Conquering the Two Biggest Barriers to Business Growth
IN A HURRY? HERE’S THE BOTTOM LINE
Many business owners struggle with investing the time and money that is necessary for growth. Barriers include finances, taxes, and having the time to train new team members. However, overcoming these blocks is critical for taking your business to the next level.
GOT A MINUTE? HERE ARE THE DETAILS TO CONSIDER
At some point, we all face roadblocks in our businesses. It could be a matter of mindset, or perhaps it’s time to hire a business coach. In my experience, there are two main sticking points that prevent entrepreneurs from growing and scaling: Time and money.
Why Time and Money are Roadblocks
Does the thought of purchasing and implementing new software or hiring help in your business incite the same dread as getting a tooth pulled at the dentist? You’re not alone.
Many business owners struggle with the idea of investing the time and money necessary for growth. I’ve experienced these challenges myself and worked with countless clients facing the same issues. Have you found yourself saying one of the following phrases?
“I Can’t Afford to Hire Help or Buy Software.”
Let’s talk about the finances.
I recently worked with a client using my Make Space for More framework. She had a virtual team but was struggling to manage tasks and projects efficiently. We introduced a project management system that centralized all tasks, goals, and deliverables with minimal cost. It was an absolute game-changer!
Investing in this software saved her both time and money by reducing the need for frequent meetings and missed deadlines. Her team could clearly see what needed to be done, by whom, and by when, which streamlined their workflow significantly. Read more about how to manage your virtual team using a project management tool in this article.
Now, what about having enough money to hire a team? I went through this in the beginning years of my business. At that time, I was very client-facing and new to having team members. I had consistent clients and could pay my bills, but I couldn’t afford to invest in a team. Using the "Profit First" system by Mike Michalowicz helped me manage my finances effectively, ensuring I knew what was coming in and going out each month, and allowed me to start bringing on virtual assistants.
Initially, I put myself on a salary freeze to cover my bills and directed 100% of the profits from new business into paying my team members. I started small, told my team we would grow over time, and as I brought in new clients, I invested the profits into my team rather than personal expenses. Over time, I was able to incorporate my team into my budget and lift the salary freeze.
“I Don’t Have Time or Patience to Train People”
The next common hesitation is finding the time to train new hires. Initially, I spent countless hours creating a manual for my business processes, which was extremely tedious! However, during a business retreat, a coach advised me to document the process while training new hires. This way, my team members took on the responsibility of creating the manuals, saving me enormous amounts of time.
We used tools like Loom to record screen-sharing tutorials, allowing new team members to follow along easily. This method not only ensures important tasks are documented but also allows you to get actual work done while training.
Another way to cut back on the labor-intensive training processes is to prioritize hiring experienced candidates who have the necessary skillsets that you need. It's much easier to delegate tasks to experienced individuals who need only minimal guidance on how you specifically want things done.
“If I Make More Money, I’ll Have to Pay More Taxes”
Lastly, let's talk about the fear of paying more taxes, which holds a lot of people back from really taking their businesses to the next level. I hate to break it to you, but if you want to make more money and experience the financial freedom that goes along with self-employment, you are going to have to pay more taxes!
For many years, I knew exactly how much profit my business was producing and what that meant for my taxes. I hovered around that level, knowing the "line of safety" in my head - if I made X, I only had to pay Y in taxes. This mindset held me back from reaching my income and sales goals.
The key to overcoming this block was implementing the "Profit First" system, which helped me manage my finances and budget effectively. I knew what was coming in, what needed to go out, how much I could pay myself, and what to set aside for taxes.
By having a clear plan and consistently setting aside a percentage of income for taxes, I was able to eliminate the fear of paying more taxes and find funds to invest back into my business. Having this structure allowed me to see how everything could flow together, releasing me from that restrictive mindset.
Time to Make a Change!
While time and money are substantial barriers to investing in your business, they don’t have to be. Smart strategies and effective systems can help you manage these hurdles, allowing you to grow and scale your business successfully.
By the way, if you need help scaling your business without pouring more of your own time into it, I invite you to schedule a complimentary, no-obligation consultation! If you’re a current client of Melissa Swink & Co., please feel free to reach out to me via email if you’d like to review the tasks and projects you’re sending our way and discover additional ways we can support you as you grow your business.