owners to delegate and trust experts in different areas of their business, and the importance of regular communication and financial reviews. The conversation touches on the concept of merit-based pay and incentivizing employees based on performance. The conversation explores the motivations and goals of the participants. They discuss the appeal of performance-based pay, the desire for excellence, and the importance of knowing one's numbers in business. They also touch on the idea of legacy and the desire to build something meaningful. Each participant shares their personal reasons for doing what they do and their visions for the future.


Takeaways

• Knowing your numbers is crucial in business and can help with decision-making and financing.
• Understanding the difference between profit and loss statements and balance sheets is important for accurate financial management.
• Delegating and trusting experts in different areas of your business can lead to better outcomes.
• Regular communication and financial reviews are essential for staying on track and making adjustments.
• Merit-based and performance-based pay can incentivize employees and improve overall performance. Performance-based pay can be attractive for those who strive for excellence and want to be recognized for their achievements.
• Knowing your numbers is crucial in making informed business decisions and ensuring financial success.
• Building a legacy and leaving a lasting impact are important motivations for many entrepreneurs.
• Having a clear vision and setting goals are essential for personal and professional growth.
• Finding fulfillment in work and enjoying the journey are key to long-term success and happiness.

Sound Bites

• "If you don't know your numbers, what's your saying? Isn't it like know your numbers or something like that?"
• "You don't have to be an expert in everything. Find someone who is the expert in that task and figure out how you provide value for them."
• "You have to be able to have someone like Harley and his team. You have to have a good accountant. You have to have someone that's good in HR. You have to have someone that's a good banker that works with your accounting people."
• "I don't need mediocre people on my team. I'm trying to be an all-star team, all-star business."
• "I want to have an all-star company. I want to demand excellence with my team."
• "I realized we're probably 10 years out. It is a trek. I bet you can move faster. We could. We absolutely could."

Chapters

00:00 Introduction and Coffee Blend Advertisement
02:24 Business Growth and Working with Get Better Bookkeeping
08:09 Repetitive Conversations with Clients and the Importance of Knowing Your Numbers
11:47 The Value of Regular Communication and Financial Reviews
23:31 Incentivizing Employees with Merit-Based and Performance-Based Pay
29:29 The Importance of Knowing Your Numbers and Trusting Experts
36:28 Case Study: Incentivizing Employees Based on Performance
42:36 The Appeal of Performance-Based Pay
47:04 The Importance of Knowing Your Numbers
50:12 Building a Legacy and Leaving an Impact
58:27 Setting Goals and Striving for Excellence
01:13:47 Finding Fulfillment and Enjoying the Journey


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