Welcome to a new episode of Business Lunch! In this episode, hosts Roland Frasier and Ryan Deiss explore an innovative "micro ownership" concept that allows teams to bid on improving specific business metrics. The strategy aims to inject entrepreneurial spirit into organizations by giving teams the opportunity to take ownership of key performance indicators, with potential financial rewards tied to their success.
Highlights:
"We wish that our employees acted more like owners."
"It's designed to create this result."
"Identify three to five key metrics that directly impact profit."
"How do we inject some entrepreneurial life into companies?"
Timestamps:
00:00 Introducing Micro Ownership
03:07 Discussing the Founders' Board Member's Idea
06:11 Employees Acting Like Owners
07:26 Identifying Profit-Impacting Metrics
10:15 Initial Thoughts and Potential Challenges
12:20 Developing a Bidding Mechanism
14:21 Bonus Distribution and Team Incentives
17:47 Potential Consequences for Not Meeting Goals
19:24 Maintaining Entrepreneurial Spirit in Growing Companies
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