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Modern Craftsman

Midweek with Tyler: Accounting for Inefficiencies

Modern Craftsman

Modern Craftsman

Education, Entrepreneurship, Business, Self-improvement

4.81.2K Ratings

🗓️ 28 March 2024

⏱️ 38 minutes

🧾️ Download transcript

Summary

Tyler discusses the importance of accounting for inefficiencies in small businesses by factoring in downtime, mistakes, and other unavoidable issues, and advocates setting rates based on realistic productivity expectations rather than assuming perfect efficiency. He also shares challenges he faced in a recent enduro bike race and lessons learned about persevering through difficulties.

Transcript

Click on a timestamp to play from that location

0:00.0

It's not costing them money when somebody on the production line scratches a door and they have to replace it because they've realized over the years that there's going to be X amount of refrigerators that go out that are going to get damaged that are going to get damaged by shipping, by receiving that they're going to have to

0:17.2

account for, right? And it needs to be the same for our customers. It needs to be the same

0:21.1

for our business.

0:23.0

Good morning, good afternoon,

0:28.0

good afternoon, good evening, whatever time of the day, whatever day it may be for you.

0:35.0

Welcome back to another week, another recording of midweek modern craftsmen.

0:42.0

Look, I need to tighten up the arm on this

0:44.4

microphone some, it's a little wobbly. I also, if you guys are watching this on

0:51.7

YouTube, I'm not sure how many do.

0:54.0

I'm switching up the camera here a little bit.

0:58.0

So it should make for a little bit better video the way that I'm orienting the camera now.

1:05.3

You're able to capture a little bit more so that we're not having to zoom in and

1:11.0

crop most of this picture out.

1:13.3

So hopefully that's good if you guys watching it

1:15.8

for creating reels from it.

1:17.1

Should be a little bit more usable.

1:20.2

A little bit more difficult for me

1:21.6

because while I'm recording, I'm now watching a video of myself that's completely sideways

1:27.1

But luckily I'm not focusing on that video too much anyway a little bit of a distraction, but I think I'll get used to it.

1:33.0

I'm looking at my taped fingers right now so I had an Indoro race this past weekend

1:42.0

not sure when this is going to come out, but was the first, let's see,

1:46.3

today's the 13th, I don't know, 10th or 11th.

...

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