Summary:
Welcome back to the Startup Junkies Podcast! This episode spills the tea on all things business growth, as we had the opportunity to speak with Tim Redmond. Redmond is the founder of Redmond Leadership Institute, President of Redmond Growth, and a consultant focused on helping owners build businesses that serve them and fulfill their purpose.
Thanks for tuning in!
Shownotes:
(1:02) Introducing Tim Redmond of Redmond Leadership Institute
(4:43) Problem Solving with Business Owners (6:14) Redmond’s Diagnostic Process
(8:14) The Ideal Customer
(13:12) From a Large Company to Consulting
(16:15) How to Hire
(23:04) Advice for Younger Self
(26:16) Closing Remarks
Links:
Quotes:
“I’m one of 11 kids, so I had to learn to collaborate or die.” (1:45) – Tim Redmond
“We’ve got some people that were struggling making $2,000 – $3,000 a month, and they’re now making $30,000 – $50,000 a month in profits.” (11:31) – Tim Redmond
“65% of all the people in the country are not going to go to college to get a four year degree. [There are] things like plumbing and electrical and construction [that] you can build fantastic businesses around that are very hard to outsource and are not going to be replaced by AI or automation anytime soon.” (19:54) – Jeff Amerine
“I would’ve probably had [my younger self] spend more money on lunches and bribing various successful people to hang out with [me] than I did towards trying to build my future through savings and investments.” (23:29) – Tim Redmond
Growing Your Company
Our latest guest did not want to climb the corporate ladder; he wanted to make one. Tim Redmond’s entrepreneurial journey started with growing a software company from two people to 350 while bringing in 40 million dollars a year. That 15-year success story is not where he ended. Redmond would then go on to create Redmond Leadership Institute and Redmond Growth Consulting. We had him on this episode to learn the secrets to his success and how he cultivates endurance in the startup realm which is notorious for burnout.
[The biggest problem with businesses is that] most of the time they have spent all the money they had, plus some, on trying to market their business.” (4:54) – Tim Redmond
Managing a Growing Business
Redmond went from growing a successful business to consulting with those who desire to do the same. He fell into this role when someone asked him how much he would charge for coaching them and thus began the Institute and consultations.
When an owner sits through seminars and coaching sessions with Redmond’s companies, there are four issues he breaks down with them. Most likely, their business is suffering from one of the following:
1. They overspend in marketing their company.
2. They do not have an efficient and effective hiring process.
3. There are cash flow problems.
4. They hold their team accountable for productive action where the business is working for them.
The Nitty Gritty of Consultation
The foolproof two-step process that Redmond goes through in the diagnostic phases includes a qualifying call. His programs do not pretend to be cheap, and their purpose is to weed out the “hungry” ones from the “tire-kickers.”
Next, the consultants will curate a growth plan by analyzing their local market and monthly revenue. With those answers, a business model will be created based on that information with the sole purpose of showing their current capacity compared to their realistic capacity. This is followed by eight action items procured for the specific client.
“Most companies are working under their capacity and undercharging for their services.” (7:44) – Tim Redmond
What Decisions Are You Making?
Part of Redmond’s secret to success stems from the art of taking self-inventory. When Redmond Growth Consultation is questioning a client, they ask about their decision-making process. They get down to the root issue by asking, “Are you making decisions as a worker or as an owner?” Having a worker’s mentality will keep you from growth while having an owner’s mentality will completely change your outlook and financial projection.
Only 4% of all businesses will cross the revenue threshold of a million dollars. Redmond’s goal is to help each company make at least a quarter of a million dollars a year. It may sound like a lofty plan, but he has the track record to prove it.
“If they don’t want to make at least a quarter of a million dollars a year, then we’ll call whatever they have a hobby.” (12:47) – Ted Redmond
Let’s Keep This Thing Going!
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