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The Playbook With David Meltzer

The Secrets To Scaling Your Business

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Entrepreneurship, Business, Careers

4.6 • 1.9K Ratings

🗓️ 21 November 2021

⏱️ 3 minutes

🧾️ Download transcript

Summary

When we get new interns or employees, I make sure to set the tone by telling them that we do not teach about working in the industry. Instead, we teach four things that are applicable to all aspects of life: gratitude, empathy, accountability, and effective communication. To get everyone aligned, reinforce your company values in all three stages of scaling your business, and use different strategies to instill them. Phase 1: Learning Stage During the learning stage, introduce your values to new members of the team. It is vital that all employees are aligned with the values of your business. Help your team connect to what inspires them, and they are more likely to live by your business’s values. Phase 2: Execution In the execution stage, employees learn to maintain proper balance in achieving the company’s mission. Having a motto or mission to guide employees during this stage is important for success in a values-based business. Think about your overarching goals and what you want to accomplish. How can you make your mission into your story? Phase 3: Partnership (Equity) Once an employee shows commitment to these values, that opens up the door for the partnership/equity phase, where employees are rewarded for their dedication, success, and the revenues they have brought into your business. The partnership stage allows you to reinvest in your most successful (and aligned) employees and also helps to retain these individuals. Tweet me your takeaway from today’s episode @davidmeltzer Email Me! [email protected] Sign up for my Free Weekly Training https://free.dmeltzer.com/friday-training-1 Text Me! (949) 298-2905 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You're a genius when you're a billionaire. Who cares how long it took? It's enjoying that journey.

0:06.5

This is Entrepreneurs the Playbook. I always have a goal in executing a business that first,

0:12.4

I make the investment to break even break even to try to make three times what my investment was.

0:17.7

Building a business is an evolution, not a revolution. Staying in business is the key to business.

0:23.0

As long as you're in business tomorrow, you got your lottery ticket. It may take you eight months

0:27.4

to be a billion dollar company. It may take you 80 years. Whether it's eight months or 80 years,

0:32.7

you're a fucking genius. You're a genius when you're a billionaire. Who cares how long it took?

0:38.9

It's enjoying that journey. So here's the three steps. One, there's an investment phase.

0:45.6

The investment phase is understanding that I'm not going to make any money.

0:50.0

That means I might be sleeping on a couch. It might be, I'm a borrow money. It might be,

0:53.8

I might raise money, but I'm going to make that investment myself.

0:57.9

And then I'm going to start having to invest in other people as I scale.

1:01.4

So even today, after 10 years warm in our business together, I still break down a new employee

1:08.0

to scale my business, a new location to scale my business, a new business unit to scale my business.

1:13.7

What's the investment that's needed? How much money, time, resources is it going to take

1:18.8

until one thing happens, break it. Right? Scaling is not even about profit, right?

1:26.4

If I could have a million employees and break even on them, eventually I'll make a lot of money.

1:32.0

If you want to scale a business, you need most of the time more employees, maybe not.

1:35.7

Maybe it's more products. Maybe it's more trucks. So most of the time to scale a business,

1:42.0

we need people in knowledge. Here's how I scale a business. I take someone and let them shadow me.

1:49.8

Just watch me. Then I let them work with me.

1:55.6

Then I supervise them, right? Then I drop off and I break someone new in to shadow them.

...

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