Tune in to hear Michael share how his business model used to be “if it has a pulse and a wallet he was interested”, how they stay in the $3-5 million dollar profit margin range, and how good coaching can positively impact your business!
Time-Stamped Show Notes:
- [00:33] Before we jump into today’s interview, please leave a review and rating and subscribe to the Growth Everywhere Podcast!
- [01:24[ After getting a law degree, he left Australia for England.
- [01:40] Once there, he met his Canadian wife who was getting her Ph.D.
- [01:58] They moved around quite a bit before settling in Toronto.
- [02:38] His business model was “if it has a pulse and a wallet” he was interested.
- [03:35] He uses the canon ball metaphor to explain his failures and successes.
- [04:20] He realized there was a market for coaching and new coaching techniques.
- [04:40] The company is 15 years old and for the first 5 years, that hadn’t fully established the coaching aspect of their business.
- [05:10] He used to think the Box of Crayons mission statement was “to help people and organizations do less good work and more great work.”
- [05:25] Now, their mission is to teach 10 minute coaching, build stronger teams, and get better results.
- [05:46] BOC makes money through their training program.
- [06:00] Their clients range from large banks to fashion houses (Fortune 1000 companies).
- [06:55] They offer three programs: 2 half-day programs and 1 full day program.
- [07:03] The half-day programs costs $8,500. The full day costs around $16,000.
- [07:35] BOC is in the $3-5 million dollar profit margin range.
- [07:45] Last year, they doubled in revenue thanks to Michael’s book, The Coaching Habit
- [08:45] You can’t just do training alone.
- [08:57] You want training to be a smaller part of a bigger “game”.
- [09:20] The challenge is keeping people engaged and curious.
- [10:24] BOC has a bunch of post-training methods.
- [10:38] Accountability partners have proven helpful.
- [10:50] They also have a text-based follow-up program.
- [12:15] The book has sold nearly 400,000 copies in two years.
- [12:45] The book started out with key design principles.
- [12:55] The first principle was keeping it as short as possible, while still getting its point across.
- [13:10] The second principle was that it had to look interesting and accessible.
- [13:51] The third principle was that the team needed to stay committed to marketing the book for a whole year.
- [14:15] The looked at Dan Pink’s Drive, looked at who reviewed it positively, and reached out to them.
- [14:55] Michael then wrote an article about how he sold his book, which in turn, sold more books.
- [15:25] They spent 4 or 5 months seeding the market before the book’s official launch.
- [16:07] Once the book was written, it was a full year of getting it published and marketing the book.
- [17:25] Coaching will make your life better.
- [17:55] Good coaching saves managers time and effort.
- [18:11] Good habits are important to success.
- [18:40] Before getting into coaching, figure out what it takes to change your behavior.
- [19:25] Pick one of the book’s 7 questions and practice using that before moving on to the next one.
- [21:30] “Just out of curiosity” is an important phrase to use when coaching.
- [21:50] It lessens the pressure of the potential answer.
- [23:05] It’s all about the delivery, when it comes to messaging.
- [23:25] Michael recommends Truth and Lies by Mark Bowden.
- [24:20] Michael thinks a chin-up bar has added value to his life. He tries to knock out a few chin-up’s per day.
Resources From This Interview:
- Box of Crayons
- Michael’s Website
- The Coaching Habit
- Michael’s Growthlab article
- Must-read books:
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