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If your results and relationships are not in balance, believe it or not, it is costing you. In fact, it’s probably costing you around $50,000 a month, possibly more. Today’s show is all about keeping the balance so that you can have a healthy company with great results.
Bahaa Moukadam is a former Silicon Valley CEO with an extensive track record of success. He is also a Certified Gazelles International Coach, and throughout his career has grown companies from $0 to $40 million in 5 years and $60 million to $173 million in 3 years. Nowadays, he coaches executives and entrepreneurs to avoid critical business mistakes while enjoying the journey of building a successful company.
CEOs are usually good at one of these two things: results or relationships; very few are good at both. Some business owners focus on developing results and keeping an eye on the prize, neglecting relationships in the process. Others are good at creating a country club feeling with their customers but lose sight very quickly of their results.
Bahaa tells the story of a husband and wife team he worked with, a year ago. They had been in business for about 14 years and had 125 employees and 3 locations. Their company made 12 million a year but didn’t make a profit. They were too focused on the relationship side of things. Their employees were happy, but not focused on results. After working with Bahaa, they started consistently making $50,000 to $90,000 a month in net profit.
Another example is, Bahaa worked with a defense contractor that was result driven. He was the president of a 250-million-dollar division out of a multi-billion-dollar company. He was not relationship-focused at all. In fact, his lack of awareness on the people side created a lot of issues and weakened the team, which affected results. With some help from Bahaa, the president became a lot better about the needs of his staff which improves overall performance.
The key thing to remember here is to keep a balance on the results of your company and the relationships of your staff. The easiest part of a business is the systems and the production. The hardest part is the people. It’s okay to be good at one or the other, but just make sure you have the right people in place to help you in your weaker areas.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail.My name is Bill Gallagher, host of the Scaling Up Business podcast and a leading business coach with a Gazelles. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).