In less than 20 minutes a week, we'll introduce you to an expert or business owner with deep experience in what they do. Grow you, grow your team, grow a small business.

In this episode of Grow a Small Business, host Michael Denehey interviews financial expert Greg Crabtree from Carr, Riggs & Ingram (CRI) shares the principles behind his company, Simple Numbers, which successfully generated $20M in revenue with a lean team of 30 members. Greg discusses key metrics for small business success, including the importance of maintaining two months of cash flow and the Total Labor Efficiency Ratio (LER). He offers actionable insights for optimizing profitability and managing capital effectively.

Key Takeaways for Small Business Owners:

Simplify Financial Reporting: Use Simple Numbers to present financial data clearly and make it actionable, moving beyond traditional accounting practices.

Focus on Gross Margin: Prioritize gross margin over revenue to accurately assess business health and profitability. Revenue alone can be misleading.

Implement the Total Labor Efficiency Ratio (LER): Aim for $2 of gross margin for every $1 of labor to ensure efficient use of resources and boost profitability.

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Maintain Two Months of Cash Flow: Having two months of operating expenses in cash and zero line of credit debt is crucial for financial stability and effective decision-making.

Avoid Overcapitalization: More than two months of cash can lead to complacency. Properly manage excess capital to avoid underperforming investments.

Use Rolling 12-Month Data: Analyze financial metrics over a rolling 12-month period rather than monthly to get a more accurate picture of business performance.

One action small business owners can take:

One actionable step small business owners can take is to calculate their Total Labor Efficiency Ratio (LER). Aim to achieve at least $2 of gross margin for every $1 spent on labor. This metric will help you gauge labor efficiency and ensure that your business is operating profitably.

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Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey. 👇

Quotable quotes from our special Grow A Small Business podcast guest:

Revenue is vanity; gross margin is reality – Greg Crabtree

The most important number on the P&L is the contribution margin, not profit – Greg Crabtree

Simplify your financial data to make it actionable and insightful for better decision-making – Greg Crabtree

In this episode of Grow a Small Business, host Troy Trewin sits down with Nikki Chamberlain, Founder of Outsourced HQ, shares how she reached $600K in revenue and scaled to 23 team members. She delves into her strategies for building a dynamic company culture, the significance of strategic mentoring, and approaches to sustainable growth. Tune in for actionable insights and key strategies for driving business success.

Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let’s get into it by clicking here.

Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?
   
   Nikki Chamberlain believes that the hardest thing in growing a small business is moving out of a reactive mindset. It involves delegating tasks effectively and trusting others to handle responsibilities, even if they might not execute them with the same precision or capacity as the business owner. This shift from managing every detail to empowering a team is crucial for sustainable growth.
   
   

2. What's your favourite business book that has helped you the most?
   
   Nikki Chamberlain's favorite business book that has helped her the most is "The Diary of a CEO" by Steven Bartlett. She found it particularly insightful for its practical advice on business and personal development.
   
   

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?
   
   Nikki Chamberlain recommends the "Build" podcast by Layla Hall-Moses, which focuses on building effective teams and fostering a strong company culture. For online learning, she suggests exploring resources that emphasize team dynamics and professional development.
   
   

4. What tool or resource would you recommend to grow a small business?
   
   Nikki Chamberlain recommends using a CRM tool like Dubsado. It helps automate up to 80% of daily paperwork, including client onboarding, forms, contracts, and communications, streamlining operations and maintaining long-term client relationships.

5. What advice would you give yourself on day one of starting out in business?
   
   Nikki Chamberlain would advise her day-one self to ask for help sooner and to avoid being too proud. She emphasizes the importance of reaching out for support and guidance early on, rather than trying to handle everything alone, even if it feels daunting.

Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights!

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

Quotable quotes from our special Grow A Small Business podcast guest:

Don’t let pride keep you from seeking the help you need to succeed – Nikki Chamberlain

Effective mentoring is a cornerstone of sustainable business growth – Nikki Chamberlain

The cost of replacing great staff far exceeds the investment in their happiness and growth –Nikki Chamberlain

In this episode of Grow a Small Business, host Troy Trewin interviews Mark Hubbard, the successful founder of Blizzard Brewery. Hubbard shares his journey of growing the brewery from its inception to a successful exit, discussing the challenges he overcame and the strategies that drove his success. He emphasises the importance of strategic planning, effective communication, and achieving work-life balance. Hubbard’s insights offer valuable lessons for entrepreneurs aiming for long-term business success.

Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let’s get into it by clicking here.

Troy delves into our guest's startup journey, their perception of success, being a learner again when moving into a new industry, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?
   
   According to Mark Hubbard, the hardest thing in growing a small business is sustaining growth. He points out that while growth is rewarding and necessary for business success, it requires continuous innovation and idea generation. Keeping up with growth can feel like a relentless treadmill, where you must consistently find ways to achieve and sustain progress.
   
   

2. What's your favourite business book that has helped you the most?
   
   Mark Hubbard's favorite business book that has helped him the most is The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter by Michael Watkins. He found it particularly useful for establishing discipline and meeting deadlines when opening his business.
   
   

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?
   
   Mark Hubbard suggests listening to industry-specific podcasts such as Brews News and those from Crafty Point Media. These podcasts help him stay plugged into the brewing community and feel part of the industry. For broader learning, he also finds value in online learning tools that keep business owners informed and engaged.
   
   

4. What tool or resource would you recommend to grow a small business?
   
   Mark Hubbard recommends using planning and forecasting as a key tool for growing a small business. He emphasizes the importance of creating realistic forecasts and plans that genuinely reflect what you can achieve. Accurate forecasting serves as a practical roadmap for business growth and helps avoid unrealistic expectations.
   
   

5. What advice would you give yourself on day one of starting out in business?
   
   Mark Hubbard advises that on day one of starting a business, you should focus on the concept of "how do you eat an elephant? One bite at a time." This means breaking down your grand vision into manageable steps and making steady progress toward your goals. Having a clear plan and taking it step by step will help you navigate the overwhelming aspects of starting and growing a business.

Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights!

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

Quotable quotes from our special Grow A Small Business podcast guest:

Growth can be a master, rewarding yet demanding continuous innovation and ideas – Mark Hubbard

Balance is key; without it, you may find yourself held hostage by your own business – Mark Hubbard

Success in business starts with a clear vision and tackling it one step at a time – Mark Hubbard

In less than 20 minutes a week, we'll introduce you to an expert or business owner with deep experience in what they do. Grow you, grow your team, grow a small business.

In this episode of Grow A Small Business, host Rob Cameron interviews brand and marketing consultant Neil Krikul. Neil breaks down the word 'sustainability' and shares how he integrates it into marketing strategies, emphasising the importance of commercial outcomes before maximising societal and environmental impacts.

Neil shares insights from a recent product launch case study, emphasising strategies to minimise advertising waste. His key advice for small business owners is to prioritise by doing less and outsourcing where possible, allowing more time to focus on impactful activities. Listeners can also access his free eBook, offering practical tips to save time and money by reducing marketing waste.

Key Takeaways for Small Business Owners:

Integrate Sustainability: Incorporate sustainability into your brand strategy and you'll benefit from being the leader. It’s not just about communicating sustainability but also demonstrating it through actions.

Understand Your Market: Conduct thorough research to understand your business’s position in the market, customer motivations, and competitive landscape. Use both qualitative and quantitative data for a comprehensive view.

Minimise Marketing Waste: Adopt zero-based budgeting for your marketing efforts. Focus on reaching the right audience with optimal frequency to avoid wasting advertising spend.

Our hero crafts outstanding reviews following the experience of listening to our special guests. Are you the one we've been waiting for?

Prioritise and Focus: As a small business, prioritise your efforts and resources. Concentrate on high-impact activities and delegate tasks where possible to maximise efficiency.

Leverage Data: Use data to inform your strategies and measure effectiveness. Track both qualitative insights (like customer feedback) and quantitative metrics (like analytics) to guide decisions.

Offer Practical Resources: Utilise tools and resources, such as Neil’s free ebook on minimising marketing waste, to implement effective strategies and improve your marketing outcomes.

One action small business owners can take:

One actionable step small business owners can take, according to Neil Krikul, is to adopt zero-based budgeting for their marketing efforts. This involves setting your marketing budget based on specific objectives and needs rather than historical spend, allowing you to allocate resources more effectively and minimise waste.

Do you have 2 minutes every Friday? Sign up to the Weekly Leadership Email. It's free and we can help you to maximise your time.

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey. 👇

Quotable quotes from our special Grow A Small Business podcast guest:

Sustainability in branding is not just about talking the talk but walking the walk with genuine actions – Neil Krikul

Understanding both qualitative and quantitative data is crucial for developing a well-rounded marketing strategy – Neil Krikul

Zero-based budgeting helps you allocate your marketing spend based on real objectives, not just past budgets – Neil Krikul

In less than 20 minutes a week, we'll introduce you to an expert or business owner with deep experience in what they do. Grow you, grow your team, grow a small business.

In this episode of Grow A Small Business, host Michael Denehey interviews Melina Palmer founder of The Brainy Business. Melina shares insights on effective pricing strategies, customer psychology, and how behavioural economics can transform your business. Learn practical tips on using high anchors, bundling, and thoughtful pricing to boost sales and customer satisfaction.

Key Takeaways for Small Business Owners:

Understand Subconscious Decision-Making: Recognize that most customer decisions are made subconsciously. Use this knowledge to tailor your pricing and marketing strategies to align with how people naturally make choices.

Confident Pricing is Crucial: Develop confidence in your pricing. A lack of confidence can lead to discounting and negatively affect customer perception. Ensure that your pricing reflects the value you provide.

Leverage Anchoring Techniques: Use anchoring by presenting higher-priced options first. This makes subsequent options appear more affordable and increases the likelihood of higher-value purchases.

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Incorporate Bundling Strategies: Create bundles of products or services to offer high-value options without needing to add new items. Bundling can also set a high anchor price, making individual items seem more reasonably priced.

Align Pricing with Business Identity: Decide whether your business is positioned as a provider of quality or value. Tailor your pricing strategy to match this positioning, using whole numbers for quality and rounded-down figures for value.

Communicate Pricing Changes Effectively: When adjusting prices, ensure that you and your team are clear on the reasons and benefits. Effective communication about pricing can help in overcoming internal resistance and gaining buy-in from all stakeholders.

One action small business owners can take:

According to Melina Palmer One actionable step small business owners can take is to implement anchoring in their pricing strategy. Start by presenting higher-priced options first to create a perception of value, making subsequent lower-priced options appear more attractive and affordable. This tactic can effectively increase the perceived value of your offerings and drive more sales.

Do you have 2 minutes every Friday? Sign up to the Weekly Leadership Email. It's free and we can help you to maximise your time.

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey. 👇

Quotable quotes from our special Grow A Small Business podcast guest:

Understanding subconscious decision-making can transform your pricing strategy – Melina Palmer

Bundling products can create high-value perceptions without needing new offerings – Melina Palmer

Confident pricing reflects the true value of your product or service – Melina Palmer

In this episode of Grow a Small Business, host Troy Trewin interviews Kate Parker, Founder of Harrier Trail Running Shares Her Impressive Journey and Secrets to Achieving Consistent 30% YoY Growth and a 97% NPS. Kate shares her experiences on scaling, managing quality, and navigating leadership challenges. She offers valuable insights into balancing work and life, and strategies for successful business growth. Don’t miss this episode for practical advice and inspiration.

Other Resources:

NPS. An easy way to measure if your customers love you in 21 minutes – use the Net Promoter Score (NPS). And it’s FREE.

Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let’s get into it by clicking here.

Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?
   
   According to Kate Parker, the hardest thing in growing a small business is being confident in your choices. She highlights the challenge of navigating numerous potential paths for growth and making decisions with confidence in a rapidly evolving business environment.
   
   

2. What's your favourite business book that has helped you the most?
   
   Kate Parker's favourite business books that have helped her the most are "The Seven Habits of Highly Effective People" by Stephen Covey and "How to Win Friends and Influence People" by Dale Carnegie. She finds these old-school business classics to be major inspirations for her.
   
   

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?
   
   Kate Parker recommends the Hammersley Brothers podcast for those in e-commerce, as it provides valuable insights. She also values funded courses for managerial and leadership development, which she takes advantage of through UK government schemes.
   
   

4. What tool or resource would you recommend to grow a small business?
   
   Kate Parker recommends using Excel as a versatile tool for small business growth. She finds it invaluable for tracking KPIs, managing cash flows, and creating profit and loss statements, making it a foundational resource for business management.
   
   

5. What advice would you give yourself on day one of starting out in business?
   
   Kate Parker advises herself on day one of starting out in business to "be strong, keep the focus, and don't settle for less than you expect." This guidance emphasises resilience, clarity, and maintaining high standards.

Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights!

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

Quotable quotes from our special Grow A Small Business podcast guest:

Constantly improve your product; quality is key to retaining customers – Kate Parker

Be clear about role expectations to avoid difficult conversations later – Kate Parker

As a leader, be confident in your choices and stay true to your vision – Kate Parker