Molly McGrath is the Founder of Hiring and Empowering Solutions. She sits down to talk about the importance of growing your company and some of the challenges that can prevent growth, such as looking at your PNL too much. Listen as she gives out tips on how to successfully grow your business.
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Quote of the Show:
4:13 “You have to think differently. The pricing of what it’s going to cost for you to up-level your business to elevate and to grow, is a commodity problem. What do I mean by that? It means that what does it take to grow and quite simply it’s three simple things. Get more customers, increase your average purchase price, Get more clients to buy more from you and create repeat customers and lifetime clients, period. That’s it.”
Takeaways:
- PNL is killing your growth. People focus all their decision making by what their PNL says but that doesn’t always tell the full story.
- The market fluctuates and that can affect how much you pay for an employee. Don’t listen to your colleagues or friends who say they got someone for pennies on the dollar.
- In this market, there’s no place for running your hourly rates and billable hours. You have to think differently as pricing is expensive and you need the money to grow.
- There are three simple steps to grow your business; Get more customers, increase your average purchase price, and create repeat customers.
- Your time is valuable and you want to make the best use of it. You can hire people to do the work that you can’t necessarily focus on right now. That can save you frustration.
- Don’t look at what you are paying your employees annually, look at what you are paying them weekly.
- When you hire someone, the clock is ticking for you. You need to get them up to speed as fast as possible and keep them at the company.
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