4.6 • 667 Ratings
🗓️ 12 June 2025
⏱️ 13 minutes
🧾️ Download transcript
Wrapping up our profit series, the limiting belief I hear all the time inside of IFCA from coaches is "should I share my profit numbers with my team?" Yes and there's a right way and a lot of very wrong ways to go about this. In this episode, I'll explain why you should be transparent with your team, how to cut the right costs to be more profitable, the concept of strategic costs, and more.
Time Stamps:
(0:48) A Limiting Belief I Hear All The Time
(1:48) How Not To Go About It
(4:12) Profitable Companies Invest Back Into Their Business
(7:01) Cutting Costs To Be More Profitable
(7:32) Strategic Costs
(9:53) Prepping For A Bodybuilding Show Analogy
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0:00.0 | When you tie the mission to excellence and profit becomes that measure of excellence, like, |
0:06.2 | hey, are we doing the best? |
0:07.4 | I don't know. |
0:07.9 | Look at this number over here. |
0:09.6 | Everyone knows where they stand. |
0:11.4 | Your team isn't guessing if they're doing a good job. |
0:13.8 | If they know the company's doing a good job and I contribute to the company in X way, |
0:18.9 | then it's great. |
0:20.1 | They need to be able to see those numbers. |
0:23.5 | Hello, welcome back to the little two-part profit series. If you haven't already listened to |
0:28.0 | part one, go do that first. In that episode, I talked about why profit matters, how it really |
0:32.7 | fuels your growth. It's your team's livelihood, your company's ability to actually help people. And that |
0:38.6 | episode lays the groundwork because now we're going to talk about how to get your team to care |
0:43.1 | about profit as much as you do. So let's get into it. But I want to start with a limiting |
0:48.0 | belief. I hear this all of the time. I can't share my profit numbers with my team because |
0:52.7 | they're going to ask for more money or they're |
0:54.8 | going to build resentment about what I earn as the owner. So let's unpack that. Someone asking for money, |
1:01.3 | it's not a bad thing. You should want to pay your people more money if they're contributing to the |
1:06.8 | company making more money. Let me say it again. You should want to pay your people more money if |
1:10.2 | and when they're contributing to the company making more money. Let me say it again. You should want to pay your people more money if and when they're contributing to the company making more money. This is why we set up clear |
1:15.3 | compensation structures that tie pay to performance. If you're having an issue with that, |
1:19.5 | let's have a conversation about that. We can help you with that. But if someone is asking for |
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