36 - Scaling Your Small Business

Scale Your Small Business

Welcome back to the Scale Your Small Business Podcast with your host, Jillian Flodstrom. This week, we’re diving into the namesake of the show--scaling your business. There are a number of steps you can take to effectively grow a healthy business, but first, you need to lay the foundation. Today, we’re talking about a few actionable steps you can take to see an immediate impact.

On a weekly basis, log on to your bank accounts. Not only to check your balances, to ensure things were paid on time, and clear any outstanding transactions, but also to solidify that no unnecessary, or even non-authorized money is moving out of your accounts.

Scan and file all your paperwork from the previous week. During this weekly review, look at your previous calendar data, making sure that if anybody you need to follow up with this week from the previous week are added to your schedule. You’re reviewing my upcoming appointments to make sure you have adequate time to plan, prepare, get water between meetings, and anything else you need time for. Once it’s on paper, you don’t need to stress so hard about it. Then, look at your ‘next actions’ list to mentally prepare what’s coming up and what’s on your plate.

Keep track of when you’re spending money. On every 10th and 25th of the month, pay those bills. Add up all the new deposits in your receivable accounts for each separate business you have. Then, multiply them by whatever percentage you’ve chosen. Make sure you start small--don't start with 15%. Finally, make your transfers. From your receivable account to your profit account, then again from receivable to your tax account, then from receivable to payable. And any other money that's leftover gets transferred from receivable to your vault account. Check out previous podcasts to hear how Jillian breaks down her accounts!

Every quarter, check your credit score. Just like checking your bank account balances every day, it's something that you can catch ahead of time. Fraud can lock up your credit score and hurt in the long run, so stay vigilant and get on top of problems early.

File your annual report for the business. This is something you may want to defer to your accountant to make sure that you may be paying quarterly versus annually. Make sure that you check with your team and your experts on that before making those payments.

Key Takeaways

1. Weekly: Log on to your bank accounts. Not only to check your balances, to ensure things were paid on time, and clear any outstanding transactions, but also to solidify that no unnecessary, or even non-authorized money is moving out of your accounts.
2. Weekly: Scan and file all your paperwork from the previous week. Double-check that meetings from the previous week are added to your schedule. Make sure you have adequate time to plan, prepare, get water between meetings, and anything else you need time for. Then, look at your ‘next actions’ list to mentally prepare what’s coming up and what’s on your plate.
3. Monthly: Keep track of when you’re spending money. On every 10th and 25th of the month, pay those bills. Add up all the new deposits in your receivable accounts for each separate business you have. Then, multiply them by whatever percentage you’ve chosen. Move your transfers appropriately!
4. Quarterly: Check your credit score. Just like checking your bank account balances every day, it's something that you can catch ahead of time. Fraud can lock up your credit score and hurt in the long run, so stay vigilant and get on top of problems early.

Yearly: File your annual report for the business. This is something you may want to defer to your accountant to make sure that you may be paying quarterly versus annually. Make sure that you check with your team and your experts on that before making those payments.