Dealing with struggles in my business
The struggles of business are not new, just different at each stage.
When I was first getting started, the struggle was to build a quality portfolio. I have that now
Then it was to overcome the pandemic as the sole income for my family. We survived that
After that, the struggle was to get recurring revenue in the form of retainer clients. I have that now at $21,000/month
Then I started to plateau around the $300,000/year mark. Last year I busted out of that
At the end of last year I was presented with the opportunity to acquire another commercial production group and I did.
But hiring two new staff members, increasing my overhead, onboarding new clients… it hasn’t been easy.
New Opportunities = New Challenges
While this new opportunity to scale my production business is thrilling, no doubt, it doesn’t come without challenge.
I’ve never had payroll at $15,000+ per month.
I’ve never had to make that payroll while waiting on large payouts from clients.
I’ve never had this many team members and clients looking to me for answers.
I’ve never had this many projects to oversee and guarantee success.
The bigger the opportunities, the bigger the challenges and risks tend to get.
But it’s these moments of challenge that push me to problem solve.
Ask the Hard Questions First
It’s imperative that we ask the hard questions first and do not avoid them:
What if clients don’t pay soon enough?
How can I conserve?
What needs to be cut?
What can I do to speed up production?
How can we maintain quality when we’re scaling?
What am I not delegating?
Am I being a bottleneck on some projects?
I’ve had to ask myself all of these questions recently and not shy away from any of the truth.
It’s in these moments that I try to get a moment alone, grab my journal, and work through these on paper.
I write it out. I don’t lie to myself. I spell out the realities of everything. It’s most important to be honest.
And I start to find immense clarity once I do this.
Note: I didn’t say I find peace (not yet). I find clarity. That’s what the hard questions reveal. And once we have clarity, we can respond in the right way.
Face the Challenges Head On
First I tell myself, “not everything can be solved today.”
That does bring me some peace. The understanding that I’m not super human and I cannot solve everything in a 24 hour period.
But I work from a place of priority.
What needs my attention first? What has a trickle down effect? If I solve one challenge, will it affect others in a positive way?
Now I have clarity and priorities, which is a great place to work from. I can start to ease the burden of challenges by chipping away at them one-by-one.
That’s the only way we make progress.
If there’s a 10 foot wall in front of you, then start assembling a 12 foot ladder one piece at a time.
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One of My Recent Challenges
I mentioned earlier that I have $15,000+ in payroll I have to run each month (not including what I pay myself).
I also have some clients that won’t pay for work we’ve done this month for another 30-60 days.
Cash flow is one of the biggest challenges for any entrepreneur. How do I keep things afloat until people pay?
I’ll be honest, it’s been a greater challenge for me now than it ever has been. I’ve lost some sleep over it.
But I’ve also come face-to-face with the challenge and asked myself the hard questions.
And I’ve looked for solutions:
Let’s speed up turnaround time so we can speed up invoicing and receiving cash
Let’s cut any unnecessary expenses
Let’s find opportunities to talk to one-off clients about retainers (now is the time to engage the conversation)
Let’s get more active in our marketing and sales channels to set ourselves up for success in coming months
Let’s keep margins strong and use our pricing calculator effectively when we quote
Let’s tap into a low rate business line of credit to keep reserves in the business until cash flow tips back
I am thankful and proud that I’ve built a solid base of retainer clients to this point. Having $21,000 in guaranteed income each month is the saving grace.
Business Isn’t Easy, But It’s Worth It
No matter the challenges, this is exactly what I want to be doing.
I will take these challenges any day rather than go back to being employed by someone else.
I remind myself: be wise, be strong, and remember that you love the work you do and the people you do it with.
If you’re experiencing challenges, just know that you’re not alone. I’ve experienced new challenges every step of the way. Some are short lived and some last for a while longer. Just remember your why.
Cheers friends,
-Trent
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