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Tropical MBA: Entrepreneurship & Founder Lifestyle

#791 Is Your Biggest Expense Helping or Hurting?

Tropical MBA: Entrepreneurship & Founder Lifestyle

Dan Andrews; Ian Schoen

Digital Nomad, Business, Ecommerce, Society & Culture, Amazon, Founders, Cash Flow, Places & Travel, Founder, Business Owner, Cashflow, Management, Entrepreneurship, Million, Operator, Operations, Profits, Distributed Team

4.9527 Ratings

🗓️ 23 January 2025

⏱️ 15 minutes

🧾️ Download transcript

Summary

One of the first questions Dan asks in his coaching sessions with 6 & 7-figure entrepreneurs is: would you re-hire your team today? Your team is likely your largest expense, so it’s critical that you know exactly how they’re driving revenue every step of the way. Dan goes through 10 questions that will help you make hard decisions with confidence and clarity.

Learn more at [dynamitecircle.com](dynamitecircle.com)

Connect with us:
Dan: @TropicalMBA or dan@tropicalmba.com
Ian: @AnythingIan or ian@tropicalmba.com

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Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Brian Balfour, Nick Huber, Mike Michalowicz, Greg Crabtree, Jordan Gal

Additional episodes you might enjoy:

“$1.5 Million from LinkedIn: Strategies for Building Influence and Consistent Revenue”

“It’s easier to 10X than to 2X” + 8 Lessons from CEO Bootcamp

Building ‘Brick by Brick’: Goals, Plans, Scorecards, Cadence

Transcript

Click on a timestamp to play from that location

0:00.0

I've been inspired this year by talking with so many founders who are making those changes and seeing the results almost immediately.

0:20.4

All right, everybody, welcome to the podcast. This week we're going to have a short and sometimes difficult conversation.

0:27.8

Last week on the show, we shared some of our observations about the founders we're speaking with that are showing consistent progress in their business last year.

0:37.3

And I want to talk about probably the first place. that are showing consistent progress in their business last year.

0:43.7

And I want to talk about probably the first place right after like the top line numbers that almost every coaching call, every advisory, even when I went to my business coaches,

0:49.7

this is where it all starts with this conversation.

0:53.3

And the reason is because it's our number one investment, our number one expense,

0:58.9

and it's not only is the magnitude large, but our degree of control is very large.

1:04.9

And we often avoid it.

1:07.3

When I'm speaking with founders, I notice them wincing when this topic comes up, yet we press forward because again, this is correlated with businesses that are making progress. So of course, I am talking about the staff audit. I just want to go over it in detail. It's very simple. You don't have to go talk to anybody just

1:29.1

yet, but I want you to consider maybe that you're putting off some important decisions that could

1:35.7

move the business forward. I can certainly relate to this. And so I just want to take a few minutes

1:40.3

here for us to consider it together. And I want to hear your thoughts. You all know my email.

1:51.4

But I'm telling you, this is so simple, but also very difficult for so many of us. And I'll try to explore some of the reasons why that could be. Now, on our GPS document,

1:58.3

which is where we conceptualize our business, goals, plans, systems,

2:03.0

one of the audit questions is, would you rehire your team today?

2:06.9

But on call, would you rehire your team today, if given the opportunity?

2:13.0

What I'm continuing to notice is that great founders not only ask that question more regularly,

2:19.3

but they act on it more regularly. It's not just a hypothetical to those who are making progress.

2:27.2

So I want to walk you through how these calls go, the questions we ask, not just would you rehire

2:32.0

them, and then we skip past it and talk about our strategies and our new ideas and our new initiatives, but we actually hang out on that

2:38.3

question for a long time and press, press, press on the details, even when we wince about it,

...

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