Mike Andes advises business owners that focusing on small operational details (equipment, appearance, punctuality) won’t drive significant profit once a business reaches roughly seven figures. Instead, he argues the critical shift is developing management and leadership skills—holding meetings, cultivating leadership, and managing teams—to handle the stresses of ownership and grow profitability.
I see so often the times myself back in the day and other business owners when I go and do turnaround videos, I see them focusing on the wrong things. They're focusing on their equipment, the tiny little details of how they're going to paint their truck and things like that. And those things are important, but when it comes to a business doing a million plus in annual revenue, that's not going to make them more profit. And so saying that, oh, it's super important that everyone show up on time and that we work hard, that's important. But as time goes on, that's not going to be the skill that you need to manage the team effectively. You're going to need to become a great manager and focusing on really developing the skill and, and having meetings with your team and really cultivating leadership. In order to be able to withstand the stress and the huff and the puff that comes along with business ownership, you're going to have to change that skill and make sure you're focused on the right thing.
