Scaling Up
Take away:
Putting the right people systems and processes in place is critical for reducing the burden on the business owner, improving profitability, and allowing the business to run more smoothly and successfully. Implementing these structured people management practices is key to achieving sustainable growth.
Money Learnings:
Corwin's early childhood was marked by financial abundance - his father was very successful in agricultural sales and lived a lavish lifestyle with private planes, a car collection, and more. However, when his father's company was sold and he lost his job, the family then went through periods of extreme "famine or feast" as his father's subsequent business ventures failed. Corwin's mother worked full-time in low-paying jobs, but her income was not enough to provide financial stability for the family. This upbringing of oscillating between wealth and scarcity instilled in Corwin the perspective that money is hard to come by and that financial situations can drastically change, despite his father's entrepreneurial efforts. It taught him that money has an inherent insecurity and unpredictability to it.
Bio:
Corwin J. Smith is a Valuation Growth Coach, certified in Scaling Up/The Rockefeller Habits by Verne Harnish since 2016. He possesses expertise in diverse methodologies including Spiral Dynamics, 5 Behaviors of a Cohesive Team, and Metronomics. Currently, Corwin specializes in aiding companies across sectors like medicine, professional services, cannabis, and manufacturing, with a focused effort in recent years on blue-collar industries and trades. His clients typically achieve substantial results, including a 40% reduction in management time, doubling of net profit, and a 500-800% increase in business valuation. Corwin's entrepreneurial journey began at the WP Carey Business School, where he founded a Fire & Water Damage restoration company, rapidly growing it to 45 employees in less than four years. Prior to this venture, he made significant strides in medical sales for a local diagnostic imaging firm, setting records in new patient and doctor acquisition. His tenure at Rocky Mountain Restoration was marked by high praise and media coverage in the Arizona Republic and Success Magazine, reflecting the impactful culture and work of the organization. On a personal front, Corwin is deeply invested in his family life, alongside his wife, dedicating themselves to raising their four sons to be productive and fulfilled members of society. An avid outdoorsman, Smith relishes mountain biking, hiking, and hunting in the wilderness of Arizona. He is also a devoted supporter of his children's sporting activities. Further extending his commitment to the community, Corwin offers his expertise through unpaid mentorship to upcoming business owners in the local Entrepreneur's Organization chapter.
Highlights from this episode:
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The importance of having a clear vision, mission, and values for your business that align with your life purpose and goals.
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Strategies for reducing the time required to manage the day-to-day operations of your business, such as implementing structured meeting rhythms and delegating tasks you don't enjoy.
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The value of proper hiring practices, including assessing candidates for cultural fit, skill set match, and motivational drivers using behavior assessments.
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Techniques for improving profitability, such as implementing a salary cap based on profit targets and addressing underperforming team members.
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The benefits of creating a comprehensive life plan that harmonizes your personal goals across relationships, health, spirituality, and business.
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The importance of decisiveness and taking action, rather than getting stuck in analysis paralysis when making tough business decisions.
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Wisdom for younger entrepreneurs on following their passion and unraveling the programming and fears instilled by parents/upbringing.
Links:
Richer Soul Life Beyond Money. You got rich, now what? Let’s talk about your journey to more a purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let’s figure that out together. At the core is the financial well being to be able to do what you want, when you want, how you want. It’s about personal freedom!
Thanks for listening!
Some music provided by Junan from Junan Podcast
Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.