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I Love Bookkeeping
20 minutes | Oct 4, 2022
Flat Rate vs Hourly Rate: Which is Better For Bookkeepers?
When should you use fixed rates versus hourly rates for your bookkeeping tasks? In today’s episode, co-hosts Hannah Robinson and Melissa Honan explore the pros and cons of flat-rate pricing versus hourly billing - and which payment type works best for a bookkeeping business. Melissa starts the conversation by highlighting the difference between paying an hourly rate versus a flat rate and what the law says about it. For Melissa, all new hires should be paid a flat rate until they get accustomed to the core business processes. When working with subcontractors, Hannah believes a fixed rate will get things done faster than an hourly rate. Melissa goes through the benefits of setting a fair rate for both the employer and the employee. Hannah reveals how hourly rates are mostly influenced by the economy and the demand for skilled labor. According to Melissa, one of the main benefits of hiring full-time employees is they only have to worry about production quality and not putting in as many hours as possible. Melissa doesn’t really care how an individual gets paid as long work gets done and the rate is fair for the parties involved. Melissa shares what she would do to keep high-performing employees during a recession. Hannah and Melissa discuss the benefits of having a consistent pay structure - there’s nothing worse than working for an organization with inconsistent pay. Hannah explores a simple way to pay employees according to your budget and still attract top talent. Melissa is a huge advocate of fair pay - employees are more likely to leave if they believe the potential pay is not worth their time. Hannah and Melissa agree that business owners should not take advantage of the job market and pay less for high-quality labor. Melissa breaks down the benefits of implementing a bonus structure in your business - bonuses are a great way to improve employee retention, increase productivity, and thank employees for their contribution in the team. Melissa goes through the mistakes she made when developing a pay structure for her business. Mentioned in this episode: email@example.com
18 minutes | Sep 29, 2022
Subcontractors vs Employees: Which One is Best For Bookkeeping Businesses?
Should you hire an employee or a subcontractor for your bookkeeping business? Co-hosts Hannah Robinson and Melissa Honan break down the difference between hiring an employee and a subcontractor, their pros and cons, and when it makes sense to go with either. Melissa starts the conversation by describing the difference between hiring employees and hiring subcontractors. Melissa explains why it's important that subcontractors and employees be held to the same performance standard. For Melissa, performing a task audit is the first step to understanding whether you need to hire an employee or a subcontractor. Hannah and Melissa go through the difference in workload for sub-contractors and employees. Melissa breaks down the steps to making a successful first hire in your small business. Melissa believes it's more beneficial for your first hire to be a subcontractor than an employee while you figure out what you want. Hiring and onboarding is expensive. To help increase the odds of a successful hire, Melissa believes all new team members should go through a 90-day probationary period. According to Hannah, the most effective way to reduce employee turnover is to make it clear from the beginning that you're investing in a long-term relationship. Melissa adds that the goal of every successful hire is to be clear on the level of commitment you expect from the new team member. Melissa highlights that employees don't like too much freedom - as a business owner, you must set clear expectations, rules, and processes. Hannah describes how having a well-defined business structure leads to increased productivity. While there's no way to guarantee an employee stays with you long term, Melissa believes maintaining a positive work environment will increase their odds of staying. Hannah and Melissa share the pain of investing in an employee only for them to move on. Mentioned in this episode: firstname.lastname@example.org
17 minutes | Sep 27, 2022
How to Write a Compelling Job Description
Want to know how to write a compelling job description? Co-hosts Hannah Robinson and Melissa Honan discuss the process of writing compelling job descriptions. They break down the key components of a well-written job description and explain why it should accurately reflect the duties and expectations of the position. Hannah starts the conversation by highlighting the negative impacts of a poorly written job description - new hires feel conned when the job description doesn't match the role. Hannah explains that crafting a compelling job description is essential to attracting the most qualified candidates. Melissa and Hannah agree that transparency is the most important part of writing a persuasive job description. For Melissa, a properly written job description is supposed to give applicants the best perspective of what it's like to work with you. Melissa believes a great job description should accurately highlight the responsibilities and duties of the position. Hannah and Melissa go through the best places to post job openings and attract qualified candidates every time. Melissa breaks down the benefits of creating a video job description - and why she believes video is an impactful and highly personalized approach to hiring the right talent. Hannah asks Melissa what should come first, the job description or the title of the role. Melissa feels the job description should come first - look at the type of help you need and build from there. Melissa shares her job description writing process - you don't have to be Shakespeare to write a compelling job description. Just be clear and to the point. Hannah and Melissa discuss the process of writing job descriptions for non-defined or complicated roles. Mentioned in this episode: email@example.com
9 minutes | Sep 22, 2022
Why You Shouldn't Reply to Work Emails on Weekends
Do you respond to work emails over the weekend? Co-hosts Hannah Robinson and Melissa Honan discuss why it's never a good idea to respond to work-related emails over the weekend, on public holidays, or after hours. Hannah and Melissa start the conversation by revealing that they don't reply to work-related emails during the weekend. For Melissa, there is no such thing as a work emergency - and replying to emails on the weekends gives people the impression that it's okay to contact you whenever they like. Melissa talks about how some people struggle to put away work on the weekends. Daniel is one such example and struggles to disconnect himself from work on weekends. Hannah and Melissa try to identify the only times it makes sense to reply to work emails - There aren't any. Hannah talks about her weekend schedule and how she shuts off completely on Friday evening. Hannah and Melissa agree that the hustle mentality and working throughout the weekend often leads to burnout. Melissa also believes the concept of "grind and hustle 24/7" to reach success is just wrong - the only thing you can expect from it is physical and emotional exhaustion. According to Melissa, another good habit is not using your phone during the weekend - time away from all types of screens can make you more productive when you resume on Monday morning. Mentioned in this episode: firstname.lastname@example.org
20 minutes | Sep 20, 2022
Why You Should Consider Joining a Mastermind Group
Are you looking for a dose of motivation, mentoring, and accountability? A mastermind group might be what you need. In this episode, co-hosts Hannah Robinson and Melissa Honan go through the benefits of being part of a mastermind group, how to join one, what to expect, and how to get the most out of the group. Hannah and Melissa talk about the benefits of being in a mastermind group and reveal they first met at the Bookkeeper Launch Mastermind Group. Melissa explains why she feels the best mastermind groups consist of people with diverse skill sets and experiences. Hannah and Melissa agree the best way to get more out of a mastermind group is to join groups that focus on areas you are not particularly good at. Hannah shares the benefits of being around people who push you and hold you accountable - Melissa adds that accountability partners should also understand if you have to pivot. Melissa highlights why it pays to join mastermind groups with people who have already reached the goal you would like to achieve. Hannah and Melissa share their experience in mastermind groups as well as some of the common themes around the more successful masterminds. According to Melissa, mastermind groups that lack structure and organization are rarely successful. Hannah explains how running a business can be very lonely - which is why camaraderie is such a huge thing in mastermind groups. Melissa highlights how masterminds can help broaden your thinking by exposing you to opinions and views of other people. Hannah and Melissa break down the difference between paid versus free masterminds - and how joining a paid group might motivate and push you a little bit more. For Melissa, finding the perfect mastermind group is a lot like online dating - you have to put yourself out there. Although several characteristics define productive mastermind groups, Hannah believes the best groups boast high participation levels and have a clear format for giving and receiving feedback. Melissa shares what she does to get the most out of both virtual and in-person mastermind meetings. Melissa and Hannah go through the advantages of only taking one or two things to implement in your business - too many ideas will lead to overwhelm. Mentioned in this episode: email@example.com
23 minutes | Sep 15, 2022
How and When to Ask for Testimonials
Want to know how to ask for testimonials and actually get a response? In this episode, co-hosts Hannah Robinson and Melissa Honan discuss the dos and don'ts of asking for testimonials. They also demonstrate how bookkeepers can use testimonials from satisfied clients to build social proof and scale their businesses. Hannah starts the conversation by revealing she enjoys the process of asking for and receiving testimonials. Although there are numerous ways to get testimonials, Hannah believes the most persuasive testimonials come from customers who are already satisfied with your services. Melissa explains that you don't have to ask all your clients for testimonials - start with the ones that have had a positive experience working with you. Hannah and Melissa discuss the difference between asking for a testimonial in-person versus through email. Hannah shares her experience asking for testimonials at BKX - it was interesting since most bookkeepers are introverts and camera shy. Melissa goes through some of the questions she asks when requesting a testimonial. According to Melissa, the easiest way to get a testimonial is to make your questions short and to the point. People are busy and don't have time to go through 50 redundant questions. Hannah explains why written testimonials are often more authoritative than recorded videos. Hannah and Melissa agree that people are more willing to give testimonials when you offer incentives - it's not a bribe, but you'd be surprised what a $50 discount can get you. Melissa reveals why it's never a good idea to ask new clients for testimonials right off the bat. Melissa shares how business owners can use testimonials to grow their brand. Hannah and Melissa go through the pros and cons of automating your testimonial collection process. Hannah explains why she believes you should never ask for testimonials more than twice a year. Melissa shares some of the software she uses when asking for both video and written testimonials. Hannah highlights that, ideally, you should ask for testimonials after the customer has some success with your service - but always ask. The more you ask, the more you'll get. Mentioned in this episode: firstname.lastname@example.org
37 minutes | Sep 13, 2022
Why Every Business Owner Needs to Go on a Brain Dump Retreat with Ben Day
Want to come up with new ideas for your business? Maybe you should consider going on a brain dump retreat. Co-hosts Hannah Robinson and Melissa Honan talk to Ben Day from Lionshare Bookkeeping - they discuss how business owners can use brain dump retreats to clear overwhelm and come up with fresh ideas for their businesses. Ben Day is the owner of Lionshare Bookkeeping where he and his team offer full-service bookkeeping exclusively to real estate investors. Ben is a huge proponent of having a niche - However, he also believes your niche should be broad enough for it to make sense. Melissa asks Ben what it’s like to manage a large team and the difference between managing full-time employees and a handful of subcontractors. Ben talks about creating a flexible work environment and how giving your team the opportunity to self-govern around a set of guidelines leads to better morale, improved productivity, and positive work culture. Hannah goes through the benefits of creating a space where team members can grow with the business but also grow individually on their own. According to Ben, employees become way more productive when you allow them the freedom to create their own schedule around a set of guidelines. Ben talks about his BKX talk - Brain Dump Retreats. The topic is built on the idea that business owners need to get away from the business and schedule some intentional quiet time; only then can they come up with brilliant ideas for the business. Ben shares how he performs his brain dump sessions and the positive impacts those new ideas have had on his business. Hannah, Ben, and Melissa share their love for dogs and how dogs lead to more fulfillment in life. Hannah asks Ben about his scaling journey and the moment he decided to start bringing on new team members. Ben believes making a lot of money at the expense of your sanity is not a great way to live life. Ben’s advice for business owners looking to scale is to take it slow - scaling is complicated, and trying to rush things is a guaranteed recipe for disaster. Hannah highlights the drawbacks of chasing new shiny things instead of focusing on the work in front of you. Ben reveals his experience with mentors and the benefits of having the right business mentors. Mentioned in this episode: Lionshare Bookkeeping - lionsharebookkeeping.com Ben Day on LinkedIn email@example.com
25 minutes | Sep 8, 2022
Practical Tips on How to Delegate Effectively
Why is delegating so important, and how can business owners master the art of effective delegation? Co-hosts Hannah Robinson and Melissa Honan expand on Melissa’s BKX talk - Delegate, Develop, and Grow. They also share insights on why delegation is the only way to scale a business and create more time for the business owner. Melissa shares her first experience delegating tasks and letting go of responsibilities - it was chaotic. Delegating is a skill that doesn’t come naturally for most people - Hannah believes business owners should not be too hard on themselves if they struggle to delegate. Melissa explains why the most valuable thing you can do as a business owner is learning how to delegate. For Hannah, delegating frees up more time for the business owner to focus on high-impact tasks and create the perfect work-life balance. Melissa explains why the most challenging transition for business owners is shifting from doing to leading. Hannah and Melissa agree that it’s almost impossible to scale your business if you don’t know how to delegate. Hannah dissects the first step to mastering the art of delegation: knowing when to ask for help. Melissa shares her post-maternal depression story and how hiring a housekeeper made life at home manageable. Hannah expounds on the consequences of business owners believing they can do everything on their own. “Average people trade their time for money. Wealthy people trade money for time.” Melissa is a huge proponent of this quote and aims to get to a place where she can trade money for more time. Hannah highlights that delegation is expensive, but you have to decide which is more precious: time or money. Melissa talks about delegation in the family unit and how parents can lighten their load by getting the kids involved in building a productive home. According to Melissa, it’s not unethical to source cheap labor from workers outside the US - if you cannot afford to pay local talent, it’s okay to hire foreign freelancers from platforms like Upwork. Melissa shares the impact effective delegation has had on her life-work balance. Hannah and Melissa discuss how business owners can overcome the need to micromanage their team members after delegating tasks. Mentioned in this episode: firstname.lastname@example.org
30 minutes | Sep 6, 2022
How to Follow Through with Your Goals
Do you struggle to follow through with your goals? Co-hosts Hannah Robinson and Melissa Honan discuss goal setting and the benefits of setting realistic, achievable goals. They also share practical strategies you can use to maximize your ability to follow through on your goals. Hannah and Melissa discuss the benefits of setting big goals and having smaller goals that keep you motivated along the way. Hannah shares her struggles with following through on the goals she set for herself. Melissa shares her goal-setting process - and a framework that makes it easy to follow through. Hannah shares a story of how she used goal setting to prepare for a marathon and remain disciplined throughout. Hannah and Melissa agree that celebrating small wins along the way is the easiest way to stay motivated and follow through on your goals. Melissa explains that motivation is good for goal setting - but you need consistency to actually follow through. Melissa breaks down an intriguing goal-setting strategy that will keep you going, especially on days you don’t feel like putting in the work. Hannah talks about checklists and why they are so effective in daily productivity management. Hannah and Melissa discuss productivity and the benefits of focusing on high-priority tasks. Hannah and Melissa go through the pros and cons of having an accountability partner. According to Hannah, there is no shame in setting a goal and realizing the goal is not the right fit - However, this is not reason enough to drop every goal you set. Hannah firmly believes in working hard in silence and letting success make all the noise. Hannah expounds on the benefits of developing habits that will help you achieve your goals faster. Melissa reveals why she’s a big fan of making immediate changes. Just start - take action now and learn as you go. Hannah and Melissa debate what are the biggest roadblocks stopping people from achieving their goals. Mentioned in this episode: email@example.com
21 minutes | Sep 1, 2022
Should Personality Assessments Be Used in Hiring?
How accurate are personality assessments, and should you use them for hiring? Co-hosts Hannah Robinson and Melissa Honan break down the pros and cons of personality tests- and whether business owners should use them when making business decisions. Hannah and Melissa go through the major highlights from Sally’s BKX speech - Personality Assessments. Melissa unapologetically maintains that she doesn’t like personality assessments - because there are no comprehensive studies to prove their effectiveness. Melissa explains why she believes personality assessments should not dictate how you live your life, both professionally and personally. For Hannah, personality tests are not super important, but they do help shine a light on a person’s strengths and weaknesses. Hannah and Melissa agree that personality tests are great for personal use - but should never be used in any part of running a business. Melissa breaks down the effectiveness of personality assessments compared to the Big Five when hiring new employees. Hannah reveals she’s a big fan of zodiac signs - but would never use them to make hiring decisions. Melissa is convinced that introverts can also make great salespeople. Hannah and Melissa go through the benefits of analyzing your strengths and weaknesses - and how to use your weaknesses to make hiring decisions. According to Hannah, if employees are comfortable voicing their concerns, that’s a great organization to work for. Hannah and Melissa share their experience being on stage at BKX. Mentioned in this episode: firstname.lastname@example.org
23 minutes | Aug 30, 2022
Ways to Future-Proof Your Business In Case of a Recession
How close are we to a recession? Can your business survive and maybe even thrive in a market downturn? Co-hosts Hannah Robinson and Melissa Honan break down Ben's BKX opening speech: Fascinating Futures - and how bookkeepers can build recession-proof businesses in these uncertain times. Hannah and Melissa talk about Ben's doomsday BKX speech about the prospect of an impending recession. Hannah describes why it was important for Ben to talk about the recession and the uncertainty in today's business environment. Melissa explains why she's convinced that the businesses that came out of the pandemic unscathed can survive a market downturn the same way. According to Melissa, your actions will determine whether you're one of the businesses that come out on top in case of a recession. As someone with anxiety, Melissa reveals all she can do to stay sane, with everything that's happening in the world, is to keep moving forward. Hannah and Melissa share their admiration for Ben's "Adapt and Overcome" philosophy - and why businesses need to learn how to pivot in the face of new economic challenges. For Hannah, the key to surviving and even thriving during a recession is to play the long game - make long-term decisions and only make changes when it's absolutely necessary. Melissa's advice for business owners: when the money starts rolling in, fight the urge to start buying things you probably don't need. Melissa shares an inspiring story of how her clients came out on top during the pandemic. Melissa explains why client success should be the driving factor for any business - and how helping your clients make more money will drive more revenue for your business. Hannah believes the overarching theme for surviving a global crisis is being creative, expanding your services, and thinking outside the box. Melissa breaks down the benefits of having an emergency kit and saving for your business in case of a market collapse. Melissa highlights the benefits of niching down - and why having a niche is the key to surviving all forms of financial drawbacks. Mentioned in this episode: email@example.com
15 minutes | Aug 25, 2022
What You Missed at BKX 2022
BKX 2022 was a massive success. Want to know what you missed? Co-hosts Hannah Robinson and Melissa Honan talk about the most memorable moments of BKX 2022. Hannah and Melissa reveal that one of their major highlights at BKX was when they interviewed Ben on stage. Hannah reveals that their interview with Ben was not rehearsed as he wanted to answer questions off the top of his head. Hannah admits that she was a little nervous about being on stage. Melissa describes how the audience resonated with the topic of weird client interactions - because we've all had one. Hannah shares Ben's reaction when he learned that the audience wanted to know who his favorite child was. Melissa talks about the excitement that comes with meeting fans in person and interacting with people she normally sees on Facebook. Melissa's pro tip for event speakers: volunteer to speak on the first or second day of the event. Hannah and Melissa break down the pros and cons of running a virtual event alongside an in-person event. Melissa explains why she believes it's almost impossible to try and compare the experience of a virtual event versus an in-person event. Hannah and Melissa agree that people assume hosting an event is easy because nothing ever goes wrong at well-run events. Melissa shares how disappointed she was with the dessert - especially since good food was a motivating factor for attending BKX. Hannah describes the state of her feet after a whole day of wearing heels - Melissa adds that bleeding feet is the primary reason she's a big fan of flats. Mentioned in this episode: firstname.lastname@example.org
36 minutes | Aug 23, 2022
How to Implement New Processes and Systems in Your Business
What is a business process, and does your business really need one? Co-hosts Hannah Robinson and Melissa Honan go through systems and processes that can enhance the overall performance of your business - and how you can build one that’s tailored to your business model. Melissa goes through the benefits of developing business processes - and why creating systems and processes is the first step to scaling a business. Melissa talks about the first processes she implemented in her business when she took over running the business after Daniel was deployed. Hannah shares her thoughts on why she believes having processes always leads to increased productivity. Melissa describes how hard it was to move from a sub-contractor business model to hiring permanent staff. Melissa reveals she is a massive fan of time blocking. Hannah and Melissa go through unique strategies for building efficient business processes. According to Melissa, processes guarantee high-quality outputs - knowing exactly what needs to be done ensures nobody skips a step and the quality is the same across team members. Melissa breaks down how business owners can use quantifiable metrics to evaluate the diverse aspects of their business processes. Hannah explains why a critical step to implementing business processes is figuring out how much it’s going to cost you. Hannah asks Melissa how she monitors the results of new processes - Melissa asks for feedback from her team. Melissa explores the benefits of building a culture where employees are comfortable pointing out the flaws in your system. Melissa shares how her team became hysterical when they learned that Daniel would be the one implementing the Traction business system. Hannah admits that she often struggles to adapt to change, especially when she’s accustomed to a specific way of doing things. Hannah and Melissa agree that you don’t need to build new processes from scratch - if somebody else has a process that would fit your business model, buy it and implement it. Melissa highlights why trusting yourself is one of the key attributes to making confident decisions as a business owner. Melissa explains that if your team is negatively reacting to a new process, figure out if they’re struggling because it’s new or they’re struggling because it’s not working. Mentioned in this episode: email@example.com
30 minutes | Aug 18, 2022
How to Hire and Fire Employees Quickly and Decisively
Want to know how you can make your hiring and firing process as seamless and frictionless as possible? Co-hosts Hannah Robinson and Melissa Honan break down the key components of hiring the right employees and letting go of unproductive team members professionally without the emotional blow-up. Hannah asks Melissa which is easier: hiring or firing an employee - Melissa points out that both are hard as they all come with their own set of challenges. Melissa reveals that she's always had trouble firing people and sometimes holds on to unproductive employees a little too long. Melissa explains why she believes the "slow to hire but quick to fire" mantra is super effective, especially when running virtual teams. Hannah explains the first step to hiring an employee is identifying the role and then reviewing the job description according to your need. Hannah and Melissa go through the process of crafting a clear and concise job description - as well as a smart way to attract top-shelf candidates. Melissa describes the framework she implements in her business to guarantee a seamless onboarding process for new hires. According to Hannah, one of the best ways to make a new hire feel comfortable is to ensure that everybody follows the same rules and that all team members are held to similar standards. Melissa dissects the dos and don'ts of new employee training - and how to give new hires the tools they need to succeed on the job. Hannah and Melissa analyze some tell-tale signs that it's time to let go of an employee. Melissa talks about the benefits of setting clear expectations and giving employees several chances to improve before letting them go. Hannah shares her thoughts on why most managers and business owners struggle to let go of unproductive employees. Melissa reveals her go-to process for firing underperforming employees - and how she keeps the firing conversation professional without the emotional blow-up. Hannah and Melissa agree that firing an employee should always be a face-to-face affair - Melissa also adds that letting go of someone via email or Slack is disrespectful and inappropriate. Melissa highlights that underperforming employees aren't always lazy or unproductive; they may be nice, committed individuals who don't have the skill or support needed to succeed. According to Melissa, it's always a good idea to have quantifiable metrics that justify your decision to fire an employee.
34 minutes | Aug 16, 2022
Key Steps on How to Start Scaling Your Business
Not sure about the exact steps you need to follow when scaling your business? Co-hosts Hannah Robinson and Melissa Honan go through the key steps to scaling a business and how you can develop a process that ensures lasting and profitable results. Hannah explains why she believes the first step to scaling a business is realizing it’s time to scale, then committing to scaling effectively. Melissa lists the steps she went through during the initial stages of scaling her business. Melissa goes through the primary reasons most bookkeepers struggle when it comes to scaling their business. Hannah describes why it’s extremely important to perfect your product or service before deciding to scale. Melissa agrees and adds that maintaining the quality of your product or service leads to successful scaling. Hannah shares her thoughts on the benefits of having regular internal check-ins even when you’re not scaling. Melissa points out that you must understand your capacity to maintain a scaling business before making any changes. When asked about the benefits of hiring a coach when scaling a business, Melissa reveals that having a dependable third-party partner enabled her to scale successfully. Hannah asks Melissa what she does to consistently evolve her business even when she has no intentions of scaling. Melissa admits that scaling a business is tough. However, sometimes the best way to gain clarity on scaling is to take a break from the business. Melissa reveals that she is not a big fan of business process consultants. Instead, business owners should invest in “done-for-you” processes and dive deep into the implementation themselves. Melissa describes how business owners can use scaling to uncover the strengths and weaknesses in their business processes. Melissa shares the amount of time and effort it took to build a clear and detailed hiring process. Melissa talks about the struggles of developing a business process and constantly having to refine it every time things change in the business. Hannah and Melissa go through the key activities business owners can implement to determine what’s working and what’s not. Hannah and Melissa go through scaling mistakes business owners make, especially when managing virtual teams.
38 minutes | Aug 11, 2022
How to Make the Transition from Growing to Scaling a Business with Serena Shoup
When should you make the transition from growing to scaling a business? Co-hosts Hannah Robinson and Melissa Honan talk to Serena Shoup from Of Course Bookkeeping - they discuss how bookkeepers can transition from growing to scaling a business, eliminate the growing pains, and maximize their chances of getting it right. Serena Shoup is the Host of the Ambitious Bookkeeper Podcasts and the Owner of Of Course Bookkeeping. She's on a mission to mentor bookkeepers and accountants so they can leave behind the stress of working their 9 to 5. Hannah asks Serena why she decided to start a business midway through a successful corporate career. Hannah asks Serena about the time it took growing the business before she felt it was eventually time to scale. Her response is scaling takes time, but there needs to be a good reason for it. Serena explains that following a path of careful, calculated growth is smarter than scaling a business you already can't handle. Melissa is intrigued by Serena's work-life balance and how her systems make it easier to run a successful company without compromising on time with family. Serena describes why scaling a business is more than just acquiring more customers - scaling is all about creating a system to serve more customers with little to no additional resources. Serena goes through how impulsive hiring can cause so many problems, especially if you decide to hire a friend just for the sake of it. Serena points out that making mistakes during the growth phase of your business is okay, as long as you don't make those mistakes define who you are. According to Serena, scaling a business is not something you do once - it's something you'll have to manage throughout the life of your business. Melissa and Serena agree that some business owners avoid growth because they don't want to deal with the heartache that comes with running a larger business. Hannah and Serena talk about the major mistakes she made during the initial stages of growing her business. Serena shares why she believes building relationships is extremely important if you want to scale. Melissa asks Serena what she does to ensure her business continues to scale sustainably - Serena explains that building a self-sufficient team and having a careful understanding of your customers can not be overstated. Melissa and Serena explore the benefits of treating your employees as your number one client. Serena reveals the key to staying motivated in business is allowing yourself space to feel unmotivated - also, remembering your team depends on you makes it easier to get up in the morning. Mentioned in this episode: Serena Shoup on LinkedIn The Ambitious Bookkeeper Podcast Of Course Bookkeeping - ofcoursebookkeeping.com
25 minutes | Aug 9, 2022
What’s the Difference Between Growing and Scaling a Business?
Is there a difference between growing and scaling a business? Co-hosts Hannah Robinson and Melissa Honan expand on this introductory episode to their scaling your business series and talk about the difference between growing and scaling a business. Hannah explains the difference between growing and scaling a business - and why business owners need to learn how to differentiate the two. Hannah asks Melissa the first action steps she took when scaling her business. Hannah and Melissa go through the key signs that confirm it’s time to scale your business - they also acknowledge that it’s okay for some business owners not to want to scale their businesses. Melissa breaks down the first measure business owners should implement when scaling their business - she also explains why reverse engineering your goals makes them easier to archive. Melissa reveals strategies business owners can use to cope with the growing pains of scaling a business. Melissa explains why getting rid of employees and clients who no longer serve the company is crucial to scaling a business. Hannah asks Melissa about the essential milestones she set out to achieve in the first few months of scaling her business. Melissa reveals that moving from a contractor to an employee-based model was one of the most important foundations of scaling her company. Hannah and Melissa agree that having a contingency plan is a brilliant business plan in case things don’t work out when growing a company. Melissa explores the benefits of having flexible systems that can easily withstand the pressure of exponential growth, without harming the profitability and efficiency of the business. Hannah asks Melissa about the areas in her business that caused a lot of growing pains. Melissa shares the must-have processes you need to scale a business - and how great processes drive business growth. Melissa reveals what she did to guarantee high-quality services and outstanding customer experiences when she decided to grow her business. Melissa goes through strategies she used to keep her costs down when scaling her business.
23 minutes | Aug 4, 2022
How to Scale Your Business Effectively
Do you want to scale your business? How big do you want to be, and how quickly can you get there? Co-hosts Hannah Robinson and Melissa Honan share insights into the most important aspects of scaling a business and how to dodge the vulnerabilities that arise from super-fast growth. Hannah asks Melissa about the exact moment she decided it was time to scale her business. Hannah explains why she believes the first step to scaling a business is bridging the gap between where you are and where you want to be. Melissa illustrates how having a consistent business process is all you need to achieve consistent results. Hannah and Melissa go through the benefits of consistently showing up in your business, even when you don't feel like it. Melissa explains why sometimes it's okay to just "wing it" in your business and figure things out as you grow. Hannah describes why she feels having a well-defined business process makes it easier to identify the cogs in your systems that need changing or updating. For Melissa, learning never stops when running a business - sometimes you learn lessons the hard way, but the trick is not making the same mistake twice. Melissa goes through why your objective as a business owner is to go after explosive growth - however, super fast growth can come with its own set of struggles, which you should be prepared for. Hannah and Melissa agree that the key to maintaining business growth is to have scalable and replicable processes at all levels of the business. Melissa explains that growing a business means working with more clients, data, and resources - your business should be able to handle all these new responsibilities before you decide to scale. Hannah reveals that one of the most painful parts of scaling a business is acknowledging that the business will outgrow some employees, and you'll have to let them go. Melissa shares how hard it can be to let go of employees, no matter the reason - but letting go of people has to be done nonetheless. Hannah asks Melissa if she has a business coach to guide her through the process of scaling her business. Mentioned in this episode: firstname.lastname@example.org
30 minutes | Aug 2, 2022
How to Sustain Your Business While Saying No to Clients Outside Your Niche with Brandy Derrick
Scared to niche down? Wondering what to do with the clients outside your niche once you niche down? Co-hosts Hannah Robinson and Melissa Honan talk to Brandy Derrick from Legal Ease Bookkeeping - they discuss the benefits of having a niche, what to do with clients outside your niche, and the only time it makes sense to fire a troublesome client. Brandy Derrick is the owner of Legal Ease Bookkeeping - she helps attorneys grow their law practices by making financial statements easy to understand while teaching accounting professionals the ins and outs of legal bookkeeping. Brandy shares her journey into bookkeeping and what she learned running books for her father’s multiple businesses. Melissa asks Brandy about the benefits of running a virtual bookkeeping business - and what it’s like to serve clients in 27 states. Brandy describes the moment she decided to niche down and what she did to gather information about attorneys and businesses in her niche. Hannah asks Brandy what it’s like working with people who know the law from A to Z. Brandy shares how she got started in bookkeeping - and why she decided to start her own company with a specific focus on providing bookkeeping to attorneys. Hannah asks Brandy how she finds new bookkeeping clients and the places she believes her accounting leads like to hang out. Brandy reveals the pain points she endured during the first few months of her niching journey. Melissa and Brandy agree that trying to retain clients who cause a lot of friction in your business is never worth the trouble. Brandy reveals her favorite part of running a business - she also admits that running a business is not easy but can be a very rewarding journey. Melissa asks Brandy what she would recommend bookkeepers do when diving into the world of legal bookkeeping. Mentioned in this episode: Brandy Derrick on LinkedIn Legal Ease Bookkeeping - legaleasebookkeeping.com email@example.com
28 minutes | Jul 28, 2022
Becoming an Expert in Your Niche: How Deep Should You Go? with Brooke Swan
Do you really need a niche to grow your business? If so, how deep should you go? Co-hosts Hannah Robinson and Melissa Honan talk to Brooke Swan from Clarity Bookkeeping - they discuss the process of finding a niche, how long it takes to build a strong brand within your niche, and break down a simple strategy you can use to generate more business referrals. Brooke Swan is the Owner and CEO of Clarity Bookkeeping and Consulting - she has helped hundreds of business owners reach their goals and even enjoy accounting. Hannah asks Brooke what made her want to niche down and why she settled on service-based businesses. Brooke describes how her business has evolved since the last time she was interviewed on ILB. Hannah asks Brooke how much time it took to completely niche down in her business. Based on her experience finding and working in one specific niche, Brooke believes building your business around a niche almost always guarantees business growth. Brooke explains the challenges of adding new services to your business - and what it means to uniquely position yourself based on price point, service quality, and service offering. Brooke reveals that her favorite thing about having a niche is the confidence that comes with understanding all types of client needs. Hannah underlines the benefits of being detail-oriented as a bookkeeper. Brooke talks about the pains of working with service-based industries - and the level of detail that goes into bookkeeping for businesses that still believe in brick-and-mortar accounting. Brooke shares her experience using Content Snare to onboard clients, collect documents, and process queries in her business - she also reveals some of the other tools she uses to serve her clients better. Brooke talks about how she built a thriving business based on referrals - and how referrals from the BNI community almost tripled the size of her business. Melissa asks Brooke what she would recommend for new bookkeepers to guarantee business growth. Brooke reveals that, as an introvert, she’s not a big fan of networking events but attends them nonetheless, for the sake of her business. Hannah, Melissa, and Brooke agree that the easiest way to get the most out of networking events is to go after building relationships instead of trying to sell. Mentioned in this episode: Clarity Bookkeeping - claritybkpg.com firstname.lastname@example.org
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