Practising The Art Of Small Business

Episode 17: Now that you're at capacity, what next?

July 23, 2021 Season 1 Episode 17
Practising The Art Of Small Business
Episode 17: Now that you're at capacity, what next?
Show Notes

When a business owner hits capacity, they can be plagued with challenges of overwork, overwhelm and over-due bills trying to do it all! In this episode, Julie Parker and Shannyn Merlo talk about how to manage the challenges of reaching growth points in your business.

Mindset
Julie raises a great point around mindset during times of capacity challenges and gave a fabulous reframe.

Your goals
When you're in a growth phase and looking to hire team members, the first question Shannyn and Julie suggest asking yourself is whether you want that growth.

Get a support team
Get your entourage to support you! At any stage or phase of business, reaching out to those who have travelled this path before you can help you to address the problems you're facing.

Julie also suggests reaching out to your accountant and Shannyn an HR professional to ensure employment compliance.

They also think that having a coach supporting you along the way would be pretty valuable... hint hint! :)

Recognising that onboarding takes time
How do you deal with the time needed to hire and onboard someone? Recognise that it will take time, and make sure to carve out time to commit to the process. Systematise the onboarding process.

Quick overwhelm 101 lesson
Julie and Shannyn had a quick chat about quick ways to get out of overwhelm:
- Write everything down
- Journaling - frustrations, fears, doubts, issues, problems and decisions need to be made
- Mindset - consider that we deserve all our problems, and in every situation, there are benefits and drawbacks.
- Clarify the issue and consider just one helpful action to take
- Diarise time to come back and solve the issue or spend more time to deal with the problem
- Brainstorm out 20 ways to creatively solve problems

Manage your cashflow
If you're looking to increase your team, so too will your costs increase. Ensure you spend time making sure your business can afford the expense and use the changes to look at efficiencies that can improve profitability.

Key Takeaways
- Mindset - how are you reacting or framing the experience and create time to reflect on the journey 
- Look for external support
- Seek mentors
- Look at your personal and business strengths and weaknesses and fill the gaps
- Look at pricing to manage cashflow
- Get compliant to ensure you're paying correctly
- Get out of overwhelm
- Look for efficiency in the business to improve profitability.

References
What got you here, won't get you there - Marshall Goldsmith https://www.amazon.com.au/What-Got-Here-Wont-There/dp/0739342231

Julie references Tony Robbins - "If you want to be successful, find someone who has achieved the results you want and copy what they do and you'll achieve the same results."

Shannyn references Richard Branson - "It's all about finding and hiring people smarter than you. Getting them to join your business. And giving them good work. Then getting out of their way. And trusting them. You have to get out of the way so YOU can focus on the bigger vision. That's important. And here's the main thing....you must make them see their work as a MISSION."

Check out this episode and more on our YouTube channel:

https://www.youtube.com/channel/UC55n-uB6z7PXIru8gr0UucQ/featured


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Contact either Shannyn or Julie anytime.

Shannyn Merlo

Inspired Outcomes Consulting
Email: shannyn@inspired-outcomes.com
Phone: 0468 375 200


Julie Parker
Julie Parker Practice Success
Email: julie@julieparkerpracticesuccess.com.au
Phone: 0407 657 729


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