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Managing and Marketing to Millennials with Jason Dorsey – Episode 204 of The Action Catalyst Podcast

Jason Dorsey wrote his first bestselling book at age 18. He’s the most sought-after Millennials and Gen Z researcher and speaker, receiving over 1,000 speaking requests each year. His gift is solving tough generational challenges for companies and leaders through his unique research, results-based consulting, and acclaimed presentations. He delivers practical solutions grounded in research that drive measurable results for clients.

Jason has been featured as a Millennials and generations expert on 60 Minutes, 20/20, The Today Show, The Early Show and over 100 more TV interviews. Adweek calls Jason a “research guru” and The New York Times featured him in its cover story on marketing to Millennials. His repeat clients include industry leaders such as Mercedes-Benz, Four Seasons Hotels, SAS, Wells Fargo, VISA, and many more. Jason has headlined speaking events from India and Egypt to Ireland, Chile, Canada, Norway, and all 50 US states.

Jason is the Co-Founder and Millennials and Gen Z Researcher at The Center for Generational Kinetics. The Center is the premier Millennials and Gen Z research, speaking, and consulting firm with over 150 clients each year. The center invented Generational Context™, a unique approach to solving generational challenges with measurable results.

Jason wrote his first bestselling book at age 18. His latest bestselling book is Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business

Show Highlights:

Millennials are the largest generation in the workforce. @jasondorsey

Millennials will outspend every other generation this year. @jasondorsey

Looking at Millennials gives you the best sneak peek into the future. @jasondorsey

You have to be able to recruit Millennials who are the right fit. @jasondorsey

When it comes to Millennials as buyers, you must recognize they communicate differently. @jasondorsey

Millennials are the #1 generation to refer their friends to a person or business. @jasondorsey

Gen Z is going to be the driver for massive change across the workforce and the marketplace. @jasondorsey

When you give millennials accountability, they need to see and feel that they are making progress. @rory_vaden

You can expect millennials to meet you halfway in the office, but not in the marketplace. @rory_vaden

Be mission driven more than money driven. @rory_vaden

When communicating with Millennials, adapt your communication style. @rory_vaden

Be prepared for massive changes to come from Gen Z. @rory_vaden

Learn more from the Center for Generational Kinetics at GenHQ.com

Hear more from Jason at jasondorsey.com

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

How to Save Your Company $1.5 Million in 3 Minutes

million

People often say that “time is money.”

They are wrong.

Time is not money.

Time is worth way more than money is.

In fact, via compounding interest, time is the one thing that takes money and effortlessly turns money into more money.

Money that is lost, can be earned back. But time that is lost is gone forever.

Which is why our team at Southwestern Consulting believes that the next generation of cost savings scrutiny in organizations will not be as focused on saving money as it will be on saving time.

Think about this… almost every organization in the world has an entire team of people whose job is solely dedicated to counting the financial costs of a business. This is the accounting department of course.

Yet almost no organizations have even a single person who monitors, tracks, and manages all of the different ways that people throughout the organization lose time every day.

Not even one person whose full effort is dedicated to figuring out detailed ways to save everyone time.

Why is that?

Especially given the fact that one of the most expensive financial costs to any business is human capital and the money we spend on our labor force in wages.

The Money Value of Time (MVOT) from Procrastinate on Purpose teaches us that regardless of how we derive income, we all have a calculable hourly rate of pay. And that we are always either paying someone else at their rate of pay or we are paying ourselves at ours.

Which means that every single task and every single moment costs money. And anything that wastes even a second of your time is a waste of your money.

So that means there is opportunity throughout the organization to save massive amounts of money by saving massive amounts of time.

But where might we find these massive time savings?

Is it in cutting insignificant projects and unnecessary meetings? Sure.

But an overlooked area – with perhaps even more opportunity – is cutting mere minutes or even seconds spent on repetitive tasks that recur on a frequent basis.

For example let’s say you have a task that a team of 50 people each do 10x a day that takes them 180 seconds each time. This could be something like copying and pasting and then sending an email to a prospect or client with an attachment or something.

That’s 1500 minutes total for the team each day x 250 working days in a year for a grand total of 375,000 minutes each year spent on that one recurring 3-minute task.

If the average person on the team makes $50k a year then that person has an MVOT  of $24.04 per hour or $0.40 per minute.

Which means that a recurring task that takes 50 people (who make $50k) just 3 minutes a few times a day could be costing an organization $150,000 a year!

Plus, keep in mind those are hard dollars being paid to real people which means there is a legitimate opportunity cost of using that money.

If a company could save that time, and instead invest that money then (using a simple investment calculator) we know that $150,000 invested one time at an 8% rate of return for 30 years would be worth $1,509,398.53!

Think about that…

A task taking people 3 minutes could be worth over $1.5 million in the long run.

Now think about this…

If you have a team bigger than 50 people…

Or

If you have regular recurring tasks that take longer than 3 minutes…

Or

If you have more than 1 recurring task a day that everyone does…

Or

If you have people in the organization that make more than $50k per year…

Or

If you could do better than an 8% return on your money…

Or

If you invested that money for longer than 30 years…

Or any combination of these factors…

Then losing that time could cost you even much much more than $1.5 million of opportunity cost over the course of time.

So, what’s the point?

The point is that we should place as much value on saving time as we do on making more money.

The point is that we are potentially missing out on millions of dollars in cost savings by looking at things differently.

The point is that we should potentially apply even a higher level of scrutiny to how we spend our time than we do with how we spend our money.

But most companies don’t.

Most companies track every single penny spent on paper clips and pens and completely ignore the question of “what recurring tasks are sucking up our people’s time?”

It’s a massive opportunity for profit growth in the future of business.

We believe that the future of cost savings is going to be more focused on saving time then it will be on saving money.

Which is one reason why we believe that there is going to be a continued boom in the world of workflow automation.

We believe, as mentioned in my Ted talk, that “automation is to your time exactly what compounding interest is to your money.”

Saving salespeople time by training them on the best communication strategies and interpersonal skills has always been a space that Southwestern Consulting has been known to specialize in.

But when it comes to saving salespeople time by coupling it with automating things like lead generation, lead tracking, workflow, pipeline management, customer follow up, CRM and content marketing, that’s also a service we provide for small and medium sized businesses.

If you’re interested in more on that, you can check out our free 1 hour training on turning your business into an Automated Revenue Machine.

But no matter who you are or what type of company you have, what we all need to know and understand is that time is not money.

Time is, and will always be, worth way more than money.

Make sure you’re valuing it accordingly.

Finding Your Life Purpose with Steve Reiner and Tom Merritt – Episode 187 of The Action Catalyst Podcast

Tom Merritt is a branch manager at Summit Funding, Inc. As a privately owned residential mortgage company operating across the country, their customers enjoy the benefits of working with a mortgage banker that is powerful enough to be a direct endorsed seller/servicer with GNMA & FNMA. This means they process, underwrite, fund, and service your loans – all in house. This enables Summit to speed up the lending process in a more make sense process so our customers close on-time!

Steve Reiner is an expert at helping people remove the emotional hurdles that prevent them from excelling in business and in life. Having personally delivered over 2,500 1:1 sales and leadership consulting calls, he understands how to get the most out of his clients, helping them to break personal belief barriers and achieve their maximum potential. Steve begins this life-changing journey with his clients by helping them to identify their purpose, crystallize their vision and reinforce their desired behavior change with the right self-talk. As an author of the upcoming book Fearless Selling, Steve will equip you to pursue your goals with greater joy, resolve, and effectiveness.

Show Highlights:

  • When you understand the why, you figure out the how. – Steve Reiner
  • Purpose is your mission for how you invest your life. – Steve Reiner
  • Purpose is bigger than the obstacle. – Steve Reiner
  • Purpose is the person you want to be and the impact you want to have. – Steve Reiner
  • The more you focus on results, the fewer results you get. – Steve Reiner
  • When you focus on purpose, results are the byproduct.
  • The biggest reason we have anxiety is due to trying to control things we can’t. – Steve Reiner
  • Your purpose must be grounded in service. – Steve Reiner
  • In the clarity of your purpose is the absence of your fear. @rory_vaden
  • 5 characteristics of a great purpose. @rory_vaden
  • A great purpose is useful. @rory_vaden
  • A great purpose is universal. @rory_vaden
  • A great purpose is Aspirational. @rory_vaden
  • A great purpose is formidable. @rory_vaden
  • A great purpose is controllable. @rory_vaden

Click here to request a free call with one of Southwestern Consulting’s Certified Coaches.

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Values Driven Leadership with Dina Dwyer – Episode 186 of The Action Catalyst Podcast

Values

Behind the fancy job titles, the awards, the TV appearances, and the $1 billion-dollar-business that her company’s service brands do each year, Dina Dwyer-Owens equates her success to having a living by a proven Code of Values. Her first book Live RICH: How to build success in your company and your life with a proven Code of Values has connected with thousands of readers by offering a simple message that in a world of constant change, values can be ever-present. Now in Values, Inc., named one of the Top Ten Business Books from 2015 by Forbes, Dina aims to help inspire more hope for the future by taking the spotlight and shining it on those doing the things she loves to cheer about: living and leading with integrity.

Show Highlights:

 

  • Live R.I.C.H: Respect, Integrity, Customer Focus and Have fun in the process. @DinaDwyerOwens
  • People create the systems and then we coach those systems. @DinaDwyerOwens
  • We teach our principle and system to people. Franchising is our vehicle. @DinaDwyerOwens
  • Focus on re-earning your position every day in every way. @DinaDwyerOwens
  • Continuously strive to maximize customer loyalty. @DinaDwyerOwens
  • We always think about systems. If something isn’t working, there isn’t a system or something is broken.  @DinaDwyerOwens
  • Anytime there is a meeting of 3+ people, in the beginning we are reading our values. @DinaDwyerOwens
  • Values driven leadership is not for the faint of heart. @DinaDwyerOwens
  • Enforcing vision requires constant vigilance. @DinaDwyerOwens
  • The rewards of operating by values are too great to ignore. @DinaDwyerOwens
  • @rory_vaden shares steps to creating a company creed or set of values.

 

Download your free copy of the Create Your Culture workbook by visiting: dinadwyerowens.com

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Don’t just work hard. Do the hard work.

work

Working hard is not the key to success; it’s merely the price of admission. 

Hard work alone isn’t enough to bring you everything you want. 

Because if you’re working hard at the wrong things then they won’t take you to where you want to go. 

You have to work hard at the right things if you want to achieve your desired destination. 

Which introduces a second element to the equation. 

Because not only do you have to work hard, you also have to work hard at the right things. 

So what are the right things?

 Actually it’s usually pretty simple to identify them. 

Typically the right things, the best things, the most significant things you can do to achieve your goal are often the things you know need to be done but you most don’t want to do. 

They are the things that nobody likes to do. 

If you’re trying to build muscle, it means doing pull ups or leg day. 

If you’re trying to lose weight, it means cutting your alcohol, carbs, or sugar intake. 

If you’re in sales, it is prospecting. 

If you’re trying to get out of debt, it’s making and following a budget.  

In other words, it’s not enough to just work hard.  

You have to do the hard work. 

You have to do the things you don’t want to do. 

You have to do the things that other people aren’t willing to do. 

You have to do the things that you know are good for you, but they are hard. 

You don’t do them because the goal is to make life as hard as possible. 

Quite the contrary, you do them because they ultimately make life easier.

But that path is predicated on the unpopular truth that the shortest most guaranteed path to a more productive life is to do the hardest parts of things as soon as possible!

You don’t just work hard. You do the hard work. 

And if you that… 

If you work hard…

And you also do the hard work…

Then you will start to find that eventually things get easier and easier. 

5 Steps to Create Transformational Team Unity

Unity

A team is a group of people held together by a unifying set of beliefs.  

But what those beliefs are, unfortunately all too often are unspoken.

Typically, people gather with people who they are like or who believe what they believe.

Yet there is some nearly mystical power that comes about as the inspiring byproduct of when a team takes the time the codify their beliefs.

At Southwestern Consulting, we’ve walked many of our clients through this and we call this “The Creed Conversation”.

We first discovered the power of this activity by realizing the need to apply an age-old part of Southwestern’s culture around positive self-talk to our Southwestern Consulting team as a whole. We realized we had not yet taken the time to write out our shared philosophies at Southwestern Consulting. It ended up being one of the most transformational pivot points in the history of our own company.

It’s so simple to do, that virtually any team at anytime can have a “Creed Conversation.” Many companies have a formal “mission statement” or “values” but this process takes it a step further by empowering collaboration and most importantly assimilating it into the regular course of our workflow.

All you need is an audio recorder, someone who can type, a group of some of your key leaders and a facilitator. Then follow a few steps:

1.Set the Stage – Explain to everyone that despite being a team for x amount of time, it dawned on you that you have never created, as a team, a list of the principles that you all believe in. While you may have a company mission statement or something, it’s not nearly as powerful as something created by the team of people who do the work every day. Tell them the goal is simply to document a list of shared philosophies of the team. It can also be a good idea to play for the Simon Sinek’s famous Ted talk “Start With Why.” 

2.Ask the Questions – Start the audio recording (so you have it for future reference) and then simply ask the group (best if done in person with less than 20 people) a series of open-ended questions just to get them thinking in the right direction. Write down EVERYthing everyone says in the random order that it comes out. If possible it’s best to do it on a word document on an overhead projector so everyone can see it start to take shape and come alive. Here’s some sample questions you can ask: 

  • What do we know to be true about the way we do business?
  • Why do we work so hard at this business?
  • What philosophies do we have that are un-compromisable?
  • How do we want to treat our clients and each other?
  • How do we want to be remembered as a team?
  • What do we want to be known for?
  • What do we want people to think when they think of us?
  • What are we most proud of in the way we do business?

You can ask any question in this vein and you can’t really go wrong. The only way you can mess this up is by taking too much control of the conversation and providing all the answers yourself. This is for the team to come up with, and you are a team member so you can contribute, but let them speak and create it.

3.Organize and Edit – Once all has been captured now it’s time to assimilate and edit. It helps to have someone with some decent writing skills here to guide this step. What the writer will want to do is first copy and paste similar statements or philosophies together into paragraphs without altering any of the statements as they were initially said. You’ll notice that many themes probably kept getting repeated during the exercise and that’s a good thing but here’s where we’re going to manage that.

After that, the writer is going to have the challenging role of reducing many of the paragraphs down to one sentence each based on the recurring themes so there is 1 sentence per theme. The key here though is to try and preserve the actual semantics used by the people in the group as much as possible. Try to grab key phrases, repeatable mantras, or colorful language from the group but without being too repetitious.

 Then the last and hardest part will be to edit and massage all of these ideas into simple, concise, powerful, active sentences. Don’t say “we strive to do the best we can for our customers whenever possible.” Instead say, “we always do the right thing.”

Once you have all of the statements complete, next you will want to write an opening paragraph that pulls in some of the corporate vision, values, and mission statement. And then write a short closing paragraph that is a unifying and rallying call to action to live out and execute all of the philosophies that were just listed. Oh…and all of this at most has to fit onto one page.

4.Represent for Approval – Now that it’s all been synthesized by the writer/editor, the next step is to send it back out to the team for final suggestions and feedback. At this stage it’s a good idea to even send it out to the team at large (who wasn’t included in the initial meeting).

Invite the team to discuss this in their smaller teams and within their departments to get reactions from people all throughout the organization. Give everyone an opportunity to suggest additions or changes.

It’s a chance to get everyone’s feedback and input. Work on the edits until everyone agrees and you can formally vote on it and ratify it as a part of your continuing corporate culture. (It should be a living document that can be edited later as necessary with unanimous vote.)

5. Put it in Use – The key to making a creed work is making sure it doesn’t just end up in a drawer somewhere with other corporate jargon that never gets looked at. It needs to come alive and be referred to early and often. Here are some of the best ways to get it in use:

  • Read it out loud at the start of every meeting (there are many fun ways you can vary this up.)
  • Refer to it whenever you have a difficult decision to make.
  • Make it be the first thing you show to recruits and new hires and explain that it is the predominant criteria for being hired or getting promoted.
  • Cite elements of it whenever you roll out a new change for the company.
  • Ask people to cite it whenever they see something that is a real-life illustration of a principle that is documented in the creed.
  • Ask people to cite it whenever they see something in the company that needs to be improved or challenged.
  • Include elements of the Creed on walls, trophies, certificates, and anywhere else it makes sense.
  • Consider creating awards in your company for people who exemplify specific lines of the Creed.i)“Initiate” new people by inviting them to read it out loud (or part of it) their first day on the job.
  • Make it a part of your personal affirmations that you read every morning.

A Creed can be a synthesizing and rallying time for your entire team.

There is something tremendously powerful about having a documented, agreed upon, and declared set of values that govern the behaviors of members.

It can turn losers into winners.

It can turn doubters into believers.

It can turn pacifists into activists

If you create a Creed, you will create a culture.