Hi, I’m Mackey McNeill. And today I want to talk to you about using data as a convener. What if by simply measuring the right things, and sharing those measurements with your team in a specific way, not only will your company bottom line improve, you will create more time freedom for the most important person in your life, You.
I spent my career iterating and innovating ways to help business owners live more prosperous lives to enjoy that three freedoms of prosperity, money, freedom, time, freedom, and freedom from worry. What I’ve learned is that there are five critical mindset shifts that if adopted, allow a business owner to not only profit but to prosper. Build a better toolbox. Change your focus. Use data as a convener, unifier. Stop being a fulcrum. And build a wheel, bring your head and your heart to work.
I’ve had an intimate front row seat watching companies transform using data as a convener. And today I’d like to share with you a real-life example, with of course the names change for privacy purposes. Five, this powerful shift can change your life. First service is an industry leader in their community. Their sales showed consistent year over year improvement. They were good at marketing. They were good at closing business and they were good at retaining customers. But they weren’t good at growing their bottom line. Year after year after year. The bottom line held steady while sales rock.
We began by implementing a complete financial operating system. Everyone in the company was taught how the company makes money. Weekly scorecards of key performance indicators were developed and the team was convened every Monday morning. They were updated on the progress toward the quarterly goals. Data was the convener. The team at first service owned the company outcomes. They understood the data and they knew how their daily activities help drive better results. Data was their friend. It pointed out where the bottom line was leaking money. The team was empowered and rewarded for taking corrective action. You might be thinking this all-sounds kind of kumbaya, Mackey? But it first service really achieved stellar results?
Well, let’s look at the highlights. Six years after we began working with first service, the owner retired. Yes, he formally retired, he continued to own the company and it continued to grow. He achieved time freedom. 10 years into our work with first service the company sold for $10 million. The purchase price was based on a multiple of the bottom line. And that price get this was 9 million more than it would have been 10 years earlier. 9 million more dollars in personal net worth in 10 years, helping the owner achieve money freedom. Prior to the sale, the business owner and his family developed a life plan. So they knew how much money was needed to fund their goals. They achieved mind freedom. Now, million dollar increase in net worth achieving the three freedoms of prosperity – money, time and mind freedom. That’s a pretty stellar result in my book. So, how do you get started using data as a convener? One, upgrade your financial systems to include a complete financial operating system to teach your team how you make money. Before you freak out about this Step. Recognize that if you don’t tell them anything, they make up what they think you take home, and 99% of the time what they make up is way more than you actually take home. Three, hold regular meetings on a consistent rhythm to share data and answer questions with your team. Four, create a quarterly bonus program directly tied to achieving the bottom-line goals. And five, this is the hard one start taking more time off.
If you found this video inspiring. Please share the power of using data as a convener with your community. Hit the like button, leave a comment or send this video with a personal message to your favorite business owner. Thank you for being part of our community