Selling More Solves Most
Download MP3Hello and welcome to the Service Based Business Society podcast. I am your host, Tiffany Ann Botcher. On our weekly episodes, we will dig into everything you need to know about scaling your service based business without losing sleep. With my experience in creating over 7 figures per month and a passion for marketing, finance, and automation, this show will provide tangible tips and techniques for scaling your business. Let's get started.
Tiffany-Ann Bottcher:Welcome back to another episode. Today, we're talking about a important piece of business, especially in today's economy and business environment. So often as business owners, things start to feel a little messy and we pull back. We say, hey. I you know, I I I tried.
Tiffany-Ann Bottcher:It didn't work, and I went backwards. We see it a lot with hiring. The comments of, I hired a team. They didn't show up. It was super rough.
Tiffany-Ann Bottcher:They disappointed clients, so I let them all go, and now I do all the job myself. Super common. You know, I grew. I took on this new space, but that, you know, thing we were working on, that project, it didn't really work out, but then we have all this extra space. Or I invested in all of this inventory thinking that I was gonna sell it over the Christmas season, and I didn't.
Tiffany-Ann Bottcher:All three are examples of when we start to grow, we start to push, it doesn't work, we run up against some kind of resistance, and then we come back. We say, hey, it didn't work. I need to go back. I need to go back to my comfort zone. While there's a mindset portion of this, of the comfort zone and pushing against it and being willing to be uncomfortable, there's also a dollar and cents part of it.
Tiffany-Ann Bottcher:And and so often, those that focus on coaching the mindset really focus on ignoring the dollars and cents portion of it. They will say things like, you know, make the right decisions and everything will just work out. You know, to me, this is the same kind of advice that comes back to, you know and I I was having a conversation this weekend. As you know, from a couple of episodes ago, I'm working on optimizing my life and business so I can get back to exercising, working out, and finding time. And as I was standing there chatting with someone who is in the fitness industry, they were talking about how, you know, their coach and mentor basically had been in the fitness industry for a very very long time.
Tiffany-Ann Bottcher:They had been doing, professional bodybuilding for, I mean, their entire adult life and how now with the addition of kids, wife, and whatnot, he was really struggling. He was like, I can't do it at that level anymore because I I don't have all of the hours in the gym. I I need to take my kids to soccer practice. I don't have all of these types of days. And so there's this this piece, and this is the kind of person that would have before at one time said, you make time for what is important to you.
Tiffany-Ann Bottcher:I tie it together because we've all felt at one time or another when someone gives you a piece of advice and you feel like they don't get it. You know, maybe it's someone and you're you're talking about your kids, and you're like, oh, I'm running up against this thing and they keep having this, you know, we're you know, it's this thing and blah blah blah. And you're going through the situation and they're like, oh, well, you just do x y z. It's totally fine. Super easy.
Tiffany-Ann Bottcher:It's the business coaches that say, you know, if you just make the right decisions, the money will follow. You have to manifest the money. It will be great. Think big money thoughts. It's the same people that say, you know, you can make time for anything.
Tiffany-Ann Bottcher:It's you make time for what's important to you. If you wanna spend 2 hours in the gym, make that time. If it's important to you, you will make that time. It doesn't work that way. Whether you are rich, poor, business owner, employee, you stay, your stay at home mom, every single person has the same 24 hours in a day.
Tiffany-Ann Bottcher:Every single person has a limiting factor of resources in time, money, energy. There's no way around those things. Sure. We can make make great decisions and make more money, but no matter what, money is not endless. I mean, I guess there are a few people in the world where money truly is endless, but I don't think those people are listening to this podcast.
Tiffany-Ann Bottcher:I'll be honest. They're doing other things because they would not resonate with what we're talking about here. And so we all know, you know, marketing, messaging is all about, does it does your message land? So I'm gonna I'm gonna go out on a limb here and say that if you're listening to this podcast right now, that while you might be in a great financial spot, money is still an object. It's not completely endless.
Tiffany-Ann Bottcher:Because no matter how much money you have, there's still a piece to it that it it it has an end. I remember when I first started, you know, I've I've spoken before about how I was really a part of the competitive horse community for a huge part of my life until I was in a car accident. And so one of my first jobs was teaching riding lessons, and I used to make $25 an hour. Now back in the day, $25 an hour straight, you know, at late teens, that was pretty decent money. Now sure it wasn't, you know, many many many hours but I would work for, you know, 6, 7 hours on a Saturday and a couple of, you know, weekdays.
Tiffany-Ann Bottcher:I I mean, I was making pretty good money. But I remember that I used to teach this one lesson. It was one of the first students that I had in a private one on one setting And her mom would pay me cash, $25, and I would take that $25 and I would drive straight to the gas station. I had a Chevy cavalier, and I would fill up that gas tank for $25. And, you know, I I remember this this kind of comes back to the, you know, we walked up uphill both ways to school in a snowstorm kind of conversations that we hear from people older than us.
Tiffany-Ann Bottcher:But but when we actually look at it, you know, that hour paid for the gas for my entire week. $25, filled up the gas tank. I had that was at that time of my life, I had $25 problems. My cell phone bill was cheap, my gas tank was cheap, you know? It was cheap.
Tiffany-Ann Bottcher:Life was cheap. But at that moment, you know, perhaps if we had a big snowstorm and I couldn't teach because of that those days, you know, I I taught outside. You know, it's I had $25 problems. If I didn't teach, I didn't have the $25, then I had to come up with the gas from somewhere else. As we go through life, the $25 problem becomes the $50 problem, becomes the $100 problem, becomes the $250 problem.
Tiffany-Ann Bottcher:You go through life and depending on your face, it your money situation just changes. Money is still a quantifiable object. And to be honest, money is one of the easiest measures of success. Now you might say money isn't everything and it's not, But money sure can solve a lot of problems because, you know, if you think about it, hey, I'm super busy. My house is a mess.
Tiffany-Ann Bottcher:Oh my goodness. I'm feeling frantic. Okay. Well, if you have money, you can afford to hire someone to clean your house. Oh my goodness.
Tiffany-Ann Bottcher:I just can't get to, you know, oh, oh, I need to be able to meet with these people. Okay. Well, you can you can travel because you you can afford it. So all of these types of things, money is still a measure. So how does this all tie in?
Tiffany-Ann Bottcher:How are we talking about, you know, the fitness people who say you you can make time for things and money and and how does this all tie together? Well, it all ties together because at the end of the day, we have to look at the resources we have and the limitations of those resources and know that these kind of decisions when someone giving you feedback is out of touch, and that's really what it is, is out of touch with your particular situation. It just doesn't feel like they understand. And so today, we're not gonna talk about those kinds of pieces of just believe. Now I do believe that mindset is a critical piece, and I do believe that there is an element of making decisions from a place of where you wanna go, not a place of where you are.
Tiffany-Ann Bottcher:I do believe in all of these pieces. So I I ride a delicate balance of understanding the mindset, but also understanding the dollars and cents, the quantity of time. I am a realist. And one of the biggest struggles I had early on in my management career was someone would share to me their vision. They would say, oh, I wanna do and they would go on in this elaborate, what I would call pie in the sky concept.
Tiffany-Ann Bottcher:And then I would come in and I would say, well, but and I would list off all the reasons why that was a challenge. Or I would come in and I would say, but what about this? And what about that? And we can't do that. And we can't track that.
Tiffany-Ann Bottcher:And we can't calculate that. And we don't have a system for that. And I remember someone saying to me, but we can get them. But we can do them. Think bigger.
Tiffany-Ann Bottcher:I have always been rooted in what is the actuals. It was what makes my particular skill set very complimentary to a very visionary person, because I am less visionary and more realist. However, the true realist really struggles is to think big because we see the problems, because we see and by problems, I mean, we see the shortfalls in resources. We see the shortfalls in, you know, availability of those resources. And, ultimately, it comes down to being able to kind of merge the 2 together.
Tiffany-Ann Bottcher:And I think that there is a wisdom, we'll call it that, age, wisdom, whatever we're gonna call it. That comes with knowing where you are in that kind of spectrum. Because those who just see the big picture, the visionary, and don't worry themselves at all about how to actually execute that, well often they need someone that complements their skill sets to help them with that piece. And those who are maybe a little more like myself, who see the challenges in numbers, who see the shortfalls in reserves and focus on those items, they often need to really think about when is that the way we wanna think, but when do we wanna think about the other? So today we're talking about being able to outsell your problems.
Tiffany-Ann Bottcher:And so we're gonna tie this all together. These discussions of resources and mindset, but we're really gonna root it in the dollars and cents of things. So we talk a little bit about people running into restriction, running into a struggle with progress. Momentum. We see the issue with people having momentum.
Tiffany-Ann Bottcher:And when it comes to being able to push through that, there comes the mindset piece, there comes all of the bigger concepts. However, we often say, I can't afford to do that solution. Someone says to you, oh, it's really easy. And you say, oh, my my office is too you know, I'm feeling like I don't have enough space. I need to buy more equipment.
Tiffany-Ann Bottcher:I need to do this. Okay. Well, just go just go lease another warehouse. Okay. Well, what does that cost?
Tiffany-Ann Bottcher:What does the there's all of these other pieces that go to it. When we look at outselling the problem, we really lean into the fact that once we have committed to a certain amount of overhead, we have committed to a certain amount of compensation, we have committed to a certain style, it's very hard to go back. So if you think about the decision to a lot of entrepreneurs at one time or another have made the decision to leave employment for someone else. Now there are a lot of some entrepreneurs who started they were they were entrepreneurs from day 1, but many people started with, much like myself, you go to school, you get a job, you follow this process. Then you decide, hey, actually I've decided I would like to start my own business.
Tiffany-Ann Bottcher:That process means that at one point you took a step away from certainty, certainty in your compensation, and decided to start your own business. A lot of uncertainty. And so it's not so much that if you show up, you get paid. Ultimately, sure there's a performance component to having a job, but there's no immediate consequence. If you show up and you keep showing up and you do what they ask you to do mostly, chances are you're gonna keep your job.
Tiffany-Ann Bottcher:You're gonna keep getting paid. Your paycheck will show up in the bank. As a business owner, that doesn't happen. So you walked away from that certainty. You had a lifestyle built on a certain amount of money.
Tiffany-Ann Bottcher:And so now when you started your business, you basically need to make a certain amount of money or it doesn't work. Then the dollars and cents don't math. It's a funny expression, but the numbers have to work. When we talk about outselling the problem, the first piece that we're gonna talk about is the fact that you can't cost cut your way to a profitable business. It doesn't work.
Tiffany-Ann Bottcher:There's ways to optimize and add profit, and one of the best ways to add profit to an already working business is to review your overhead. It's the reason why when you go into a newer business, often they have a little more you know, they're they're spending a little more, you know, liberally. And then as they get bigger, especially if they start to franchise, they get bigger, they go more corporate, and suddenly, the toilet paper in the bathroom is single ply. Why? Because they buy enough toilet paper over the year that the difference between single ply and triple ply makes a difference because there's enough of it to make a difference.
Tiffany-Ann Bottcher:You get 24 rolls in in a quarter, single ply, triple ply, you know, whatever. But as you get bigger, you start to see these pieces. So the way that you can make businesses more profitable is to cost cut. It only works if the business is already successful. You cannot take a business that is failing and cost cut your way to success.
Tiffany-Ann Bottcher:It doesn't work. Because typically, you'll have to cut what you actually need to do the job. So, yes, if you're trying to add more profit, reviewing, cost cutting, and and making savings where possible, it works. Number one thing I say to people when they're trying to add more profit is review your subscriptions. I know this seems super simple but how many subscriptions, how many things do you pay for that you don't use?
Tiffany-Ann Bottcher:And annual subscriptions are the biggest offenders because what happens is you sign up for something you sign up for the annual and in 12 months your business evolves and changes carries on and you forget to you know, it fades out over time. 12 months later, you forget the subscription even exists, and then it renews. Now if you're super on top of those type of things, you see that renewal, you contact the company, and you say, actually, I'd like to cancel and they refund you. From a business perspective, sure, you get the money back in about 5 days on your credit card and all is not lost. However, a lot of people are not on top of these type of things.
Tiffany-Ann Bottcher:And so all of those emails are in amongst other emails in their inbox somewhere. They're not doing their books on time all the time, Or they have a bookkeeper doing the books. Great. They're on top of things. But how does the bookkeeper know that you don't use that subscription anymore?
Tiffany-Ann Bottcher:If you are doing some kind of advisory service, and we do offer this with our clients, we can go through subscriptions and we can say, okay, well, what do we use this for? Are we still using it? What do we use this for? So often people use a bunch of systems, a bunch of applications that have crossover. So they'll have this one that, you know, they pay this for and they use the first three features, But they don't use maybe the social scheduling feature because they already had a social scheduling app that they were using when they signed up for that one.
Tiffany-Ann Bottcher:So now we've got although we could actually take these 2 apps and make it 1, we just never really got around to it. I am guilty of this for automation tools. So we started with Zapier way back in the day. Most people, most business owners who are tech savvy have some kind of automation account. So we start with Zapier.
Tiffany-Ann Bottcher:Then we get to Pabbly. Well, Pabbly is a great deal. Pabbly is a much less expensive per automation than Zapier. But then we'd have to move the automations from Zapier to Pabbly. We'll get to that.
Tiffany-Ann Bottcher:So now we have Zapier and we have Pabbly because Pabbly's a great deal. Then there's just a few automations that are not possible in Pabbly. So then we add make, used to be Integromat. Before you know it, you have a subscription to all 3, you have some automations in all 3, and there's a decision that would have to be made and some effort that would require to condense. So we paid for them, and we just keep paying for them, and we think we'll get to that, it's on a list, and it doesn't happen.
Tiffany-Ann Bottcher:It happens with all sorts of apps, all sorts of softwares. People have a website in one platform and then they'll start an online course and that'll be in another platform and then they're over here with this platform. And so that is one of the easiest ways to make a business more profitable. It's just to cut. Just to condense and cut.
Tiffany-Ann Bottcher:And oftentimes, as a quick profitability tip, the easiest way to do that is to actually go on to something like Upwork and post your project and say, I would like you to condense all 3 of these. If we go back to our example, Zapier, Pabbly, and Make, I need this to be 1. I have this many automations in this one, this many automations in this one, this many automations in this one. I think it has to be this platform because of this restriction, but let me know. Tell me what it costs.
Tiffany-Ann Bottcher:And you can say, oh, sure. I had to pay someone to combine those things, but I paid for that in 2 months. The rest was canceled and done. Those that is a way that you can add and you can you can evaluate return on investment of paying someone very quickly, and you can make more money. But today, we're talking more about outselling the problem from a perspective of you can't cut your way to being profitable.
Tiffany-Ann Bottcher:So if you have invested in some kind of space, office space, co working space, warehouse space, retail space, any of these things, That is one of the biggest investments that you can make in your business because it also has a certain life expectancy. So you know if you sign on to a lease you now have to decide that you are can afford that lease now and you can afford that lease next month, and then every month for the lease duration thereafter. You think, of course, I can take it on. No problem. Bear with me.
Tiffany-Ann Bottcher:Leases go on for a long time. You have to be really committed to making that work. People hire, they say, oh, I I wanna hire. I wanna hire 2 or 3 more people. They're gonna need offices to work in.
Tiffany-Ann Bottcher:We're gonna move offices. We're gonna do this. And then you decide, you know what? I actually wanna go in a different direction. Perhaps perhaps it has nothing to do with downsizing your business and everything to do with the fact that you can use technology instead of people, and now you just don't need those people.
Tiffany-Ann Bottcher:COVID really showed how many people did not need giant offices. Huge companies said, I don't need all this space. And they they went back. They downsized. But the the concern as a smaller business is that you now have an overhead amount that you need to cover.
Tiffany-Ann Bottcher:Sometimes you can't go back. Vehicles is another one. People take on these vehicles. Something that my mom said to me a long time ago, years years ago, stuck with me. She said, you will still be paying and I wanted this I don't even remember what kind of car it was that I wanted, but I wanted this car and she said, you will still be paying for that car long after you're done having fun with it.
Tiffany-Ann Bottcher:And I I often think about that when I'm extending any kind of financing. If you've heard previous episodes, you know that I advocate for using business financing. Keeping your cash available, your working capital, using financing. But it needs to be done in a way that still makes sense. If you have something, say a computer, and you know that the average life expectancy of some brands of computers is 2 years ish.
Tiffany-Ann Bottcher:You don't wanna finance that over 5 years because you're still gonna be paying for that computer but you have to buy a new computer. Those are the types of things. So we can't go back. If we've taken on a vehicle, we've taken on an office, we've financed a bunch of things, we've taken on a big loan. We have to continue to outsell the problem.
Tiffany-Ann Bottcher:We have to go forward. We can't go back. And so then we have to look at different things. Now there are other ways than just growing slowly and organically. It's one of the reasons why acquisition is such a powerful tool in business because you can add additional revenue.
Tiffany-Ann Bottcher:You can add additional capacity to your business. You can just become bigger. So a lot of times, businesses get to a size where now they need to invest in you know, you've added team members maybe, but you need someone to manage. You need another person with similar skill set to your own, and you need to be able to afford that person and you think, you know, oh, I just I can't. Well, we have to look at ways that we can make that happen.
Tiffany-Ann Bottcher:Maybe we need to acquire another business that has someone that manages that isn't the owner. And maybe now you have your revenue plus their revenue, and then you have this manager, and and now both businesses become slightly more profitable because now they're sharing the cost of the manager. Ultimately, your business can afford to continue to grow. So when it comes to moving forward, we can't cut to success. We can cut to better profits.
Tiffany-Ann Bottcher:We can cut to more optimization. We can do all of those things, but very, very rarely can we ever just cut to the point of making a business successful. Because usually, you know, business owners, entrepreneurs, very resourceful people. Usually, if it was easy to just get rid of something, they would have already done it. You know?
Tiffany-Ann Bottcher:It's like, oh, can't really afford that. Get rid of it. It doesn't it doesn't always work that way. The next piece, profit margins. Knowing your profit margins makes it a little easier to make those decisions, to make a decision of whether you are being successful, whether you're not being successful.
Tiffany-Ann Bottcher:I looked through a business and this piece of advice really focuses on owner operated businesses. If you are operating your business now keep in mind, like, being a business owner is oftentimes a lot of work. You work a lot of hours. And so some of those hours, we just kind of roll into being a business owner. But if you are part of your business, you are selling your time.
Tiffany-Ann Bottcher:So if you are a photographer and you are taking the photos, if you have a cleaning company and you are cleaning the homes, if you are an electrician electrical company, but you are still working in the field as an electrician. All are examples. Often what happens is people don't compensate themselves for that time. They say, oh, my business pays me about, you know, $5,000 a month. When you actually break down the numbers, when you actually look at everything, you get all the books done and you say, okay, how much money did we make?
Tiffany-Ann Bottcher:And you work that back, are you actually making anything an hour? Your business, the value of your business. So whether you wanna work your business forever, whether you wanna pass it off to like, whatever your exit plan is, when we talk about building value in a business, no one wants to buy your business if they have to work a 100 hours a week for $3 an hour. No one wants to do that. It's usually a gradual thing.
Tiffany-Ann Bottcher:We work harder, the business grows, but we don't increase our salary, we invest it back. It's a strategy, but it can't go on forever. You must know what your time is actually worth. Is your business worth doing? Are you making any money?
Tiffany-Ann Bottcher:We must decide how that works because you only have so many hours in a day. So if you're managing your business, so you're working on business, then you're actually still in the field in doing whatever the service is. Now you're working in the business. You you have to decide, what is that all worth? Right?
Tiffany-Ann Bottcher:There's a there's a cost of doing these things, and you have to know, are you profitable with that? And how can you grow it in a way that is more profitable? We're talking about outselling the the struggle, outselling the problem. It means that you need to be able to at least know what the problem is. And so owner operated business is super common.
Tiffany-Ann Bottcher:People have no idea how much they are actually making. And this is even worse in the case of an LLC in the US or a sole proprietor in the in Canada because oftentimes people don't take any kind of set compensation. They just take from the bank. I needed a $100 for this. I needed 20 you know, I needed $2,000 for that.
Tiffany-Ann Bottcher:I paid the visa. I ran the trip through there. All these types of things. And so it's like this slow death by a 1,000 cuts. You have no actual tangible amount of how much you got paid.
Tiffany-Ann Bottcher:And it isn't until the books are caught up that you say, oh, that's how much I pulled out of my business. That's what it paid me. There's nothing worse than someone who has not taken any compensation. Maybe they've taken a little bit here and there in the form of some personal charges on the business account, but we're talking negligible. They get to the end of the year and they say, oh, my business made $20,000.
Tiffany-Ann Bottcher:Great. That is amazing. Look at that. We made $20,000 last year. And you say, okay.
Tiffany-Ann Bottcher:How much did you pay yourself? Oh, well, I didn't I didn't I'm really it's like, okay. Well, maybe you took maybe you took $10,000 through the year in kind of random charges. So your business paid you $30,000 for the year. Okay.
Tiffany-Ann Bottcher:Well, what were you making when you worked for someone else? What was the compensation then? Oh, I used to make 65,000 a year. What's the plan here? The numbers, the dollars and cents, they don't add up in every phase of growth.
Tiffany-Ann Bottcher:If we go back to the beginning of the episode, we were talking about $25 problems turn into $50 problems. Growth can be a great problem solving tool because you can buy more solutions, you can afford more things. You don't start out your your business, your startup with a social media manager and a bookkeeper and, you know, a legal t you know, you don't you don't. You are that. And as your business grows, you add these things.
Tiffany-Ann Bottcher:Growth can be a great problem solving tool. Growth also creates new challenges at each new phase. So I always talk about optimizing to make sure that you're still profitable. A lot of times businesses go through their they are not profitable to start as they gain traction. Then they become profitable and and success starts to happen, but then the business starts to get so big that it's very hard to manage with its current resources.
Tiffany-Ann Bottcher:We need another manager. We need someone in the you know, an additional administrator. We need this. We need that. Maybe we need a space.
Tiffany-Ann Bottcher:We need then we invest in all of those things, and then the business grows, but maybe not at the same pace in which you are investing. Then it becomes less profitable. A lot of businesses stay there because a lot of times in that phase, everything feels critical. Everything feels so time sensitive and important and people just start throwing money at the problem. I need an administrator.
Tiffany-Ann Bottcher:I interviewed this person. She was great. I need her. Go. I need a new truck.
Tiffany-Ann Bottcher:Okay. I went to the dealership. They offered me this. I did did did I got it. Done.
Tiffany-Ann Bottcher:I needed to hire this. Oh, we made a mistake. Insurance went up. Kate, I just covered that. It's very easy when you have money to throw money at the problem.
Tiffany-Ann Bottcher:However, when you do it in a way that doesn't have an end, you just end up spending more money. It's those businesses that have been around for a long time that look around their their team and say, I don't even really know what that person does, but she makes great money, or he's been here a really long time. He's a nice guy. We haven't really seen anything tangible in a while. You know?
Tiffany-Ann Bottcher:People stay for a long time, their wage goes up, their vacation days extend, all of these types of things. And oftentimes, the actual tangible result because it all kinda gets out in the wash. You have a lot of people doing a lot of things, but they all cost money. So we really need to focus on how do we make that profitable? How do we shift that back?
Tiffany-Ann Bottcher:How do we make sure that it's just a phase and that we go back to now being profitable like we were before that big upgrade. If we think about, you know, in in time there was like the industrial revolution and now they say the technology revolution, all these things. In your business, it's the spending revolution. You need to make sure it is just a time period and that you go back and figure out, okay, well, now what do we need to do? One of the the metrics that we have in our enhanced reporting package in our bookkeeping agency is so we we offer this enhanced awareness reporting package.
Tiffany-Ann Bottcher:And one of the things we look at is, what was your fixed costs? Every every month we say, what was your fixed costs? And then we say, what was your fixed cost per dollar of revenue? And then we say, what is your variable cost per dollar of revenue? And we should see that the fixed costs stay pretty pretty consistent unless there's an investment made in resources.
Tiffany-Ann Bottcher:And then we should see that, you know, as the business grows, the the dollar of of fixed expenses, of overhead expenses, should per revenue should come down a little bit. And then we want to see our variable expenses very consistent with the the revenue, you know? We have we have several businesses, 24¢ per dollar of revenue goes to their variable expenses. And as they grow, they just wanna keep that the same. 24¢.
Tiffany-Ann Bottcher:It is knowing those numbers that allows us to really be able to have a look, to to examine, to optimize, to make the business more successful. However, the decision there ties back to piece number 1. Once you've done all of that, it's very hard to go back. So how do we avoid? We make sure that we're thinking about the longevity of decisions.
Tiffany-Ann Bottcher:We're making sure that we're not overcommitting even when it starts to feel frantic. Sometimes people are like, oh my gosh. I need to hire. I need to hire. And then they're like, oh, I need to hire 3 people.
Tiffany-Ann Bottcher:The first person starts. The second person starts. Everyone's starting to feel reprieve. Then the third person starts, and you're like, oh, we're out of work. Really understanding each decision and the longevity and how it will affect things.
Tiffany-Ann Bottcher:Now we'll talk a little bit about mindset. I know I I was hard on the mindset early on. The coaches, those who are really focusing on mindset. Mindset is a critical piece. It really is.
Tiffany-Ann Bottcher:We need to be focusing on expansion, thinking of how we can expand, thinking of of different revenue streams, thinking of diversifying our businesses. That mindset is so important. Mindset should not be underestimated. It should not be kind of dwarfed in comparison. Navient with that is that mindset, along with dollars and cents that make sense, is where the magic is.
Tiffany-Ann Bottcher:It's why I talk a little bit about, you know, I obviously love numbers, data, analytics, And people often seem really surprised when I say it works best with entrepreneur intuition. Both pieces on their own, powerful. Together, unstoppable. Really being able to put those 2 together in a way that serves the business, the owner, everything very, very well. We talked a little bit about different different ways, but when we when we're looking at selling into our success, ultimately, we have to still even when business is growing, even when things are getting messy, even when you think I don't want any more, more of of whatever it is, you must still keep a piece of your mind on, but we must keep growing in some way.
Tiffany-Ann Bottcher:We must continue to keep a piece of our brain on growth. How do we keep growing? Are we growing in education? Are we growing in resources? Are we growing in revenue?
Tiffany-Ann Bottcher:Are we growing in profit? This season on the podcast, we're really gonna be leaning into some tangible tips to help us optimize our business and remain profitable through evolving business conditions. We have started to see interest rates decrease, which is fantastic, but a lot of business owners committed to 2 big working capital loans when times were tough. Some of those have fixed interest rates, so you may still be struggling with higher interest costs and whatnot over a period of time. Keeping your mind in the game.
Tiffany-Ann Bottcher:Think of your business as a game. How can we succeed? What do we need to do? What are the players we have to deal with? We have money, we have time, we have effort, we have all of these fees.
Tiffany-Ann Bottcher:How can we combine all of these resources, all the players we have to win the game? When you can do that, that is when you can scale your success. While we are all out of time for today, if you can head on over to the Spotify or Apple Podcast app, click the 5th star, and leave a written review. It really does help the show. Until next time.
Tiffany-Ann Bottcher:Have a great week.
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