Encouraged yourself to use your work for personal growth + ask your team to do the same.
Remember that as the CEO/founder you can change anything.
Lesson 2: Culture is what you tolerate.
No matter how hard I look, I can't find a better definition of culture.
If you allow complacency, people will stop growing.
If you tolerate people not knowing their numbers, they won’t know them.
If you give people 2 weeks, they will take it.
And If you let people be themselves, they’ll surprise you.
High bar + kindness = great culture.
Find a unique angle before investing your most valuable currency: time.
Lesson 4: Pursue 3 important things
Biz leaders often debate things like profit vs growth
Identify initiatives where we somehow deliver 3 wins. e.g., it has to drive growth, profit and learning
Also, underwrite acquisitions with multiple paths to success
Lesson 5: Tell me how someone is paid and I’ll tell you how they’ll behave
The most important behaviors are the ones people do when no one is looking.
Incentives are that invisible hand driving what people do.
Great entrepreneurs understand incentives.
Lesson 6: Top down P&L targets are arbitrary, and dangerous.
"We will pursue a 25% EBITDA margin this year"
"Ok, but why not 35%? why not 15%?
Whatever target you choose, you will take actions to land there.
Instead, focus on being great at the actions and...
Be intentional - Target the actions you’ll take, accomplish, or other causal metrics instead of an end goal and you'll surpass your wildest dreams of profit margins!
P&L targets lets you and your team "manage" to that number instead of doing your best to grow the company.
Lesson 7: Profits are the only thing you can take to the bank.
Get it drilled that growing profitably and with stability are the precursor to business success.
No point talking about revenue, headcount or other metrics that didn't show profits increasing.
Lesson 8: Candor shows you care.
Be a coach at heart. Makes it a point to offer candid but loving feedback.
Right approach: remind everyone that you are focused on the problem not the person. Then dig in.
Never criticise but always ask questions that get one reflecting.
Shares what you truly think in an honest but not attacking way.
Lesson 9: Price to value, not cost
This one sounds simple but is often forgotten
If you price based on what it will cost you, you're a commodity business
If you price based on the value to your customer, you can invest in creating a great product + have great margins
Lesson 10: Everything is temporary
Recognise that the pace of change in the world is increasing and that the only enduring advantage is: adaptability.
Build a culture around that.
Don't just tolerate change, drive it.
