What Every Business Owner Needs to Know

Life at Ten Tenths

Looking to learn some key strategies for optimizing your business and personal growth? Matt and Garrett have got your back once again as today’s episode highlights the power of thoroughly understanding your business. Employing a compelling car maintenance analogy to underscore the significance of knowledge and skill in business operations, our hosts Emphasize the importance of asking the right questions and learning every aspect of your business to become a more effective and confident owner. Together, they illustrate how such a deep understanding of your business allows for informed decision-making, efficient task delegation, and ease in handling emergencies.

The episode further explores the critical aspects of financial management, structured systems, and leadership in business success. Practical advice is provided on how to approach these areas without fear, reinforcing the idea that knowledge can reduce anxiety and enhance performance. Garrett and Matt's insights into managing business finances, leadership, and delegation highlight the necessity of being well-versed in your business's core functions. Today’s enlightening discussion empowers listeners to take control of their business, reduce fear, and make better decisions, ultimately leading to a more successful and confident business operation.

Want to take your life to 11? Join Life at Ten Tenths’ exclusive online ‘11 Circle’ community for live coaching, Success Lab Workshops, accountability, a resource library, powerful networking - including referrals - and so much more! Founding Members get lifetime Legendary Access (including future content) with a one-time payment for a limited time.

Unsure? Explore the community for free or try a monthly plan.

Start living your best life now! Visit lifeattentenths.com.

Episode Highlights:

0:00 Start

0:23 What going on at lifeattentenths.com

2:30 Knowing your business

6:15 Asking questions

8:31 End of the year surprises

9:14 Delegating before knowing

13:43 Knowing how to make decisions that keep your business operating

18:19 Wanting to learn

19:18 What you do and don’t need to know

22:27 “It’s not as scary as you think”

25:29 Understanding what you hand off to others

27:45 “Let’s grow and let’s learn”

Key Takeaways:

"You don't have to be the one doing it all. Be a good question asker. Be willing to learn."

"When you learn your vehicle, it's not that scary. Business is exactly the same way."

"If you really understand your business, you'll be able to choose the right place for you."

"You shouldn't be the one doing it all. But you need to understand where it needs to go."

"The biggest thing with getting to know your business is asking questions and solving simple problems."

"If you know how all the moving parts are supposed to go together, you can step in when things go wrong."

"Understanding your business helps you manage human capital and make informed decisions.”

"It's not as scary as you think. Be willing to learn and ask questions."

"You can handle emergencies better if you understand the core elements of your business."

"Take a step into learning and growing. It's an amazing time to understand your business."

Links:

Life at Ten Tenths: lifeattentenths.com