What I Learned from YouTube Cooking Videos

I’ve watched hundreds of these videos. These themes are common to almost all of them:

• The presenters have a vested interest in making simple tasks complicated; and

• It’s more about the (outsized) personalities of the presenters than about their cooking techniques.

I’ve seen similar traits in advisors. Portfolios are often unduly complicated, when a simpler one, with far fewer funds, would accomplish the same goals.

The focus of these advisors is often more about them (their expertise, backgrounds, values) etc., than the needs of their client.

Radical transparency

The president of a small, midwestern company contacted me recently. He had read something I wrote about a study in Iceland that found major benefits in reducing the work week from five days to four days.

He told me he implemented the recommendations in that study. His employees now work four 10-hour days. The results were stunning. Productivity has increased. By reorganizing schedules, he now has greater coverage, and employees are much happier.

He didn’t stop there. He started to engage in what he calls “radical transparency.” On a daily basis, he shares goals, sales, profit margins and other financial details with his entire staff. He also tells them how their compensation will be impacted if they reach their goals.

His entire staff is now invested in the success of his business. He receives suggestions he never expected from staff members for how to rapidly reach his goals.

These two initiatives have “transformed” the culture of his business.

A huge pay increase

In 2015, a small credit card processing company made a huge splash when it increased the minimum wage of everyone to $70,000. The founder, Dan Price, reduced his own salary from over $1 million to just $70,000.

This move garnered massive publicity, with some calling him a socialist bound to fail and others extolling his virtues.

The company defied the naysayers. Resumes flooded in. Employee retention rate is more than 90%.

When the pandemic impacted its revenues, employees took a voluntary pay cut to keep it afloat until it fully recovered. According to Price, “Ninety-eight per cent of the employees agreed to cut their wages. Ten wrote that they were willing to work for free, and several dozen offered a 50% reduction in their wages.”

All employees subsequently recovered all their lost wages.

The secret

Price did something the chefs on the YouTube channels couldn’t. He focused intensely on others.

The most successful advisors do the same. They know it’s not about them. They’re able to empathize with the needs of their employees, prospects and clients. They combine empathy with humility.

Their agenda isn’t to demonstrate how smart they are or to tell their story. Rather, it’s to listen intently and, when appropriate, show by their deeds they care deeply about others.

Dan trains executives and employees in the lessons based on the research on his latest book, Ask: How to Relate to Anyone. His online course, Ask: Increase Your Sales. Deepen Your Relationships, is currently available.

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