332 – Creating a Profit & People Plan

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Did you know that one of the most crucial factors you need to consider when creating a profit plan is
“people”? You’re right! The people you hire are an important asset to the growth of your business.

But do you say yes to every opportunity you get to hire someone? That’s simply not the case! A lot of
considerations have to be put in place, hence the people plan.

Welcome to the third part of our three-part series with Craig Minter, where we talk about the careful
considerations you have to make before actually bringing a new member into the team.

Let’s dive deep into the possible complexities and challenges that arise from hiring people and how
you can address them by establishing the right frameworks.

What’s Discussed In This Episode:

0:00 Opportunity Analysis

1:54 Welcome to the podcast

7:46 Why having a profit & people plan is so significant for every business

11:44 Reviewing the benefit of the profit first system

12:49 The complexity and challenges in the “people part” of the business

15:04 If you don’t have this, your people are guaranteed to fail

16:31 What true leadership is all about

17:52 Reducing the rate of employee turnover in your business

19:18 Having a good recruitment process in place allows you to earn more profit

21:25 Why you need to set up different bank accounts for different purposes each

26:03 Diving deeper into the allocation framework: How does it work?

28:48 When can you say no to bringing in new people to the team?

30:54 The financial & cultural stress that goes with growing your team

About The Guest:

Craig Minter is a Business Strategy and Profitability Coach. He helps business owners accelerate growth and profitability through strategic business coaching. Craig is passionate about empowering other
business owners to make decisions with ease and improve their results through strategic business and profitability coaching.

Resources:

Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to The Site Shed: You can also listen to The Site Shed on Apple Podcasts, Spotify, and
Stitcher.

Thank you for tuning in! 

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