Business Unfiltered Jeff Sauer and Chris "Mercer" Mercer

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is: What To Do With Business Profits
0:00: Strategies for managing business profits, including reinvestment and long-term wealth-building perspectives. Mercer and Jeff discuss net profit, gross profit, and gross margin). Mercer emphasizes the importance of considering a business's long-term perspective when deciding what to do with profits.
3:43: Reinvesting profits in a business for growth and stability. Mercer evaluates reinvestment opportunities to stabilize the business and generate long-term profits. Jeff adds that some business owners don't reinvest profits, treating it as salary or profit.
7:36: Investing in business for consistent profits. Jeff emphasizes the importance of reinvesting profits to build a sustainable business. He highlights the need for early investment in a team to generate consistent profits while maintaining a profit margin through selective cash management.
11:02: Building a business team, managing expenses, and saving for the future. Jeff discusses hiring strategies, including pessimistic (3 months), realistic (6 months), and optimistic (12 months) runways for new hires. Mercer discusses the importance of building a rainy day fund for businesses, especially during unpredictable times like a pandemic.
15:17: Managing business profits and reinvesting for growth. Mercer discusses the importance of setting aside a percentage of profits for personal use, such as vacations or play money. Jeff agrees, sharing his personal experience of treating himself more like a rainmaker and less like an owner for financial success.
19:36: Diversifying investments for long-term growth. Jeff diversifies his portfolio by investing in various assets, including stocks, small businesses, real estate, and riskier investments. He prioritizes maximizing qualified accounts, such as 401ks and HSAs, before investing in higher-risk assets.
23:34: Investing in startups, prioritizing ownership over operation. Mercer discusses the importance of diversifying investments, citing the risk of a single asset being taken out by market changes. Jeff likes to invest in founders who are hungry and have a life's work invested in their business, as they are more likely to succeed and provide a return on investment.
28:32: Profit management for small businesses. Both Jeff and Mercer emphasize the importance of reinvesting profits for stability and growth.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Favorite Tools We Are Using Now
0:00: Favorite business tools, including AI and non-digital options. Mercer and Jeff discuss their favorite tools for efficiency and productivity in their business. They highlight physical tools such as calculators and notepads, to digital tools like AI and SAS software.
3:39: Digital tools for entrepreneurs, including Zapier and Circle. Tools are more just in time than just in case, saving money and improving efficiency. Zapier is a useful digital tool for automating tasks, and Circle is a new platform for the Profit School community.
9:19: Choosing tools for work, focusing on flexibility and collaboration. Mercer prioritizes tools that integrate well with each other and are easy to use. He believes software must be collaborative & allow remote teams to work effectively.
12:58: Using Google tools for collaboration and productivity, including Slides, Big Query, and Workspace. Mercer highlights Google's product improvements, infrastructure tools, and shift towards Google Docs and Slides. Jeff agrees and shares his experience with Google Slides, mentioning its improved functionality and versatility.
16:18: AI and non-AI tools for work, including Google Meet, Microsoft Clarity, and Gemini. The hosts discuss Google Suite, Microsoft Clarity, and AI tools for productivity and insights. Mercer discusses using AI for tasks like rewriting code and explains why it's more efficient than asking a developer.
19:01: Using AI tools for note-taking and summarization in meetings. Jeff discusses using AI tools like 11 Labs and Otter.ai for text-to-voice and voice-to-text capabilities. Mercer is excited about AI's potential to automate meetings, but concerned about token limit issues.
24:27: Using tools effectively for productivity and organization. The duo discuss digital hoarding, over-reliance on tools, and the need for a human touch in business.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is How to Maximize Business Coaching
0:00: Business coaching and maximizing its potential. Business coaching helps with fresh perspectives and maximizing investments. People often confuse mentorship with coaching, and defining these terms is important.
3:26: Coaching and mentorship in business, with personal experiences and insights shared by the speaker. Successful people have more coaches, not employees, for a different-level team. Jeff had mentors inside his agency, but later brought in outside coaches for growth.
6:55: Coaching, mentorship, and accountability in personal and professional growth. Mercer describes patterns of self-sabotage in past businesses, and he recognized the need for coaching to break those patterns. He later found value in the Strategic Coach program with Dan Sullivan but didn't continue as he took massive action, made progress, and desired a new focus.
12:44: Unqualified coaches and a need for vetting in coaches. Jeff had a negative experience with an unqualified coach. Mercer had a similar experience with a coaching platform where the group was not vetted, and freelancers and those with established businesses were lumped together.
15:27: Leveling up in business through coaching and taking action. Mercer prioritizes changing how he thinks about something as the main reason to have a coach. Jeff discusses the importance of leveling up in business, citing examples of successful entrepreneurs who have invested in coaches and mentors to achieve their goals.
19:34: Coaching and overwhelming clients with too much information. Jeff sometimes struggles with overwhelming clients with too much information when he’s the coach, while Mercer prioritizes transformation over information.
21:56: Transforming mindset vs. providing information. Mercer emphasizes the importance of transforming mindset in coaching. Mercer stresses coaches must create an environment for transformation. Jeff shares his experience with ineffective coaching, where the coaches provided information but no transformation.
26:36: Transformational coaching, risk vs reward, and budget considerations. Mercer advises working out a budget when selecting a coach, so the risk of investment is something you can afford to lose. Jeff agrees, emphasizing the importance of treating coaching as an investment with the potential for high returns, but it can also be a risk if not implemented correctly.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Checking in on our 2024 Predictions 0:00: Business predictions from December 2023, with a focus on layoffs and partnership. Jeff and Mercer check in on their 2024 predictions six months in.
3:10: Economic predictions, with a focus on consumer spending and wealth inequality. Mercer predicts the economy will remain flat with improved revenues and profits. Jeff sees a widening gap between haves and have-nots, with some spending beyond means.
5:58: AI predictions, including personal AI assistants and integration. Mercer predicts interest rates will stay flat through the year, while Jeff expects them to remain steady but potentially go down. Mercer also mentions the increasing importance of AI and automation in the workplace and highlights the growing interest in freelance activity due to layoffs.
9:56: AI's impact on jobs, with predictions of a 20% reduction in staff. Jeff discusses the integration of AI in writing, mentioning tools like Grammarly and LinkedIn. Mercer raises concerns about AI mimicking human writing but acknowledges its seamless integration.
13:53: AI consolidation and absorption of small companies. Mercer discusses Microsoft's acquisition of a company called Pi, which was shut down but the team now works for Microsoft. He predicts that AI will become ubiquitous, with one-stop shops for all things AI and specialization will be the next step.
18:44: AI, data privacy, and job resurgence. Mercer believes platforms like Google are pushing for better data privacy and consent, but it's a complex issue. He predicts a resurgence of skilled trades, such as electricians, due to AI-induced job displacement.
25:33: Adapting to market disruption through rapid pivots and digital detoxes. Jeff discusses Gen Z's approach to reindeer games, he finds digital detoxes and tiny homes appealing. Mercer agrees, citing rapid pivots and flexible structures as key to success in turbulent markets.
28:01: AI's potential impact on the economy, with a focus on surprises and consolidation. Jeff predicts one more AI surprise will be a game changer. Mercer expects AI to consolidate and become more mature by the end of the year.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Using Social Media - What's working now? 0:00: Using social media for business, focusing on paid vs organic strategies. Mercer thinks about social media in terms of paid traffic and organic channels like LinkedIn and Facebook groups. Balancing organic and paid strategies is crucial for success, with email marketing being a valuable channel.
4:16: LinkedIn's growth as a professional networking platform. Mercer appreciates LinkedIn's focused conversation and engagement opportunities, seeing it as a potential gateway to social media for those who are new to it. He has noticed an increase in LinkedIn events and webinars, which are picking up momentum and engagement.
7:06: LinkedIn's effectiveness for businesses, with mentions of Twitter and Instagram. Jeff discusses LinkedIn as a valuable platform for business professionals, citing its ability to reach a targeted audience and generate leads. He shares his experience with using LinkedIn for professional networking and promoting his business, finding it more effective than Twitter.
11:52: Social media strategy, focusing on YouTube as primary and syndicating content to other channels. Jeff believes successful social media strategies involve choosing one platform and focusing on it. He discusses the importance of having a primary channel and syndicating content across other platforms.
18:05: Leveraging platforms for growth, focusing on YouTube and Pinterest. Mercer shares insights on the success of Mr. Beast, who focused on mastering one platform (YouTube) before expanding to other areas. Pinterest has a "bubble" effect, like LinkedIn, where users act in a certain way and there are fewer trolls.
20:54: Social media platforms and their suitability for different business models. Jeff believes your business model plays a crucial role in determining which social media platforms to use. He advises studying successful social media influencers and syndicating their strategies.
25:51: Social media marketing strategies for business growth. Mercer suggests variety, movement, and attention are crucial in social media, and too many memes can lead to banner blindness and lack of engagement.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is The Myth of Visionary Leadership: 0:00: Mercer and Jeff discuss the myth of visionary leadership, questioning whether it's a myth or a reality in business. Mercer argues that the term "visionary leader" is overused and misused, limiting the growth of small teams.
4:02: The roles of visionaries and integrators in business, debunking myths and survivor bias. Mercer argues that survivor bias in entrepreneurship creates a myth that successful entrepreneurs are uniquely different and special when in reality they are not. He believes that the idolization of visionary leaders can lead to a lack of understanding of the actual factors that contribute to success.
11:12: The importance of collaboration and open dialogue in business. Jeff emphasizes the importance of dialogue and collaboration in business, suggesting that a visionary and an integrator can work together to bring ideas to life. He believes that having a partner with different strengths and perspectives can help refine and improve ideas, leading to better outcomes.
13:28: The effectiveness of the "visionary-integrator" model in business leadership. Jeff emphasizes the importance of having both visionaries and integrators in a business. Visionaries are the CEO, while integrators are the president, but some companies have seen success with the roles reversed.
16:40: Roles in organizations, with a focus on visionaries, integrators, and systems. Mercer: Visionaries and integrators are key to success (10 vs 1).
20:39: Roles and responsibilities within a business, including visionary, strategist, manager, and tactician. Jeff discusses the role of a visionary leader in a business, emphasizing the importance of ownership and accountability. He suggests that a better paradigm for visionary leadership may be extreme accountability, rather than shareholder ownership.
25:35: Visionary leadership and its myths. Mercer discusses the myth of the visionary leader, arguing that it's a mythical beast that's not possible in reality. Hosts share insights on structuring small businesses for success.