Grow your business by thinking differently about growth, beyond just your PNL. In this episode, Molly McGrath, Founder of Hiring & Empowering Solutions, discusses the common mindset trap that prevents companies from scaling and shares practical tips on how to break through.
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Quote of the Show:
4:13
“You have to think differently. The pricing of what it is going to cost for you to up-level your business to elevate and grow is a commodity problem… Get more customers, increase your average purchase price, get more clients to buy more from you, and create repeat customers and lifetime clients—period.”
Grow Your Business: Key Takeaways from the Episode
- Your PNL could be killing your growth: Too many business owners rely solely on profit-and-loss statements to make decisions. But numbers don’t always tell the full story of what’s possible.
- Don’t compare market hires: The market constantly shifts—what you pay for a team member today may not match what your colleagues paid six months ago. Avoid fixating on other people’s payroll decisions.
- Stop using hourly rates: Traditional models like billable hours or fixed hourly rates may limit your growth. Today’s business climate demands a new pricing mindset—invest to grow your business.
- Focus on three things to grow your business:
- Acquire more customers.
- Increase the average purchase value.
- Build client loyalty with repeat and lifetime customers.
- Value your time: Delegate tasks that drain your energy. Hiring the right people to support your focus can eliminate burnout and drive productivity.
- Break down salaries weekly: Instead of stressing over annual payroll figures, look at what you’re paying on a weekly basis—it’s a more digestible, actionable number.
- Speed up onboarding: Every new hire comes with a ticking clock. Get them trained quickly, keep them engaged, and ensure their success in your firm.
How to Tune In and Grow Your Business
Catch this insightful episode wherever you listen to podcasts:
- Amazon Music
- Apple Podcasts
- Spotify
- Google Podcasts
- Stitcher
- YouTube
Continue Learning About How to Grow Your Business
Explore our free tools and resources at HiringAndEmpowering.com for actionable insights on how to grow your business and empower your team. Dive deeper into these topics by visiting our blogs or tuning into our weekly podcast episodes for expert conversations on business growth, leadership, and hiring strategy.
Written by Molly Hall McGrath