In this episode of Coaching Conversations, Nick and Chris focus on trade-based businesses. How do you plan to get off the tools faster?
Is cash flow the issue? Perhaps you can’t find anyone to do what you do as well as you do it? Or are you simply unwilling to let go?
There are many ways to manage money.
Ideas to help you learn more about finance and accounting. Systems to bring it all together so growing your bottom line becomes a habit.
Money in versus money out – and everything in between, in the latest “Coaching Conversations” with Nick and Chris ….!
Show Notes
0.25 Welcome to the show.
0.53 The big question for owners of trade-based businesses right now? How quickly can you get off the tools? Nick discusses the reasons why you may be unable to give it up….
1.55 Can you reduce your time on the tools incrementally. Work smarter not harder? Book meetings back to back…manage trades more effectively – there’s a lot you can do!
2.35 Nick wants you to consider, how can you be more tactically efficient? Learn to delegate. Hire the right person for the job! Do your people see the business the way you do – and can they communicate that progress back to you when you’re not there?
5.21 And the kicker? If you identify yourself as someone who must be on the tools rather than the business owner, it’s going to difficult to make that vital change. If you can’t let go, you need to look at the systems in place so you can train people up.
7.00 Chris agrees; it’s ALL about systems. Have you spent enough time mapping out the steps? Never assume that people see it through your eyes! Plus, set yourself a time to exit – you need a deadline, not an open-ended “when things work out I’ll get off the tools” mindset.
8.17. How much time should you spend managing your finances and why? Identify now! Are you unconsciously incompetent with money? Or are you conscious that you “don’t know” that you “don’t know”? (ie “I don’t do that, my account does that, right!”) OR are you unconsciously competent; so good that it doesn’t even register?
10.45 Learn how to manage money so it becomes a HABIT. Nick talks through the many ways you can bring yourself up to speed in basic finance and accounting.
12.28 Expenses and how to reduce them. Margins on products, are you breaking even? Profits. You must look at these elements to grow your bottom line! Money in versus money out!
14.00 Do you take time off? And do you feel guilty for doing so? Nick urges you to see the bigger picture. Drop the guilt. If you take time for yourself make sure you don’t spend it working “on” your business rather than “in” it.
Shift your value set – change your perspective and listen to what your body and mind need to function well. Like an Olympian, you get stronger after rest and recovery.
20.00 It all comes down to prioritising your value set. Family… work… lifestyle. Where do you sit? And why can’t you have both? Time to live AND a successful business?
21.00 If you have any questions or thoughts on today’s topic, reach out to Nick and Chris … ask@upcoach.com.au
EPISODE SUMMARY
There’s much to take-away when you focus on working smarter, not harder.
Reducing time on the tools involves crunching your workload into manageable bites and trusting others to share your vision.
Learn how to become “unconsciously competent” so the elements of finance become second nature.
There’s no doubt when it’s work time or “push” time – go hard! But take breaks to re-energise and recover.
Ask yourself. What are you missing out on because you won’t take time off?
Re-prioritise your value set now and re-balance work success with the lifestyle you work so hard to achieve!