Adam Wainwright is an Investor, Soldier, Accountant, Ironman Triathlete, 747 Pilot, 2X Founder, 3X CEO. He built more than 400M of enterprise value. He is determined to make business better, improve the quality of lives and help the next generation find success and solve the hard problems.

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3 Value Bombs

1) Most of the time, we react and interact with systems that were used to interacting with and if it’s not easy and it’s not seamless, then we don’t do it.

2) Inventory is a huge part of most balance sheets. Entrepreneurs know that inventories are hard to deal with.

3) We can boost the bottom line if we figure out what we have, we figure out what we need and we figure out how we can sell what we don’t need.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Make Your Business More Robust for the upcoming Cycle.

[1:28] – Adam shares something that he believes about becoming successful that most people disagree with.

You can be disagreeable. You don’t have to be agreeable. Most people think that being agreeable is something you have to do, but it’s very common that people who are disagreeable change the world and that can be you.

[3:26] – Examining these boring parts of our business closely, then be thinking about how AI artificial intelligence can be used to make everything more effective.

Inventory is a huge part of most balance sheets. Entrepreneurs know that inventories are hard to deal with.
It’s the boring parts of the business that make the whole thing run well.

[4:54] – The importance of accurate inventory.

We have to figure out what that inventory costs us and what does that inventory actually cost to carry and how is it impacting the bottom line.
We can boost the bottom line if we figure out what we have, we figure out what we need and we figure out how we can sell what we don’t need.

[7:48] – The best ways to achieve accurate inventory.

Realistically, we want to measure more often. That’s what’s really important.
Use a spreadsheet and count at the same interval.

[10:00]– A timeout to thank our sponsors!

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[13:05] – The reason why companies don’t count more often.

Most of the time, we react and interact with systems that were used to interacting with and if it’s not easy and it’s not seamless, then we don’t do it.
One of the things they tried to do is to make counting inventory easy so people will do it more often.
It’s a matter of you wanting to capture a couple percent extra on your bottom line and how important is that to you.

[15:15] – Adam shares some real life examples of the impact of counting inventory.

One of his friends running a business, carrying a couple of million dollars in inventory, were able to reduce the inventory by about 12% by switching from counting annually to counting weekly.
They gained a lot more insights into how the rest of their business ran.
They’re able to reduce that over that top line number of inventory they have, but then they were also able to clear out a lot of the other inventory that they’d had sitting around for a long time.
18 months in and they are directly attributing a 3% increase in their bottom line.

[17:04] – Solving every single one of our hard problems with growth.

If we can get the economy growing at 4%, we can solve all these problems in healthcare, all the challenge that we have as a society.
If we look at the impact they have on their community, the impact they have on the economy broadly and if we multiply that, that solves so many of our problems as a society.

[18:55] – Business owners having a societal responsibility to grow our communities, to foster civil society.

No matter what we see on a day-to-day basis with news and media, we are wealthier, healthier, we have access to more than any other generation ever had before us.
All of us have to look at our communities and ask how can we grow that civil society.
Make it a priority on your business to mentor and bring in for internships, really highly qualified young people who wouldn’t have had the opportunity through normal social channels to interact and get the exposure because really it is that first step.
If we were all able take in new information, new ideas and think through them and have an exposure to entrepreneurs and an entrepreneurial culture that was strong, hardcore, and loving, that would make the world a much better place.

[22:17] – Incredibly high net worth individuals giving that billionaires pledge, getting 99% of their wealth be transferred to the general public and to philanthropic causes at their death.

As entrepreneurs, we have to see that we have, a unique opportunity. Most of us are not here for the money. It’s an outcome rather than the reason.
That’s just a symbol of people who realize that they’re giving back to the system that’s given them so much.

[25:06] – Adam’s key take away and call to action.

Count your inventory. You don’t need as much as you think.
Run that business, it’s time to tighten up. We’re coming into an unknown time and if we can tighten up these businesses just in case there’s a big storm.
Zupan.AI – Unlock your inventory today! Get a one month free trial plus 20% off the first year. To kickstart your journey, simply send us an email to receive your exclusive promotion code.

[27:00]– Thank you to our Sponsors!

HubSpot: With the HubSpot for Startups program, you can save 30-90% on a platform that scales right along with you! To see if you’re eligible to join the HubSpot for Startups program and take your growth to the next level, visit HubSpot.com/startups!
Thought-Leader: Ever thought about giving a TEDx talk? Visit Thought-Leader.com/fire to join a free training and learn how to land a TEDx Talk and spread your message to millions!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

How to Make Your Business More Robust for the Upcoming Cycle with Adam Wainwright

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