What do entrepreneurs and corporate leaders have in common? The need to drive profitability. However, that’s just one piece of the puzzle. In this video, Phil Geldart shares his advice about the importance of concentrating on achieving profitability benchmarks and the need to harness the potential of the people in the organization in order to reach even greater goals.
I was once asked what advice would you give an entrepreneur, and I've been also asked what advice would you give a corporate leader to ensure their success. And I think those two questions go together.
The single most important advice I would give to an entrepreneur is do not lose sight of the profit commitment you must make every month. Now that might sound obvious, but typically entrepreneurs are concerned about getting the product to market, building a customer base, building credibility, building loyalty, investing in things and they forget the need to make money, and they procrastinate and figure they'll get to that at some other point. I believe you're laying down bad track in that case.
I think you need to lay down good track right from the beginning. That even though the business is just beginning, you still need to think what should my profit be? What is my commitment to profit each month? So that that becomes ingrained in the organization and it will pay back hugely in the years to come, so that you do not put all the focus on the excitement of bringing this new product to market, you also pay attention to the need in the long-term to be profitable.
Which leads me to what advice would you give to a leader in a corporation. A corporation is very clear on the need to drive profitability because that's what the shareholders expect. So, that is ingrained in them. What they miss is the opportunity to do that through people. That one of the most powerful and effective resources an organization has is its workforce.
So, don't just concentrate on profitability and assume that you can just get there through hard work, and good thinking, and good planning, and good strategies. You need to be able to use your people to optimize the hard work, thinking, and strategies. And so I would say for leaders, you should put a tremendous amount of attention on how to harness the potential of your people to optimize your profit.
Phil Geldart, founder and Chief Executive Officer at Eagle’s Flight, is a recognized authority in the areas of transforming organizational culture and leadership development. He pioneered experiential learning in the training and development industry, his company is now a leader in that field. He has created numerous experiential learning programs which are now used around the world and translated into over two dozen languages. Phil is a powerful speaker, author of seven insightful books in areas crucial to performance improvement, such as leadership, teamwork, experiential learning and culture transformation; and he is a recognized thought leader in the area of releasing human potential. Prior to his current leadership role at Eagle’s Flight he was an executive with Nestlé Canada.
About Eagle's Flight
Founded in 1988, Eagle's Flight has earned its reputation as a global leader in the development and delivery of business-relevant, experiential learning programs that achieve specific training objectives and lasting behavior changes.