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EPISODE IN BRIEF
Today, Nick and Chris talk discuss business trends in 2023 and how collaboration can be a vastly superior strategy to competing in non-busy periods.
How do we, as business owners, lift each other up and truly get through tough times together? By looking differently at your two biggest outlays of rent and wages plus cash flow and materials, you’ll see a wider picture and a new way forward in 2023 when things are slow.
Today’s episode of Coaching Conversations is just the motivation we need to feel good about contingency planning as we go into this challenging period for small business.
Time Code/Show Notes
0.26 Intro: Business coach expert Nick Psaila and Chris Herbert talk cherry picking AND cherry pick ways to ultimately increase cash flow in 2023.
2.30 Global economies will play a role in how businesses will need to shift mindset.
4.30 When you have gaps in your workflow and jobs are pushed out, what are you going to do with your workforce?
5.25 Increase your opportunity to take on more work by looking at geographics – you could combine two businesses together in different regions.
Inter-collab the size of two workforces with different assets to take on a job you’d never otherwise tackle!
6.32 Ever thought of combining with another firm to buy materials? Buy in volume – store it – or everyone takes their share. Brilliant!
7.45 Stumbling blocks of mindset include ego-driven road blocks to fear of loss of business – but if you look at it from the perspective that you weren’t going to get that business anyway – and you’ve created an opportunity by shelving competitiveness – what an extraordinary outcome!
8.25 Collaboration helps with positioning. By borrowing expertise from the other company, you’ve now created new opportunities that were not previously possible and outwardly you’ve changed the offerings of your business.
11.05 Working with a non-competing but similar operation, you can share human resources – send your team to help out – expose them to another workspace – place them where they can make a little extra money. Sub out your staff – it’s a win-win for everyone.
15.45 How will collaboration manipulate your cash flow? Why pay the team if they’re not ‘producing’ – sitting around on the job – cleaning out the shed for a few days? Go in clear – contracted -lend them your guys – make it reciprocal. Collaboration with another business can be clever if you do it right.
18.20 Form the working relationship first and work your way into talking about your similar struggles. Start small. Build trust.
20.23 Work smarter not harder, collaboration is the way forward.
21.20 If you’d like to know how a business coach can help you seek collab with like-minded businesses, email ask@upcoach.com.au for more information on today’s podcast.
EPISODE SUMMARY
Finding a complimenting business to yours can be the beginning of a wonderful and profitable new working relationship.
Open up new opportunities to earn and you can also re-position yourself as a company that offers more.
Remember, a non-competing stance will help with job placement and you’ll expose your team to a new workspace or job skill.
And finally, give your cash flow a kick-along by parking your ego and forming a trusted collab – it can be a win-win for you, your employees and the partnered business!