Welcome to a new episode of Business Lunch! In this episode, hosts Roland Frasier and Ryan Deiss explore an innovative “micro ownership” concept that allows teams to bid on improving specific business metrics. The strategy aims to inject entrepreneurial spirit into organizations by giving teams the opportunity to take ownership of key performance indicators, with potential financial rewards tied to their success.
Highlights:
“We wish that our employees acted more like owners.”
“It’s designed to create this result.”
“Identify three to five key metrics that directly impact profit.”
“How do we inject some entrepreneurial life into companies?”
TIMESTAMPS
- 00:00 Introducing Micro Ownership
- 03:07 Discussing the Founders’ Board Member’s Idea
- 06:11 Employees Acting Like Owners
- 07:26 Identifying Profit-Impacting Metrics
- 10:15 Initial Thoughts and Potential Challenges
- 12:20 Developing a Bidding Mechanism
- 14:21 Bonus Distribution and Team Incentives
- 17:47 Potential Consequences for Not Meeting Goals
- 19:24 Maintaining Entrepreneurial Spirit in Growing Companies
