Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
    • Books/Workbooks
    • LifePlanningJournal
    • 30 Day Fast Start Program
    • Become Your Own Boss Course
    • Become Your Own Boss Bundle
    • Fix Your Business Masterclass
    • Write A Business Plan Course
    • One-on-One VIP Coaching
  • Subscribe to Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
    • Write For Us
  • Contact
You are here: Home / Cash Flow & Finance / How to Successfully Scale Your Business

How to Successfully Scale Your Business

April 11, 2019 By Melinda Emerson Leave a Comment

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

scale your businessEvery week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Leslie Hassler. Leslie Hassler is a dynamic author, speaker, and business strategist guiding women-owned, service-based businesses into more profits, cash flow, and success using her unique Scaling Rich Method. Learn more at https://yourbizrules.com/

SmallBizLady: What is the #1 mistake small business owners are making with money in their business?

Leslie Hassler: Easy.  They reactively manage it.  It’s always a surprise or putting out fires.  There seems to be some unspoken belief that if you ‘work harder’ the money will follow.  There’s no magical money fairy waiting to bless your bank account. You have to be strategic in how you cultivate, manage and flow the money in your business.

SmallBizLady: Do I really need to be aware of the numbers coming through my business?

Leslie Hassler: Yes. Yes. Yes.  It’s the single largest indicator of what is going on in your business.  Not paying attention to the numbers in your business is like getting driving your car on the freeway, setting the cruise control to 80 and then blindfolding yourself. This is one of the best indicators of how well your business is performing and what areas need focus. It can even tell you what you need to stop doing.

SmallBizLady: How do I increase the cash flow in my business without overloading myself with work?

Leslie Hassler: First make sure that your business model will actually produce cash at a reasonable work level.  I know that sounds obvious, but often times business owners guess at things like pricing and just ‘hope’ that it works.  Good Business is Good Math—if the math doesn’t work, the business won’t work either.

SmallBizLady: What do most business owners not realize about growing their businesses?

Leslie Hassler: It’s part art, it’s part science – but it doesn’t have to be complicated.  You make things complicated by focusing on the ‘bigness’ of it and trying to hustle and grind your way to the top.  Gone are the days of being successful in a silo. Your quickest path to cash and growth will always involve people. Mastering that point of leverage is the key to getting growth reliably and sustainably.

SmallBizLady: What’s the difference between growing and scaling your business?

Leslie Hassler: Growth is where you should start; it is just where most businesses get trapped.  Growth is about getting stability, proof of concept, knowing that you can market and sell your services.  The trap of it is that for every dollar of revenue you earn while ‘growing’; you typically have a 75 cent investment to service that revenue, think of it as a 1 to .75 ratio.  Scaling is about being able to produce a disproportionately higher amount of revenue for the required investment or expense. For service businesses, we are looking for an increase in revenue that can pass through to the bottom line.

SmallBizLady: How do business owners identify what the next step in their business is?

Leslie Hassler: Get clear on your 5 W’s – WHERE do you want to grow to, by WHEN, and WHAT means, so that you can do WHAT, and WHY does that matter? Clarity is power, but it requires discernment, focus, and discipline.

SmallBizLady: What would most business owners be surprised to know in regards to scaling their business?

Leslie Hassler: That scaling is about the power of tiny gains, the power of 1.  It means doing less to a greater impact. That’s why your numbers matter—you will be amazed at what your business is telling you.  It’s amazingly freeing when you realize that the secret to exponential growth is about doing less, not more.

SmallBizLady: What would business owners be surprised to know about getting out of a financial crunch?

Leslie Hassler: Every business goes through the belly of the beast.  A financial crunch demands that you first go through triage then rehab and then training.  Most small business owners operate their business on 2-4 weeks of cash. It’s like living paycheck to paycheck in your personal life.  There are no resources to weather the storms or choppy waters that cyclically hit every business. If a business at least has money coming into the door, triage can last up to 3 months, but once we get through that, we can turn the corner.  My clients learn the value of building financial resources and implementing tools that give us a heads ups when their businesses are heading into dangerous waters.

SmallBizLady: Is there a way for business owners to find more cash in their business?

Leslie Hassler: Almost always, even when I think that I’m not going to find cash in a business, I find it.  Crazily, we find more cash in a business when things are going well, and they are very busy. When we do a business audit, that is one thing that we are looking for—where is the cash hiding, where has the cash been left on the table, where is the opportunity being lost to leverage cash to its full power.

SmallBizLady: What is the most powerful practice business owners should start using today to scale their business?

Leslie Hassler: Get the cash right!  Look, one of the universal truths is that growth and scaling need cash in order to flourish.  The kicker is that you can put yourself into a negative cash position fast when you are scaling because you always invest before success.  The key is to be financially stable first so that you can invest and allow that growth to mature.

SmallBizLady: Is there anything else you want business owners to know?

Leslie Hassler: Don’t judge the numbers.  We find that most business owners always judge the numbers as being ‘not enough.’ We don’t judge the zeros, that’s not my job.  It’s my job to understand what the numbers are saying and help guide my clients to understand how to bring them into alignment with what their goals are for their business.

SmallBizLady: How can business owners get ahold of you so they can get help finding cash in their business (so they can finally scale!)?

Leslie Hassler: If you are ready to find that cash, I’d love to help you with a business audit. The easiest first step is to chat with one of my team members to make sure it is a good fit for you and your business.  You can easily schedule some time for that at www.yourbizrules.com/chat

If you enjoyed this interview, please join us live on Twitter every Wednesday from 8-9 pm ET. Just follow the hashtag #Smallbizchat, and don’t forget to follow @SmallBizChat on Twitter.

Click here for directions to join the weekly conversation. 

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Filed Under: Cash Flow & Finance, Grow Your Business, SmallBizChat Tagged With: cash flow, cash flow in my business, growing and scaling your business, growth, scale, scale your business, scaling, scaling your business, small business owners

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Let me send my best blog posts to your inbox each week.

Click Here to Sign Up!

Get 2 FREE Chapters of SmallBizLady’s Book,
"Become Your Own Boss"!

Become Your Own Boss Download Two FREE Chapters

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

“12 Principles of Highly Profitable Businesses with Melinda Emerson” from Sonia Dumas
October 2020

#SmallBizChat LIVE from NYC
May 2017

MSNBC Interview
Top Tip: Never Let a Customer Down

National Speakers Association
Winter Conference 2016

Tune in to Exhale, Wednesdays at 9 pm EST, only on ASPiRE. Join the conversation at #EXHALETV

Fox Business
Five Steps to Becoming a ‘Social Media Ninja

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Google
Best Practice for Social Media

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

SmallBizChat

  • Twitter

Latest #SmallBizChat

Getting Your Back Office Tight with Dee Taylor-Jolley 1200 x 1200

The SmallBizChat Podcast: Getting Your Back Office Tight with Dee Taylor-Jolley

  Dee Taylor-Jolley is the “Back Office Boss” and has been operating a successful business for over 30 years. Dee has worked as a high school teacher, corporate trainer, and congressional aide. She holds a BA in Political Science from Howard University and a Masters Degree in Curriculum Design from The Catholic University of America. […]

Recent Comments

  • Bada Business ibc on 5 Tips for Getting More Online Reviews for Your Small Business
  • Justin Marble on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • sathya on 15 Mistakes Not To Make In Your Digital Marketing Approach
  • Agency Platform Ebrandz on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • Sejal on 15 Mistakes Not To Make In Your Digital Marketing Approach

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

  • Products
  • Free Chapter

Get In Touch

  • Write For Us
  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2019
Quintessence Group
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in