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In this conversation, Mike discusses the three different roles that entrepreneurs play in a small and mid-sized business: shareholder/investor, director, and employee. He emphasizes the importance of understanding and separating these roles to avoid overwhelm and maximize productivity. Scott provides a delegation framework, the 70% rule, and introduces the Eisenhower matrix as tools to prioritize tasks and focus on high-value activities. He also encourages entrepreneurs to determine the value of their time and delegate tasks that can be done at least 70% as well by someone else.

Takeaways

Entrepreneurs in small and mid-sized businesses play three different roles: shareholder/investor, director, and employee.
Understanding and separating these roles is crucial to avoid overwhelm and maximize productivity.
The 70% rule can help entrepreneurs determine which tasks to delegate by asking if someone else can do it at least 70% as well.
The Eisenhower matrix is a useful tool for prioritizing tasks based on urgency and importance.
Entrepreneurs should determine the value of their time and focus on high-value activities.

Chapters

00:00 Introduction
08:08 Shareholder/Investor Role
14:15 Director Role
19:23 Determining the Value of Your Time
25:32 Delegating and Prioritizing Tasks
28:07 Conclusion

Find out more about working with me. mike@smbmastery.com.au or https://www.linkedin.com/in/mikeadamscott/

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In this episode, Mike discusses who should be on a leadership team. He emphasises the importance of a strong and disciplined meeting rhythm, including annual planning, quarterly planning, weekly leadership team meetings, and daily huddles.
He breaks down the primary functions of a business into operations, sales and marketing, and finance, and explains that the heads of these functions should be part of the leadership team. Mike also advises framing the invitation to join the leadership team as an experiment to allow for flexibility and evaluation.

Takeaways
A strong and disciplined meeting rhythm is crucial for a leadership team.
The heads of the primary functions of a business should be part of the leadership team.
Inviting team members to join the leadership team as an experiment allows for flexibility and evaluation.
Investing in developing leaders within the organization is essential for scaling and reducing reliance on the founder.

Chapters

00:00 Introduction

02:05 Identifying the Primary Functions of the Business

04:03 Determining Who Should Be on the Leadership Team

05:48 Bringing Team Members into the Leadership Team

08:41 Inviting Team Members as an Experiment

09:39 Investing in Developing Leaders

Find out more about working with me. mike@smbmastery.com.au or https://www.linkedin.com/in/mikeadamscott/

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In this episode, Mike discusses the importance of creating a company scoreboard or scorecard to increase accountability, improve data quality, and drive results.
He emphasises the need for a clear artifact that defines what winning looks like and what needs to be done to achieve it. Mike explains the difference between leading indicators and lagging indicators and focuses on the former for the scorecard. He provides examples of leading indicators such as revenue, profit, LinkedIn posts, podcast episodes recorded, in-person meetings with leads, new referrals, cash runway, and employee and client satisfaction scores. Mike outlines the process of creating and using the scorecard, including assigning accountability, setting targets, and conducting weekly scorecard reviews.

Takeaways
Creating a company scoreboard or scorecard helps increase accountability and drive results.
The scorecard should focus on leading indicators, which are metrics that can be influenced and impact future results.
Examples of leading indicators include revenue, profit, LinkedIn posts, podcast episodes, in-person meetings, new referrals, cash runway, and employee and client satisfaction scores.
The scorecard should have a small set of metrics, ideally between 5 to 15, that are critical to the business.
The scorecard should be reviewed weekly in a leadership team meeting, with a focus on accountability and action plans to address any metrics that are off track.

Chapters

00:00 Creating a Company Scoreboard
06:23 Focusing on Leading Indicators
09:47 Examples of Leading Indicators
12:10 Keeping the Scorecard Simple
15:32 Reviewing the Scorecard Weekly

Find out more about working with me. mike@smbmastery.com.au or https://www.linkedin.com/in/mikeadamscott/