It’s the leader’s job to chart the direction of the business. However, even with a clear vision, selecting the right goals can be challenging and overwhelming, especially when there are more options and opportunities than resources. Without specific goals, you and your team will struggle to focus and maximize the return on your effort.
Tracking progress often feels just as confusing. Even the most profit-minded leaders sometimes question if they’re headed in the right direction and wonder how if what they’re doing is working.
The challenges of 2020 have only made setting goals and tracking progress harder. In this episode, we interview entrepreneur, best-selling author, and investor of ABC Network’s Shark Tank Daymond John about taking control of your game by setting goals and tracking progress for your business.
Welcome to episode one of One Next Step.
(04:29) Today’s listener question: How should I set goals and track progress for my business?
(06:43) Common mistakes business owners make regarding goal-setting and tracking progress
(08:50) Tips for effectively setting the right goals
(11:40) How Daymond John evaluates the progress of his new businesses and investments
(15:54) What Daymond tells every business leader to do and wisdom Daymond received from Warren Buffet
(18:37) Why you don’t have to know everything to succeed in business
(19:37) The power of mentors and different 3ways to be mentored
(22:11) The value of negotiation and why people need to make a power shift
(24:34) The three steps to negotiating in life
(27:10) The stories and people highlighted in Daymond’s book, Powershift
(29:15) Tricia and Lisa share their takeaways
(31:12) Today’s One Next Step: Subscribe to the One Next Step podcast and enter to win a free copy of Daymond John’s book, Powershift
Links & Resources Mentioned
Quotes From This Episode
“There are only three ways to deal with a customer — acquire a new one, upsell a current one, or make one buy more frequently. Acquiring a new one is 21 times harder than upselling a current one or making them buy more frequently.” — Daymond John
“Life is a series of mentors.” — Daymond John
“Life is not what you accept; it’s what you negotiate.” — Daymond John
“Your education — your skillset, ability, and knowledge — is going to be the thing that either is going to help you avoid landmines or look for goldmines.” — Daymond John
“Your business will only grow as far as you grow as the owner or the CEO. If you limit your growth and education, you’re going to limit the organization’s ability to grow.” — Tricia Sciortino
- Negotiation is a soft skill we use daily to live with our families and work with our teams. However, most people don’t consider themselves to be strong negotiators. There are three steps to negotiating in life, and as you repeat these three steps, you’re negotiating power becomes stronger:
- Building influence with a reputation communicating what you stand for.
- Negotiating deals that benefit both parties.
- Nurturing relationships with people you meet and work with.
- In addition to profit, measure the progress of your business by its scalability, which Daymond defines as ‘the ability to grow.’ Daymond typically looks at how little the organization has to spend to produce its current results, the current processes ability to be replicated to further growth, and the awareness of the organization is of the customers’ needs.
- Education is the x-factor for every business leader. Daymond emphasized the reality that we’ll make mistakes. However, our ability to learn and grow will be the best determining factor in how far we go. There’s a new challenge at every stage of our journey, and the only thing consistent will bring to those experiences is ourselves. To make sure we’re ready, we must continually invest in ourselves through podcasts, books, online courses, peers, and mentors.
Reflection Questions for You | Conversation Starters Your Team
- What people do you know (or have met recently) that you’d like to learn from and what specifically would you like to learn?
- What negotiating step recommended by Daymond do you most need to improve on and why?
- What’s something currently hindering your business’s ability to grow, and what’s one thing you could do to fix it?
Subscribe & Enter to Win a Free Copy of Powershift by Daymond John
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To celebrate the launch of the podcast, we’re randomly selecting a few podcast subscribers to receive a free copy of Daymond John’s new book, Powershift. Enter to win by completing the following steps:
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Join Us Next Week
Thank you for listening to One Next Step.
We hope you’ll join us for next week’s episode when Tricia and Lisa interview Daniel Tardy, executive vice president of EntreLeadership at Ramsey Solutions, to answer the question “How do effective organizations communicate internally to drive results?”