In today’s episode, we have invited Lynn Thomas, a tax attorney and consultant who will teach how to take care of your employees and clients. If you want to know more about this and how to do it, you’re in for a treat!
[2:23] Why should I listen to you?
I will inspire you to dig deeper into yourself and you’ve ever had to find answers. You have to be willing to be uncomfortable because that’s how we grow. And through that process, we all have massive potential inside of us.
[4:46] Running across this problem in public
I think it’s a gift. I’ve learned to ask for what I want thoughtfully and point out to them, possibly, if they’re open to it, an opportunity they missed, where they could have wowed and delighted me.
[6:10] Do companies come in, or do you find these people?
No, they come to me. Companies usually have no idea if they have a customer retention problem or client retention and employee retention problem. Also, their employees have plateaued, and they’re not getting new and top 20% of clients to generate 80% of the revenue. And those are the clients you want to replicate and duplicate.
[9:29] How did you get this?
Be clear, firm, and pleasant. People can be aggressive or passive. And nobody likes either of those. But it’s really the middle of being assertive when I can be fully me.
[10:36] I was a tax attorney and was recruited to be a change agent for part of the bank going through change. There were 1800 people in this division, and one person died, and one had a disability. And so, I told them, “We don’t know how to deal with stress.” I decided to go out and find a company to bring in to give us the solution. And then, the head of the division said “No!” So, I resigned the next day. And I told myself that there’s got to be a way where everybody can win.
[12:39] Who usually takes control of the reins?
Someone from my company or me. We realized that we need to be involved in the process.
[15:10] The uncomfortable things that companies need to do right now
Have a growth mindset and be willing enough to grow, and your people need to as well. If someone is resistant and not willing to take these things, they’re probably not part of your company’s future. When a problem arises, come up with at least 20 solutions, weigh them all and think about them thoroughly. Use your subconscious and conscious mind.
[18:58] What’s the expansion point?
There’s a study going way back to the 1990s in Harvard Business Review that for every 5% increase in a client retention rate, your profits within two to three years ago raises 25 to 95%. You have to look at not just your regular clients but also your top clients. If you do your top clients, you’ll be 200 to 300%. Because they bring in 80% of your revenue. Start with empathy, and exponentially increasing on that.
[22:11] What promise did God make to the world when He created you?
He promised me every pain he gave me. I would get 10 times more joy. And it’d be through helping others create what they didn’t think they could make be or could be. Discover what they think they could discover inside themselves, the world, and others.
[10:12 – 10:14] “When anybody plays small, we all lose.”
[10:20 – 10:30] “Being big to me doesn’t mean take it over or running over people at all. It’s fully asserting and speaking up when it’s appropriate for me in a situation to do that.”