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Speaker 1: Welcome to the Rise and Conquer Podcasts. This podcast is

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Speaker 1: for women who want to take ownership of their lives,

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Speaker 1: live unapologetically, and are ready to turn their biggest dreams

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Speaker 1: into their reality.

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Speaker 2: If you're ready to be.

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Speaker 1: Armed with the tools that will inspire take bold action,

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Speaker 1: feel confident within yourself, and conquer your goals, then you've

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Speaker 1: come to the right place. I'm your host, Georgie Stevenson.

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Speaker 1: I'm a lawyer turned entrepreneur, co founder of Naked Harvest Supplements,

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Speaker 1: and social media personality with a community of over three

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Speaker 1: hundred thousand. I grew up believing I had to pursue

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Speaker 1: the safe option and fit into a mold others had

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Speaker 1: created for me. But then I entered my corporate law

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Speaker 1: job and I realized that settling for a reality that

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Speaker 1: did I didn't set my soul on fire, was something

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Speaker 1: I was not prepared to do. I wanted more, and

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Speaker 1: I have a feeling you do too. Join me and

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Speaker 1: special guests weekly as we get down to the nitty

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Speaker 1: gritty on all things health, mastering your mindset, creating lasting habits,

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Speaker 1: thriving in your career and relationships, plus so much more,

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Speaker 1: and together we'll gain the knowledge and perspective to pursue

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Speaker 1: our wildest dreams and kick fear to the curb.

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Speaker 2: Well what are you waiting for? Let's Rise and Conquer.

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Speaker 2: Hey guys, and welcome.

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Speaker 1: To another bonus ep of the Rise and Conquer podcast.

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Speaker 1: We're about to get into season three, but I've got

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Speaker 1: another bonus episode for you and Idashabands is back baby.

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Speaker 1: So you guys know, we have lots of money chats

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Speaker 1: on this podcast, and Ida is a freak guess. I

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Speaker 1: think she's been on about three times and she is

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Speaker 1: a money and property expert. We get into so many exciting,

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Speaker 1: more biz related topics in this episode. It is a

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Speaker 1: very short and sharp and to the point episode and

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Speaker 1: I absolutely love it, so stick around if you want

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Speaker 1: to hear more about all things business. Ida gets into

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Speaker 1: it all. Plus she's got a little surprise for you

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Speaker 1: guys because she does have a very exciting live workshop

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Speaker 1: coming up. So let's get straight into this bonus Aeppe,

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Speaker 1: welcome back to the show.

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Speaker 3: Ida, Thanks Georgie. I'm excited. It feels like it's been

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Speaker 3: a bit of time in between.

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Speaker 1: Yes, I know you're usually a little bit more frequent,

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Speaker 1: but yeah, it's good to chat to you, and today

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Speaker 1: we are talking about something a little bit different. I

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Speaker 1: know our last episode we did get more into the

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Speaker 1: property side. So yeah, I'm excited to have a biz chat.

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Speaker 3: Yeah, I'm excited to share some of my business knowledge

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Speaker 3: and yeah, probably tell people about something exciting that I've

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Speaker 3: got planned for your listeners.

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Speaker 2: Yes. Perfect.

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Speaker 1: So before we get into that, I really wanted to

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Speaker 1: chat to you just about explaining more of your business

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Speaker 1: background because I.

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Speaker 2: Actually, I know you've got an interesting story.

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Speaker 1: And it's funny because one of the first events that

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Speaker 1: I don't think we met at this event, but you

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Speaker 1: spoke at this event, and then I met you at

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Speaker 1: an event later on, but it was one of the

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Speaker 1: Money Hope business events and you spoken, you kind of

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Speaker 1: told this story, and I was just super blown away,

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Speaker 1: especially your age and having the business.

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Speaker 2: So young and that sort of side of things.

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Speaker 1: So do you want to just get into a bit

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Speaker 1: of your background with owning a business and your first

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Speaker 1: business and what that looked like for you.

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Speaker 4: Yeah, for sure.

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Speaker 3: So I started out when I was like I started

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Speaker 3: out poof my first business was when I was nineteen.

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Speaker 3: But I think a little bit of background on that

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Speaker 3: is I actually moved out a home at.

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Speaker 4: The age of sixteen.

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Speaker 3: So when people here, I've had my own business at

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Speaker 3: such a young age, they probably need to understand that

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Speaker 3: I grew up pretty fast, and I was doing a

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Speaker 3: lot of things that most young teenagers weren't doing at

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Speaker 3: the age of sixteen.

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Speaker 4: So from moving at a home.

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Speaker 3: At the age of sixteen, I started working at Hungry

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Speaker 3: Jack's at fourteen, and then from there I worked and

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Speaker 3: managed multiple subway stores for one owner at the age

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Speaker 3: of from the time I was in year eleven and twelve,

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Speaker 3: so I was doing a lot of things in year

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Speaker 3: eleven and twelve while going to school, which was like hiring,

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Speaker 3: like I was doing staffing, I was doing like stock taking,

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Speaker 3: I was managing hours for people. I was literally running

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Speaker 3: stores at the age of sixteen and seventeen.

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Speaker 4: So when I.

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Speaker 3: Finished my school, I went on and did business management

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Speaker 3: at UNI, and from there I've done all the rest.

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Speaker 4: Of the studies.

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Speaker 3: But when I went and did business management at UNI,

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Speaker 3: I felt that it was the most unrelevant thing to

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Speaker 3: real world like general management of businesses. It was very

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Speaker 3: high level and I was like, I don't understand how

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Speaker 3: any of this is relevant to what you actually do

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Speaker 3: as a manager, So I found that quite interesting, that gap.

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Speaker 3: But yeah, moving forward from there, I actually went and worked.

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Speaker 3: I never worked as an employee in finance. I was

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Speaker 3: working as a contractor under my own ABN. So I

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Speaker 3: worked in finance teaching people how to pay off debts

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Speaker 3: and own their assets. From there, I moved to working

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Speaker 3: in it contracting and learning and teaching people about project

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Speaker 3: managing investments and building portfolios.

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Speaker 4: And then I'm one.

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Speaker 3: Of those people that likes to know everything. It sounds

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Speaker 3: like a bit like what you're like, Georgia to know everything.

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Speaker 3: And yeah, from there I went on and I was like, well,

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Speaker 3: I know how all the front end works, how does

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Speaker 3: the back end work? So I ended up getting like

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Speaker 3: a role where I was actually working as an approval

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Speaker 3: officer for a non bank, like a wholesale funder. And

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Speaker 3: when I was nineteen, they offered me a licensing agreement

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Speaker 3: of one.

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Speaker 4: Of their first doors.

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Speaker 3: So all the way leading up until this point, I

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Speaker 3: was always like managing my own affairs and working for myself,

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Speaker 3: but I never even really thought about having, I guess,

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Speaker 3: a full blown business of my own. But the opportunity

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Speaker 3: was given to me, and I was thinking to myself, well,

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Speaker 3: if they think that I can do it, then obviously

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Speaker 3: I should be able to do it. And then I

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Speaker 3: partnered with my business partner at the time, who was

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Speaker 3: one of my best friends, and I was like, oh,

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Speaker 3: we've got you know, they've given me this thing.

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Speaker 4: Should we do it? You know?

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Speaker 3: Could I do it? And he just basically said to

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Speaker 3: me like, just do it. And at the age of nineteen,

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Speaker 3: you kind of have nothing to lose. I feel, You're

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Speaker 3: kind of like, oh, well, let's just give it a go.

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Speaker 3: So he went into business with me together and we

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Speaker 3: had our first business at the age of nineteen. And

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Speaker 3: the funny thing about this is is at the age

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Speaker 3: of in that business, my first which was a whole

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Speaker 3: self funding business, so we were basically lending out money

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Speaker 3: as a white labeled product which was using like whole

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Speaker 3: sealf funding so the banks will get their money from

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Speaker 3: somewhere and then they brand it as the bank, you know,

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Speaker 3: so we just had like our own brand. So the

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Speaker 3: funny thing is with this story is I was thinking

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Speaker 3: about this the other day and I was like, did

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Speaker 3: you know that I had the Lord Mayor of Brisbane

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Speaker 3: do my opening when I was nineteen? I know, I

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Speaker 3: don't even know how I did it, but I had

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Speaker 3: the Lord Mayor of Brisbane do my grand opening of

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Speaker 3: my business, and he even rocked up and he was like,

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Speaker 3: I don't know how you got me here, and I

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Speaker 3: was like, me neither. What I know. I have a

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Speaker 3: plaque and a picture frame of me with the Lord

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Speaker 3: Mayor shaking my hand and cutting the tape of my

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Speaker 3: first business.

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Speaker 1: When you're nineteen, when I was nineteen, that was so funny.

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Speaker 1: That's like a bit hashtag goals.

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Speaker 4: I know it wasn't.

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Speaker 3: And I remember I was like, I don't know how

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Speaker 3: I did it, but I used to do a lot

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Speaker 3: of work as a young person with the Lord Mayor's charities,

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Speaker 3: and I just I don't know.

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Speaker 4: I just asked the question.

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Speaker 3: And I became friends with his receptionist and just sent

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Speaker 3: her flowers and.

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Speaker 4: Was like, please can you come? Can you do it?

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Speaker 3: And somehow she fitted it into my calendar. But oh

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Speaker 3: my god, that is it's so funny because it was

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Speaker 3: the tiniest business. I'm telling you now, it was like

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Speaker 3: not even cool, like.

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Speaker 4: It was in like the suburbs.

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Speaker 3: I don't know if anyone knows listening, but my first

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Speaker 3: office was in Brisone in Stafford, which is like in

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Speaker 3: the north around that time. It wasn't like, you know,

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Speaker 3: a high end area. It's great now, but it was. Yeah,

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Speaker 3: but the office was you know, our first office and

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Speaker 3: that's where I started out my first business. From there,

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Speaker 3: we had that business and in two thousand and sort

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Speaker 3: of probably two thousand of those two thousand and three

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Speaker 3: four five. Around two thousand and five, the industry started

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Speaker 3: to change and we just found that a lot of

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Speaker 3: our customers were wanting to go outside of the funding

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Speaker 3: that we could provide. So we went to the business

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Speaker 3: owners at the time that owned the original company and

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Speaker 3: told them like basically, you know, feedback and what's going

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Speaker 3: on in the ground and how the business needs to adapt. Unfortunately,

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Speaker 3: at that time, they didn't want to adjust the business.

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Speaker 3: They didn't want to adapt and they wanted to go

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Speaker 3: in a new direction. And so we you know, had

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Speaker 3: a handshake, decided to go our own.

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Speaker 4: Ways and that's where grow was evolved from.

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Speaker 3: From there, the business started to do offer multiple lenders

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Speaker 3: finance broke on top of the money management as well

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Speaker 3: as property services. And then fast forward from there we

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Speaker 3: started to do property management and then in twenty thirteen,

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Speaker 3: we purchased an established business and grew the business arms

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Speaker 3: and we had multiple offices, and then in two thousand

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Speaker 3: and then we started doing our own developments project marketing.

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Speaker 3: So the business really evolves kind of every few years

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Speaker 3: to now where it is where we've got offices in Sydney, Melbourne,

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Speaker 3: and then in two thousand and probably eighteen we went

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Speaker 3: into Taiwan and Hong Kong. So yeah, it's kind of

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Speaker 3: just been like a massive evolution of growth. But I

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Speaker 3: would probably say, yeah, started out really young and learned

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Speaker 3: a lot of really hard lessons, like with yes.

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Speaker 1: And that you could say, like you just saying all that,

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Speaker 1: I'm like, yes, she knows a lot about business.

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Speaker 3: Yeah, I mean I haven't even touched on all the

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Speaker 3: stuff that's happened through those years, but it's all I've

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Speaker 3: built businesses from nothing, Like I literally canvass the streets

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Speaker 3: like people these days, like social media.

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Speaker 4: We're so lucky because people say.

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Speaker 3: Oh, I can't get business, I can't get clients, and

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Speaker 3: I'm like, what do you mean you have the It's

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Speaker 3: so easy to do and so cheap to advertise your service. Now, yeah,

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Speaker 3: back then, do you know what I had to do

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Speaker 3: to get clients tell us. I had to ring people

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Speaker 3: from the white and yellow pages cold cold call, but

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Speaker 3: not even just like from a list cold cold from

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Speaker 3: like a booklet, a massive, heavy booklet. And then I

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Speaker 3: used to walk up and down the streets, walk into

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Speaker 3: businesses and ask for business.

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Speaker 1: That is so funny. Yes, it is crazy. I love

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Speaker 1: that you said that. You're like, people now are saying

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Speaker 1: that it's super to get business, and you're like.

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Speaker 4: You have no idea, yes, no idea.

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Speaker 3: Oh the phone plans, Oh my.

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Speaker 2: Gosh, it's hilarious.

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Speaker 1: Well, let's get straight into it because I know my

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Speaker 1: listeners would be eager. You know, they've seen business they've

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Speaker 1: presed on this episode. So I want to get into

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Speaker 1: some questions and really ask the questions you know that

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Speaker 1: people would be wanting to know, and especially if they

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Speaker 1: want to start a business, or if they have just

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Speaker 1: started a business, or if they want to scale or

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Speaker 1: grow their business. And so to be very honest, this

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Speaker 1: is just you know, questions that I want to hear,

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Speaker 1: like all my podcasts. So let's get straight into it

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Speaker 1: and just get all your knowledge for us. So I

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Speaker 1: wanted to ask what are the biggest challenges business owners face.

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Speaker 4: Yeah.

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Speaker 3: Look, I over the years seventeen years now that I've

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Speaker 3: been in business, I've got a lot of friends in business,

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Speaker 3: and obviously clients come to me and obviously through mentor

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Speaker 3: so I always ask people what their biggest three challenges are,

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Speaker 3: and I've found across the board, including myself, the biggest

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Speaker 3: challenges that you'll face as a business owner a cash

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Speaker 3: flow and funding, so like how the business is flowing

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Speaker 3: with money? And then how can you get more money

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Speaker 3: into the business. Marketing obviously everything to do with marketing,

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Speaker 3: which is the biggest question is how do I get

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Speaker 3: more customers?

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Speaker 4: How do I how do I get more of my.

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Speaker 3: Existing customers to buy from me? You know, social media marketing.

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Speaker 3: I don't understand it. How do I do that? And

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Speaker 3: the third biggest one is staff When can I put

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Speaker 3: on stuff?

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Speaker 4: When?

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Speaker 3: How many staff should I have? And also all the

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Speaker 3: issues that surround I guess staffing.

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Speaker 2: And so have you gone through these challenges yourself?

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Speaker 4: One hundred percent?

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Speaker 3: Obviously starting a business at the age of nineteen and

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Speaker 3: then growing it to where it is, I've had to learn,

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Speaker 3: you know, how to do all of these things through

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Speaker 3: experience and also through a lot of education.

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Speaker 4: Like I said, I've studied a lot.

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Speaker 3: Around finances and also just being in business and learning

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Speaker 3: on the job and then paying for mentorship. See, one

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Speaker 3: of the biggest things that I cannot understand that people

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Speaker 3: don't invest in is mentorship or coaching in a business.

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Speaker 4: I've only got.

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Speaker 3: To where I am today through actually also paying for

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Speaker 3: business coaches in different areas to.

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Speaker 4: Constantly coach me.

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Speaker 3: So I'm also providing a lot of coaching to my clients,

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Speaker 3: but I'm also getting coaching as well, So I'm getting

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Speaker 3: a coach above me, and then I'm coaching other people.

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Speaker 3: But you cannot like go to the gym to work out.

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Speaker 3: If you want to get the best results, you're going

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Speaker 3: to you're going to hire a personal trainer.

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Speaker 2: One hundred percent.

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Speaker 1: And it's so funny that you just said that, Ida,

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Speaker 1: because well, you know R and C listeners pretty sure,

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Speaker 1: I've said this in a previous episode. But itam mentors

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Speaker 1: me in business, and you know, my property portfolio and

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Speaker 1: we're like working on some stuff right now and all

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Speaker 1: that sort of thing, so you know, you mentor me.

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Speaker 2: And it's funny because I was just padding to one.

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Speaker 1: On one client and she was saying that she just

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Speaker 1: saw you and she did some property stuff with you

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Speaker 1: and got her mortgage. I can't remember exactly what it was,

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Speaker 1: but she got a mortgage refinance and she's.

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Speaker 2: Saving all this money.

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Speaker 1: And I just thought it was so funny because you know,

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Speaker 1: like I mentor her and then you mentor me, and

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Speaker 1: I'm like, it is so true. I think it's definitely

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Speaker 1: something that kind of goes undervalued, is like having that

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Speaker 1: mentorship and resource to you know, talk to someone who

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Speaker 1: has been through what you're going through, if that makes sense.

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Speaker 3: Or yeah, been through what you're going through and come

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Speaker 3: out the other end. And also is where you would

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Speaker 3: to be and growing like people get. If you're going

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Speaker 3: to get someone that's coaching you, you want you want

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Speaker 3: to know that they've achieved what you want to achieve,

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Speaker 3: and you also want to know that they're still growing.

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Speaker 3: Like otherwise, you're going to outgrow the coach, which is fine,

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Speaker 3: but if you've got the right coach, that person's always

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Speaker 3: getting more and more qualified and knowledge, so you basically

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Speaker 3: grow with this person. So I think that's one of

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Speaker 3: the biggest things is is looking at the people that

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Speaker 3: are coaching you, but the coach, like I've had so

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Speaker 3: many different types of mentors like that that have shaped me.

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Speaker 4: And I would never take credit.

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Speaker 3: And say, oh, I am who I am because I'm

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Speaker 3: just awesome, you know, like I am who I am

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Speaker 3: because of because of the people that I've surrounded myself with,

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Speaker 3: with the people that I've had access to. And and

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Speaker 3: you know, I think you're only as strong as the people.

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Speaker 3: You know, like people hold you up. And I think

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Speaker 3: during during the pandemic that we're in now, that's more

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Speaker 3: through than ever.

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Speaker 2: One hundred percent.

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Speaker 1: And something that you said that kind of just resonated

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Speaker 1: with me is like you know, talking to you know,

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Speaker 1: people who have done it and then are also you know,

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Speaker 1: still growing, is still.

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Speaker 2: Going. And it's funny because.

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Speaker 1: I think, you know, especially on social media, we see

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Speaker 1: a lot of you know, you see you see the

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Speaker 1: headlines and it's like this company made nine million dollars

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Speaker 1: in a year and it's like some sort of face product,

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Speaker 1: and then it's like huge in social media, and then

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Speaker 1: you just kind of never hear about it again. And

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Speaker 1: so I know that I called fast data and fast fail.

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Speaker 1: Can you explain this concept to us?

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Speaker 4: Yeah, So I don't know if it's a real thing.

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Speaker 4: I just made it up. But that's what I call them.

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Speaker 3: The people when they're like doing comparisons like I do

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Speaker 3: see that a lot of people compare where they're at

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Speaker 3: with what they see on social media. So I call

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Speaker 3: it look be careful of the fast data and fast fail.

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Speaker 3: So that is when you're seeing businesses constantly or people,

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Speaker 3: whether it's individuals or the businesses push really hard in

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Speaker 3: marketing and market saturation, or as an individual, you just

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Speaker 3: see the flashing a lot of things around. When you

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Speaker 3: see that happen really quickly in a new business, you

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Speaker 3: can often quite anticipate the fails. And the reason for

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Speaker 3: that is is when businesses, when people that don't set

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Speaker 3: up their businesses to succeed, meaning they don't have a coach,

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Speaker 3: they don't understand how business works, They do not understand

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Speaker 3: about money.

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Speaker 4: What happens is.

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Speaker 3: They get a lot of sales, a lot of business,

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Speaker 3: and then they spend a lot of money. They don't anticipate,

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Speaker 3: they don't have any understanding of what COSTSA, what money

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Speaker 3: is coming in, what money is going out, and you'll

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Speaker 3: see them get into a business quickly, grow and expand

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Speaker 3: and then fail.

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Speaker 4: And that's just.

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Speaker 3: Purely based on like a lot of that has to

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Speaker 3: do with unfortunately you know, ego, and also not understanding

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Speaker 3: the true numbers behind their business. So you know, and

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Speaker 3: you I'm trying to think of some now at the

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Speaker 3: top of my head. If I can't think of it now,

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Speaker 3: I'll come back to this. But yeah, they'll set up

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Speaker 3: like twenty five franchises, so on face value, you'll think, shit,

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Speaker 3: they must be doing well if they're doing all that,

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Speaker 3: But at the end of the day, they might actually

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Speaker 3: not be doing well. But I've seen a lot of

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Speaker 3: over seventeen years through individuals, and a lot of businesses

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Speaker 3: pop up and disappeared just as fast. So the point

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Speaker 3: of this isn't to like talk talk about it in

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Speaker 3: that way. The point is to not draw comparisons between

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Speaker 3: what other people or what you're seeing happen, and also

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Speaker 3: be aware that it's not about how much your turnover is.

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Speaker 3: It's not about how much millions of dollars people have

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Speaker 3: made in sales. It's about how much profit they have.

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Speaker 4: That's it. A business is truly successful.

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Speaker 3: Based on the bottom line, how much effort do you

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Speaker 3: put in for the amount of money you get back.

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Speaker 1: Okay, so I get what you're saying, so you know

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Speaker 1: this company, it's like, yeah, it could be making a

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Speaker 1: lot of money, but they're also spending a lot of

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Speaker 1: their money, if not more than on marketing, if that

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Speaker 1: makes sense.

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Speaker 2: So it doesn't even add.

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Speaker 3: Up, not just marketing, but it's just more like you'll

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Speaker 3: see the marketing. You'll see them just constantly talk about

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Speaker 3: all of the different things, and then you'll just see

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Speaker 3: them disappear after a year or two. And the reason

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Speaker 3: for that is is that the business businesses that fast

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Speaker 3: starters where you go from like zero to one hundred

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Speaker 3: really fast, they're doing too. They're generally borrowing a lot

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Speaker 3: of money or they've got a lot of investors, and

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Speaker 3: they're going to scale very fast.

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Speaker 4: Galing really fast is.

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Speaker 3: Concerning about how much how quickly someone is if they've

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Speaker 3: got debts, then how much debts do they have to

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Speaker 3: pay back? And how successful is the business going to

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Speaker 3: look like into four or.

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Speaker 4: Five ten years.

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Speaker 3: So a lot of I mean, I know a lot

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Speaker 3: of businesses. I'm not going to mention names on here,

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Speaker 3: but most of those businesses have a lot of investors

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Speaker 3: in them, or they've borrowed a lot of money to scale,

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Speaker 3: and quite often they don't have management, they're paying themselves

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Speaker 3: high salaries. There's so many different reasons, but the point

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Speaker 3: of this is just more to not draw comparisons when

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Speaker 3: you're looking at your business or you're chatting to a

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Speaker 3: friend and you're like, why a not I that good?

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Speaker 3: Or why an't we growing that fast? It's more like

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Speaker 3: just just be careful of people flashing things, flashy things,

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Speaker 3: and being more interested in longevity as a business owner

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Speaker 3: than fast growth.

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Speaker 2: About to say, slow and steady wins the race the turtle.

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Speaker 4: Is it a turtle?

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Speaker 3: Yeah?

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Speaker 1: No, I love that, and I think that's totally important

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Speaker 1: to shed light on that. So let's talk end of

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Speaker 1: financial year. What are the biggest fails that can happen,

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Speaker 1: you know, within your business the end of financial year.

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Speaker 3: Yeah, the biggest thing that I see is people end

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Speaker 3: up with a tax bill, like they don't put any

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Speaker 3: money away. And this is most business owners don't put

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Speaker 3: any money away for tax, especially as a small business

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Speaker 3: or especially as a startup. They're not putting the tax

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Speaker 3: away from the sales that they receive. So by not

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Speaker 3: putting the money away at the end of financial year,

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Speaker 3: if they've made a profit, they're ending up with a

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Speaker 3: tax bill, so they're spending all the money that they

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Speaker 3: earn as sales, or they're paying themselves and all these

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Speaker 3: sort of things, but they're not actually putting money away

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Speaker 3: for the tax that they'll pay on taxable income. So

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Speaker 3: they end up with a tax bill and then move.

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Speaker 3: Then they don't have the money for the tax bill,

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Speaker 3: so then they're moving onto a payment plan, and then

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Speaker 3: the business is in deficit with the ATO. So tax

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Speaker 3: planning is one of the biggest issues for small businesses.

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Speaker 3: But that's something that I talk about to a lot

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Speaker 3: of my clients is even if they're just a small

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Speaker 3: little like even if they're a sole trader and they're

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Speaker 3: only doing a side business, I still teach my clients

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Speaker 3: to put that tax away as if they're like a

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Speaker 3: full business, because you're just getting into good habits and

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Speaker 3: it's all savings in the end. But tax bills and

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Speaker 3: a financial year, and there's a heap of things you

443
00:23:42,200 --> 00:23:47,120
Speaker 3: can offset your tax with, such as you know, depreciation

444
00:23:47,640 --> 00:23:52,399
Speaker 3: on vehicles, on property, you can you can do you

445
00:23:52,400 --> 00:23:54,560
Speaker 3: can buy items for your business at the right time

446
00:23:54,600 --> 00:23:58,040
Speaker 3: and get a tax thing. So tax planning and knowing

447
00:23:58,160 --> 00:24:01,320
Speaker 3: where your numbers fit in terms of what income you're

448
00:24:01,320 --> 00:24:04,240
Speaker 3: making versus sales and do you have too many expenses?

449
00:24:04,320 --> 00:24:06,280
Speaker 4: So yeah, i'd say tax bills.

450
00:24:07,520 --> 00:24:11,320
Speaker 1: M okay, Yeah, And like you said, like tax planning,

451
00:24:11,359 --> 00:24:15,280
Speaker 1: lots go lots goes into it to make sure that

452
00:24:15,640 --> 00:24:17,520
Speaker 1: you aren't left with any surprises.

453
00:24:18,080 --> 00:24:18,359
Speaker 4: Yeah.

454
00:24:18,400 --> 00:24:21,120
Speaker 3: But like forward planning, which we'll talk about a little

455
00:24:21,119 --> 00:24:25,320
Speaker 3: bit down the track, but forward planning being a business

456
00:24:25,760 --> 00:24:29,119
Speaker 3: being in charge or being in control of your direction

457
00:24:29,240 --> 00:24:32,600
Speaker 3: of your business rather than not being in control of

458
00:24:32,640 --> 00:24:36,600
Speaker 3: your business. And just like letting your business control your life.

459
00:24:37,480 --> 00:24:39,040
Speaker 2: M I love it.

460
00:24:39,400 --> 00:24:45,000
Speaker 1: And so also let's talk about business stagnation. So you

461
00:24:45,000 --> 00:24:48,640
Speaker 1: know someone they've started a business, it's you know, it's

462
00:24:48,680 --> 00:24:52,960
Speaker 1: doing quite well, but maybe it's you know, the first

463
00:24:53,080 --> 00:24:55,520
Speaker 1: or second year and they're starting to get a bit

464
00:24:55,560 --> 00:24:56,320
Speaker 1: of stagnation.

465
00:24:56,560 --> 00:24:57,479
Speaker 2: Can you chat about that?

466
00:24:58,240 --> 00:25:02,760
Speaker 3: Yeah, So business stagnation have where people are too scared

467
00:25:02,960 --> 00:25:05,760
Speaker 3: to take the next steps to allow the business to grow.

468
00:25:06,200 --> 00:25:08,760
Speaker 3: So you've been doing what you're doing for some time.

469
00:25:08,880 --> 00:25:13,360
Speaker 3: You're making you're making income, you're paying yourself, you're doing

470
00:25:13,359 --> 00:25:15,159
Speaker 3: all the right things, but you feel like you just

471
00:25:15,200 --> 00:25:17,800
Speaker 3: can't get to that next level of growth. You just

472
00:25:17,840 --> 00:25:20,560
Speaker 3: feel like you're making the same amount of money, but

473
00:25:20,720 --> 00:25:23,640
Speaker 3: you want to kind of start doing start either expanding

474
00:25:23,680 --> 00:25:26,600
Speaker 3: the business model or you want to expect like increase

475
00:25:26,640 --> 00:25:29,720
Speaker 3: your revenue, like increase your profits. So that is just

476
00:25:29,840 --> 00:25:33,520
Speaker 3: based on people not knowing what to do next. So

477
00:25:33,600 --> 00:25:37,840
Speaker 3: that's just a lack of education and experience. And two

478
00:25:37,920 --> 00:25:43,200
Speaker 3: it's just fear based. So the fear is generally around change,

479
00:25:44,400 --> 00:25:47,639
Speaker 3: like normal most people fear change, but it's a fear

480
00:25:47,680 --> 00:25:51,840
Speaker 3: of change on if I do this, what if I fail?

481
00:25:52,200 --> 00:25:58,159
Speaker 3: So we usually work on those limiting beliefs around around

482
00:25:58,200 --> 00:26:00,840
Speaker 3: the fears of change and then also just not knowing

483
00:26:00,840 --> 00:26:03,760
Speaker 3: what to do. So once we break down the limiting

484
00:26:03,800 --> 00:26:06,879
Speaker 3: beliefs or why people are staying where they are and

485
00:26:06,920 --> 00:26:10,200
Speaker 3: this is like applies to life, then from that point

486
00:26:10,240 --> 00:26:12,280
Speaker 3: we can then teach them the skills that they need

487
00:26:12,720 --> 00:26:15,879
Speaker 3: and provide them to the support to make the next step.

488
00:26:15,960 --> 00:26:17,000
Speaker 4: So things like.

489
00:26:18,640 --> 00:26:21,679
Speaker 3: Putting on more staff. How you know, how do I

490
00:26:21,720 --> 00:26:22,679
Speaker 3: afford more stuff?

491
00:26:23,080 --> 00:26:24,000
Speaker 4: What does that look like?

492
00:26:24,240 --> 00:26:26,879
Speaker 3: And when can I that's just based on doing the

493
00:26:26,960 --> 00:26:31,920
Speaker 3: numbers and understanding you know, how much will one staff member?

494
00:26:32,320 --> 00:26:34,520
Speaker 3: Which type of staff member are you going to put on?

495
00:26:34,600 --> 00:26:38,960
Speaker 3: Because that's when it comes to resourcing people get that

496
00:26:39,000 --> 00:26:41,760
Speaker 3: wrong because they put people in that doesn't actually help

497
00:26:41,800 --> 00:26:43,440
Speaker 3: them build the business.

498
00:26:43,840 --> 00:26:46,000
Speaker 4: So putting the people in the right places.

499
00:26:46,680 --> 00:26:48,919
Speaker 3: And then I would say, like, if you're trying to

500
00:26:48,920 --> 00:26:54,600
Speaker 3: expand how like shops, wives, things like should I do

501
00:26:54,720 --> 00:26:57,600
Speaker 3: them all myself? Should I franchise? Should I license? What

502
00:26:57,640 --> 00:26:59,320
Speaker 3: are the pros? What are the cons? So this is

503
00:26:59,359 --> 00:27:03,399
Speaker 3: just education shared and coaching the clients on what's going

504
00:27:03,480 --> 00:27:05,960
Speaker 3: to be the best business model, which is based on experience.

505
00:27:06,000 --> 00:27:08,760
Speaker 3: But a lot of fears can be reduced when you've

506
00:27:08,760 --> 00:27:11,639
Speaker 3: actually got people behind you that can help you. And

507
00:27:11,640 --> 00:27:14,240
Speaker 3: that's why I come back to the coaching side.

508
00:27:16,680 --> 00:27:20,119
Speaker 1: Yes, And like I always say, like knowledge is power,

509
00:27:20,840 --> 00:27:24,080
Speaker 1: and I feel like we've definitely done that in our sessions.

510
00:27:24,119 --> 00:27:25,360
Speaker 2: Like I've had.

511
00:27:25,320 --> 00:27:28,400
Speaker 1: Almost this, like you know, a fear or something big,

512
00:27:28,440 --> 00:27:31,120
Speaker 1: and in my head, I've like made it this huge thing,

513
00:27:31,560 --> 00:27:34,320
Speaker 1: and then you've just explained it in a super simple

514
00:27:34,359 --> 00:27:36,880
Speaker 1: way and we've talked through it and you know, we've

515
00:27:36,920 --> 00:27:44,359
Speaker 1: done we've crunched the numbers and stuff, and then I'm like, oh, okay, okay,

516
00:27:44,520 --> 00:27:48,000
Speaker 1: so next I wanted to talk about I know there's

517
00:27:48,119 --> 00:27:51,640
Speaker 1: some crazy stats out there, and so I know it's

518
00:27:51,680 --> 00:27:56,359
Speaker 1: something like ninety percent of startups fail and fifty percent

519
00:27:56,440 --> 00:27:59,080
Speaker 1: of small businesses fail within the first year.

520
00:27:59,560 --> 00:28:01,520
Speaker 2: Can you tell us why this is?

521
00:28:02,200 --> 00:28:05,639
Speaker 3: Yeah, the biggest reason people fail is because they don't

522
00:28:05,680 --> 00:28:07,679
Speaker 3: know their numbers. And I think I've said that a

523
00:28:07,680 --> 00:28:09,960
Speaker 3: thousand times. I'm sick of hearing myself say it. But

524
00:28:11,320 --> 00:28:14,200
Speaker 3: I call it blind budgeting, and I talk about blind

525
00:28:14,200 --> 00:28:17,280
Speaker 3: budgeting in my other money cause. But it's literally not

526
00:28:17,359 --> 00:28:20,400
Speaker 3: having any understanding of your numbers or budget for your

527
00:28:20,400 --> 00:28:26,160
Speaker 3: business or cash flows. So I'm like, like you, I'm out.

528
00:28:26,200 --> 00:28:28,600
Speaker 3: I'm meeting people all the time. I'll chat to friends

529
00:28:28,600 --> 00:28:31,000
Speaker 3: and things like that, and I'll talk to some people

530
00:28:31,040 --> 00:28:33,399
Speaker 3: when they're starting a business or they've got a business

531
00:28:33,400 --> 00:28:36,320
Speaker 3: and they're growing it, and I'm just having general chit chat,

532
00:28:36,400 --> 00:28:38,400
Speaker 3: and I'll be like, oh, cool, So if you're going

533
00:28:38,480 --> 00:28:41,400
Speaker 3: to start wholesaling your own coffee bean, how much extra

534
00:28:41,400 --> 00:28:43,960
Speaker 3: will that add to your bottom line? And then they'll

535
00:28:44,000 --> 00:28:47,640
Speaker 3: be like, I don't know. I just think it will

536
00:28:47,760 --> 00:28:48,840
Speaker 3: be better because.

537
00:28:48,560 --> 00:28:49,920
Speaker 4: I'm like, so okay, cool.

538
00:28:49,920 --> 00:28:52,400
Speaker 3: And then I'll just throw like just simple questions at

539
00:28:52,440 --> 00:28:55,600
Speaker 3: people that are in business, and if they can't answer

540
00:28:55,640 --> 00:28:59,040
Speaker 3: me like instantly with the answer, then I know that

541
00:28:59,080 --> 00:29:02,240
Speaker 3: they haven't done their numb and that there's a possibility

542
00:29:02,240 --> 00:29:03,080
Speaker 3: of failing.

543
00:29:02,760 --> 00:29:03,360
Speaker 4: In that area.

544
00:29:04,040 --> 00:29:07,840
Speaker 3: So if you can't, as a business owner straight up

545
00:29:08,600 --> 00:29:11,240
Speaker 3: tell me what amount of money you need to open

546
00:29:11,280 --> 00:29:14,560
Speaker 3: that month each month, then you don't know your numbers.

547
00:29:15,560 --> 00:29:17,760
Speaker 3: And that's okay because now you know that you don't

548
00:29:17,760 --> 00:29:20,880
Speaker 3: know your numbers and you need help. But if you

549
00:29:20,960 --> 00:29:24,000
Speaker 3: don't know what your total cost to open the door,

550
00:29:24,800 --> 00:29:27,160
Speaker 3: and whether you have a business that has a door

551
00:29:27,160 --> 00:29:29,960
Speaker 3: for a business or you work from home, it's still

552
00:29:30,160 --> 00:29:33,360
Speaker 3: cost to operate your business. So minimum cost to operate

553
00:29:33,400 --> 00:29:37,160
Speaker 3: your business expense. You need to know what that cost is.

554
00:29:37,560 --> 00:29:41,000
Speaker 3: And if you don't, how do you actually know how

555
00:29:41,360 --> 00:29:42,640
Speaker 3: much money you need to make?

556
00:29:43,160 --> 00:29:43,960
Speaker 4: Do you know what I'm saying?

557
00:29:44,880 --> 00:29:51,320
Speaker 3: Yeah, so business business expenses and not understanding that as

558
00:29:51,360 --> 00:29:55,520
Speaker 3: well as actually underpaying themselves. So I've seen clients come

559
00:29:55,560 --> 00:29:58,720
Speaker 3: to me and they think that they're doing really well,

560
00:29:58,960 --> 00:30:03,760
Speaker 3: like they're really busy, they're booked out, and I'll be like, okay,

561
00:30:03,840 --> 00:30:05,920
Speaker 3: like let's just do the numbers, And I work out

562
00:30:05,960 --> 00:30:07,760
Speaker 3: the numbers and then in the end I work out

563
00:30:07,760 --> 00:30:11,240
Speaker 3: that they're paid two dollars forty an hour and they're like, what,

564
00:30:12,720 --> 00:30:16,320
Speaker 3: no way, And I'm like, yeah, you're paying yourself two dollars,

565
00:30:16,360 --> 00:30:19,080
Speaker 3: Like you're really earning two dollars forty an hour, but

566
00:30:19,200 --> 00:30:23,200
Speaker 3: you're smashing yourself for twelve hours a day. And just

567
00:30:23,320 --> 00:30:26,720
Speaker 3: simple things like that just explains to you. And this

568
00:30:26,880 --> 00:30:29,280
Speaker 3: is very common, like a lot of people are not

569
00:30:29,360 --> 00:30:32,200
Speaker 3: alone in this, they don't even know that. And then

570
00:30:32,200 --> 00:30:34,760
Speaker 3: when you break that down for them and then you say, well,

571
00:30:34,800 --> 00:30:38,120
Speaker 3: this is it, they will really quickly revise their business

572
00:30:38,160 --> 00:30:41,400
Speaker 3: model very quickly. Like if someone told you you're paying

573
00:30:41,400 --> 00:30:43,520
Speaker 3: yourself two dollars fifty an hour, Georgia, would you get

574
00:30:43,520 --> 00:30:44,000
Speaker 3: out of bed?

575
00:30:45,680 --> 00:30:45,880
Speaker 4: Yeah?

576
00:30:45,960 --> 00:30:47,800
Speaker 2: Probably not well no, but you would be.

577
00:30:47,800 --> 00:30:50,960
Speaker 3: Like, holy crap, that is the biggest eye opener. And

578
00:30:51,000 --> 00:30:54,600
Speaker 3: I'm now seriously going to sit down and decide how

579
00:30:54,640 --> 00:30:55,560
Speaker 3: I'm going to change this.

580
00:30:56,720 --> 00:30:57,800
Speaker 2: Yes, one hundred scent.

581
00:30:57,840 --> 00:31:02,840
Speaker 1: And I I love I love this because that has

582
00:31:02,880 --> 00:31:06,120
Speaker 1: happened to us a couple of times where we're like, oh,

583
00:31:06,200 --> 00:31:08,760
Speaker 1: we have this great idea, you know, for naked harvest,

584
00:31:08,800 --> 00:31:11,160
Speaker 1: and we have this great idea of you know, we'll

585
00:31:11,200 --> 00:31:14,000
Speaker 1: do this way and it will save us money. But

586
00:31:14,120 --> 00:31:18,320
Speaker 1: when we actually go and crunch the numbers, it's like Oh,

587
00:31:18,360 --> 00:31:22,479
Speaker 1: it actually won't and we're better off not you know, outlaying.

588
00:31:21,960 --> 00:31:24,560
Speaker 2: That money or you know, certain stuff like that.

589
00:31:24,840 --> 00:31:28,120
Speaker 1: And if we didn't know the our bottom line, if

590
00:31:28,160 --> 00:31:31,160
Speaker 1: and we didn't know that sort of stuff, yeah you

591
00:31:31,160 --> 00:31:33,080
Speaker 1: could go and do it and then it's like you

592
00:31:33,120 --> 00:31:35,280
Speaker 1: do all that work and then there's no difference.

593
00:31:36,000 --> 00:31:39,600
Speaker 3: Yeah, and you know, like that's all learning experience. But

594
00:31:39,720 --> 00:31:41,320
Speaker 3: what we're trying to do is save people that.

595
00:31:42,800 --> 00:31:43,320
Speaker 4: The hassle.

596
00:31:43,640 --> 00:31:47,320
Speaker 3: What we're trying to do is get more people succeeding. Right,

597
00:31:47,480 --> 00:31:51,120
Speaker 3: So like if you can succeed, you will, But there's

598
00:31:51,240 --> 00:31:57,200
Speaker 3: so many people around that actually working for nothing or

599
00:31:57,280 --> 00:32:01,520
Speaker 3: and they're stressed and they're so like just like spending

600
00:32:01,560 --> 00:32:04,960
Speaker 3: that time working out the strategy or working out the

601
00:32:05,040 --> 00:32:09,040
Speaker 3: numbers before you go and do things is so critical.

602
00:32:09,120 --> 00:32:12,680
Speaker 3: Like as a new business owner, like I'm still so

603
00:32:12,800 --> 00:32:16,000
Speaker 3: surprised that people don't have business plans, you know, And

604
00:32:16,440 --> 00:32:18,280
Speaker 3: that's like one of the first things that they teach

605
00:32:18,320 --> 00:32:21,760
Speaker 3: you in UNI is business plans and marketing plans. I mean,

606
00:32:21,760 --> 00:32:24,560
Speaker 3: if that's the only thing that you learn, that's it's

607
00:32:24,600 --> 00:32:27,360
Speaker 3: so important. But people think, oh nah, just stuff it,

608
00:32:27,360 --> 00:32:29,280
Speaker 3: I'll just go do it. But why the business plan

609
00:32:29,360 --> 00:32:32,840
Speaker 3: is so important is because it allows you and I

610
00:32:32,920 --> 00:32:37,800
Speaker 3: do business plans for every project, so project wise, so

611
00:32:37,840 --> 00:32:40,120
Speaker 3: if you've already got a business plan, and then project

612
00:32:40,120 --> 00:32:42,880
Speaker 3: wise and then we do business plans every twelve months

613
00:32:42,880 --> 00:32:43,960
Speaker 3: and five year plans.

614
00:32:44,400 --> 00:32:45,240
Speaker 4: But the reason for.

615
00:32:45,240 --> 00:32:48,440
Speaker 3: That is is you're always making sure your business is

616
00:32:48,480 --> 00:32:52,640
Speaker 3: aligned to where you're trying to go, right, Like when

617
00:32:52,640 --> 00:32:54,520
Speaker 3: you come up with an idea, like I'll just use

618
00:32:54,560 --> 00:32:57,600
Speaker 3: your business as an example, because it's easy to think

619
00:32:57,640 --> 00:33:01,760
Speaker 3: of something like, for example, the yoga mats. If you

620
00:33:02,000 --> 00:33:04,479
Speaker 3: knew where you're trying to get to in twelve months

621
00:33:04,520 --> 00:33:11,040
Speaker 3: for Naked Harvest, you would then look at the products

622
00:33:11,080 --> 00:33:13,800
Speaker 3: that you're releasing and decide whether that's going to keep

623
00:33:13,800 --> 00:33:17,320
Speaker 3: you aligned to your future goal. And you can ask

624
00:33:17,360 --> 00:33:22,000
Speaker 3: simple questions around that before deciding, because one, if you

625
00:33:22,040 --> 00:33:25,480
Speaker 3: didn't really if it wasn't aligned with where you're trying

626
00:33:25,480 --> 00:33:27,560
Speaker 3: to get to, you might decide, well, that's just just

627
00:33:27,600 --> 00:33:29,680
Speaker 3: no point because it's going to take you away from

628
00:33:29,720 --> 00:33:33,720
Speaker 3: the bigger picture. And does it give you enough revenue

629
00:33:33,800 --> 00:33:37,560
Speaker 3: or is it going to be a loss leader. So

630
00:33:37,800 --> 00:33:41,560
Speaker 3: there's marketing, there's loss leading products and services. But in

631
00:33:41,640 --> 00:33:46,640
Speaker 3: terms of marketing, sometimes you can't quantify branding, but you

632
00:33:46,680 --> 00:33:51,880
Speaker 3: can quantify values as a business owner. So branding can

633
00:33:51,960 --> 00:33:57,000
Speaker 3: help people understand your values with your business and create

634
00:33:57,160 --> 00:34:01,160
Speaker 3: a community around your brand. If you haven't done a

635
00:34:01,200 --> 00:34:03,160
Speaker 3: business plan, how do you even know what the values

636
00:34:03,200 --> 00:34:04,080
Speaker 3: are of the business.

637
00:34:05,480 --> 00:34:06,800
Speaker 2: Yeah, one hundred percent.

638
00:34:07,520 --> 00:34:10,680
Speaker 1: And that's even like, for example, just because you did

639
00:34:10,760 --> 00:34:13,319
Speaker 1: use Naked Harvest and the yoga mats at one of

640
00:34:13,360 --> 00:34:16,160
Speaker 1: our like, and we did a businessman for Naked Harvest

641
00:34:16,200 --> 00:34:18,120
Speaker 1: and one of our you know, big pillars for Naked

642
00:34:18,120 --> 00:34:21,279
Speaker 1: Harvest is like it being an eco friendly brand, and

643
00:34:21,360 --> 00:34:24,560
Speaker 1: so when we were looking at the the mats, like,

644
00:34:24,920 --> 00:34:30,239
Speaker 1: we made sure our mats are from recycled cork. So like, yeah,

645
00:34:30,320 --> 00:34:33,240
Speaker 1: it all lined up, and it was a more expensive option.

646
00:34:33,560 --> 00:34:36,239
Speaker 1: But when putting it, you know, in a ligned with

647
00:34:36,280 --> 00:34:38,960
Speaker 1: the business and thinking it from that point of view,

648
00:34:39,440 --> 00:34:41,719
Speaker 1: we you know, we obviously counched numbers and did all

649
00:34:41,719 --> 00:34:44,040
Speaker 1: that sort of thing. But I love what you said

650
00:34:44,040 --> 00:34:45,120
Speaker 1: because I couldn't agree more.

651
00:34:45,280 --> 00:34:46,879
Speaker 4: Yeah, I was going to use that, but I thought,

652
00:34:46,960 --> 00:34:50,520
Speaker 4: what if I'm wrong and it wasn't really cork or something.

653
00:34:50,560 --> 00:34:51,920
Speaker 4: I was like, oh, just leave that.

654
00:34:53,520 --> 00:34:55,240
Speaker 1: I'm like, we're going to cut that out of the episode,

655
00:34:57,160 --> 00:34:59,399
Speaker 1: But yeah, the whole thing is is like with.

656
00:35:00,880 --> 00:35:03,200
Speaker 4: You know why people fail is they don't plan.

657
00:35:04,200 --> 00:35:07,240
Speaker 3: You know, it's the planning side of you know, going

658
00:35:07,280 --> 00:35:11,280
Speaker 3: into the business having a strategy, having a plan, knowing

659
00:35:11,280 --> 00:35:13,919
Speaker 3: the numbers, knowing what it's costing you, and going in

660
00:35:14,640 --> 00:35:18,480
Speaker 3: like with wide with eyes wide open, not blind.

661
00:35:19,640 --> 00:35:24,120
Speaker 1: Yeah, and so something that you kind of have mentioned

662
00:35:24,239 --> 00:35:26,160
Speaker 1: that the whole episode, And I just kind of want

663
00:35:26,160 --> 00:35:29,760
Speaker 1: to get super clear on what is the difference between

664
00:35:30,080 --> 00:35:32,040
Speaker 1: turn over verse profit?

665
00:35:32,480 --> 00:35:37,400
Speaker 3: Yeah, So turnover is your total growth revenue, your growth sales,

666
00:35:37,760 --> 00:35:40,320
Speaker 3: so it's all the money that comes into the business.

667
00:35:41,000 --> 00:35:45,560
Speaker 3: And your profit is what you actually make, so sales

668
00:35:45,680 --> 00:35:51,440
Speaker 3: minus total expenses before tax, so that's your growth profit,

669
00:35:51,520 --> 00:35:55,560
Speaker 3: and then you've got your net profit, which is after tax.

670
00:35:56,960 --> 00:36:00,279
Speaker 2: M So why is it important to know these using

671
00:36:00,320 --> 00:36:00,800
Speaker 2: your business?

672
00:36:00,840 --> 00:36:04,239
Speaker 3: Yeah, because people look at their turnover as the like

673
00:36:04,480 --> 00:36:08,239
Speaker 3: as the ultimate like how they're achieving or how their

674
00:36:08,239 --> 00:36:11,600
Speaker 3: business is doing. But your turnover is just the money

675
00:36:11,600 --> 00:36:14,560
Speaker 3: that's flowing in. It's not an actual true indication of

676
00:36:14,600 --> 00:36:19,200
Speaker 3: how your business is doing. Your profit is because it's

677
00:36:19,320 --> 00:36:23,640
Speaker 3: after all your expenses. So when when you're looking at

678
00:36:23,920 --> 00:36:27,799
Speaker 3: marketing and when you're looking at growing your business, you'll

679
00:36:27,840 --> 00:36:32,840
Speaker 3: be looking at your growth profit, not your turnover, because

680
00:36:33,200 --> 00:36:37,120
Speaker 3: if you start working out your business strategy based on

681
00:36:37,160 --> 00:36:40,239
Speaker 3: the turnover of your business, you might actually not have

682
00:36:40,320 --> 00:36:43,040
Speaker 3: any money to expand because you're spending it all anyway.

683
00:36:43,360 --> 00:36:46,160
Speaker 3: So your growth profit and your net profit is really

684
00:36:46,239 --> 00:36:49,840
Speaker 3: how well your business is doing. When I'm looking at

685
00:36:50,560 --> 00:36:56,240
Speaker 3: finance for clients, I'm looking at the actual net taxable income.

686
00:36:56,719 --> 00:37:00,440
Speaker 3: The lenders, banks, people buying your business. If they're not

687
00:37:00,560 --> 00:37:03,839
Speaker 3: looking at your turnover, they're looking at what you're what

688
00:37:03,880 --> 00:37:05,480
Speaker 3: you're making after expenses.

689
00:37:06,520 --> 00:37:08,080
Speaker 4: So there are add backs that.

690
00:37:08,040 --> 00:37:12,560
Speaker 3: We can do into into the turnover to increase the profit,

691
00:37:13,120 --> 00:37:21,279
Speaker 3: such as like depreciation, one off expenses, and uh like

692
00:37:21,600 --> 00:37:24,200
Speaker 3: some interest in things like that that will add back

693
00:37:24,320 --> 00:37:29,680
Speaker 3: and directive salaries. But overall speaking, you should be reviewing

694
00:37:29,719 --> 00:37:34,279
Speaker 3: your management reports minimum quarterly and looking at where the

695
00:37:34,320 --> 00:37:37,399
Speaker 3: business is, how the business is performing. If your if

696
00:37:37,440 --> 00:37:42,120
Speaker 3: your business is making a loss, you probably really need

697
00:37:42,200 --> 00:37:46,120
Speaker 3: to review your your fixed costs and your variable costs

698
00:37:46,480 --> 00:37:49,160
Speaker 3: and start reducing your expenses. One of the things that

699
00:37:49,680 --> 00:37:52,280
Speaker 3: we I did a lot as soon as COVID happened

700
00:37:53,040 --> 00:37:57,919
Speaker 3: was I was extremely busy working with clients to get

701
00:37:57,960 --> 00:38:01,160
Speaker 3: their costs right down to basic minimums.

702
00:38:01,520 --> 00:38:03,600
Speaker 4: So that's the difference.

703
00:38:03,680 --> 00:38:09,239
Speaker 3: And when you're selling your business, they'll be looking at

704
00:38:09,239 --> 00:38:12,160
Speaker 3: your three years generally three years depending on what business

705
00:38:12,200 --> 00:38:16,399
Speaker 3: you're selling, but you want your profits to be high

706
00:38:16,480 --> 00:38:20,640
Speaker 3: after you can do ad backs and you're yeah, so

707
00:38:20,320 --> 00:38:24,160
Speaker 3: that's kind of like I think people just look at

708
00:38:24,160 --> 00:38:26,880
Speaker 3: how much money they make, but that's not true. How

709
00:38:26,960 --> 00:38:30,400
Speaker 3: much money you make is what you make after all

710
00:38:30,440 --> 00:38:34,319
Speaker 3: your expenses. So we teach people this in our workshops,

711
00:38:34,600 --> 00:38:36,600
Speaker 3: which I'm sure we're going to get into, but we

712
00:38:36,680 --> 00:38:39,560
Speaker 3: teach people how to actually read this. So a lot

713
00:38:39,560 --> 00:38:41,640
Speaker 3: of people are probably like, well, well, how do you

714
00:38:41,640 --> 00:38:45,520
Speaker 3: actually read your reports? We actually will go through and teach.

715
00:38:45,320 --> 00:38:48,359
Speaker 4: People how to read your p and ls, how to read.

716
00:38:48,200 --> 00:38:50,800
Speaker 3: You know, what our six costs, what our variable costs?

717
00:38:51,360 --> 00:38:53,080
Speaker 2: Yeah, what can they minimize?

718
00:38:53,080 --> 00:38:56,279
Speaker 1: What can they And I remember we actually had this

719
00:38:56,400 --> 00:39:00,719
Speaker 1: conversation when COVID hit like me and you person, yeah,

720
00:39:00,760 --> 00:39:04,680
Speaker 1: and we went through my staff and it's actually super

721
00:39:04,719 --> 00:39:07,960
Speaker 1: eye opening too when you go through it all, especially

722
00:39:08,200 --> 00:39:10,640
Speaker 1: if you haven't been through it all in a while,

723
00:39:10,719 --> 00:39:11,799
Speaker 1: like I hadn't, and I.

724
00:39:11,719 --> 00:39:13,400
Speaker 2: Was like, Okay, I really don't need to have this.

725
00:39:16,320 --> 00:39:19,799
Speaker 1: Well, let's get if you let's get into the workshop.

726
00:39:19,920 --> 00:39:22,320
Speaker 1: So I know that you've got a really cool workshop

727
00:39:22,360 --> 00:39:25,520
Speaker 1: coming up, and I really wanted to let my audience

728
00:39:25,560 --> 00:39:28,600
Speaker 1: know because obviously, you know, we do stuff together and

729
00:39:28,880 --> 00:39:31,719
Speaker 1: you just have so much knowledge, and so tell us

730
00:39:31,800 --> 00:39:35,479
Speaker 1: about the workshop when it is, what does it cover

731
00:39:35,800 --> 00:39:36,680
Speaker 1: and all those deeps.

732
00:39:36,719 --> 00:39:40,279
Speaker 3: Yeah, so I've been running these what I call boss sessions,

733
00:39:40,640 --> 00:39:45,120
Speaker 3: you know, bossing it. Boss sessions don't know your numbers

734
00:39:45,200 --> 00:39:47,000
Speaker 3: is what it's called. So it's all around the stuff

735
00:39:47,000 --> 00:39:49,879
Speaker 3: that we've kind of covered today. I've been doing them

736
00:39:49,880 --> 00:39:52,960
Speaker 3: in Sydney and Melbourne pre COVID face to face, but

737
00:39:53,760 --> 00:39:55,719
Speaker 3: I've been wanting to move them to online so I

738
00:39:55,719 --> 00:39:59,000
Speaker 3: could actually reach more people at the same time, and

739
00:39:59,040 --> 00:40:01,000
Speaker 3: now I've finally been able to do that. So we're

740
00:40:01,080 --> 00:40:04,239
Speaker 3: running our first online one on the eighth of September,

741
00:40:04,800 --> 00:40:08,120
Speaker 3: which is a Tuesday night at six pm, so people

742
00:40:08,120 --> 00:40:11,839
Speaker 3: can attend after they've done all their work and yeah,

743
00:40:11,880 --> 00:40:15,279
Speaker 3: it runs for about ninety minutes. It's full interactive, so

744
00:40:15,320 --> 00:40:17,880
Speaker 3: you get a workbook that you're download. I'll have some

745
00:40:17,960 --> 00:40:21,200
Speaker 3: examples of p and LS and will actually work through

746
00:40:21,680 --> 00:40:24,680
Speaker 3: all of these things like cash flow, how do you

747
00:40:24,680 --> 00:40:28,000
Speaker 3: measure true profit, how do you actually study and measure

748
00:40:28,000 --> 00:40:32,520
Speaker 3: your business, and where it's sitting, marketing, scaling your business,

749
00:40:32,920 --> 00:40:37,040
Speaker 3: equity versus debt. We talk about financing, so when what

750
00:40:37,160 --> 00:40:39,640
Speaker 3: sort of finance is suitable for your business? How does

751
00:40:39,719 --> 00:40:44,440
Speaker 3: different finance suit And we talk about things like getting

752
00:40:45,520 --> 00:40:48,120
Speaker 3: shareholders into your business, so like selling the business to

753
00:40:48,160 --> 00:40:52,040
Speaker 3: get funding versus actual bank funding. So there's so much

754
00:40:52,080 --> 00:40:54,760
Speaker 3: that we cover, but I feel like this ninety minutes

755
00:40:54,960 --> 00:40:58,080
Speaker 3: is so valuable. I've had so many people that have

756
00:40:58,120 --> 00:41:02,080
Speaker 3: attended it that have completely changed their businesses and started

757
00:41:02,080 --> 00:41:05,000
Speaker 3: to make profit. Stuff that you just honestly, there is

758
00:41:05,040 --> 00:41:07,680
Speaker 3: no one that teaches you this stuff from a business

759
00:41:07,680 --> 00:41:09,560
Speaker 3: point of view. You can't study, you can't go to

760
00:41:09,920 --> 00:41:12,360
Speaker 3: the business management courses and things that you can study

761
00:41:12,440 --> 00:41:14,720
Speaker 3: don't teach you the real life skills that you need

762
00:41:14,800 --> 00:41:18,719
Speaker 3: to apply to your business.

763
00:41:18,760 --> 00:41:23,480
Speaker 1: So true, like you said about you know, when you

764
00:41:23,520 --> 00:41:26,520
Speaker 1: did that management course and you're like, it just doesn't

765
00:41:26,520 --> 00:41:28,279
Speaker 1: make sense the stuff that.

766
00:41:28,239 --> 00:41:28,719
Speaker 4: They teach you.

767
00:41:28,800 --> 00:41:31,600
Speaker 3: Yeah, but they just don't teach you the practical skills

768
00:41:32,120 --> 00:41:34,919
Speaker 3: that you need to apply to a business that will

769
00:41:35,040 --> 00:41:36,400
Speaker 3: like the numbers around your business.

770
00:41:36,400 --> 00:41:38,359
Speaker 4: So if you're thinking if if you've just.

771
00:41:38,360 --> 00:41:41,120
Speaker 3: Started a business, you've already got a business this information.

772
00:41:41,239 --> 00:41:45,520
Speaker 3: I've had people in my workshops that have multinational businesses

773
00:41:45,960 --> 00:41:49,320
Speaker 3: across Australia and they have like over one hundred and

774
00:41:49,360 --> 00:41:52,560
Speaker 3: fifty staff that have attended my workshops and have been like,

775
00:41:52,600 --> 00:41:55,120
Speaker 3: oh my god, I didn't even know this, do you know? Like,

776
00:41:55,440 --> 00:41:58,120
Speaker 3: so it doesn't matter whether you're a single operator or

777
00:41:58,160 --> 00:42:02,880
Speaker 3: a multi you know, got multi officers and huge businesses,

778
00:42:03,600 --> 00:42:05,360
Speaker 3: you still might not know this stub. So a lot

779
00:42:05,400 --> 00:42:08,440
Speaker 3: of people rely on their accountants and other professionals to

780
00:42:08,480 --> 00:42:11,520
Speaker 3: tell them, but as a business owner, it's it's something

781
00:42:11,560 --> 00:42:14,400
Speaker 3: that you should know, Like it's your business and you

782
00:42:14,480 --> 00:42:15,520
Speaker 3: need to understand it.

783
00:42:16,040 --> 00:42:18,560
Speaker 1: I love what you said also before about like taking

784
00:42:18,640 --> 00:42:24,040
Speaker 1: ownership and like learning the stuff taking ownership and getting

785
00:42:24,200 --> 00:42:27,839
Speaker 1: your head around this, especially you know, if you are

786
00:42:27,920 --> 00:42:28,920
Speaker 1: running your own business.

787
00:42:29,160 --> 00:42:33,360
Speaker 3: Yeah, and like even like I I talk to my

788
00:42:33,400 --> 00:42:35,120
Speaker 3: friends and they're like, I'm just going to go do

789
00:42:35,200 --> 00:42:38,560
Speaker 3: this business. And I'll say to them, you know, like

790
00:42:38,960 --> 00:42:41,400
Speaker 3: hold up, hold up, let's just look at your what

791
00:42:41,760 --> 00:42:46,000
Speaker 3: you actually need to make. Let's look at your personal lifestyle.

792
00:42:46,040 --> 00:42:46,840
Speaker 4: Let's look at all of it.

793
00:42:46,920 --> 00:42:49,600
Speaker 3: Like, so there's you know, people are really quick to

794
00:42:49,719 --> 00:42:53,000
Speaker 3: rush into an idea, which is great if you're passionate,

795
00:42:53,080 --> 00:42:56,160
Speaker 3: and I love passion. You need passion in a business,

796
00:42:56,360 --> 00:42:59,080
Speaker 3: but you also need to be very clear on what

797
00:42:59,480 --> 00:43:01,480
Speaker 3: your numbers going to look like and what you need

798
00:43:01,520 --> 00:43:05,080
Speaker 3: to make. So you're going in into the business with

799
00:43:05,200 --> 00:43:08,000
Speaker 3: a clear plan. And as a business owner in an

800
00:43:08,080 --> 00:43:11,759
Speaker 3: established business, you can then actually plan your growth or

801
00:43:12,040 --> 00:43:14,840
Speaker 3: you can decide if you're later in business, how do

802
00:43:14,880 --> 00:43:17,440
Speaker 3: you plan out of the exit of the business.

803
00:43:17,880 --> 00:43:19,080
Speaker 4: So all these things.

804
00:43:19,680 --> 00:43:25,080
Speaker 1: Yeah, so all stages, all stages perfect, And so can

805
00:43:25,120 --> 00:43:28,200
Speaker 1: you tell us about how much is this workshop? And

806
00:43:28,239 --> 00:43:30,200
Speaker 1: I know that we've got a sneaky discount for the

807
00:43:30,239 --> 00:43:33,440
Speaker 1: Rise and Conquer listeners, but yeah, let us know about that.

808
00:43:33,480 --> 00:43:35,720
Speaker 3: So, yeah, the cost of the workshop is for ninety

809
00:43:35,800 --> 00:43:39,359
Speaker 3: nine and for the Rise and Conquer listeners, I've got

810
00:43:39,360 --> 00:43:42,640
Speaker 3: a special for three ninety nine if they use the

811
00:43:42,719 --> 00:43:45,680
Speaker 3: code Rise and Conquer. And that's because I'm doing it

812
00:43:45,680 --> 00:43:48,759
Speaker 3: as my first online workshop. And yeah, I just wanted

813
00:43:48,800 --> 00:43:51,480
Speaker 3: to give your listeners something a little bit special.

814
00:43:52,080 --> 00:43:56,080
Speaker 1: Oh no, and I appreciate it so much, Like I said, guys,

815
00:43:56,120 --> 00:43:59,320
Speaker 1: me and Ida have been doing mentoring sessions all twenty

816
00:43:59,360 --> 00:44:04,359
Speaker 1: twenty and yeah, especially I was thinking the other day,

817
00:44:04,520 --> 00:44:07,759
Speaker 1: especially during COVID and everything happening, it has just been

818
00:44:08,480 --> 00:44:12,799
Speaker 1: so reassuring to have someone, you know, like who has

819
00:44:12,840 --> 00:44:15,560
Speaker 1: my back, if that makes sense, and like making sure

820
00:44:15,800 --> 00:44:18,960
Speaker 1: I'm doing the right things and have someone to you know,

821
00:44:19,040 --> 00:44:21,200
Speaker 1: check things with and that sort of thing. So I

822
00:44:21,239 --> 00:44:25,080
Speaker 1: cannot recommend this enough, and especially like you said, about

823
00:44:25,160 --> 00:44:28,320
Speaker 1: being at any stage, whether it's starting a business, whether

824
00:44:28,480 --> 00:44:32,400
Speaker 1: it's stagnant, whether you want to scale, or even whether

825
00:44:32,440 --> 00:44:35,399
Speaker 1: you want to exit. So I'll make sure I will

826
00:44:35,440 --> 00:44:38,440
Speaker 1: put the link and the details and that code and

827
00:44:38,480 --> 00:44:41,480
Speaker 1: all that sort of stuff. But before we wrap up

828
00:44:41,520 --> 00:44:45,799
Speaker 1: the episode, Eida, do you have any advice Let's say

829
00:44:45,840 --> 00:44:48,479
Speaker 1: you know this is advice that you're currently giving your

830
00:44:48,520 --> 00:44:51,600
Speaker 1: friends in their business during COVID nineteen.

831
00:44:52,160 --> 00:44:54,560
Speaker 3: Yeah, I've actually got a lot of friends in business

832
00:44:54,800 --> 00:44:58,319
Speaker 3: and been chatting to them a lot during COVID. I

833
00:44:58,360 --> 00:45:00,920
Speaker 3: think one of the biggest things that I've been saying

834
00:45:01,239 --> 00:45:04,959
Speaker 3: is just remember why you're doing it, Like go back

835
00:45:05,000 --> 00:45:08,640
Speaker 3: to your why as to why you're doing the business

836
00:45:08,800 --> 00:45:11,680
Speaker 3: or service that you're offering, and stay true to that

837
00:45:11,800 --> 00:45:15,160
Speaker 3: and know that this will soon, This too will pass.

838
00:45:15,560 --> 00:45:17,520
Speaker 4: You know, it's not going to be forever.

839
00:45:17,640 --> 00:45:20,080
Speaker 3: Yes, we don't know how long it's going to last for,

840
00:45:20,680 --> 00:45:24,200
Speaker 3: but like, just keep doing the things that inspire you

841
00:45:24,239 --> 00:45:27,359
Speaker 3: and ignite your passion within your business, and you'll keep

842
00:45:27,560 --> 00:45:30,279
Speaker 3: having the energy. So that's one of the things that

843
00:45:30,360 --> 00:45:33,040
Speaker 3: I've been doing, is I've just gone back to like why.

844
00:45:33,160 --> 00:45:34,719
Speaker 3: I always go back to why I'm doing it and

845
00:45:34,800 --> 00:45:37,480
Speaker 3: how I really want to help people, and then I'll

846
00:45:37,480 --> 00:45:40,000
Speaker 3: always find time to like do those little things that

847
00:45:40,080 --> 00:45:42,400
Speaker 3: make me feel like I am making a contribution, and

848
00:45:42,400 --> 00:45:46,600
Speaker 3: then I'll stay inspired and I'll stay passionate, and I'll

849
00:45:46,640 --> 00:45:48,480
Speaker 3: try to do less of the things that keep me

850
00:45:49,000 --> 00:45:51,000
Speaker 3: uninspired or make me feel low.

851
00:45:53,719 --> 00:45:57,680
Speaker 2: I love it. Thank you so much. That was really good.

852
00:46:00,239 --> 00:46:02,680
Speaker 2: I feel like that was very Rise and Concer podcast too.

853
00:46:02,760 --> 00:46:05,480
Speaker 1: I'm like, Correat, Yeah, well, thank you so much for

854
00:46:05,560 --> 00:46:07,400
Speaker 1: being on our bonus episode.

855
00:46:07,480 --> 00:46:08,640
Speaker 2: Iida and I'm.

856
00:46:08,520 --> 00:46:11,960
Speaker 1: Sure we'll talk to you, you know, in the coming

857
00:46:12,000 --> 00:46:12,880
Speaker 1: months or whatnot.

858
00:46:12,960 --> 00:46:14,600
Speaker 2: But yeah, thanks so much for being on the show.

859
00:46:15,320 --> 00:46:17,240
Speaker 4: Thanks Georgie. It with hate for fun.

860
00:46:19,120 --> 00:46:21,600
Speaker 1: And that's a wrap on another episode of the Rise

861
00:46:21,640 --> 00:46:22,680
Speaker 1: and Concer podcast.

862
00:46:23,000 --> 00:46:23,800
Speaker 2: I hope you got.

863
00:46:23,640 --> 00:46:25,759
Speaker 1: Something valuable from it, and I want to say a

864
00:46:25,920 --> 00:46:28,759
Speaker 1: big thank you for tuning in. I really really do

865
00:46:28,880 --> 00:46:32,080
Speaker 1: appreciate it. If you're craving more than don't worry. I've

866
00:46:32,120 --> 00:46:35,239
Speaker 1: got you sorted. We have our very own Rise and

867
00:46:35,239 --> 00:46:39,120
Speaker 1: Conquer Community Facebook group where hundreds of like minded women

868
00:46:39,440 --> 00:46:43,640
Speaker 1: joined to share in on stories, ask advice, and everything

869
00:46:43,719 --> 00:46:46,279
Speaker 1: in between. I'd love for you to join us. Just

870
00:46:46,360 --> 00:46:50,080
Speaker 1: search Rise and Conquer Podcast Community or find.

871
00:46:49,840 --> 00:46:51,000
Speaker 2: The link in the show notes.

872
00:46:51,520 --> 00:46:53,959
Speaker 1: And if you loved listening as much as I loved

873
00:46:54,000 --> 00:46:57,600
Speaker 1: recording this episode, then please subscribe and leave a review.

874
00:46:57,760 --> 00:47:00,759
Speaker 1: It really helps us out. And if you think of

875
00:47:00,840 --> 00:47:04,759
Speaker 1: anyone who would benefit or enjoy this episode, please share

876
00:47:04,800 --> 00:47:08,160
Speaker 1: it with them. You can also find more on Instagram

877
00:47:08,200 --> 00:47:12,560
Speaker 1: at risinconcor dot podcast and more from me your hosts

878
00:47:12,600 --> 00:47:16,000
Speaker 1: at Georgie Stevenson. Once again, guys, thank you so much

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Speaker 1: for tuning in. This is a totally independent podcast, so

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Speaker 1: we really do appreciate every bit of support. Hope you

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Speaker 1: guys have an amazing day or night whenever you're listening,

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Speaker 1: and I'll talk to you soon