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Episode 46
Why you've got to check out this episode:
3 Rs Read, Resource, Reflect
Read:
The Daily Stoic: 366 Meditations on Wisdom, Perseverance, and the Art of Living by Ryan Holiday
Resources:
The Knowledge Project with Shane Parrish - Podcast
Zwift
Reflect:
"Waste no more time arguing what a good man should be. Be one." - Marcus Aurelius
Do you want to hit not two but three birds with one stone?
Have you thought of creating a real estate investing business that not only makes money but lets you live and enjoy life and makes a difference in others' lives and the world?
In this episode, Warren Coughlin talks about how to build a real estate investing business that matters.
He shares three tools to help not only grow yourself but your business.
A values-driven organization is what he underscores as it nurtures a culture of excellence and commitment to doing good.
He touches on stopping binary thinking, so creative thinking proliferates, making it more beneficial to your real estate investing business.
Most importantly, he couldn't stress enough the need for preparedness for the uncertainty ahead with lessons learned in COVID and as businesses go through seasons and cycles.
And that's where creating a focused business strategy with recommended periodic reviews comes into play.
And when you have that taken care of, you can ensure you are ready to manage any bumpy ride ahead.
Free Strategy Guide E-Book - https://warrencoughlin.com/free-blueprint/
Cool Tools (the 3 assessments discussed on the podcast): https://warrencoughlin.com/cool-tools/
Here’s how you can join the ‘Social Impact Challenge’ and participate in ‘Competitive Kindness’. Click here: https://www.rtggroupinc.com/
Connect with Warren Coughlin:
warrencoughlin.com
Warren Coughlin helps principled entrepreneurs build a Business That Matters, one that delivers to you, the owner, attractive profits and a fulfilling lifestyle while also creating positive impacts on customers, team, and the larger community. In other words, it is one that helps make the world - or just your corner of it - a better place. This requires a combination of solid business skills and disciplines guided by deeply held values.
He's been helping entrepreneurs do this since 2002. He was the top Coach in Canada with the world's largest business coaching company before going out to focus on Businesses That Matter. His clients have experienced everything from 8 figure exits to 7 figure salaries, from rapid expansion to minimized operational work because of the development of great leaders and high-performance values-driven cultures.
Warren is the creator of The Business That Matters Playbook, a tool that automates and eases the strategic planning process, so the entrepreneur and the team know exactly what to do and when. He's also the founder and host of the podcast "The Business That Matters Spotlight".
Warren's also a recovering lawyer, a serial entrepreneur, college professor, presentation/pitch trainer, actor, theater director, and Dad to a wonderful daughter who constantly challenges him to be a better person.
Topics Covered:
03:56 - Taking on many roles and finally becoming a business coach
05:51 - What got him into entrepreneurship?
07:47 - A gift of life he uses to explore things and the world
08:19 - Finding purpose in the life that could have eluded him
09:04 - What it was like growing up with the illness he had
10:40 - The significance of focused strategic planning
12:34 - How essential is strategic planning even in a small or medium-sized business, and how do you go about creating a strategy?
15:04 - Talking about the 'The Business that Matters' playbook and how it works
17:36 - The challenge in coming up with the SWOT analysis
20:31 - Preparing for the unforeseeable future
24:22 - What is a 'Business that Matters'?
25:49 - How to do 'Business that Matters'
27:13 - The kind of people a values-oriented business attracts
28:39 - How culture should look like in a 'Zoom' environment businesses are in at this time
32:28 - Bringing subcontractors and other service providers into the fold and making them share the culture of the organization
34:22 - Discussing the 'Top Right Living' assessment and how to go about it
36:59 - Sharing about the '7 P's' and 'Y You' assessments and their significance
39:31 - Dealing with someone who is not culture fit
42:47 - Doing away with binary thinking
45:06 - How binary thinking kills creative thinking
46:07 - Sharing important lessons in business
48:47 - Needed number of times you should be reviewing and tweaking your strategic plan
49:56 - Significance of 90 days for review versus a yearly one
51:14 - One effective step to strategic planning
53:27 - His two favorite brands that have endured and done an excellent job in branding
54:47 - A tool he enjoys using and believes every entrepreneur should listen to
57:24 - What 'The Social Impact Challenge' is all about and how you can participate in 'Competitive Kindness'
Key Takeaways:
"When you're starting a business, it's good to go through the business planning process; you've got to go through the work of understanding who your target market is, how you're going to market them, and understanding your competition. But to do the big fat 40-page business plan they have to submit to a bank, that's largely a useless exercise. It's a lot of excessive effort." - Warren Coughlin
"I think it's good to have a vision for where you want to go and have some long term objectives, but you plan within a one year cycle." - Warren Coughlin
"Strategy is nothing more than the answer to the question, 'How do I deploy my scarce resources – time, team, and money to achieve an objective?' That's it. If you have an objective, and you only have those three resources, time, team, or money, that's it, that's all you have to play with, and so you've got to figure out how am I going to move them on the board to achieve what it is I want to achieve?" - Warren Coughlin
"You got to look at your business from a risk mitigation standpoint. What's the drop in value or raising interest rates that I can absorb and not be subject to an existential risk? And when you get close to that, then you have to slow down your acquisitions, or you've got to change your cost structure a little bit to make sure that you're covered. And then to make sure that you've got good cash flow." - Warren Coughlin
"A mentor of mine, he likes to use the metaphor of seasons. In business, there are always seasons. There's spring, summer, fall, and winter. And there's always going to be a winter. And if you're not prepared for winter, you're gonna get cold." - Warren Coughlin
"A business that matters is one that provides a really great lifestyle for the entrepreneur and his or her family while having a positive impact in the world, whether it's just some small corner of it, or a larger environment." - Warren Coughlin
"Get really clear on why you're doing what you do. It doesn't have to be grand and noble, but you should have a reason for doing it that's beyond just money." - Warren Coughlin
Additional resource:
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Music: Thank you to Zoax for the intro music.
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