Navigating Change and Cash Flow
Summary
In this episode of the Tilt Podcast, Joel and Jed discuss the importance of implementing change in business, particularly focusing on hiring staff during growth phases. They explore common barriers business owners face, such as financial concerns and time constraints, and emphasize the need to view hiring as an investment rather than a cost. The conversation highlights the significance of aligning business decisions with personal goals and the necessity of building systems to support growth.
Takeaways
Hiring staff is often seen as a cost rather than an investment.
Business owners frequently delay hiring due to financial concerns.
The right hire can significantly impact business growth.
It's essential to have systems in place before bringing in new staff.
Business owners need to back themselves and their decisions.
Understanding the difference between cost and investment is crucial.
Time management is a common barrier to implementing change.
Learning from failures is part of the business journey.
Aligning business goals with personal goals is vital for success.
There is no perfect time to make changes in business.
Keywords
business change, hiring staff, investment mindset, business growth, coaching, barriers to hiring, personal goals, business systems, scaling business, time management
Chapters
00:00 Implementing Change in Business
06:44 Overcoming Barriers to Hiring
14:27 Understanding Cost vs. Investment
Implementing Change: The Barriers to Hiring Staff and Growing Your Business
One of the key challenges small business owners face is knowing when and how to implement change, particularly when it comes to hiring staff. This process often becomes a daunting task, with concerns ranging from financial costs to time constraints. In this post, we’ll explore common barriers business owners encounter when it’s time to hire, based on our experiences at Tilt Business Coaching.
Why Hiring is Crucial for Growth
For many small business owners, reaching the point where hiring staff becomes essential is a sign of growth. However, hiring is not just about adding hands to the workforce; it’s about bringing in the right people to help move your business forward. Without the right support, growth can stall, and burnout becomes a real risk.
The Common Barriers to Hiring Staff
We’ve identified three key barriers that business owners face when considering hiring:
1. Money – "We can’t afford it right now."
2. Time – "I don’t have time to slow down and hire someone."
3. Readiness – "The business isn’t ready for it."
Let's break these down and explore how to overcome each.
Barrier 1: Money – “We Can’t Afford It Right Now”
A common issue business owners encounter is viewing wages as a cost rather than an investment. The thought of hiring someone can seem overwhelming when you're focused on immediate cash flow. However, this mindset can limit your business's potential.
A simple shift in perspective is essential here. Hiring is an investment in your business’s future. Consider the long-term impact of hiring the right person: increased capacity, reduced stress, and more time to focus on growth. To tackle the financial fear, break down the numbers. If hiring someone costs $100,000 annually, and each client brings in $5,000, you’ll need to bring in 20 clients over the course of the year. This approach makes the decision more manageable and allows you to plan accordingly.
As a business owner, if you want to scale, you need to back yourself. Hiring the right person gives you the bandwidth to grow, even if the immediate financial cost seems steep.
Barrier 2: Time – “I Don’t Have Time to Hire Someone”
Many business owners fall into the trap of thinking they can do everything themselves. In reality, not delegating is one of the fastest ways to hit burnout. Hiring someone may seem like it will slow things down in the short term, but in the long term, it frees you up to focus on high-value tasks.
The key is recognizing that time invested now in hiring and training will pay off later. Building systems and processes to bring new staff onboard smoothly is critical. Without systems, the fear of slowing down to train someone can become paralyzing. But with clear processes in place, the hiring process becomes more seamless.
Barrier 3: Readiness – “The Business Isn’t Ready”
Sometimes, business owners hesitate to hire because they feel their business isn’t ready. This often stems from a lack of clear direction or systems. A strong business structure is crucial for ensuring that new hires can integrate and contribute effectively.
In our experience, businesses that lack systems tend to be more chaotic. Without clear roles and expectations, hiring someone can feel like a burden rather than a relief. This is where building solid systems and processes becomes essential before you bring in new staff.
Hiring Is an Investment, Not a Cost
The shift from viewing wages as a cost to seeing them as an investment is critical for business growth. When you hire the right people, they become assets who help your business grow smoothly. They bring time back into your life, reduce stress, and can eventually increase your revenue.
Moreover, the return on investment isn’t always financial. It might come in the form of better work-life balance, less stress, or more time to focus on the strategic aspects of your business. These returns can be just as valuable as financial gains in the long term.
Conclusion
Hiring is a critical step for business growth, but it's often delayed due to fears about money, time, and readiness. Overcoming these barriers requires a mindset shift, a willingness to invest in your business, and strong systems to support your growth. The earlier you take this step, the sooner you can scale your business and achieve your goals.
If you're struggling with the decision to hire or need help building the systems to support staff, reach out to us at Tilt Business Coaching. We're here to help you navigate these challenges and build a business by design, not by default.
