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Episode #510: AI Policy and Innovation — Second interview with Adam Thierer

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed welcome Back Adam Thierer, now with the R Street Institute, to talk about government regulation and AI. Adam has written extensively about how government regulation potentially affects the progress of innovation, especially with regard to new technology. This episode promises to be a wide-ranging and timely conversation.

SHOW NOTES

Segment one

  • The California legislature passed Senate Bill 1047 but Newson vetoed it. Adam argues that this was probably one of the five most important moments in digital technology policy developments. 

  • Adam has noted that the most important principle for AI regulation is not stifling it. He hasn’t just noted it. He writes extensively about it. More here: https://www.rstreet.org/commentary/the-most-important-principle-for-ai-regulation/ 

  • “The AI regulation argument is more important than previous technologies because it's not just about information and communications technology. It's also about broad based autonomous systems, robotics, machine learning, data science, quantum computing and a whole host of other things.” —Adam Thierer

Segment two

  • “Economists, politicians, political scientists and business theorists don't usually agree on much, but they do agree that technological innovation is widely considered the main source of economic progress.” —Adam Thierer

  • On the second segment today, Adam made a STRONG argument for how commercial drones are an example of an autonomous system that we've gotten very wrong in the regulatory environment.

  • If you have not read one of Adam’s books yet, read this: “When my Permissionless Innovation book came out, I said you have this choice between permissionless innovation or the precautionary principle. More here: https://www.amazon.com/Permissionless-Innovation-Continuing-Comprehensive-Technological/dp/0989219348 

  • “You can't even name a company that is a digital innovator in Europe today. So it's a powerful example of how laws and policy defaults matter deeply for innovative outcomes.” —Adam Thierer

Segment three

  • “The freedom to code, the freedom to compute and the freedom to innovate should represent America's default policy. We must have a marketplace that is driven by a vision from our policy leaders that embraces the freedom to innovate.” —Adam Thierer

  • “One of the most interesting things about technology law in general is that the best types of remedies or agencies are those that are more general in character as opposed to specific in some ways.” —Adam Thierer

  • Fun fact about the regulatory capture environment at the Federal level: The first time the Food and Drug Administration started looking at regulating computer health was in 1981. Nineteen eighty one!!!

  • This was a GREAT quip from Adam about how regulation can become overbearing: “Are we going to have to go to our HOA and say, ‘Can I code today?’”  

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #509: The Gap In GAAP — Accounting’s Deteriorating Paradigm

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Since Luca Pacioli’s 1494 invention of double-entry bookkeeping, accounting has seen little innovation. GAAP, designed for an industrial economy, is outdated in a world where intellectual capital drive business success. Dr. Margaret Blair’s research shows that by 1998, only 30% of a company’s value could be attributed to tangible assets, leaving 70% unaccounted for in GAAP financial statements. We’ll dive into the deteriorating paradigm of accounting and examine audit failures through the lens of a system that has become obsolete.

SHOW NOTES

Segment one

  • Since Ed has known Ron, it has been clear that Ron views accounting as an identity equation. it's not a theory. GAAP is its principles.

  • Debits equal credits factors into the zero sum mentality of people because in the world of accounting, somebody's debit is somebody else's credit. It's all gotta balance to zero therefore, how can how can wealth be created? 

  • Ron told a great story today about Peter Drucker's last talk at a conference in Seattle. Drucker walks out on stage and he says, “No one in your company knows less about your business than your CFO.”

  • “Knowledge is about the past. Entrepreneurship is about the future.” —George Gilder 

  • If the gap in GAAP (today’s topic on air) is interesting to you, check out Baruch Lev’s interview with us this link https://www.thesoulofenterprise.com/tsoe/baruch-lev-interview 

Segment two

  • This is true of GAAP today, “As the paradigm gets more and more complex, the less and less it explains.” Nobody is making investments today by looking at financial statements.

  • Long before the SEC was even created, 90% of New York Stock Exchange companies were audited. Why? Because the investors demanded it. It was driven by the market and need. 

  • The GAAP balance sheet, the income statement, the cash flow statement: they are referred to as the three blind mice and have been for 40 years now because they don't explain everything.

  • “The most important case against conventional accounting has become open and shut. It's incontrovertibly true that present financial and management accounting does not give investors directors the public or management the information they need to make informed decisions.” —Thomas Stewart, HBR

Segment three

  • The Professional Pricing Society has an incredible educational conference coming up in Vegas. Ron will be a keynote speaker and would love to meet you. More at this link: https://www.pricingsociety.com/ppsvegas24

  • Thank you Michael B from South Dakota for submitting a question. We played it on air today and answered his question about waitlists. Do you want to submit a question to Ron and Ed to be read and answered on air? Use this link from any device https://www.thesoulofenterprise.com/questions 

  • What does Jonah Goldberg always say…complexity equals…..subsidy! And in the case of Enron and SOX, we're subsidizing the auditors who blew it.

  • “Disruption from the outside is a real danger for the accounting profession. We’re already starting to see that with the environmental audits, and even intellectual capital management.” —Ron Baker

Segment four

  • What does Ron mean when he says he wants accounting to innovate? More financial planning and analysis, more modeling, using theories to develop leading indicators about things that could be predictive of future performance

  • Ron’s idea for not losing accounting to the “outsiders” —> The best way to do that is to relinquish the monopoly on the audit and give it back to the stock exchanges

  • “But as long as we have a government mandated monopoly, then it will continue to stifle innovation. It's crazy, the revolving door between the SEC and the Big Four and the IRS and the Big Four.” —Ron Baker

  • Ron and Ed referenced a book by Baruch Lev called “The End of Accounting“ several times today. Check it out here: http://www.amazon.com/Accounting-Forward-Investors-Managers-Finance/dp/1119191092?SubscriptionId=0ENGV10E9K9QDNSJ5C82&tag=verainst-20

  • Ron also mentioned these two books at the end of the show with a disclaimer that they are both wonky but good: Corporate Aftershock and After Enron.

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #508: Taming Technology Policy — Interview with Jennifer Huddleston

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed welcome another CATO Institute scholar, Jennifer Huddleston, to the show to discuss the effects of technology policy on innovation and economic growth. Jennifer will also share her insights about the anti-trust case against Google as well and the effects of technology regulation at the state, federal, and even international level.

SHOW NOTES

Segment one

  • Just in the last week, we have seen questions related to online speech and various questions related to antitrust which could extend beyond technology, as well as questions related to AI and the exciting developments. Jennifer has been busy! 

  • Re: the TikTok oral arguments this past week, Jennifer is watching the standard of review that the court will apply. Is it going to be intermediate scrutiny or is it going to be strict scrutiny. 

  • When we talk about the Tick Tock case, it's important to recognize you had two separate arguments brought by the plaintiffs. You have a case being brought by TikTok itself and then you have a case being brought by a group of content creators who are American citizens.

  • When thinking about the TikTok case, it's important to remember that this is much bigger than one particular app. This is really teeing up some key questions around the potential of the government to intervene in online speech

Segment two

  • Is AI our final invention? “I don't think so. I think it's a very exciting invention. […] I actually am very excited about AI and it's been around a lot longer than we realize.” —Jennifer Huddleston

  • TIL about several AI medical applications from Jennifer: AI is being used in the medical field as an additional tool for a doctor to identify really personalized medicine for cancer patients and to help stroke victims get their voices back.

  • “I’m a millennial, and I think for many of us AI is the first real disruption in technology that we've experienced because we were still young when the internet came about. We were just emerging as adults or as college students when smartphones came about.” —Jennifer Huddleston

  • Jennifer wrote a GREAT article in August called “Is a State AI Patchwork Next? AI Legislation at a State Level in 2024”. Here is the link: https://www.cato.org/blog/state-ai-patchwork-next-ai-legislation-state-level-2024 

Segment three

  • “Traditionally, the US has had a very light touch approach to innovation. But in part for various reasons, we are seeing the question of what we need in an AI framework and do we need some sort of AI framework at a federal level.” —Jennifer Huddleston

  • One of the examples that's often pointed to is the ATM. There was a lot of fear when ATMs first came about and what would this mean for teller jobs. So is this the kind of end of the bank teller job? There are now more bank tellers than there were before ATMs

  • Jennifer introduced me to the “Brussels effect” today. The idea that when Europe acts — because of the size of their market — for many large companies, it's easier to apply one standard globally. https://en.wikipedia.org/wiki/Brussels_effect 

  • I love the techno-optimism! “Oftentimes we're hearing only the negative when it comes to technology and we're not hearing as much about the benefits about the positive use cases.” —Jennifer Huddleston

Segment four

  • “When we're talking about the use of AI, I always hate the question, “How often do you use AI?” I always push back against that question because we're all using it every day.” —Jennifer Huddleston

  • “We're seeing the EU setup offices in San Francisco to work with the tech companies on how they're being regulated in Europe. Those are things that should be really concerning.” —Jennifer Huddleston

  • A big THANK YOU to Jennifer Huddleston for joining us today. She is a Senior Fellow in Technology Policy at the Cato Institute. Find her work here: https://www.cato.org/people/jennifer-huddleston 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #507: Interview with Brand Scientist, Reilly Newman of Motif Brands

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: In this episode of The Soul of Enterprise, Ron and Ed sit down with Reilly Newman to explore his manifesto: the powerful intersection of science and strategy in business. Reilly emphasizes the importance of clarity as a driver of growth, helping business leaders make confident decisions that align with their vision. He discusses how simplifying complex processes can uncover opportunities for pure progress and ensure that your business remains a cornerstone of your life. Tune in to discover how clarity not only reveals where growth exists but also how it serves as a foundation for future success and informed business decisions

SHOW NOTES

Segment one

  • At the beginning of the show, Ron asked Reilly how he became obsessed with brands. He loves that design is creative and artistic but Reilly also loves that it has a purpose. 

  • Reilly co-founded Motif Brands. A motif is a recurring pattern throughout a story that reinforces the main story arc. Reilly takes that idea and applies it to brands at Motif Brands.

  • “Business is transactional. A brand is relational.” —Reilly Newman, Motif Brands

  • “If marketing were done perfectly, selling would be unnecessary.” —Peter Drucker

Segment two

  • Financial Cents is having a virtual conference called Workflow Con (for conference) on October 22/23. It’s FREE! Find out more at WorkFlowCon.com

  • How does Reilly define “brand”? It’s a collection of impressions we have regarding a certain entity. 

  • Regarding a CMOs inevitable desire to refresh or change a brand, “Rebranding a company shows effort…but really, are you getting rid of these core assets that have helped build the brand to that point?” —Reilly Newman

  • On the relationship between brand and culture, Reilly comments: “Culture is a by-product of brand. Brand gives a consumer clarity and culture is a manifestation of that clarity.”

Segment three

  • The power of sound in branding, sonic branding, is extremely hard to trademark but there are some good examples. NBC and Harley-Davidson are two examples that came to mind during the show

  • By the way, Reilly Newman has a GREAT podcast called “Brandy” which is about all things brand. Check it out here: https://podcasts.apple.com/us/podcast/brandy/id1737030138 

  • The lifetime value of the customer is often neglected especially with older brands. For example, in the automobile industry. They are more focused on the transaction and less so on the relationship.

  • Ron asked Reilly about his pricing philosophy at Motif Brands. GREAT answer by quoting Warren Buffet with, “Pricing is what you pay, value is what you get.”

  • Name the brands that you truly admire, Reilly: Disney, Apple, Trader Joe’s, and….of course, Costco. 

  • The Professional Pricing Society is having their next conference in Vegas in October. Ron is one of the keynote speakers and you can find out more at PricingSociety.com

Segment four

  • Ed asked Reilly about Starbucks and their brand. In summary, they’ve lost so much in terms of small touch points in the experience. Higher efficiency comes at the sacrifice of personalization.

  • This is on brand for Reilly (see what I did there?) …. “Know yourself, be distinct, and have that clarity.”

  • A big THANK YOU to Reilly Newman for joining us today. Check out Motif Brands and also his book, “Brandy: 101 Sips of Wisdom For Attaining A Successful Brand https://www.amazon.com/Brandy-Wisdom-Attaining-Successful-Brand/dp/B0C9S7Q7Q8 

 
 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #506: Bantering with Bastiat: Timeless Truths from a Free-Marketer

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: In this unique episode of The Soul of Enterprise, Ron and Ed embark on a journey through time as they "interview" the legendary 19th-century French economist, Frédéric Bastiat. Thanks to AI technology, ChatGPT will bring Bastiat back to life, offering insights in his signature style on some of today’s pressing economic issues. From his famous concept of “the seen and the unseen” to his sharp critiques of protectionism, this virtual conversation delves into how Bastiat’s timeless ideas apply in our modern world. Join us for a thought-provoking dialogue that blurs the lines between history, economics, and technology in ways you’ve never heard before!

This was an AI-based show, so it only seems appropriate to provide AI-based show notes.

Discussion with Frédéric Bastiat via AI:

  • Utilizing AI technology, the hosts engage in a conversation with a simulated Bastiat, discussing his core economic ideas, particularly "the seen and the unseen," which highlights the hidden costs of economic decisions.

  • Bastiat explains the impact of overlooked consequences in economic policies, using examples like government spending that appears beneficial but has hidden trade-offs affecting other sectors.

Bastiat on Free Trade and Protectionism:

  • The conversation delves into Bastiat's views on free trade versus protectionist policies, where he criticizes the latter for harming economic prosperity by limiting consumer choices and driving up prices.

  • He articulates the irony and harm of protectionism using analogies and historical context, asserting that free trade benefits all sectors of the economy by fostering competition and innovation.

Satirical Take on Economic Policies:

  • Bastiat, known for his satirical critiques, shares his famous "Candlemakers' Petition," a satirical plea to the government to block out the sun to boost the artificial light industry, showcasing the absurdity of certain economic policies.

  • This segment underscores Bastiat’s method of using humor and absurdity to highlight irrational economic policies and encourage a more critical examination of governmental interventions.

Bastiat's Influence and Relevance:

  • The episode wraps up by exploring Bastiat’s lasting influence on economic thought, discussing how his ideas remain relevant in addressing modern issues like climate change and technological disruption.

  • The hosts reflect on how Bastiat’s principles can guide current and future economic policies, emphasizing the importance of balancing governmental intervention with market freedoms to foster true economic growth and innovation.

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #505: Pushing Past Practical — Pursuing Purpose with Peter Block

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: In this episode, Ed and Ron delve into the profound insights from Peter Block's book The Answer to How is Yes, especially his How? vs. What Matters questions. We'll explore these six pivotal questions that Block argues keep us trapped in our current way of thinking and prevent us from embracing true change. These questions, often disguised as practical concerns, subtly hinder our ability to innovate, take risks, and transform both ourselves and the world around us. Join us as we unpack the deeper meaning behind each question and discuss how shifting our mindset can open up new possibilities for leadership, creativity, and personal growth.

SHOW NOTES

Segment one:

  • Ed wanted to kick off the show today with a quote from Lewis Carroll: Do we decide questions at all? We decide the answer no doubt, but surely, the question decides us.” 

  • Today’s show is about Peter Block’s book from 2002, “The Answer to How Is Yes: Acting on What Matters” https://www.amazon.com/Answer-How-Yes-Acting-Matters/dp/1576752712

  • Peter Block’s epigraph to the start of the book “The Answer to How is Yes” is “transformation comes more from pursuing profound questions and seeking practical answers”

  • The premise of the book, “The Answer to How is Yes” is that there are roughly six questions Peter Block believes that we spend 90% of our time on in business https://www.amazon.com/Answer-How-Yes-Acting-Matters/dp/1576752712 

  • The Finance and Accounting Tech Expo is on October 29-30. Over 1,400 of your colleagues have already registered and you can go for FREE. Just use the code kid812 at this link https://strategiccfo360.com/fate/ 

Segment two:

  • The alternative to asking the “HOW” questions in Peter Block’s book is yes. It's a stance towards the possibility of more meaningful change. More at this link: https://www.amazon.com/Answer-How-Yes-Acting-Matters/dp/1576752712  

  • One of Block’s questions in the book, “The Answer to How is Yes” is: What is the price I am willing to pay? This is all about value because the definition of economic value is the maximum price a customer is willing to pay for an item 

  • 1/2 “When we follow fashion and ask for steps, recipes and certainty, we deny our freedom. For we are trapped by the very act of asking the question.” —Peter Block

  • 2/2 “Freedom asks us to invent our own steps, to be the author of your own experience. Asking how is an escape from freedom and accountability. We wish to go to heaven, and not die.” —Peter Block

  • This is the story of Frank. As told by Ed Kless on his website: https://www.edkless.com/blog/2023/10/the-story-of-frank 

Segment three:

Segment four:

 
 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #504: Debunking Degrowth

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: In this episode of The Soul of Enterprise, Ron and Ed explore the themes presented in "Doughnuts and Degrowth" by Andrew Stuttaford. The article delves into the growing ideological shift from economic growth to a focus on sustainability, as advocated by figures like Olivier De Schutter and Kate Raworth. Ron and Ed provide a critical analysis of the so-called "degrowth" movement and its potential impact on democracy, innovation, and individual freedoms. They discuss the concept of "doughnut economics" and how it aligns with broader trends in global governance, questioning the practicality and desirability of this shift. Tune in as they dissect the intersection of economics, environmentalism, and human rights, offering their own perspectives on what a growth-averse future might hold.

SHOW NOTES

Segment one

  • We have a listener question to start off the show. Thank you Donna! @calcmoves If you would like to submit a question just visit https://www.thesoulofenterprise.com/questions 

  • Donna asked us about using a waitlist for prospects and how to incorporate it into her business while she is on a 90 day bucket list trip. Ron suggested starting with your normal intake process and trying from there to incorporate a waitlist.

  • With respect to Donna’s question about prospect waitlists: “The hardest decision to make is the first person on the waitlist. At what point do you say….wait list from here on in.” —Ed Kless

  • We love getting email from folks and we read a great one from a lawyer and fan of the show during the first segment of the show today. Take a listen once the podcast drops in about 1 hour.

  • This is the article from Andrew Stuttaford that sparked our conversation today: https://www.nationalreview.com/2024/07/doughnuts-and-degrowth/ 

Segment two

  • One of the main folks behind the degrowth movement says he wants us to shift our focus from growth to humanity. Well, that presupposes that growth is anti human. So we reject your premise right there. 

  • One of the funniest phrases used by the degrowth movement is “modernizing poverty”. I really wish we could say more about this but, honestly, we don’t even know what that phrase means.

  • “I just can't get my mind unwrapped around the notion that wealth is knowledge.” —Ed Kless /// Neither can we Ed, neither can we. 

  • “The economy is not just an incentive system. In fact, Gilder would say it's really just an information system completely. It's not incentive at all. It’s pure information.” —Ed Kless

Segment three

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #503: Moral Injury — Interview with Wendy Dean, MD

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Co-hosts Ron Baker and Ed Kless talk with Dr. Wendy Dean, author of If I Betray These Words. Dr. Dean, a psychiatrist and co-founder of the nonprofit Moral Injury of Healthcare, explores the profound ethical dilemmas faced by professionals today. Through the lens of her groundbreaking book, Dr. Dean discusses the concept of moral injury—the psychological distress that occurs when individuals feel unable to act according to their ethical and moral values. She shares real-life stories from the frontlines of healthcare, highlighting the emotional toll on professionals who are often caught between the demands of a healthcare system and their commitment to patient care. Ron and Ed pursue with her the idea that moral injury applies to professionals in other fields as well.

ABOUT DR. WENDY DEAN

Wendy Dean, MD is the CEO and co-founder of The Moral Injury of Healthcare, a nonprofit focused on alleviating workforce distress through research, education, consultation, and training. She is the author of, If I Betray These Words: Moral Injury In Medicine and Why It’s So Hard For Clinicians to Put Patients First, and cohost of the Moral Matters and 43cc podcasts. Before co-founding the nonprofit, Dr. Dean practiced as a psychiatrist, worked for the Department of Defense in research innovation, and as an executive for a large international non-profit supporting military medical research. Dr. Dean graduated from Smith College and the University of Massachusetts Medical School. She did her residency training at Dartmouth Hitchcock Medical Center in Lebanon, NH.

 
 

SHOW NOTES

Segment one

  • Ron’s favorite TV show is House, M.D. and he describes Dr. Dean as the “House” of moral injury. Her book, “If I Betray These Words” is at this link https://www.amazon.com/If-Betray-These-Words-Clinicians/dp/1586423541 

  • With respect to medicine Dr. Dean says, “The real reason that we went into this profession was to take care of people at their most vulnerable, without self interest.”

  • “We people have been doing really intensive studies and important work in this field. We still have 40% of our clinicians who feel burned out because that's the language that we use. If that's the case, maybe we should reconsider what we're treating.” —Dr. Wendy Dean

  • So what is the definition of moral injury? Jonathan Shay was the first one who defined it in 1990s, and he said it was betrayal by a legitimate authority in a high stakes situation.

Segment two

  • Burnout is traditionally defined as sort of a demand resource mismatch. Moral injury is more of a qualitative challenge…a relational rupture based on betrayal (unintentional in most cases).

  • On the professional services side, here is a great example of moral injury: You know that you should be working to a certain standard and you're being asked to lower that standard because someone inappropriately bid on the job. 

  • “90% of leadership books are all about how do we deal with the five crucial conversations. It’s transactional. The reality is that the anxiety is more chronic.” —Ed Kless

  • “There's this great term that I just learned called care washing which focuses on the superficial level of our distress. What we are really asking for is that we actually start doing the hard work of changing the underlying system.” —Dr. Wendy Dean (paraphrased)

Segment three

  • Ed mentioned this article during segment three: “How American Health Care Killed My Father” https://www.theatlantic.com/magazine/archive/2009/09/how-american-health-care-killed-my-father/307617/ 

  • “We can renovate this house of health care but in order to do it in the most efficient way possible, we need to have the blueprint, which is why I wrote the book and it's why I wrote it in the way I did, which is not only to tell to lay out where we are but how we got here.” —Dr. Wendy Dean 

  • Wow! There are only a million physicians in the US. There are only 3 million nurses. There are 330 million patients.

  • “Physicians can't keep practicing like this and feel like they they are maintaining that oath and their integrity.” —Dr. Wendy Dean

Segment four

  • From Wendy today on healthcare reform: 1) We need to decouple it from our employers. 2) We need to move from having it be care for everything to catastrophic care. 3) Wellness and preventative care should be in a different bucket of money. 

  • This is a GREAT quote from Wendy today on the show by way of Jerry Moeller, “Everything that we measure doesn't matter.”

  • Ed read a great quote on the show today that came out of Disney parks, “It's okay to be off task, as long as you're on purpose.”

  • A big THANK YOU to Dr. Wendy Dean for joining us today. Please, please, PLEASE check out her amazing book “If I Betray These Words” on Amazon https://www.amazon.com/If-Betray-These-Words-Clinicians/dp/1586423541 

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #502: Geraldine's Guide to Greatness for CPAs

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ed and Ron for an enlightening interview with Geraldine Carter, a consultant to CPA firms and author of the transformative book "Down to 40 Hours: A Roadmap for CPAs to End Overworking Without Giving Up Revenue." Geraldine's mission is to help overworked CPAs reclaim their time and create the accounting firms and lives they've always dreamed of. Since 2016, Geraldine has been coaching CPAs, bringing a unique perspective from her experience as a client who has worked with numerous bookkeepers, accountants, and CPAs. She'll provide insights into her coaching approach and how her book offers a practical roadmap for CPAs to reduce overworking without sacrificing revenue. We'll also delve into Geraldine's adventurous spirit, shaped by guiding luxury travel adventures across all seven continents and 50+ countries, and how her experiences have enriched her coaching philosophy. Tune in to hear about her impressive athletic achievements, including marathons and an Ironman, and how she balances her professional life with living in the mountains of Idaho with her two young children.

ABOUT GERALDINE CARTER

Geraldine Carter helps overworked CPAs create the accounting firm and the life they have always wanted.

  • How did you get to coaching CPAs? I was coaching a variety of business owners when two CPAs reached out simultaneously to ask if I could help them with their businesses.

  • But you’re not a CPA, right? Nope. Tax gives me hives. I speak 3 languages; tax is not one of them.

  • Connect the dots then? Here’s the string you need: I have a degree in Civil & Environmental Engineering from Cornell University. I think in numbers and formulas. When I co-founded a company in 2008, I fell into managing the money and the operations because of my background. That’s how I came to appreciate accounting. I bring the perspective of the buyer (your client) to the table. I know what it’s like to be in your client’s shoes because I’ve paid half a dozen bookkeepers, accountants, and CPAs.

  • How long have you been coaching CPAs? Since 2016.

  • What was the company you co-founded? Climate Ride. It’s granted more than $13M to support conservation, climate, sustainability, and active transportation. It’s awesome – check it out.

  • What else has shaped your worldview? For ten years, I guided adventures for a luxury travel company. I have been to all seven continents and 50+ countries. I carry a French passport; it came in handy. My academic education was excellent, but nothing taught me more than spending time in faraway places.

SHOW NOTES

Segment one

  • Geraldine Carter is our guest today! She is all about helping you work less without losing revenue or hiring. I like her already!!! More here: https://geraldinecarter.com/ 

  • Geraldine Carter’s book is “Down to 40 Hours: A Roadmap for CPAs to End Overworking Without Giving Up Revenue” https://www.amazon.com/Down-40-Hours-Roadmap-Overworking/dp/B0CYY1PGT2 

  • Accountants are excellent at complexity and these puzzles that most of the rest of us cannot solve. [they think] if it's simple, it must be obvious and easy and somebody would have figured it out by now.

  • Hilarious from Geraldine Carter today: “83% of people think that they are better than average.”

  • With respect to pricing your services, “If we do a clean sweep of your client roster and adjust your pricing, you will feel a significant difference inside a month or two. .” —Geraldine Carter

Segment two

  • From Geraldine: The [accounting] profession has set itself up for what it's experiencing right now, by not learning the fundamentals of business, by ignoring value, by ignoring pricing tools, by ignoring positioning and niching

  • “It's wonderful that AI is coming in at a great time to relieve the shortage, but I think that fundamentally CPAs who are in business need to learn business fundamentals.” —Geraldine Carter

  • “We go into [public accounting] because we want to work with a variety of different businesses. That's great for your intellectual curiosity, but it sucks to build a business like that.” Ron Baker

  • So how should an accountant look at pricing? Here’s a great quip from Geraldine Carter, “So, accountants are already creating transformations, and the transformation is where the most value is. But the accountant is pricing the service instead of pricing the transformation.” 

Segment three

  • Geraldine has a great phrase in her book called horizontal niching. Simply put this is niching by topic, instead of niching by industry.

  • “What I see for accountants and CPAs is niching by psychographic just doesn't have near the juice from the squeeze as niching by vertical or niching by horizontal.” —Geraldine Carter

  • “Going through the exercise of creating a website forces you to get clear about who you serve, what value you create for them, how you serve them, what outcomes you deliver, and how you price.” —Geraldine Carter

  • “Most of us didn't go to business school and, even if we did, we wouldn't have gotten the education that we needed to be high quality business owners…skilled business owners.” —Geraldine Carter

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #501: Rick (Rubin) and Rory (Sutherland)

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: In this episode of The Soul of Enterprise, hosts Ron Baker and Ed Kless dive into the world of creativity and innovation with a focus on the work of two remarkable individuals: Rory Sutherland and Rick Rubin. Sutherland, a leading advertising executive known for his unconventional thinking, and Rubin, a legendary music producer celebrated for his minimalist approach, offer unique perspectives on the creative process. Join us as we explore how these two visionaries approach problem-solving, the importance of intuition in their respective fields, and the impact of their work on advertising and music. We'll discuss key insights from Sutherland's thought-provoking theories on behavioral economics and Rubin's philosophy of creating space for artists to express their true selves.

AI SHOW NOTES

These are AI notes so keep in mind that much of the context of the quotes/snippets is missing.

  • Introduction to Rick Rubin and Rory Sutherland:

    • The episode focuses on a conversation between Rick Rubin and Rory Sutherland, emphasizing the importance of creative solutions and the impact of their insights on business and creativity.

  • Creativity vs. Rationality:

    • Discussion on why creative people must present their ideas to rational finance people for approval, but not the other way around. This emphasizes the imbalance in decision-making processes in organizations.

  • Anecdotes vs. Averages:

    • Anecdotes are considered more impactful than averages because they provide relatable stories that people can connect with, as opposed to abstract numbers.

  • Concept of Veblen Goods:

    • Explanation of Veblen goods, where demand increases with the price due to their status signaling effect, and how this concept applies to luxury goods and pricing strategies.

  • Importance of Constraints in Creativity:

    • Creativity can be sparked by either abandoning assumptions or imposing additional constraints. The latter can often lead to innovative solutions.

  • Feedback Loop between Exploration and Exploitation:

    • Using the example of bees, the importance of balancing exploration (discovery of new opportunities) and exploitation (maximizing existing opportunities) in business strategies.

  • Humanity's Misconception of Understanding:

    • One of humanity's greatest problems is thinking we know how things work, highlighting the need for continuous questioning and exploration.

  • Rick Rubin's Insights on Creativity:

    • Rubin's book "The Creative Act" is filled with profound aphorisms, such as "The real work of the artist is a way of being in the world," emphasizing the deeper essence of creativity beyond just the output.

  • Irrationality in Decision-Making:

    • Example of how emotional and irrational factors often drive major decisions, such as purchasing a car, despite the complex and rational processes involved in creating it.

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #500: One Thing! Part Four

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed once again share entries from their "One Thing" journals, so this episode is a bit random, but contains nugget after nugget on curated wisdom for the reading and listening habits of the hosts.

SHOW NOTES

This show was pre-recorded so here are some AI notes. These are AI notes so keep in mind that much of the context of the quotes/snippets is missing.

Celebration of Milestone: Acknowledgment of the 500th show milestone and upcoming sponsorship by Woodard Consulting.

  • Concept of "One Thing" Journal:

    • Inspired by an author (AJ Jacobs) who kept a "one thing" journal, capturing significant insights and ideas, leading to regular discussions on the show.

  • Quote by Richard Feynman:

    • "Science is the belief in the ignorance of experts." Highlighting skepticism and continuous questioning in scientific inquiry.

  • Humor in Leadership:

    • Discussion on the importance of humor in leadership, citing "Levity negates gravity," emphasizing that humor can reduce tension and anxiety in leadership.

  • Technological Advancements and Market Dynamics:

    • Example of rapid change from horses to automobiles between 1910 and 1930, and speculation on similar rapid changes with AI and electric vehicles.

  • Quotes by Thomas Sowell:

    • "It takes considerable knowledge just to realize the extent of your own ignorance."

    • "Stupid people can cause problems, but it requires a genius to cause a catastrophe."

  • Diversity and Inclusion Discussion:

    • Critique of the inconsistency in celebrating diversity hires while getting offended when labeled as such. Importance of genuine merit and capability over mere representation.

  • Role of Profit in Social Responsibility:

    • Profit enables B Corps, stakeholder-driven organizations, and companies to meet or exceed their ESG goals, highlighting the fundamental role of profitability in sustaining good work.

  • Quotes by Ayn Rand and George Orwell:

    • Ayn Rand: "All wisdom is not new wisdom."

    • George Orwell: "You have to have a PhD to believe something so stupid," pointing out that higher education can sometimes lead to convoluted reasoning detached from common sense.

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #499: Pricing Puzzles and Pitfalls

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ed and Ron as they delve into the complexities of modern pricing strategies and their impacts on consumers and brands. We’ll explore the supposed frustration consumers face with the rise of add-on fees and personalized pricing. From airline baggage fees to layered subscription costs, hidden charges make it increasingly difficult for buyers to navigate the marketplace without feeling nickel and dimed. Also, is price-led profit growth coming to an end? Is inflation and recession fear signaling a shift away from growing margins from more sophisticated pricing? Finally, are luxury brands underpricing? Despite their premium positioning, some luxury brands might not be charging enough to reflect their true value and maintain their exclusivity. We’ll discuss the 4Es of pricing high-end brands, and how we can apply that framework to professional firms. Join us as we unravel these topics and discuss how consumers and businesses can navigate the complex world of modern pricing.

SHOW NOTES

Segment one

Segment two

Segment three

  • If you plan to go to the AICPA digital conference in Denver this year you can get a preferred price of $100 off If you type in the code DCPA100 upon checkout. Ed and Ron will BOTH be there. https://www.cpa.com/digital-cpa  

  • We have a preferred price for Ed’s upcoming event in Dallas with Hector Garcia. Use code FOE900 at this link: https://reframe.shoprocket.io/#!/2-day-event-in-dallas-tx-aug-5-6 @qbkaccounting

  • What’s really wrong with the Starbucks customer experience today? Joe Pine nails it with, “Mobile ordering places you and your in-house order in an invisible queue of indeterminate and sometimes seemingly interminable length.” https://hbr.org/2024/06/how-starbucks-devalued-its-own-brand @joepine

  • Regarding a coffee shop idea, “Throw in the coffee for free and it subsumes the the actual product into the experience.” —Ron Baker

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #498: Expanding Your Pricing Paradigm

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed return to their roots and will be talking all things pricing this week including trends in subscription pricing as well as rethinking some previously discussed topics.

SHOW NOTES

Segment one

  • Congratulations to @WoodardCompany for the new sponsorship agreement with The Soul of Enterprise! We are JUST getting started and looking forward to the work together. Check them out at https://www.woodard.com/

  • Ever since Ron wrote Time’s Up people have been asking him, “Can you use the subscription business model in a CPA firm that offers audit services?” From the AICPA, “are code doesn't address Billings. Certainly nothing that prohibits a periodic billing for both attest and non-attest services”

  • Our show today is mostly focused on an article in HBR by Rafi Mohammed called, “Expand Your Pricing Paradigm” https://hbr.org/2023/01/expand-your-pricing-paradigm 

  • From the article, 36% of new Allstate auto insurance customers now choose the Drivewise or Milewise pricing options https://hbr.org/2023/01/expand-your-pricing-paradigm 

Segment two

  • “KFC Has An All-You-Can-Eat Buffet In Canada & There's Only One In The Whole Country” https://www.narcity.com/all-you-can-eat-kfc-exists-in-a-small-canadian-town 

  • Ron today on the show: “Some resorts sell daytime access to pools and fitness facilities, even if you're not staying there. That's clever.”

  • When it comes to different pricing models, Tien Zhou’s point is important:  It costs nothing to test this

  • Today I learned: If you send a New York Times article to someone, they get to read it for free. And so do you!

Segment three

Segment four

  • In Denver? Interested in joining Ron and Ed at a conference? If you are attending the AICPA Digital CPA conference this year use the code DCPA100 for a $100 preferred discount! https://www.cpa.com/digital-cpa 

  • In the article, there is a section called “Use Pricing to Enhance Business Efficiency”. What we think he really means is “using pricing to change customer behavior” https://hbr.org/2023/01/expand-your-pricing-paradigm 

  • “Mammoth Holdings, which owns multiple car-washing businesses, reports that more than 60% of its revenue comes from customers who pay a monthly fee for unlimited washes” https://hbr.org/2023/01/expand-your-pricing-paradigm 

  • From Ron at the end of the show today, “How different is your pricing structure — I’m not talking about the price level — the pricing structure from your competition? This is another incredible source of competitive differentiation.”  

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #497: On Asimov's "I, Robot" - a conversation with Robert Wood

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: With the explosion of ChatGPT and other AI tools recently, Ron and Ed thought it made sense to investigate some of the forebears of AI technology. Certainly, Issac Asimov's I, Robot falls into that category and who better to have a conversation about it than our (TSOE's) goto consultant on sci-fi, Robert Wood. This promises to be a far reaching and insightful conversation that you do not want to miss.

SHOW NOTES

Segment one

  • I, Robot was first published in 1950. Robert first read it in high school (implying he’s read it more than that) https://en.wikipedia.org/wiki/I,_Robot_(film) 

  • Robert referenced this today: Robby the Robot is a fictional character and science fiction icon who first appeared in the 1956 film Forbidden Planet. https://en.wikipedia.org/wiki/Robby_the_Robot 

  • Susan Calvin was the robot psychologist in I, Robot - born in 1982 and died at 82 either in 2064 or 2065 https://en.wikipedia.org/wiki/Susan_Calvin 

  • Robert Wood: “So I think I think there's a lot of that fear of the unknown things. We don't understand things we're scared of being more powerful than we expect”

Segment two

  • 1/4 Maybe you’ve heard about the Three Laws of Robotics? Yeah, they come from I, Robot. Here they are…

  • 2/4 First rule: A robot may not injure a human being or, through inaction, allow a human being to come to harm.

  • 3/4 Second rule: A robot must obey orders given it by human beings except where such orders would conflict with the First Law.

  • 4/4 Third rule: A robot must protect its own existence as long as such protection does not conflict with the First or Second Law.

  • There's a book by Daniel Suarez called Kill Decision where he addresses drones and who makes the decision for them to actually pull the trigger https://en.wikipedia.org/wiki/Kill_Decision 

  • A positronic brain is a fictional technological device, originally conceived by Isaac Asimov and, somewhat recently, in place with Data on Star Trek: The Next Generation. https://en.wikipedia.org/wiki/Positronic_brain 

Segment three

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #496: MetaConsulting and More

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ron and Ed as they explore the concepts behind Ed's new venture, the MetaConsulting Academy. Ed developed the idea of a metaconsultant a few years age when he realized that he has spent the better part of his career consulting to people who do consulting. Furthermore, as they explored way back in show 40, We're All Consultants Now. Listen at http://thesoulofenterprise.com/40. They will also discuss a recent article on robots and dementia patients. As always, fascinating stuff.

SHOW NOTES

Segment one

  • So what is the MetaConsulting Academy? First, let’s step into the way back machine of The Soul of Enterprise. We did show show number 40 called “We’re all Consultants now” https://www.thesoulofenterprise.com/40 

  • Ed’s idea behind the MetaConsulting Academy is that of helping people who have a high degree of technical expertise in a particular area that never got any of the blocking and tackling of consulting.

  • The first event as a part of the MetaConsulting Academy is a joint event with our friend Hector Garcia. It’s in Dallas, TX on August 5th and 6th. More info here: https://www.metaconsultingacademy.com/ 

  • Ron’s question of the day: “Why isn't there a Peter Block course at Stanford…Wharton…and Harvard?”

  • The six questions that Peter Block talks about: How do you do it? How do you get other people to change? How do I measure it? How long will it take? How much does it cost? How have other people done this?

Segment two

  • “Those who have a 'why' to live, can bear with almost any 'how' “ —Viktor E. Frankl

  • Gail G, 5 star review: “There is such richness in this podcast. We are working on revising our marketing plan and messaging. The podcast had me realize that we need to conceptualize how we relate to ourselves and what we offer in our CaS practice. After all, we transform business.”

  • What can you expect from the first MetaConsulting Academy event? Some self work at your your table, group exercises where we will work together on some language shifts that need to take place, exercises on listening and asking effective questions. 

  • If you sign up for the MetaConsulting Academy in the next two days, you can get a preferred price with the code “FOE25” at this registration link: https://reframe.shoprocket.io/#!/2-day-event-in-dallas-tx-aug-5-6  

  • If you missed the deadline of June 30 for the preferred price at the inaugural MetaConsulting Academy event, you can still use FOE900 as of July 1 for a slightly less preferred price https://reframe.shoprocket.io/#!/2-day-event-in-dallas-tx-aug-5-6

  • Here is the article Ed wrote for the Journal of Accountancy called “Project Management for Accountants” https://www.journalofaccountancy.com/issues/2010/apr/20092306.html

Segment three

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #495: Billing by the nanosecond? Fifth interview with Tim Williams

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed welcome back for the fifth time, author, speaker, and positioning and strategy guru, Tim Williams. Tim has been doing a ton of thinking (as always) about a productized business model and capturing the value of AI for marketing agencies. His lessons are easily applied to all professional firms. In short, when Tim talks, people (including Ron and Ed) listen!

SHOW NOTES

Segment one

Segment two

  • Ed played the song, “Carolina-O” today live on the show. It is the next GREATEST country hit or it is completely generated by AI. Or both. You decide. https://www.udio.com/songs/6TfsNT72U1QZNphKZayZUy 

  • In the advertising agency world, AI is being used in the prospecting space and that is where it is having the most impact according to Tim Williams. For example, think how arduous filling out an RFP can be. 

  • AI might be great but it’s not going to come up with an ad featuring a gorilla playing the drums to “In The Air Tonight” on behalf of Cadbury. Wait??? You haven’t seen that ad yet? Thank me later: https://www.youtube.com/watch?v=NHtEyDrD4oA 

  • There's a really provocative quote from Sam Altman, co founder of open AI, from just a few months ago, in which he said, “95% of what marketers use agencies for today will easily, nearly instantly, at almost no cost, be handled by AI.”

Segment three

  • “Using the principles of behavioral economics can be way more powerful and a heck of a lot less expensive. So I think it ought to be a mainstream competency in in anybody that calls themselves a marketing problem solver.” —Tim Williams

  • “Creatives with a wacky idea have to get approval from the logical suits and the finance team. But it never works the other way around.” —Rory Sutherland

  • Rory Sutherland has also pointed out that you're going to make investments in your customers when you're not just looking to monetize every single thing that you do.

  • “Productization is a way of creating something that will have long term value in a broad based way.” —Tim Williams https://www.linkedin.com/pulse/transformative-benefits-productizing-your-business-model-tim-williams/ 

  • Are you familiar with the Scope Metric Unit (SMU) from Michael Farmer? More at this link: https://www.farmerandco.com/proprietary-metrics 

Segment four

  • Is trying to bury the billable hour getting old for Tim? Not at all. AI and productization are putting a new spin on it as it creates a new sense of urgency that we haven’t had before.

  • Many advertising agencies understand that they are never going to make their margins are never going to afford world class talent again unless they adopt a scalable business model. Those same firms understand that they cannot do that with a labor based approach. 

  • Ed asked Tim about the Landscaper story today. Here is the video Ed recorded YEARS ago telling the story (it’s quick…go ahead and watch it now): https://www.youtube.com/watch?v=W5wzlVplZ34 

  • What company has the highest revenue per employee ever reported? …Ready?… Craigslist.

  • A big THANK YOU to Tim Williams for joining us today. Tim publishes a GREAT email newsletter and you can hop on his list at the bottom of this page: https://www.ignitiongroup.com/propulsion-blog  

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #494: Progressives & Anti-progress — Interview with Kimberlee Josephson

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Ron and Ed welcome Dr. Kimberlee Josephson back to the show for a fourth time. This week they talk about Kimberlee's latest articles published on the AIER site, including:

SHOW NOTES

Segment one

Segment two

Segment three

  • “[ESG] is not going to go away because it's too embedded now in the system.” Dr. Josephson wrote an article at this link https://www.aier.org/article/how-did-we-get-here-the-coming-standardization-for-policy-implementation-of-esg/ 

  • Regarding a need for ESG or DEI: “At the end of the day, you need to have just a good organizational culture. You need good HR practices and people need to understand the purpose of the organization and their role within it.” —Dr. Josephson

  • Brian Kaplan from George Mason University has a great quote: “I can't help but think that you're trying to intimidate me into pretending to agree with you.” @bryan_caplan

  • Spend 15 seconds rating the podcast or 30 seconds writing a review that will be read on the air: RateThisPodcast.com/TSOE

Segment four

Bonus note

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #493: Reframing Accounting — Interview with the Brothers Garcia

For more information about Reframe 2024 go to REFRAME2024.com and use coupon code TSOE for a 25% preferred price through June 30.

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ron and Ed as they interview Hector and Carlos Garcia about their upcoming conference Reframe 2024: Influential Conversations for Accountants. This conference centers on the transformative power of language in reshaping professional identities, corporate cultures, and business models within the accounting sector. Key topics will include the strategic rebranding of firms and individuals through careful word choice, preparing for challenging conversations with various stakeholders, and enhancing service value via unique offerings and persuasive language. For more information go to REFRAME2024.com and use coupon code TSOE for a 25% preferred price through June 30.

SHOW NOTES (AI generated):

  • Reframing the Accounting Profession:

    • The central theme of the podcast, discussing how the accounting profession can be transformed and reframed to add more value and stay relevant.

  • The Reframe Conference:

    • Description of the Reframe Conference organized by Hector and Carlos Garcia, focusing on themes like creative business models for accountants and influential conversations.

  • Value Creation in Accounting:

    • Discussion about the framework for value creation in accounting, highlighting nine opportunities to create value during client interactions​​.

  • Importance of Effective Communication:

    • Emphasis on the need for accountants to improve their communication skills to better explain their value to clients and handle difficult conversations​​.

  • Curiosity in Client Interactions:

    • The role of curiosity in client conversations, asking better questions to understand client needs deeply and provide more tailored solutions​​.

  • Strategic Pricing and Value Pricing:

    • The significance of having a strategic pricing approach and implementing value pricing to reflect the value provided to clients​​.

  • Specialization and Niching in Accounting:

    • The benefits of specializing in a specific area or industry within accounting to become an expert and differentiate from competitors​​.

  • Handling Client Questions about Price and Time:

    • Strategies for responding to common client questions about pricing and duration of services to maintain control over the conversation and demonstrate value​​.

  • Transformative Impact of Language:

    • How changing the way accountants communicate can transform their relationships with clients and the perceived value of their services​​.

  • Overcoming Commoditization:

    • Addressing the challenge of commoditization in the accounting profession by adopting creative and innovative business models and practices​​

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #492: The 'Third Rail' of Pricing — More on Price Discrimination

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ron and Ed for an enlightening episode where we draw pivotal lessons from the extraordinary planning and execution of D-Day, as detailed in the National Review article, "D-Day at 80: How the Allies Won at Normandy and Changed History." Discover how meticulous preparation, clear communication, adaptive strategies, and resilient leadership led to one of history's most significant military successes. We'll translate these historical strategies into actionable project management tips for today's knowledge workers, helping you navigate complex projects and achieve your goals with precision and determination.

Use these show notes to follow along with the audio:

Segment one

  • One of our “golden oldies” shows is all about pricing. Episode number 196: Top Ten Pricing Lessons https://www.thesoulofenterprise.com/tsoe/topten

  • What is first-degree price discrimination? Also known as perfect price discrimination, first-degree price discrimination involves charging consumers the maximum price that they are willing to pay for a good or service. https://corporatefinanceinstitute.com/resources/management/price-discrimination/ 

  • Ed brought up this definition of price today. As George Mason University economist Alex Tabarrok succinctly puts it, “A price is a signal wrapped up in an incentive.” https://www.discoursemagazine.com/p/prices-are-not-the-problem 

  • From today’s show: Prices contain three primary functions: They transmit information. They create an incentive to allocate resources to the most valuable use. They distribute income. (The last one is often forgotten)

  • What is the technical definition of price discrimination? Price discrimination is different prices for different customers based on their willingness to pay. It doesn't have anything to do with costs.

Segment two

  • Have you heard about Reframe 2024 yet? Hector Garcia — long time friend of the show — is at it again helping accountants with better communications skills and influencing conversations with their customers. Use coupon code TSOE for a preferred price https://www.reframe2024.com/ 

  • The first full week in August will be a co-branded event with Reframe and MetaConsulting Academy. You haven’t hear of MetaConsulting Academy yet? Ed launched it TWO days ago! https://www.metaconsultingacademy.com/  

  • Why is Ron upset with Uber? “I think they fail — big time — with price transparency.”

  • Regarding first-degree price discrimination, one of the limiting factors is being too hyper with this. If people don't believe the price is fair they're going to seek out alternatives.

Segment three

  • Ron: “So let me tell you my Uber story…” He received a quote from Uber for $116 but there was an additional booking fee of $20 on the receipt. On the return trip, he reserved a time and the booking fee was $26!!! 

  • Regarding Ron’s Uber experience: “It’s all about feelings and fairness but that's price transparency. This is why we've been railing against the billable hour for 40 years because it's not transparent in terms of your price.“

  • Did you know that before John Wanamaker invented the price tag, most buying in the United States was done by haggling? More here: https://www.pbs.org/wgbh/theymadeamerica/whomade/wanamaker_hi.html 

  • As a construct, democracy is the worst way to make pricing decisions. The great thing about the pricing mechanism is you get to decide exactly if it's worth it to you or not. 

Segment four

  • A creative idea from Ron today: “Take your specific congressman in your district, and look at the ratio between what he votes for spending divided by what he votes to increase revenue for the government spending over revenue. Take that ratio and you multiply it by your total tax on your 1040.” Genius!

  • If you understand price discrimination that's how it was done by cosmetic companies. They have the same makeup sitting in Nordstrom and CVS, but they charge radically different prices for it, because those are different segments of the market.

  • Ron Baker on the show today: “When I shop for flights, it's not so much timing. I shop by plane…and they charge higher prices for the Dreamliner.”

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits. 

Episode #491: Project Management Insights from D-Day

NEW SHOW FEATURE: If you want to ask Ron or Ed a question and be featured on the show, please submit a voice recording from any device at https://thesoulofenterprise.com/questions

SHOW SUMMARY: Join Ron and Ed for an enlightening episode where we draw pivotal lessons from the extraordinary planning and execution of D-Day, as detailed in the National Review article, "D-Day at 80: How the Allies Won at Normandy and Changed History." Discover how meticulous preparation, clear communication, adaptive strategies, and resilient leadership led to one of history's most significant military successes. We'll translate these historical strategies into actionable project management tips for today's knowledge workers, helping you navigate complex projects and achieve your goals with precision and determination.

Use these show notes to follow along with the audio:

Segment one

Segment two

  • Join Ed and Ron at REFRAME 2024, “INFLUENTIAL CONVERSATIONS FOR ACCOUNTANTS” Use the code TSOE for 25% off the preferred price https://www.reframe2024.com/

  • For D-Day, Eisenhower knew it is the act of planning that is important, not the plan itself. His famous quote on this is, “Planning is essential. Plans are worthless.”

  • From “Rumsfeld’s Rules: Leadership lessons in business, politics, war in life”, he wrote ”The paradox of planning is no strategy will be executed as originally conceived.”

  • Also from Rumsfeld, “What you see is what you get. What you don’t see, gets you.”

  • What did Ed notice about the D-Day story from today’s show? The use of humor in the face of dark times. It can be such a strong leadership skill.

Segment three

  • Goals vs objectives of D-Day: Overarching goal was to establish the beachhead. It is a goal which is that to which we aspire but may or may not happen. Objectives are the more tangible items of number of troops, number of planes, and so on.

  • In project management terms, what is an assumption? Assumptions are facts which you presumed to be true.

  • “My notion of scope seep is stuff that we do on our own, because we think that's what the customer wants.” —Ed Kless

  • In project management terms, constraints are our barriers to completion. We know about them ahead of time. 

Segment four

Bonus Content is Available As Well

Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.

Click the “FANATIC” image to learn more about pricing and member benefits.