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#6 Process over Profit, People over Process with Roxborough Bus Lines' Nick McRae
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Big three Takeaways:
1a) Large scale changes in an industry force companies to evolve. This will often lead to failures when transitioning to new way of doing things. Having a growth mindset using failures as a learning experience separates companies that become stronger when industries shift from those who are left behind. You don’t want to be a dinosaur when a meteor is about to hit.
1b) Change takes a lot of energy. Transitioning younger employees to leadership keeps energy high and ideas flowing.
2. You can have lots of metrics to evaluate success, but often it comes down to fundamentals and perfecting those. Be great at everything you can control.
3. When you take care of your people, your people take care of your business.
Other Takeaways for entrepreneurs
1:55 – How Roxborough started a grew as a family business in 1959 with one school bus.
3:55 – How to transition the next generation into the business.
6:22 – Roxborough made a large purchase during the worst part of the financial crisis, Nick credits this with transforming the business.
8:06 – Nick begins his journey leading the company by focusing on systems and processes.
10:10 – New RFP process starts to separate adaptable companies from lazy incumbents. Learn and iterate, ask how to improve even though criticism can be uncomfortable.
12:12 – the behind the scenes of school bussing. Why the busses must stay on schedule
15:55 – The two items Nick focuses on.
19:05 – Bus drivers are some of the unsung heroes of the pandemic. Nick explains why.
26:20 – Nick’s humility and respect for the people that built the business, instilled from an early age.
27:53 – School bussing is a scale business.
29:30 – Nick’s financial advice to someone running a school bussing business. Having an honest relationship with lenders.
30:36 – Nick explains how growing too fast in a business with high CAPEX can backfire.
32:40 – Boring business can be great, but it takes hard work, and a high level of service.
33:30 – Balance listening to advice and making high conviction decisions that you can stick to.
35:05 – Making adjustments throughout the financial crisis made Roxborough better.
38:51 – Learn from your peers and competitors
More on my guest:
Terminology:
- KPI = Key Performance Indicators (Investopedia)
- RFP = Request for proposal (Investopedia)
Recommendations and other resources:
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