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Think 10x rather than 2x for more farm profits.IntroductionLike, rate, review, shareAnswer [email protected]@farm4profitllcWhat’s working for Ag – listener or farmer feedbackUsing social media-long distance connections to help with repairs, parts searches, business advice, etc……Introduce Guest-------Chad HutsonOwner of HT Plumbing. Locally-owned and operated since 2003, HT Plumbing has been providing residents and businesses in Ames, Huxley, and the surrounding areas with quality plumbing installation, repairs and servicing for years.We’re excited to have Chad here to talk with us about the growth mentality with his leadership experience and insight from the Goldman Sachs of the second Iowa class of Goldman Sachs 10,000 Small Businesses. He was one of 36 scholars from across the state to complete the program.What’s been working in Chad’s business?Our main topic for the day is creating the growth mindset! It’s a lot easier to think 10x vs 2x when thinking about growth and progressHeads will shake and you might think about turning this episode off, but wait….. This is a mindset that has proven to work and create laser like focus on growing your farm’s or business profitability.Reaching for 10x rather than 2x Immediately has an impact on YOUR Thinking After seriously engaging in a growth goal of 10x and its locked in your brainBrain gets locked in on a goal and visual thenIntellectual engagementEmotional CommitmentYou will need to hurdle the previous beliefs……if you think it’s hard that is the first thing that needs to changeChallenge those beliefs and grow/develop new onesAbility to InnovateDecision MakingHow quickly they are madeClarity of thinkingCommunication How we talk to othersWho we talk toEfficiency of conversationActionsLet go of stuff, tasks, roadblocksBefore you make/believe a goal or target; Your mind is on “everything” and everything else, but once you make the 10x commitment your brain begins to filter everything you do and think about through that goal.Does this belong on the path to the goal?Yes, move forwardNo, dismiss Totally/CompletelyStop doing the task, action, chore, etc….Trash the idea or connectionTask to othersDelegation to othersOutsourcing to a 3rd partyExercise to help you thinking about this…..Stop now and begin looking around the room and look for something blue, now close your eyes and tell us what you saw that was red.Brain doesn’t see the red……brain filters it outThink back to sitting in a Movie Theater, were you engrossed in the movie and you don’t notice the squeaky seats or chomping popcorn? Or as soon as you heard the chewing it was all you could focus in on and it’s all you heard?Thinking 10x and focusing on the 10x goal turns your brain in to that filter and you begin to see the things that are getting in your way.You have to have commitment from yourself firstThe plan has to start in your brainYou have to believe itThen make its way to paperThen it gets shared with people you trustThen you can put it into action.Have an advisory team surrounding you to hold you to your goals and steps along the process.10x Mindset makes youHave a total different way of looking at the worldForces you to connect all of the resources you have togetherEfficiencyNetworkMoneyYou must break even at best to grow….have to farm for profitYou must be open mindedYou won’t be able to get there on your own. Your way of treating and engaging people will changed by necessity. Relying on advisorsRelying on employeesRelying on creditWhen making purchases and sales you now have a clear vision Focused in on whether this decision willHelp me get to 10xPrevent me or prolong me from getting to 10xNo longer trying to sell the whole market place and your results focused decision makingUnderstanding LeverageLess is moreDoing more with less of your effortTractors, pulley, etc….Use leverage for moneyBorrowing from banksBorrowing from an investorBorrowing from the governmentA clear vision with well written plan will make seeking the funds easierUse this for other peopleCleaning the shedsChoresMechanicsUsing their knowledge and expertiseGuest Question: What are ways that you can discover the talents of the people that you have working for you?Using systemsRoutine tasksAccounting, HR, Chores, MaintenanceMarketingSalesCreate a methodPurchasingRequests for Proposals (RFP)SummaryIt all starts with you and your mindset. Think about what 10x looks like to you and put a plan together. Once you have a clear goal and commitment to yourself the decision making process becomes clearer. Will this help me reach my goal or will it set me back. You must start by breaking even, but ultimately generating a profit is a must to get to 10x. Once you’re in the 10x mindset begin to leverage the resources that you have to reach your goal.ChallengeChallenge is to think about what 10x means to you and your farm or business. Do you want 10 times the number of livestock, number of acres, amount of net income, free time, etc….. Then continue by writing it down. It will evolve, but that is part of figuring it out!RemindersRate, Like, Review, Share – this one especially because it’s for more than just farmersSend us your topic ideas and [email protected]
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