As we enter 2023, Hallie and I wanted to share a few very important things to keep in mind so you and your company can both survive and thrive given the current economic climate. This week, we talk about how looking at your output and the output of the whole team can help you gauge efficiency and get rid of the things that are holding you back and wasting time and energy. We also talk about how important it is to help employees and team members understand how they win and contribute to the overall company goal. Bottom line? Creating a higher level of output per employee, along with clear expectations and wins, will help you thrive now and into the future.
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References and Resources from today’s episode:
Timestamps
[3:38] What is the difference between being lazy and inefficient when it comes to business? One form of being lazy can also be a lack of accountability. Now is the time we need to pay attention to the output that we are doing, whether you are an employee and looking at yourself or a leader looking at both yourself and a team.
[5:27] What does it mean to monitor a “lack of efficiencies” in your business, and how is this audit dual-layered?
[8:12] The importance of being efficient with your output.
[8:26] From an owner standpoint, a leader standpoint, and even an employee standing, now is a really good time to take a look at how efficient you’re being. And, is what we are all doing efficient, and does it actually matter?
[11:12] Instead of adding another 20 hours to your week, how do you become the best in the hours you are willing to work?
[11:28] Ray Dalio discusses how downturns in the economy are actually very good for the climate and the economic climate in general because what happens is people become more productive.
[12:58] In a downturn, the economic output per employee starts to go back up.
[13:10] As efficiency and contraction start to happen, people wake up and look at the numbers. They then start looking at every single thing to be more efficient.
[14:11] In an all-employee meeting, every employee in the company comes to understand how each division wins and what they are struggling with.
[19:20] It can be challenging but also really rewarding if you’re willing to do the work of being more efficient in turning profits during these times.
[22:58] It’s important that the leader or the CEO is being so clear on what the vision is so that every other leader and employee really does understand whether or not what they are doing is driving towards that result.
[26:09] Brand awareness will come if you execute on the original goal.
