Sweat Equity Saturday 2016_07_23 recap notes

Some call B.I.N.G. Sweat Equity Saturday a small business mastermind group in West Des Moines Iowa. It is, perhaps. We spend the time to understand new learnings, issues and opportunities in each other’s businesses.

Topics varied as usual (entirely dependent on the presented interests of attendees present.) Each business has unique (to their business timeline) challenges and opportunities.

We covered Generation Y employees occasional perceived lack of motivation and the stark contrast of when they are athletes kicking ass and taking names. How to employ psychological principles to see patterns of behavior and how to influence it. How to get the real answers during an interview.

We basically came to the conclusion that we can understand them from new perspectives and that usually is a reflection on our ability to understand. What was Stephen Covey’s thing? Seek first to Understand – then to be understood. Sometimes in order to understand something, we can’t do it by just paying more attention, or thinking harder, or bringing our vast outdated experiences to the situation. Sometimes it helps to get the perspective of other people. That’s what we do at B.I.N.G. Sweat Equity Saturday. We share perspectives and experiences.

Another chunk of the morning was focused on a financial analyst’s view of your financials and what a potential investor would ask.

Also, we discussed how much to spend on advertising/marketing. How to motivate sweat equity partners. Mistakes owners make when buying an existing business or franchise. And other topics.

Lots can be covered when you have 4 hours to dive deep!

Specific strategies to understand Generation Y behavior (or anyone’s for that matter.)

  • Learn the difference between self and others orientation during the hiring process.
  • Employ Dan Pink’s Authority, Mastery & Purpose in anyone–yes, anyone!
  • Recognize Anthony Robbins’ 6 Human Needs that ALL employees have and cater to them.
  • Understand that speaking through your values of delayed gratitude and saving may not connect with Generation Y employees. Try focusing on their desire for immediate gain from performance. What’s important to THEM.
  • How to tie all the above into your team meetings and pep talks.

Specific strategy to make intangible sweat equity more tangible? By keeping any current and future potential value top of mind.

Focus question: “How to motivate Generation Y employees?”

Discussion topics were derived from and promoted recommendation of particular books participants have read or are reading (The E-Myth by Michael Gerber, Slicing Pie by Mike Moyer, Drive by Dan Pink – one of my top five favorites of the hundreds of books I have actually read.)