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🚀 Mastering the Art of Rightsizing Your Service Providers 🚀 | MBV Podcast Ep. 197
05:57

🚀 Mastering the Art of Rightsizing Your Service Providers 🚀 | MBV Podcast Ep. 197

Are you tangled in a web of service providers, each adding complexity rather than value to your operations? This week on the Maximize Business Value Podcast, Tom Bronson takes us through a game-changing strategy from Chapter 37: Rightsizing Your Service Providers. It's all about striking the perfect balance between consolidation and diversity in your business relationships to unlock operational efficiencies and cost savings. 📉➡️📈 Tom dives deep into what it means to 'rightsize' your service providers — adjusting to not just a smaller number, but the right number that aligns with your business goals. Learn how simplifying your roster of vendors can lead to better relationships, improved support, and, importantly, lower costs. We're talking serious simplification with significant impact, inspired by a case study where a large restaurant chain went from juggling 36 technology providers to working seamlessly with less than 10. 🍽️💻🔍 Whether you're a small startup or a growing enterprise, the principles of rightsizing can revolutionize the way you operate. Tune in to discover actionable insights on how to evaluate, consolidate, and optimize your service providers for a leaner, more efficient business model. Remember, it's not about having fewer providers; it's about having the right ones. Don't miss out on this essential episode for any business looking to cut costs and streamline operations. 🎧💼 Subscribe now and join Tom in exploring the smart strategies that drive business success. Your journey to operational excellence starts here. #maximizebusinessvalue #BusinessEfficiency #RightsizeYourBusiness #OperationalExcellence #PodcastForEntrepreneurs MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC.
Identify and Track Key Performance Indicators (Chapter 36) | MBV Podcast Ep. 196
09:54

Identify and Track Key Performance Indicators (Chapter 36) | MBV Podcast Ep. 196

Ready to dive deep into the game-changing world of Key Performance Indicators (KPIs) and how they can turbocharge your business's growth? You're in luck! In this episode of the Maximize Business Value Podcast, we delve into the transformative power of Key Performance Indicators (KPIs) with host Tom Bronson. Whether you're leading a startup or optimizing an established company, understanding how to harness the potential of KPIs is crucial for informed decision-making and sustainable growth. Tom expertly navigates through the significance of combining leading and lagging indicators, the art of setting SMART goals, and the imperative of customizing KPIs across different departments of your business. Learn how to translate metrics into actionable insights that propel your business forward, enhancing operational efficiency and customer satisfaction. No need to be a data expert; this episode is designed to empower all business leaders to make metrics work for their success. Tune in as we explore Chapter 36 of the MBV playbook, transforming the concept of KPIs from a daunting task to a strategic asset. Don’t forget to subscribe and activate notifications for a weekly infusion of business wisdom. Together, let's navigate the path to maximizing business value! MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #MaximizeBusinessValue #KPIs #BusinessStrategy #Entrepreneurship #BusinessPodcast #Leadership #DataDrivenSuccess
Document Your Processes (Chapter 35) | MBV Podcast Ep. 195
09:20

Document Your Processes (Chapter 35) | MBV Podcast Ep. 195

Join Tom Bronson in this pivotal episode of the Maximize Business Value Podcast as he unveils the transformative power of documenting company processes. Tom asserts that if business owners prioritize just one action item from his book, it should unequivocally be this: meticulously document all company processes. Tom emphasizes that a business with clearly documented, repeatable processes inherently holds greater value than one lacking structured procedures. The advantages of solid, documented processes are multifaceted and profound: 1. Error Reduction: Documented processes significantly decrease the likelihood of serious errors, fostering operational accuracy and efficiency. 2. Efficient Training: Streamlined processes facilitate easier and more efficient training for new hires, minimizing onboarding time and knowledge gaps. 3. Regulatory Compliance: Documented procedures ensure adherence to regulatory and compliance requirements, mitigating risks and liabilities. 4. Consistency and Expectations: Clearly defined processes set expectations for task execution, fostering consistency and standardization across departments. 5. Risk Mitigation: Documented processes mitigate risks associated with operational ambiguity and reliance on tribal knowledge. Tom draws an analogy to the childhood game telephone, illustrating how operational knowledge can become distorted and fragmented over time without documented processes. As businesses expand and personnel turnover occurs, the absence of documented procedures can lead to operational chaos and detachment from the owner's vision. While the prospect of documenting processes may seem daunting, Tom offers a pragmatic approach to initiation: 1. Start Small: Begin by documenting critical processes incrementally, gradually expanding documentation efforts over time. 2. Prioritize: Focus on documenting processes with the highest impact on operational efficiency, risk mitigation, and regulatory compliance. 3. Allocate Resources: Dedicate sufficient resources and personnel to the documentation process, ensuring comprehensive coverage across all business functions. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #BusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Use a Business Operating System (Chapter 34) | MBV Podcast Ep. 194
06:57

Use a Business Operating System (Chapter 34) | MBV Podcast Ep. 194

In this week's episode of the Maximize Business Value Podcast, Tom delves into the transformative power of implementing a robust business operating system (BOS). Join Tom as he explores the myriad benefits of adopting proven frameworks like EOS, Rockefeller Habits, Business Made Simple, OKRs, Lean Manufacturing, and Open Book Management. Every business inherently operates on some form of operating system, whether consciously crafted or organically evolved. However, the key lies in adopting a structured BOS to drive performance, set goals, monitor progress, and achieve results effectively. These systems provide a framework for accountability, ensuring alignment with organizational objectives and fostering a culture of continuous improvement. With an array of BOS options available, Tom suggests exploring renowned methodologies outlined in influential books by thought leaders like Gino Wickman, Verne Harnish, Donald Miller, John Doerr, James P. Womack, Daniel T. Jones, and Jack Stack. While each system may have its unique elements, they all share a common goal of enhancing organizational efficiency and maximizing business value. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #BusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Implement Incentive Plans at Most Levels (Chapter 33) | MBV Podcast Ep. 193
06:16

Implement Incentive Plans at Most Levels (Chapter 33) | MBV Podcast Ep. 193

In the latest episode of the Maximize Business Value Podcast, Tom delves into the transformative power of implementing incentive plans at every level within an organization. Join as he explores the intricacies of developing effective incentive plans that drive results, boost morale, and elevate the overall value of the business. While many companies have incentive plans for sales and management roles, Tom underscores the importance of extending incentive structures across various functional areas. He emphasizes the need for these plans to be intricately tied to specific targets and results, ensuring they don't become entitlements disconnected from organizational objectives. Tom introduces the concept of tying incentives to the most critical objectives for each job role, aligning them with factors that drive increased business value. Moreover, he highlights the significance of including a profitability component, reinforcing the idea that incentives should only be rewarded when the business is thriving. Incentives, as Tom suggests, don't always have to be monetary; creativity in incentive structures can yield remarkable results. Tom shares anecdotes of unconventional incentives, from parties and lunch trips to dunking booths, underscoring the point that monetary rewards might not be the sole motivator for employees. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #SmallBusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Make Employee Safety and Wellbeing a Priority (Chapter 32) | MBV Podcast Ep. 192
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Make Employee Safety and Wellbeing a Priority (Chapter 32) | MBV Podcast Ep. 192

In this week's Maximize Business Value Podcast, Tom Bronson emphasizes the critical imperative of prioritizing employee safety and wellbeing. Join him as he explores why this practice is not just common sense but a key driver of a positive workplace culture and increased business value. Tom dispels the myth that safety and wellbeing merely revolve around meeting OSHA requirements. Instead, he highlights how fostering a safe workplace contributes to heightened productivity and creates a positive environment where open communication flourishes. A culture of safety extends beyond physical safety, encompassing the emotional and mental wellbeing of employees. Drawing from personal experiences, Tom candidly shares instances where he recognized the need for change and the transformative impact it had on workplace dynamics. He emphasizes that a business unwilling to prioritize safety and wellbeing risks becoming an undesirable place to work, ultimately diminishing its overall value. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #SmallBusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Cross-Train Employees (Chapter 31) | MBV Podcast Ep. 191
05:31

Cross-Train Employees (Chapter 31) | MBV Podcast Ep. 191

Dive into this week's episode of the Maximize Business Value Podcast as Tom delves into Chapter 31 - "Cross-Train Employees." Discover why cross-training is not just a good idea but an essential practice, particularly in small businesses. In this episode, Tom explores the potential risks small businesses face when relying on a single individual for crucial tasks, especially when these processes are not documented. He illustrates scenarios where unforeseen events, such as accidents or prolonged illnesses, can disrupt business operations. While businesses may survive, the unnecessary pain and challenges could be mitigated with cross-training. Tom emphasizes the positive impact of cross-training on employee engagement and business stability. Employees appreciate the opportunity to diversify their skill set, and the business benefits from a proactive approach to operational stability. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is a serial entrepreneur and business owner. He is currently the founder and President of Mastery Partners, Mastery Mergers & Acquisitions, and the Business Transition Summit. All three companies empower business owners to maximize business value and serve business owners in different capacities to help them achieve their dream exit. As a business owner, Tom has been in your situation a hundred times and knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Tom has two books to help business owners on their journey to a dream exit: "Maximize Business Value Playbook," (2023), and "Maximize Business Value, Begin with the EXIT in Mind," (2020). Both are available on Amazon. © 2024 Mastery Partners, LLC. #SmallBusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Listen to ALL Employees (Chapter 30) | MBV Podcast Ep. 190
06:57

Listen to ALL Employees (Chapter 30) | MBV Podcast Ep. 190

In this week's episode of the Maximize Business Value Podcast, Tom explores the profound significance of Chapter 30 - "Listen to ALL of the Employees." Drawing from his wealth of experience and the wisdom of mentors, Tom emphasizes the invaluable insights that frontline employees possess. Tom's mentor's advice echoes through the episode: "If you want to learn something, go to the people who do the work." Tom recounts how this advice has been a cornerstone of his successful career, fostering trust with his teams and instigating a culture of open communication. He highlights that although not every suggestion is implemented, engaging in a dialogue with frontline employees has been instrumental in building thriving companies and successfully transitioning them. Tom shares a personal example of his practice of randomly selecting employees for lunch, sans agenda, to genuinely get to know them. This approach consistently revealed unexpected insights that contributed to the improvement and growth of his businesses. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it. © 2023 Mastery Partners, LLC. #SmallBusinessAdvice #BusinessOwnership #MaximizeBusinessValue
Don’t Underinvest In Your Human Resources Leader (Chapter 29) | MBV Podcast Ep. 189
07:01

Don’t Underinvest In Your Human Resources Leader (Chapter 29) | MBV Podcast Ep. 189

Join Tom in this week's enriching episode of the Maximize Business Value Podcast as he explores Chapter 28 - "Make Culture a Priority." Uncover the secrets to fostering a vibrant corporate culture that fuels employee engagement and customer satisfaction. Tom emphasizes the significance of prioritizing culture in a business, dubbing the CEO as the Chief Culture Officer. Corporate culture, described as the amalgamation of beliefs, values, attitudes, and ethics that characterize an organization, goes beyond mere events; it is a way of life. A poignant definition shared by a friend encapsulates corporate culture as 'how people act when no one is watching.' Delve into the motivational factors that truly drive employees — recognition, being informed about company matters, understanding management, job security, meaningful work, career advancement opportunities, loyalty, excellent working conditions, and tactful discipline. Money often takes a back seat to these elements when it comes to inspiring and retaining a dedicated workforce. MAXIMIZE BUSINESS VALUE BOOK: https://amzn.to/2AvazXT MAXIMIZE BUSINESS VALUE PLAYBOOK: https://amzn.to/3Vv2KWq Schedule a time with Tom: http://calendly.com/tombronson Our latest eBook: https://www.masterypartners.com/ebooks CONNECT WITH TOM Facebook: https://www.facebook.com/masterypartners LinkedIn: https://www.linkedin.com/in/tom-bronson/ Website: https://www.masterypartners.com/ Please be sure to like and subscribe for more great content to help YOU maximize YOUR business value! Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, Tom has been in your situation hundreds of times, and he knows what it takes to create and implement the right strategy. Tom is passionate about helping business owners and has the experience to do it. © 2023 Mastery Partners, LLC. #SmallBusinessAdvice #BusinessOwnership #MaximizeBusinessValue