Service Based Business Society Podcast

Season: 2
Episode:10
Title:That is a 2023 problem

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Hello, and welcome to the service based business society podcast. I'm your host, Tiffany and Bochum. Our weekly episodes we will dig into everything you need to know about scaling your service based business without losing sleep. With my experience, including over seven 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.

Welcome back to another episode, December is in full swing. And I feel like it's you know weekly things like recording this podcast that truly remind me just how fast time is going. And it's honestly a bit scary. I don't know about you. But this time of year, I just find everything is in full speed, hustle and bustle of dealing with the holidays, wrapping things up. As you know, I have three children. And so it's you know, extra field trips and X themed days at school and concerts. And like it's just and so I want to just take a moment to deal with something today. And really looking forward to 2023. And talking a little bit about how to evaluate what to do. And when you know, I've had a number of sales calls in the last few weeks. And the common theme that I keep running into with entrepreneurs from every different industry you can think of is that everyone has a laundry list of ideas, no real execution plan, and isn't even sure what should go first. It's like, Hey, I have this idea. But I also have that idea. And then like this is working, but I think we could do this. And you know, the other challenge that I have seen repeatedly in the last couple of weeks is that when businesses are in a high growth mode, everyone on your team has to be in a high growth mode. Otherwise, it's unfortunate to say but they simply get outgrown.
There is nothing worse from a management perspective than realizing that someone who is giving it their all that the person is it is not from lack of effort, it is not from lack of dedication, it is not from lack of any of these things, it is simply just the person is no longer a fit for the role. And over the years, I have hired and fired thousands of people. And I can safely say that it never the ones that really stick out in my mind, as you know, uncomfortable situations is when it is a mesh, you know, being outgrown phased out in my mind, because ultimately, and I never immediately jumped to someone being let go, oftentimes, you know it through restructuring, you can find a position that works so well for them. But there are times and usually it's mindset related, not feel related. I always say when I'm interviewing that skills can be taught, but leaning in on attribute attitude, you know, are so much more important. Because if someone shows up on day one with a bad attitude, it doesn't really matter that they know how to do the job, no one will want to do the job with them. So you know, these are the big two common themes that we're seeing right now is, you know, it's that final push of the year and some businesses have brought along people for the journey that are no longer a great fit. And the other piece is how that fits, in the other part of this, which is I have so much going on in my business. I have so many moving pieces, I have all these different ideas, concepts and thoughts and I don't know what to do next.

And you know, it's it's a challenge when you get on a call and you're starting from a place of way more questions than answers and it really reminds me so I was on the flip side of this very recently about I guess it would be last I graduated from the University of Bradford for my MBA and one of the things that I really wanted to do was travel to the University of Bradford for my graduation ceremony which is in the UK. And so my husband and I booked a ticket to fly over to the UK. We were going to be there for three days. So whirlwind trip and fly back, I wanted to be there for my for my graduation ceremony was going to be the trip of a lifetime whirlwind I had never till have never been to the UK. So, you know, we had everything booked and lined up, I was super pumped, then it was right as COVID was going through a little bit of a surge. And I was super concerned, because my whirlwind trip would not have been a whirlwind trip had I got stuck in the UK with COVID or had to do some kind of quarantine or whatever else. And so I made the decision not to go, because I was so concerned that I was going to end up being stuck in quarantine away from my kids. We didn't have anyone that could take care of the kids for, you know, two weeks plus indefinitely. So we decided not to go, so I had trip cancellation insurance. But the way it all worked out, they ended up giving us flight credits, not a refund.

So recently, I've been looking at these credits, flight credits, realizing that I need to book a trip with them before the end of September. And so again, I'm like, What are we going to do? Because the original, you know, whirlwind trip, no one's going to do a three day whirlwind trip to the UK unless there's a specific reason why you're going. And so now I'm like, Okay, well, before we were not going to bring the kids because that was, you know, three days jetlag being a family of five can actually be a bit of a challenge when booking hotels, or booking travel, like transportation and whatnot. Because it's, it's always kind of like one more than fits in, you know, a basic room or whatnot. And so we weren't gonna bring the kids but now if we're like planning some random trip to the UK, I'm thinking, Well, I guess we would bring the kids, of course, we would bring the kids but that complicates things a little, my kids are really too young for a trip to the UK. I mean, of course, they could go. But when I think of the things I would want to do on a UK trip, they're really too young to appreciate it.

So here I have this slight credit that needs to be spent. And I have really no idea where I want to go. So I booked an appointment with the travel agent, so I'm getting to the point of the story. And I get on the phone with her. And I say, Okay, well, I have this by credit. And I need to fly with British air because that's who the credits are with. And I just want a family vacation for five people that is going to be enjoyable, not one that is going to have us like traipsing in and out of museums, because that's just not practical when you have three kids under nine and only a week because I never really ever want to travel more than a week. And so I had some basically non-negotiables. But for the most part, I had absolutely no idea because when I looked up British Air online, I realized that they did buy way more places than just the UK.

And so here I am, you know, and trying to figure out where I want to go and the travel agents like well, what kind of trip do you want, and I was like, honestly have no idea because we weren't really planning on a big trip this year. You know, there's lots going on with kids activities and sports, and you know, my business and my husband's business and like all these different things. And so it wasn't really a plan, but I'm not gonna let these flight credits go to waste. That seems like a set like that, that's crazy. So, you know, we go back and forth. And she asked a number of questions. And, you know, I said, this is why I got on this call, because when you're looking at the whole world as a possibility, honestly a little bit overwhelming. And so this really felt like the same feeling of entrepreneurs that I have been speaking to lately, where, you know, it's the end of the year, and they know they have things they need to wrap up, they have projects that they've been had on their list for, you know, weeks, months, whatever, there's new things on the horizon. And so it's kind of like, what do we start with? Well, how long? What does that gonna cost? Like, there's so there's, it really felt like the start of this phone call with a travel agent, where you have way more questions than answers. And so I said, you know, okay, well, for this trip, I want something that is going to be good value, because originally it was just my husband and I going so we've gone from two people to five people, something that my children are going to enjoy that is worthwhile traveling for only a week, you know, like, we're not we're not spending six months backpacking across Europe, you know, that, realistically, we were going to have enough activities and entertainment that was going to appeal to all ages. And so, you know, we went around and around and she asked a whole bunch of questions. And we basically, you know, settled on the fact that she said, well, people with young kids typically like he has, you know, Africa, everything is you know, they've got kids activities and whatnot. And I said yes, I absolutely would love that. However, I have to fly with British air.

And so you know, long story short, we're working through some planning and some challenges and whatever else because ultimately using British Air credits to go to any kind of all inclusive resort. It's not ideal, but we work through this. But the same way that she and I were working through this from a travel perspective is the same way that I work through this with entrepreneurs. And so when we're looking at what happens next we truly need to break Next down what all of the options are? And what is the potential return? What is the potential cost and benefit of each of these options, and then it becomes very much like, you know, almost like solving a riddle or an intense problem, where we really just have to plan out the best way to x. And so when we are trying to decide what comes first, what is the next step in a business? You know, we often start with determining, are there going to be any big infrastructure or structural changes, because we need to sort those out first, I was on a call recently with someone, they were like, I might incorporate my business where I might not and so, you know, while there's, you know, different structures in the United States and Canada, you know, it's it's really taking that next level in corporate structure. There's so many pros and cons, but when I spoke to this person on the sales call, you know, my first question was, well, what did your accountant say about this? And she's always been talking to my accountant yet, I don't actually have an accountant. I had an accountant and she retired and to work, I don't have an accountant anymore.

Okay, so before we can actually get to the incorporation, first, we have to get to the accountant question because we need an accountant. And you know, quick sidenote, your accountant is truly not to be underestimated and is a partner, a partner in your business, a good accountant will foreshadow what you and your business will need, they will be able to tell you what is coming up, what different changes you should be potentially looking at to mitigate any potential liability, any tax implications, all these types of things, they need to be looking ahead for you, when you and your account when your account relies on you to bring them that information, you are behind the curve. And so in this particular situation, step one, we need an accountant and I you know, anyone who's commenting on tax requirements, that isn't an accountant, I have a background in corporate finance, I have a major in accounting, I have done a huge amounts of corporate finance, keeping accounting, all these types of things, but I never deal with tax. And for two reasons. Number one, the taxes and the tax rules change all the time. And so you want someone working for you on the tax side that knows every last up to date change so that they can ensure that you are maximizing every opportunity that you can.
So number one and number two, your tax situation is so personal, the fact that some other person who has a business similar to yours made a shift and it worked for them tax favorably doesn't mean that it will for you. Because when you file your taxes, you file with your partner. So you know if you have a partner, you know, their income, your different tax, like there's so many factors, and they're all so personal that no one can offer you tax advice unless they actually know your tax situation. And so taking any kind of tax advice from a friend, business acquaintance and accountant that doesn't know your tax situation are never a good idea. You want the right person who has all of the facts we'll be working for. So in this situation, you don't want to first get the accountant because we need to know the answer to the question of are we incorporating? Or are we not before we proceed with anything else? And so sometimes it's really breaking down and determining what it is that we're trying to do? What is our objective and then reverse engineering it to determine Well, what do we need to know to make that decision? Okay, well, what do we need to do in order to do that, and really reverse engineering all the way back, because in this specific example, the first step is we need to find an accountant that works for us.

Interviewing your accountant not in it, the same way you would interview someone to work for you is employee, like connecting with accountants and making sure that it is a good fit is 100% acceptable, you want it to be a good fit, you want to know that that person has your back, you want to trust that person. And so you know, if you don't have that relationship currently with your accountant, you may say, hey, we were so close to the end of the year, I am not making a change, totally fine. But put that on your list for next year to either reconnect with your accountant that you currently have and work through some of the communication challenges. It might be time for a new accountant, you know, and why my initial recommendation is you might need to reconnect with them is If your business is in high growth mode, you may be you know, if your accountant, you're only dealing with once a year, the information about your business that your accountant is defaulting to, might be really out of date.

It's important when businesses are growing, that you know there's certain things that stay up to date. You know, your account needs to stay up to date, your relationship with your bank needs to stay up to date, you need to be communicating with that person making sure that the bank is offering you all of the services, all of the extras, all of the you know whatever premium fees or like whatever it is that serves your business at this current point. If you're not communicating with these people in your business, letting them know what's going on. How would they know how would they be able to communicate back to you and say hey, now that you have grown and surpassed, you know, XYZ, we really should shift you over to this because it offers, you know, it's things like from a banking perspective, you know, or if you're putting all your company expenses on a credit card, is it is it a Cashback Card? Is it a travel points card? Like is there? Are you maximizing your benefit for the money you're already spending? You know, do you have a bank account that has the appropriate amount of overdraft line of credit, bank fees, transaction limits all these types of things. This is why it's really important for you to communicate with these people on a regular basis. Remember that they are working with you towards the common goal of success.

So before we go any further, I do want to remind you that the podcasts will be on holiday hiatus from December 23 to January 4th, encouraging you to disconnect and truly enjoy your family over the holiday season. i This year I'm so excited about the holidays and getting together and all of that jazz. So I hope you are too and if you're not if you are one of those ones who likes to, you know, keep working and wants to stay up to date do and if you're not excited about the holidays, because there are lots of people that are not excited about the holidays either and you are going to use this time to catch up really focus on creating that plan and executing that plan. But remember that it's okay to disconnect and do something a little different. If you are looking for podcast episodes, and you have not had a chance to listen to our season one, there are some amazing episodes in there and also from the beginning of season two, so please don't hesitate to fall on back. Look at some of our previous episodes and download your ebook. I love listening to ebooks, especially when I'm, you know, doing lots of dishes or anything like that after a big meal. So I am currently reading find your red thread, I will link it in the comments. It was actually a recommendation on a previous podcast guest episode. From the nail that niche episode I am currently listening to find your red thread. And it is a fantastic recommendation. So I will plug the book again here. It is a great choice. And so if you are looking to continue, you're listening while the podcast is on hiatus, don't hesitate to grab your red thread, I am currently listening to it on audiobook and recommend you do the same.

So back in January, when the podcast resumed, we will carry on with Season Two of the podcasts. And we still have so many amazing guests in store and so many podcast episodes. If you have a question you would like answered on the podcast, please don't hesitate to reach out, you can do so inside the service based business society, Facebook community. And you can add your question. And I am happy to answer it live on air.

So moving back into the discussion about what happens next and whatnot. Often the thing is that we're going to need to wait for others. So if you need to submit an application, and it's going to take a little bit to process and come back to you, these are the kinds of tasks that we want to do before the tasks that are only relying on us. But we also want to be really realistic at this time of year knowing that there will be people and businesses and resources that will not be available to you over the next few weeks. Because even if you are choosing not to take a lot of holidays, a lot of times your vendors, your customers, whatever they will be taking holidays, you know. And so as much as you may be sitting there working and driving through, if you will, sometimes it's really challenging because other people are not.
So when we're looking at that plan, we really want to be looking at, you know, what has the potential to have some missing resources, you know, should we be establishing those resources now, where should we maybe, you know, put this task on a future plan for next year. I saw an interesting meme today, actually. And someone said, basically, anytime that something comes up in the next couple of weeks that I just don't want to deal with. I'm gonna say that sounds like a 2023 problem. That is so perfect. That is so perfect. I actually remember many, many years ago, my grandfather was reroofing the barn and he chose not to take a bunch of the, I remember asking him and saying, Hey, isn't that gonna be a problem later, and he said, When this is a problem, it will no longer be my problem. And then he carried on doing what he was doing. And I thought, oh my goodness, that was an interesting way to deal with it. And sure enough, I mean, like that was the last year he ever did anything with the roof on the barn.

So, you know, sometimes at this time of year, as much as you don't want to just kick a problem, you know, further down the road. Sometimes you have to realize that now is not the time where people are not available, that you don't want to get something started. But for that same reason. It can also be a wonderful time of year to get started and caught up on things that you maybe haven't been so diligent or current with things like creating your social media content and scheduling that out. You know, it's a great time of year to schedule out, you know, your next quarters worth of content, get those blog posts done, really look at you know, maybe dive into your keyword research and plan out your content and get some of that done so that as you're moving into next year that you have the ability to take some of that extra time now that you have created for yourself, and really dive into some of these other projects that you have on the go.

When we're talking about return. Another question I often get is, How long should something pay itself back in? And ultimately, that really depends on the investment and the longevity of something? You know, there's a lot of factors that go into that question. One of the things we want to say for certain is that we want to be evaluating from both a time and money perspective. So if we're investing $1,000 into something, and we know, it's gonna save us, you know, 100 hours, well, what is what those hours worth? And even if you're like, Well, I don't really know what that time would be worth in that part of my business. Sometimes when we're evaluating return, we also need to look at it from the perspective of if I didn't have to do task A, and instead, I could fill it in with billable work or lead generation or like, what would that be worth in your business. And so there's a big focus right now on, you know, establishing what some of those metrics are and making a plan for next quarter, it is not too late to create the most amazing year for your business in 2023. And so if you are still looking to sit down and dig through your business objectives, create that action plan, that is something that we focus on in our agency at this particular time of year, we call the program ReadySet Action. And if this is something that interests you, if you want to go through your objectives, lay out an action plan that works for you, that ensures that next year, you have a plan that guarantees your success, now's a great time to book that first call, I will leave the information and link in the show notes. And if that's something that you're thinking, hey, but we're getting close to the end of the year here, no problem. There are a couple of openings left to get started with ReadySet Action. And from there, then it will be pushed into the next thing at this point at the point of recording. I think there are two spots left for December and then after that you will be pushed into January.

You know it's always this time leading up to New Year's. That's just a point of reflection. What has worked this year, what has filled the bucket this year, what has not, how has the business grown, you know, are things systems infrastructure, still serving the business in the way that helps get to success the fastest. All of these are questions that are floating around. And if you want some support in answering them and laying out that action plan now's a great time to connect.

So today we've talked a little bit about how to evaluate returns. You know, we've talked about building out that action plan for early 2023 and really establishing your success plan. And guys, I just wish you all the best in December and moving into the beginning of the year. We have a wonderful episode next week on the podcast, so tune in. Don't miss it. We will have Daphne here and this will be an episode very different from any episode we've had before.

Well, we are all out of time for today. If you guys have not joined the service based business society Facebook community, make sure you head on over to Facebook and we can continue the conversation. Be sure to also follow the show by going to any podcast app and searching surface based business society. Click subscribe, click the fifth star and leave us a written review. Have a great week and we will see you soon