Dan Martell - February 26, 2024


My Favourite Principle For All My Companies


Episode Stats


Length

57 seconds

Words per minute

190.29463

Word count

183

Sentence count

11


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about the 50:50 rule and how it applies to people in my companies. 50:500 is for any leader in my company, 5,000 is for a senior leader, director, et cetera, and 50:200 is for my executive, within their context. 50 to fix it is anybody that's an individual contributor in my businesses. If they see something that's broken or there's an issue, and they think they can resolve it by spending or investing $50, I empower them, I encourage it, I tell them. After the fact, they tell their leader. And when you start pushing, resolving problems, unlocking the financial constraints of doing that, you will see your business transform because people will feel empowered. Speed will just get unlocked.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 50 to fix it is anybody that's an individual contributor
00:00:03.180 in my companies.
00:00:04.060 If they see something that's broken or there's an issue
00:00:07.500 and they think they can resolve it
00:00:09.040 by spending or investing $50, I empower them,
00:00:12.120 I encourage it, I tell them.
00:00:13.520 Now, the only rule to that is that after the fact,
00:00:16.440 they tell their leader.
00:00:17.600 I just want you to know I spent $50 hiring a freelancer
00:00:20.160 to create these thumbnails on YouTube
00:00:21.580 because the designer wasn't available for us
00:00:23.200 or whatever it is.
00:00:24.040 Now that concept, it applies to people further along too.
00:00:27.320 So 500 is any leader in my companies.
00:00:30.320 5,000 is anybody that's a senior leader, director, et cetera.
00:00:34.800 And then 50,000 is for my executive,
00:00:37.180 my C-level people within their context.
00:00:39.700 And when you start pushing, resolving problems,
00:00:43.040 unlock the financial constraints of doing that,
00:00:45.220 you will see your business transform
00:00:47.340 because people will feel empowered.
00:00:49.280 Speed will just get unlocked.
00:00:51.680 Even if they do the wrong thing,
00:00:53.680 then what I love about is that becomes an opportunity
00:00:56.300 for me to coach them up.