Mads Singers

Website: https://madssingers.com/

LinkedIn: https://www.linkedin.com/in/madssingers/

Facebook: https://www.facebook.com/madssingersdotcom/

Twitter: https://twitter.com/madssingers

Notes:

• Kevin: Today, our guest is Mads Singer, who is the founder of what we call The Mads Singers Management Academy. We’re going to talk about tips of how you can become a management master.
• Could you let our listeners know a little bit about where you came from and what inspired you to get to where you are?
• Mads: My background initially was corporate. When I left the corporate world (IBM), I started working as a management coach, and that is what I enjoyed doing more than anything.
• I love building teams and companies. I love seeing things grow.
• Kevin: I imagine that in your experience there’s a lot of similarities you see from one person to another. What is a common thing you see your clients get wrong?
• Mads: Instead of calling it wrong, I’d say that they don’t know better. The steps that usually occur when people tend to get the idea that they want to start a business
  • They tend to get distracted, the majority of which is unproductive
  • The next step is most people go way too broad when they start a business because they’re afraid of closing people out (not having enough market)
    • You always want to do the exact opposite
    • The problem is if you’re not specialized (what you’re good at), you don’t have a place where you can add additional value based on past experience
• Goal is to build up an expertise and then you can start optimizing and figuring out what works best, which makes it more likely for you to start selling your services (getting your niche right, specific)
• What people need to do in order to avoid problems when starting a business
  1. Developing a niche (specializing)
     • When you have mastered your expertise, then you can start adding to the value chain, which will increase the customer lifetime value resulting in more money
     • In the beginning, people are so desperate to get clients, but you need to get some initial clients for your niche
       • Most of the time, the problem is that they do lead generation for a long time, all their energy going from marketing to customer fulfillment, but if that client leaves, the lead generation dries up
         • Be consistent all around (establishing those habits)
     • If you’ve done projects for someone in a specific niche, and you feel as though that’s a niche you know, then that’s often a great place to start
     • It’s a lot easier to connect with people
     • It’s much easier to actually find a market and conquer it when you go small (specialized)
  2. Learn to delegate (letting go of the least valuable things)
     • People often don’t do this because they feel as though everything needs to be perfect
     • If you want to grow a business, you have to be doing the most valuable thing you can do in your business to grow it
     • Three areas to look at when dealing with delegation
       1. What’s the least valuable thing you do?
       2. What do you hate doing?/ What are you not good at?
          • Getting other people to do this is often a huge relief
       3. What do you spend the most of your time on?
          • Particularly if it’s a small business, if you spend 50-60% of your time doing one specific area/ task, it’s easier to hire someone to do this (becomes 100% of the employee’s time)
  3. Recruitment of employees
     • If you want to build an actual business that can grow in scale
     • When you are able to delegate a certain task to someone else, now becoming their job, you can keep it consistent
     • Good lead generation systems by working with people who can help you build that system
     • As a business owner, one of the two most valuable skills you can develop is ability to recruit and finding the right people
       • If you’ve ever worked with great people, you know the difference that that makes
       • The first 5-8 hires you make are going to be critical because if you’re going a larger scale company, ideally they will grow with you and the company
         • Able to step up and take on more responsibility as things grow
         • If you don’t have great people in the beginning, that really hinders your growth
     • The behavioral system, DISK, helps you identify people’s natural tendencies and behaviors, which helps you understand what their strengths are (can learn to read people based on their behavior)
     • Recruitment is sales, not fulfillment
       • If you want the best people, you need to sell your company and you need to sell the job to them (sharing your values and being honest on what you’re looking for)
       • Certain qualifications when conducting the interview process
       • Asking potential employees to send a short video of themselves is a good way to filter people when looking to hire
     • When you hire the wrong people and realize this, you have to let them go as soon as possible
• Kevin: Before we close for today, I’m going to ask you for a value bomb. In your experience, what is something that our WTR listeners in their management mastery could look to avoid doing and then something they could do about that?
• Mads: One of the key things that I see particularly with remote staff is people forgetting to treat them as human beings
  • You want to talk to them on a regular basis (ideally weekly)
  • It’s all about building good relationships (taking interest on who people are and treating them with respect)
  • You want your staff to help you as much as possible particularly when it’s needed and you do this by building good relationships with them (they’d be more likely to offer their help)

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