In ensuring a business’s success, it is vital to come up with effective foundations and strategies to run the business. A strategy is the company’s working plan or model towards achieving its dreams and visions. Therefore, more than anything, thorough and careful planning is the heart of a business strategy.
In today’s episode, the one-and-only Brad Sugars is with us to talk about his latest book, “Pulling Profits Out of a Hat.” Brad is the founder and CEO of the world’s number one business coaching firm, ActionCOACH. They provide training to over 15,000 companies to lead them to success. He is also the best selling author of 16 acclaimed business books. Also joining us today is serial business owner, educator, and founder of podcasting services company-Valher Media, Charley Valher.
Tune in to the show if you want to learn more about the fundamental disciplines you need to integrate into your business and how you can create leverage for growth.
The Pulling Profits Book (1:18)
- It is Brad’s 17th book to be published. His previous books were bestsellers on the Wall Street Journal and Amazon.
- It takes time to be successful in anything.
- It came because of a conversation on the difference between a company that grows profit exponentially, and one that doesn’t.
- Together with his co-author, they came up with five core disciplines that a business needs to understand.
The Biggest Mistakes In Setting Up Business Foundations (3:47)
- Small businesses’ biggest mistake is looking to have a business that revolves around them.
- Big businesses’ biggest mistake, on the other hand, is focusing on one thing rather than dwelling on the five key areas.
The Five Disciplines of Pulling Profits (4:41)
- First is the discipline of strategy. How is the business designed to grow?
- Second is the discipline of mission. It is about the emotional connection between the staff and the company, as well as the team and customers.
- The third discipline, the discipline of business development, is the key to generating sales.
- Fourth is the discipline of execution, which sets up the success of the business.
- And finally, the discipline of people. The quality of your people determines the quality of the business.
Creating Leverage (7:39)
- The first stage of leverage is doing the work once you get paid long-term.
- The best business owner or the best corporate executive is someone who does work on time that pays back.
- Training your people brings customers who stay long-term.
- The core of investing is real estate and shares. Brad had to pioneer a new industry—the concept of business coaching, which started ActionCOACH—to come up with something new.
- Millennials have the most entrepreneurial mindset.
- There is a shift in developing small businesses and a less corporate environment.
- Everyone is a billionaire in training. The question is: will you pass?
- In determining the success of the business, you go through the five disciplines in mind.
- Strategy always comes first because if there’s a fundamental core business model problem, then it doesn’t matter what you do with marketing and other things.
- There is a system for growing a business.
The Difference Between Strategy and Tactic (17:49)
- A strategy is about your business model strategy. It is more about the product or service.
- Apple creating leverage in different industries is an excellent example of a strategy.
- Marketing campaigns, on the other hand, is an example of a business tactic.
The Goal of Pulling Profits (20:29)
- Brad’s plan behind every book is to build a model that people can understand and use.
- The time spent on thinking, learning, contemplating on brainstorming, and planning your business is way more important than the actual written document.
- Dream, goal, learn, plan, act.
- Make sure to get a copy of Pulling Profits Out Of A Hat by Brad Sugars and Monte Wyatt.
- Get a copy of Brad’s books on Amazon.
Check out Brad’s website to know more about the fantastic things he does. To learn more about business coaching, visit the ActionCOACH website. Connect with Brad on his Facebook page and through LinkedIn.
As always, thank you for listening!