E026 - How to Build a Business that Matters and is Profitable with Warren Coughlin

From MD to Entrepreneur with Dr. Pranay Parikh

A successful business that is profitable and positively impacts the world is one that has mastered business skills. These skills include; sustainability, return on investment, a topnotch management system, high-performing culture, and a dashboard that allows a business owner to predict the performance of the business. Join this conversation with Warren as we explore the many ways you can build a profitable business that does good for the world and is profitable.

Warren has been coaching ethical entrepreneurs toward prosperity, freedom, and fulfillment since 2002. His clients have enjoyed 8-figure exits, the development of High-Performance Cultures, greater work/life integration, massive profit growth, and rewarding impacts. He was the top coach in Canada with the world's largest business coaching business. He is also a recovering lawyer, a serial entrepreneur, a former college professor, and an actor/theater director.

In this podcast, we will go through Warren’s three-part business framework on how to create a saleable business even when you don't want to sell in the future.

During this episode, you will learn about:

[00:00] Episode intro and a quick bio of the guest; Warren Coughlin

[01:41] Warren’s backstory and the type of people he works with

[06:22] Warren’s three-part framework for people and businesses

[08:53] You can't win the game if you don’t know how to keep the score

[09:05] You need a high-performance culture

[09:30] You can’t win if you don’t have a game plan

[11:18] How a working plan is a framework for making decisions in business

[16:20] Why over-systemizing is a slow but sure death to your business

[18:54] How to build a winning culture even when the business is young

[23:38] Challenges of building a business culture that he has helped his clients overcome

[26:03] How is culture a competitive business advantage?

[33:26] Hiring the right people is the catalyst to a good business culture

[34:05] Getting all the information when interviewing a person

[43:16] The most important aspect of putting more effort into when starting a business

[47:29] How you can reach out and connect with Warren

[47:50] Ending show and call to action

Notable Quotes

• You increase the saleable value of a business if three things are in place. There are; topnotch management, high-performing culture, and a dashboard that allows a business owner to predict the performance of the business. [06:51]
• Exercising a quarterly game plan in your business will advance your success so much faster than when you try to do everything at once. It requires discipline to say NO to some things, but the stuff you say YES to gets done. [10:40]
• Business, just like poker, is not a game of luck. It is a game of skill, in which chance is one of its features. [12:13]
• Over-systemizing your business is a slow but sure way to its death. That overlooks the human input, especially high performers who do not want to be boxed in. [16:23]
• The catalyst of good business culture is hiring the right people. Be slow and thorough in hiring but fast in firing. [33:26]
• Just like in medical school, you must learn all

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