Seven Figure Practice Series: Your Most Important Number with Lee Benson | POP 937

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How do you raise kids who value life and strive for personal and professional greatness? Can you name off the top of your head what the main value points of your business are? Why should you tailor your business strategy to exactly what your business is?

In this Seven Figure Practice Series podcast episode, Joe Sanok discusses your most important number with Lee Benson.

Podcast Sponsor: Heard

An image of the Practice of the Practice podcast sponsor, Heard, is captured. Heard offers affordable bookkeeping services, personalized financial reporting, and tax assistance.

Please don’t DIY your accounting! It’s like relying on a self-help book instead of getting much-needed therapy. There’s a reason accountants go through tons of schooling and grueling exams like we do. You shouldn’t be expected to know the things that they studied for years. They’re experts and can make the whole quarterly tax situation smooth, and honestly, with some planning, pretty painless.

You don’t want to be surprised by taxes or have the IRS breathing down your neck. And therapists ask me all the time where to find an accountant.

‌Heard is my go-to referral for therapists needing bookkeeping, tax preparation, payroll, and all the financial back office stuff. They even help therapists set up a bank account, form a business entity, and open a retirement plan.

They work exclusively with therapists and cost way less than the accountant I worked with for years.

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Meet Lee Benson

A photo of Lee Benson is captured. He grew his first company, Able Aerospace from 3 to 500 employees with 15 consecutive years of 20 percent compounded average annual growth before his exit of undisclosed 9 figures.
Next, he founded Execute to Win (ETW). Lee is featured on the Practice of the Practice, a therapist podcast.

Lee grew his first company, Able Aerospace from 3 to 500 employees with 15 consecutive years of 20 percent compounded average annual growth before his exit of undisclosed 9 figures.
Next, he founded Execute to Win (ETW)
advising many high-growth companies and entrepreneurs to uncover their most important number to ensure growth and

Today, Lee’s operating system is used by
businesses all over the world. He is also a 2x Wall Street Journal bestselling author of Your Most Important Number and Value Creation
Kid which helps parents teach their kids
about money and value-creation tactics.

Visit ETW and connect on Twitter and LinkedIn.

In this Podcast

  • Raising children that value life
  • What’s your most important number?
  • Figure out your value and then plug in your drivers
  • Tailor your approach to what works for your business
  • Lee’s advice to private practitioners

Raising children that value life

Nobody wants their children to suffer, but we all know that struggle in life can bring incredible learning and wisdom to people.

Everyone needs to go through a period where their skill sets are tested, their limits are pushed, and where they are required to problem-solve to set their course straight.

In the book we call it the Value Creation Cycle: you struggle to get a capability, and then that capability builds internal confidence … You start to create value, and you just keep going. Each time, if you want, you can take a bigger and bigger step around it. (Lee Benson)

Lee’s advice for parents is to work backward: imagine a senior student graduating high school who has integrity, is financially literate and stable, who values their family and community, and who is passionate about pursuing their talents.

What needs to happen during that senior’s childhood for them to be more aligned with these types of principles, and to foster a positive outlook on life?

How can a child be encouraged to have faith in their abilities so that they can withstand life’s challenges and be able to pursue their goals?

I think the biggest thing here is to work backwards from what kind of adult do we want [to foster]? And to cultivate that [because] the purpose of an education is to create value in the world. It’s not to get a good grade, get a diploma, get a degree, get a job. In that environment, the vast majority of kids are just doing what they think they’re supposed to do instead of discovering what they’re meant to do. (Lee Benson)

What’s your most important number?

Your most important number is going to be uniquely tied to you and your situation and where your values are situated.

If you have a practice, that is usually a for-profit business, it’s going to be important to take note of what is leftover at the end of each month.

This profit margin is the possibility bucket for what can be done in the business; how you can recruit more people, upskill your staff, market to your clients, and more.

You need to zero in on the handful of things that you do that truly sets you apart from the rest, and what you do well in your community. What do the numbers say? What is the value that is offered and created by your work?

What are the things that you do that drive the majority of the value? … As soon as companies [isolate] that at any size, it’s amazing how fast their results significantly improve. (Lee Benson)

Figure out your value and then plug in your drivers

Once you know what your sources of value are – remember to hone it down to only a handful, less than five if you can – you can start to work on your drivers.

List out your drivers. What are the lead generation pieces to your business, what brings in 80% of the business? Is it a:

  • Podcast
  • Book
  • Free e-course
  • Affiliations with organization

Rank the success rate of these on a scale of 0 to 10.

When you look at the 10-state compared to where you’re at, that gives you the next steps or actions to take to start leveraging that particular driver even more. (Lee Benson)

You need to:

1 – Identify your value points, less than five

2 – Identify your drivers, less than five

3 – Rank their success out of 10

4 – Honestly address and ask yourself where you can improve

5 – At the right time start taking action

First and foremost, just do less better. Write that down; “Do less better” … And then really optimize those primary drivers. (Lee Benson)

Tailor your approach to what works for your business

Try to steer clear of any cookie-cutter approach in business. If someone is trying to sell you a magic formula or a set routine without having properly assessed your business or your needs before, be mindful.

The thing is, you probably already have an idea of what is working well, and you may be too busy with so many other things to focus on the gem that you have.

Follow Lee’s advice and do less better. Get rid of the noise and focus on the handful of things that have been working, and get them to work better.

Well, what’s worked so far and how do we do that better? What does my practice … my business need right now to take the next step in creating more value? … That’s where it should be … Analyze what’s been working and do that even better, and it will be incredible what you discover over time. (Lee Benson)

Lee’s advice to private practitioners

Do less better! And make every action and decision through the lens of what will create the most value for your business.

Books mentioned in this episode:

BOOK | Lee Benson & Scott Donnell – Value Creation Kid: The Healthy Struggles Your Children Need to Succeed

BOOK | Joe Sanok – Thursday is the New Friday: How to Work Fewer Hours, Make More Money, and Spend Time Doing What You Want

Sponsors Mentioned in this episode:

Useful links mentioned in this episode:

Check out these additional resources:

Seven Figure Practice Series: Launching a Teaching Practice with Interns, Practicum Students, and Registered Interns with Shari Linger | POP 936

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Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners who are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

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