762: 3 Ways to Scale and Keep Your Employees' Loyalty w/ Jeff Brodsly

ABOUT THIS EPISODE

In this episode we talk to Jeff Brodsly, President and CEO at Chosen Payments.

Click here to connect with this guest on LinkedIn.

There's a ton of noise out there. So how do you get decision makers to pay attention to your brand? Start a podcast and invite your ideal clients to be guests on your show. Learn more at sweet phish MEDIACOM. You're listening to be tob growth, a daily podcast for B TOB leaders. We've interviewed names you've probably heard before, like Gary Vander truck and Simon Senek, but you've probably never heard from the majority of our guests. That's because the bulk of our interviews aren't with professional speakers and authors. Most of our guests are in the trenches leading sales and marketing teams. They're implementing strategy, they're experimenting with tactics. They're building the fastest growing be tob companies in the world. My name is James Carberry. I'm the founder of sweet fish media, a podcast agency for BB brands, and I'm also one of the CO hosts of this show. When we're not interviewing sales and marketing leaders, you'll hear stories from behind the scenes of our own business. Will share the ups and downs of our journey as we attempt to take over the world. Just getting well, maybe let's get into the show. Welcome back to the BE TOB grows show. Today we are joined by Jeff Broadsley. Jeff is the president and CEO of chosen payments. Jeff, welcome to the show. Thank you. Appreciate the welcome. It's a pleasure to get to talk to you today. You and your company. You've been you've seen a tremendous amount of growth recently and one of the reasons that we wanted to talk today about this idea of scaling and loyalty, and you've obviously seen it firsthand. It's very fresh in your mind. So I'm excited to talk about today's topic. But before we get into that, Jeff, maybe you can tell us just a little bit about sort of what you and the chosen payments team or up to these days. Yeah, well, appreciate you selected me, Jonathan, and hopefully I can add some value to the to the listeners and the people that you know tune into the show. That's a turther payments in general, where we're technology based payment processing company, just at the highest level. The Elevator Pitch, I would say, is, you know, every merchant in America need someone like us to Accept Electronic Payments, Aka credit cards, and what's differentiated us from the cut throw industry that we're in is just doing a a consultative sale that is more based on technology solution. So instead of just selling based on price, we sell on value and we really we look at quality versus quantity. So what we've been up to is just looking for ways to attack different vertical markets. Somebody that a specific industry where we can become an expert in the industry itself. They might have some inefficiencies with their processes, whether it be credit card processing related or just financial business consulting related it, and we like to come in via our technology proprietary from technology solution that are integrated...

...into payments, and really help them cut costs directly by reducing their credecar prossing fees, but also completely cut costs from an overhead standpoint of leveraging technology to be more efficient. So we're just what we're up to these days is continuing to build the company. It's with substantial year your growth, but selecting our client as opposed to just going after and trying to be everything to everybody. Yeah, absolutely well, and we were certainly thrilled for your success for your growth. Again one of the reasons that we wanted to reach out to you specifically. I know that chosen payments has been on the pink five thousand list of fastest growing companies, which is mendous, and we are going to be talking about again this idea of scaling and loyalty. I think that our listeners are going to get a tremendous amount of value out of today's episode. But why don't we start kind of at the beginning with this idea of when do you know when the scale up versus scaled down? What a let's take it away, Jeff. So it's a question that we could try to talk about for five hours, but from an entrepreneurial standpoint, from a standpoint of building a company from the ground up to where it is today, and just to put them into perspective. So people even know. I mean we have over a hundred and thirty people employed and we'll process over five billion dollars in credit card sales with, you know, upmost of fifteen, fifteen thou clients and you know, across America, from small mom and pop to large enterpress clients. Just people can put it in a perspective. But started as a one man show and we scaled. The question is, what you know? When? When does scale hut versus when a scale down? It's hard because as an entrepreneur or at heart you're a salespersonal use are and so you're always looking for opportunities and once you start becoming, you know, successful, it's either you know, you either fail or you make as a small business and then you try to go from a small business the medium size business, and they may be a medium sizes, into the larger business or anywhere between, and there's opportunities of scale that entire time. And for me I've always had a look at, you know, what is the what is the effect on the overall company if I choose to scale or not? So if I have an opportunity to acquire new accounts or new business but I don't have the proper infrastructure in place to do that, and I'd potentially just be be being a sales guy and not a not an entrepreneur business owner, and I'd be taking short term, you know, pleasure for for longer term pain and that's not the way to scale. So from my perspective, I like to make sure that the house is built properly, first everything can find working order, and then we start looking at more opportunity. As a business owner and somewhat successful in whatever business you run, if you're successful at the doctor, as a restaurant...

...owner, as a merchant there surviriter like I am, you're going to have opportunity after opportunity. But instead of just trying to take advantage of all of them, you got to look at your opportunity costs. You got to look at the the opportunity time it takes to win that opportunity, the stress level it will add or take off of your staff and all of those as opposed to just what does it do to my bottom line. So I think you scale up when you believe that that your house is built and the foundations there and you're ready to remodel your kitchen, and you don't scale up when you are still trying to figure out who you want to be and where you want to be and you're not certain that if you take on the opportunity that you might not be able to deliver the quality of product and service that you do generally deliver. Yeah, yeah, absolutely, I mean and and it's got to be tough it's got to require a level of self awareness of wherewithal to say, hang on, you know, I should is is scaling up the right move? I mean, I've got this opportunity, but let's take it. Like you said, let's take a look at the house, at the foundation. Are we already ready for this? So I think it's I think it's great advice when you're trying to consider, you know, when to scale up versus scale down. This second part of this, and that we're going to be getting into just a little bit, is, you know, how do you know then, which areas of Your Business scale and when? What does that look like? Jeff, yes, so to backcheck one second and then we'll go to that and they'll move to the antheex. I think it's a perfect segue. Is, you know, there's there's areas of scaling a business that could be just growth related or Orcau is just just grow. Friend, I mean to revenue bottom line, or because areas up scaling should be operational. Given so work I'm focused on, you know, on this specific interview of just kind of how to grow the bottom line. When I say scale, but one has to go with the other. You know, you can't grow your your revenue without adding something to support your client if you're in a service oriented product or service oriented business. So I can't tell you how many business owners I know that you know our ego driven and it's grids to be an entrepreneur. I mean everyone has any us. What makes a really solid entrepreeur? No secret that. It's no secrets that the most success entrepreneurs are have some sort of narcissism and ego. I mean if it didn't want to, you know it. As long as you recognize it and you know you know what how to use in the proper way, I think I think it's smart. But no, I can't tell young in business owners are out there and they just talked about, oh, I do x amount of sales and I did this much volume, and they just talked about, you know, how much they scaled. But to me none of that matters because what matters to me is bottom line. If you have, let's say you you are a limousine company owner, which is one of the vertical markets that we focus on. There's a lot of company owners of that out there that they view their business on oh well, I I own three hundred limousine and I...

...always laugh because to my perspective, I don't care how many limos you own, how many are acts you on the road generating revenue. I rather own forty limos doing more revenue than I would three hundred doing less revenue. So so how do you know what areas to scale in? I think we every business should be compartmentalize into what areas of income do you have and what areas of expense to have? Any businesses just line items to like straight income and straight expense and not breaking it down, in my mind, isn't doing the right thing. And then you back into that one step further and you say, how do I increase my margin and how do I decrease my ot backs, my operating expenses? And that's how I would recommend scaling up for scale and down wherever there's room for growth. If you see an area that in the past and we all know special with technology and just in general evolution, things change daily, monthly, weekly and you should definitely be at least be doing, you know, quarterly reviews of your business to look at the debt, different business aspects, but different aspects of their business and segments. which ones had the biggest growth not only biggest growth in volume of biggest net profit bottom line or or biggest overall impact of the company. And why at that? What did we do right and how easy is it to replicate that? And then you look at some and say, okay, these may not be working anymore because just technology at taken over that, that that that piece of human interaction, or the markets are calling for xyd product anymore. So I think you really analyze what you offer, you look at all your products, compartmentalize them and then you determine a where have you had the most traction and be where can you add the the largest increase in distribution, which Aka means increase to your bottom line, or where can you scale by decrease in your operating cost via leveraging technology or smarter people paying? I'd rather pay someone more money that that can do the job of three people. Then you know someone left money that I pay for three of them. Yeah, well, and I love that you kind of use this example with the idea of a vanity metrics, you know, like look at how many look at how many of these widgets, these limos I have. But you know, let's let's take a let's take a critical look at you know, beyond that in very impressive large number. You know where is the actual revenue coming from, you know how much of this is. You know what and it speaks exactly this idea of which areas you should be scaling. So I love the fact that you use that and and Jeff. So you know even beyond and then you know this when to scale up and down, which areas to scale up and down. Part of scaling, as you've seen firsthand obviously, is, you know, hiring the right stuff, the right kind of employees. So what are your thoughts then, on this idea of loyalty and how does it relate to...

...scaling? Okay, so, and this is from you know experience, I think I would say most successful. Hopefully not, but I think it's proven that most successful people have been through some bad divorces when it comes to business, whether it be partners or friends or whatnot. So first and first I always tread on, you know, the side of caution of doing business with friends or family. And if you do to business friends of family, it's very, very, very clear and define. If it's not, what's happened in my experience is it? It leads to resentment and entitlement on either the resentment on, say, my part, is the owner, and entitlement on the friends or family standpoint. So going into a relationship with a business relationship, whether they are a friend of family or not having the stance the answer question about wealthy, having very precise expectations and just just a grown up conversation. In any relationship, whether the personal relationship, whether it's your family, the most communication you can have the better. So just a precise expectations. If I'm hiring someone, this is what I expect out of you. What do you think you need from me in order to do your job? Let's talk about it, let's socialize it. Okay, let's put it in writing, let's document and let's review it. So that's one thing of bringing the people in the right way, of telling them I expect us out of you and then saying okay, I can do this or, if not, then saying I can do even better job and changing the metrics to be higher and maybe we can give them a bonus based on that. Maybe we someone might say, Oh, I'm not sure I can do that job, but at least the paths are clear. Then when it comes to loyalty. I feel very fortunate that a lot of my career I have to give to my staff. I mean they have been so loyal and I think it starts with I think it honestly started. I have to start the top, but it starts with something that, you know, one of my mentors taught me years ago, and can't remember the exact statistics, I want to say it's about every household in America has, I think it's two and a half and a two and a half people to two and a half to three people. So as for me, as a CEO and owner of a company, I look at every person in there that I'm responsible to make sure that I'm feeding and putting a roof over three people's head for every one person in there. And if I have that mentality, then that means I care about them as an individual. I show them I care about them as an individual, they're going to in turn care about me as a boss, which most importantly, then translate to them carrying about the clients and give them, the clients, the experience they deserve. So I I think when we when we humanize ourselves and and and create a personal interaction, even for me, running a, you know, a medium sized company and ouns very hard to come the office. Have Twenty different conflict calls that I'm waiting on. have a million emails and they had to everybody, but I do my best. But I think what my...

...staff does know is when what they need me, when they need me have an open door policy, and creating that is not easy as you scale, because a lot of people forget about where they came from. So when you remember that the girl that's now running my operations department was once my receptionist, that's that's huge and that build loyalty and that culture than runs throughout the company. So I think at the combination of treating people right, actually caring about your employees, not looking them as employees, but look at them as family members, people that you want to make sure are successful and as you grow, you want them to grow with you, and then make sure that they're transferring that energy into a company culture that then the clients feel. It's story time again and we're talking about search engine marketing. Today I'm going to tell you about a challenge within Pelican. Cases be a Beata Vision. Pelican needed a partner with deep betb expertise that could get them a massive bumping leads from their paper click campaigns without increasing spin. After betting a handful of agencies, they decided to go with directive consulting, a B Tob Search Marketing Agency located in southern California. Directive took on this challenge by refining their targeting and building custom landing pages for their advertising efforts. Once implemented, they saw a two hundred and eight percent increase in conversion rate. Needless to say, Pelican cases met their initiative, and I have a hunch that directive can get these kind of results for you too. So head over to directive consultingcom and request a totally free custom proposal. That's directive consultingcom. All right, let's get back to this interview. Yeah, well, and I mean having that idea of loyalty to to your employees, to the people that you do business with, thinking of them as family. You know, it's no surprise that that kind of inspires loyalty and in return, and that they want to they want to see you succeed because you're all growing together and they want to stick with you. So that feels like a brilliant answer and Jeff. I also think it is probably a pretty good segue into one of the last questions that we've been asking all of our guests and I am excited to dig into this a little bit with you, and it is this idea of legacy. And so as a as a business owner, as someone who has been been growing something, realizing, realizing a vision. You know, Jeff, for you what? What's the kind of legacy than that you are hoping to leave behind at the end of the day, whether that is personally, professionally, or even a combination of the two. Yeah, I think it's mean. It's definitely a personal question, but I think it is a combination of the two and it's, you know, humbly speaking, I came from I didn't come from an amazing, you know, trust, fun upbringing, and not that I have anything against that, I just I didn't. I haven't had the easiest paths of life. I've been throwing some curveballs and so, you know, I think that I've to be where I'm at today given the hand I was bell.

I feel extremely blessed to have friends, family and just I get my own drive to get me there. So when we talk about legacy, and you now I have a daughter, four year old daughter, and that's the most important thing to me the entire world. I can make twenty billion dollars not going to be, you know, more important than showing up at my daughter, you know, softball game or whatever. Maybe when she's old enough for that. But so for me, I would say it's too fold. Leaving a legacy is AI, because I didn't come from anything, not that I you know, my parents were bad parents or I had a horrible childhood, but I didn't come from money. I want to leave a legacy for my family and anyone a pass that they that they can benefit of the fruit of my labor. But they're not, humbly speaking, then I get handed trap like they're gonna work like if they, you know, they want to be a part of the company, that's fine, and they will have first crack at everything and anything, but they're not going to get handed anything, because I didn't get handed anything, and those that I know that does do get handed stuff, all the worst business owners and the most entitled, and they don't have that local you. So the legacy I want to leave as the opportunity for the closest people in my life, that could be friends, family or that could be staff, to really have the opportunity to take what I've done and what I've built and just continue to grow it. That's a that's a business personal side on the on the business alone side. It goes back to the Commons that make that I want to make sure that whatever I'm doing, I'm feeding as many mouths as I can see and these he bars happy as possible. So, I mean, I don't like to think about I'm still a young guy. I don't like to think about a legacy has me passing away, but I like to think of a legacy is what am I building and who can benefit from what I'm building and from my perspective, I'd like I'd like to, you know, see the people that have stood by me when things were really bad in life have an opportunity to to to eat the fruits of the Labor that I put in and I think that I'd like to give the opportunity for anybody that cares about me to work. But they're not going to get handed anything, but they're going to, you know, have a foot in the door and, you know, most importantly is just making sure my daughter set you know she making sure, she said, she's taking care of and and and she's able to live a life that, you know, I didn't necessarily have with a child. I have today, but not an entitle life, not a not a brat life, but you know, the finer things, traveling the world style life, but out of fullblown appreciation of we're she came from. Yeah, absolutely, not a not a handout day, an opportunity. So that sounds like a sounds like good. I have her doing chores already at and earning allowance. That's for at for just the feature that money isn't free. That's a you have to you have to build that character early on. I think that's as it sounds like. It sounds like a great legacy, Jeff. Obviously we wish you continued success with your coming we've been tech talking with Jeff Broadsley again the presidency of...

...chosen payments. Jeff, this has a you know, I predicted it. It says this has been some tremendous content. If any of our listeners are interested and they want to find out more about today's topic, they want to connect with you, they want to find out more about chosen payments. What's the best way for them to go about doing that, and so I think any listener out there there's I think there's two things that touch on any listener out there that is a a merge of that, such credit cards. I will, I would love to consult with you to make sure that you're not leaving anything on the table financially technology, to make sure at the top. So in that scenario, reach directly out to me, Jeff be as boy at chosen payment with an fcom. You can do research by going straight to our website at wwwentcom. And then, since I really didn't, you know, come from much and much of my success is geared towards me being very humble in the beginning of my career and asking people to mentor me and give me advice and so on and so forth. I want to pay it forward and anybody and everyone out there that you know wants to take my brain on anything, I'm more than happy to and they can again come straight to me, Jeff be at chosen paymentscom. I'm busy, but I will tell you right now that one of the fulfilling things for me in life is paying it forward and walking out as to be successful. So I'm moren't happy to to welcome anyone that wants to speak with me. Well, that's fantastic. I appreciate you making time for our listeners and I really appreciate you making time to join us here on the show today. Jeff. It was an absolute pleasure getting interview you. Thank you so much, sounded thanks, J off, and take care. There are lots of ways to build a community and we've chosen to build the BEDB growth community through this podcast. But because of the way podcasts work, it's really hard to engage with our listeners and without engagement it's tough to build a great community. So here's what we've decided to do. We're organizing small dinners across the country with our listeners and guests. No sales pitches, no agenda, just great conversations with likeminded people. Will Talk Business, will talk family, will talk goals and dreams, will build friendships. So if you'd like to be a part of a BEDB growth dinner in a sitting near you, go to be to be growth dinnerscom. That's be toob growth dinnerscom. Thank you so much for listening. Until next time, I.

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