Episode Transcript

What’s up? What’s up? What’s up, everybody? Welcome back to THE a.m guys, welcome back to five minute rants. I’m your host, Michael Abernathy. And welcome back to the show predicated on the journey of life and business. Hope life is treating you guys well, I’m better than I deserve. Real quick, guys, if you know somebody whose life will be changed by listening to the show, would you partner with me in changing lives and share it with them? I appreciate it. If not, if you guys could just leave a review or rating, that would be awesome as well.

Anyways, I want to talk about the simplicity of business. And I want to talk about at the root of business, What business is really made up of, and it’s made up of three things, right? The heart of business is really made up of three things, revenue, expenses, and making people better than you. And it may not seem like this is really What business is about. But this is really What business is about. Your whole goal is to generate revenue, right. And then after you generate revenue, your whole goal is to control your expenditure to make sure that you actually have a profit at the end of the day with revenue. And then after that what’s left is really facilitating people in their lives to become better than you just pass you on whatever skill set you have. And I think it’s so important. It’s just simply inflow of money, outflow of money, being in charge of those two positions, and then being a facilitator for greatness in people’s lives.

And if you’re really thinking about opening a business and running a business, it’s those three things. It’s not just the flashy Gary Vee style stuff, where you want to be famous and in charge. And I’m not saying Gary, I’m not speaking against Gary V’s character, or anything like that. But What I’m saying is, there’s often this position and a lot of entrepreneurs that want to be famous business people, or want to be a businessman to prove something to themselves and everybody else. So when they get the title, they think that they’ve actually accomplished something. And I’m speaking from experience, because I’ve done that, oh, man, I’ve got an LLC. Now. I’m a business owner, I’ve made it. And little did I know that that was not actually true, it was quite far from the truth.

So I’m warning you against my own foolishness, my own arrogance, and not to do What I did in my arrogance, and in my foolishness and not to repeat my mistakes. Instead, it’s a lot simpler. It’s about revenue. And then you spend your time thinking about generating revenue, how to generate revenue, how to craft offerings, marketing, those sort of things. And then you get smart with money about how it works. And then you get smart with money about lowering your expenses.

How do you keep more of the money that you’re actually bringing in? That’s What I mean by expenses? How do you keep more of What you’re bringing in? How do you make more on the dollar, not all money is the same? Okay? You could make $100 for one customer $100. For the other, you only keep $2 from one customer because a job is more expensive. And you keep 80 bucks from the other. The $80 money, they the dollar profit sounds like better money to me than the $2 profit 2% profit versus 80%. Profit. Sounds like a better profit for the 80. And so if you think about that, that’s part of where you’re at with expenses. How do you keep more of What you make? Okay, how do you lower all of your expense burden? And how do you actually maintain your profit? How do you maintain your growth? How do you not really have a character or a mindset of not looking at the money?

Because it’s, you’ll be surprised how many people don’t look at the money, how many people don’t look weekly, bi weekly, monthly, let alone monthly, right, or even quarterly or yearly. And if you’re leading, you’ve got to look at the money and most people are confrontational. I mean, excuse me, most people are adverse to confrontation, they are non confrontational, there adverse confrontation or non confrontational. And something that oftentimes in most people’s households growing up is a very confrontational subject, there’s a lot of fights, there’s a lot of arguments over it is money. And as a result, oftentimes, business owners and leaders will move into a position where they have to look at the money, but they avoided because of whatever their belief system is in the past from how they grew up in their household. Right mom, dad fought every time they looked at money. So in order not to fight with my teammates, or not to fight with my bosses, whatever, I’m not going to look at any of these things.

But you have to, because your job is a business owners to really cover these three areas, revenue, expenses, and making people better than you. And if you’re not looking at the human side of things, right. Oftentimes, it’s very easy to generate revenue. Those are hard skills. expenses can be hard skills, right? They’re all hard skills. They’re soft skills mixed in there for how to actually generate both of those in better ways. But the one that’s really hard that most people avoid is actually making people better than you. And so as a result, a lot of businesses suffer on the human side of things. teams suffer, culture suffers. And then we have these places that nobody wants to work. And so if you study some of the best companies that are rated best places to work in the world, you’ll find that there’s a lot of people focus for things.

Anyways guys, I’m out of time so I’ll catch you later. Peace