The Mind Your Time Podcast | Empowering Six-Figure Entrepreneurs to Streamline, Scale, and Live Their Legacy

How to Achieve Business Stability After Hitting $100K

July 11, 2024 • Shannon Baker | Business Operations Strategist • Episode 171

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Ready to conquer the hurdles that come after hitting the six-figure mark in your business?

Celebrating the $100K milestone is a significant achievement and deserves recognition. However, it’s also the beginning of a new phase with its own set of challenges.

Today we're going to explore three essential strategies you need to maintain balance and control while scaling your business, starting with smart financial management. This episode is packed with practical tips and insights to ensure your continued success beyond the $100,000 milestone.

2:29  - The mistake many entrepreneurs make

5:50  - How my back office assessment can help in this part of the process

7:00  - What it takes to stabilize your business

11:49 - A free resource to help you assess your back office

14:25 - How The MY-T Society Membership can help you

15:57 - What to do if you don't know where to start

References Mentioned In This Episode:

Episode 117 - How to Calm the Chaos In Your Back Office with Jodi Silverman

Episode 126 - How to Provide the Best Customer Experience Inside and Outside of Your Small Business

Episode 138 - Mastering the Art of Delegation: Overcoming Disorganization and Reclaiming Control of Your Back Office

Grab the Free Biz Ops Checklist


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Leave a Rating and Review: https://ratethispodcast.com/mindyourtime

Resources Mentioned In This Episode:

Check Out The MY-T Society Membership

Listen to My Free Audio Masterclass

Schedule a 20 Minute Chat with Me

Let’s connect online:

Follow Me On Instagram: @the_shannonbaker







Speaker 1:

Have you ever wondered what really happens after you hit six figures in your business? It's a benchmark everyone dreams about, whether you want to admit it or not. But there's something crucial that rarely gets discussed. That's what happens after you hit your first $100,000 in revenue. The truth is, reaching this milestone brings a new set of challenges and harsh realities that no one talks about. So I've decided it's time to change that. We need to break through the false picture of perfect success that people share on social media and get real about stabilizing your business. So today we're going to take a hard look at your processes in your systems. That's the good, the bad and the downright ugly. So if you're ready to challenge the status quo with me and transform your business for sustainable growth, then this episode is for you.

Speaker 1:

Welcome to the Mind your Time podcast. I'm Shannon Baker, your coffee loving host and business strategist. Each week, I will share practical insights and bold strategies for six-figure entrepreneurs looking to clean up their back office and create streamlined systems. The weekly episodes will help you take control of your time, scale your business and create success on your own terms. So grab your cup of coffee or your favorite beverage and let's dive into today's topic. So grab your cup of coffee or your favorite beverage and let's dive into today's topic.

Speaker 1:

So first of all, let me start by saying congratulations to you. If you've actually hit that $100,000 milestone at least once in your entrepreneurial journey, it's a huge achievement and it's a testament to your hard work, your dedication and your entrepreneurial spirit. I know that when you first hit that number, it was exciting. You probably felt like you were on top of the world, like all those sleepless nights and hustle periods finally paid off. But the truth is, while you ride that feeling for a while, reality sets back in and you realize that hitting $100,000 is just the beginning of another phase of your journey as a business owner. Now imagine what your business could look like if you could keep that momentum going without stress and chaos. What if you could scale even further while maintaining a sense of balance and control? That's the transformation that we're going to be talking about today and aiming for. When you reach this milestone. It's essential for you to take a moment to celebrate your success number one, but it is equally important actually even more important for you to take a step back and evaluate your business systems.

Speaker 1:

Many entrepreneurs get so caught up in the day-to-day operations that they overlook the need to create streamlined systems to support their growth. Why does this happen? Well, don't you want your revenue to continue to increase? That's actually what sustainable growth means, but you can't achieve this without business systems. So it's time to look at what's working, what isn't working and what's downright ugly in your back office. It's time to face the truth.

Speaker 1:

So I'm going to start by sharing a story, and I've shared this on several episodes of the podcast. I'm going to tell you about Jodi, a former client of mine who runs a business called Moms who Dare. Jodi was thrilled with her success. Her sales were impressive, but behind the scenes, things were falling apart and she was overwhelmed. Inquiries from her membership members were getting lost. Her operational processes were a mess. One of the biggest issues was her disorganized digital filing system. Jodi wasted countless hours searching for documents, often finding that she had multiple copies of the same file. This chaos was costing her precious time and causing her unnecessary stress. So Jodi decided to invest in a back office assessment with me, which is now an exclusive offer for members of the Mighty Society membership. But after she booked that assessment, we went over every part of her current operations and we pinpointed areas where she was the bottleneck and identified systems that needed improvement or needed to be created. Now it wasn't easy for Jodi to face these challenges, but she was determined to get things in order because she really wanted her business to continue to grow really wanted her business to continue to grow. So, after the assessment, jodi had a clear action plan that I provided, of course. She streamlined her operations with me, improved her customer management and implemented more efficient processes. The transformation was incredible. Not only was Jodi able to stabilize her business operations, but this really put her in a position to grow strategically and statistically. This put her in a position to stabilize not only her business operations, but it set her up for continued sustainable growth and success. She went from feeling overwhelmed and ready to give up to being in control and exciting about what the future held for her and her business.

Speaker 1:

Jodi's example, or her story, is a perfect example of why it is so important for you to take a close look at every part of your back office to determine where you need to make improvements, and the back office assessment will help you do just that. It's like having a thorough checkup for your business operations to pinpoint issues and provide you with tailored solutions that are unique for you and your challenges. But again, this back office assessment is available exclusively to members of the Mighty Society membership. When you join, not only do you gain access to this invaluable service, but you get access to a number of resources, including roadmaps, templates, workflows and bite-sized how-to videos that are designed to help you DIY your back office systems efficiently. Not to mention, you have access to my expertise in the support of a community of like-minded women. So if you're ready to stabilize your business and ensure its growth, consider joining the Mighty Society. It's an investment in your business that can unlock efficiency, save you time and set your business on a course of sustainable growth. So go to theshannonbakercom forward slash membership to check that out.

Speaker 1:

Now let's talk about what it actually takes to stabilize your business. Business stability means that you have reliable, streamlined systems in place that keep things organized, help you focus on what's important, and they enable efficient and smooth business operations. So here are three ways that you can establish and enhance your business's stability. One you have to be smart with your money. This means you need to monitor your expenses and conduct regular audits to identify inefficiencies and cut unnecessary costs. One effective way to achieve this is by conducting quarterly audits or, at the very least, biannual reviews of your operational systems, particularly what is in your tech stack. By streamlining your tools and eliminating duplicates or triplicates or, you know, multiple copies of the same thing, you can cut costs without sacrificing quality or efficiency, and I understand that conducting audits and streamlining your systems can be time consuming, not to mention challenging, especially when you're really focused on running and growing your business. That's exactly why I offer quarterly consulting services. During these quarterly sessions, we look at your existing processes, review your expenses, identify opportunities for cost savings and, most importantly, we develop strategies to help you streamline your operations effectively. With this service, you can gain peace of mind, knowing that your operations are optimized for efficiency and cost effectiveness, which allow you to focus on what matters most, and that's growing your business.

Speaker 1:

Now the second thing you need to do is make smart investments. Make smart investments. Investing in tools, technology and people will provide long-term benefits if you make the right choices in investment, but you have to have systems in place before you start investing in people, ie building your dream team. Outsourcing is a strategic move that both you and your business have to be prepared for Every investment you make should serve as a stepping stone toward long-term sustainable growth and efficiency. That takes time. Now, in a previous episode of the podcast, I shared some actionable strategies you can consider to help you enhance your operational framework Because, remember, outsourcing isn't just a tactical decision. It's a strategic move that demands careful preparation. So, before you entrust tasks to someone externally, you need to make sure your internal systems are in place and working efficiently. This ensures seamless collaboration and it maximizes the return on your investment, and that's time and money.

Speaker 1:

And the third thing you need to do is build strong customer relationships. You have to prioritize customer care by creating memorable experiences that keep your customers coming back and then encourage them to spread the word about your business. Maya Angelou said it best Customers may forget what you said, but they'll never forget how you made them feel. This underscores the importance of fostering genuine connections with your audience. Underscores the importance of fostering genuine connections with your audience. Consider implementing a customer feedback system to gather insights directly from those you serve. Whether you do this through surveys, reviews or one-on-one conversations, you need to actively listen to their feedback and then use it to refine your processes.

Speaker 1:

Now, whenever I talk about customer care. On the podcast, I always use Chick-fil-A as an example because, in my personal opinion, they set the standard in the fast food industry that needs to be imitated. Actually, all of us can learn from them. Study their commitment to excellence in service and hospitality. What strategies can you imitate and implement within your own business?

Speaker 1:

Exceptional customer care isn't just about resolving issues. It's about creating a memorable experience that keeps customers coming back, and the best part is they will tell all of their friends about you, which is free marketing, and who doesn't want that? Now, a customer care system is one of the six core systems your business needs to have in place. Your business will not thrive or survive without it, and while you're enhancing your customer experience, don't forget to streamline your back office operations. The BizOps checklist is the perfect tool to help you assess the current state of your business systems. It's just one of the many resources available inside of the Mighty Society membership, but it's designed to help you quickly assess the current state of your operations so you can fill in the gaps and support sustainable growth, and I really feel this is important, which is why I've made it available outside of the membership. You can grab your copy by clicking the link that's in the show notes. Now, if you would like more in-depth guidance on improving your customer experience, then I did a previous episode on this topic where I share more tips and actionable strategies on how to provide the best customer experience inside and outside of your business. A link to that will also be in the show notes.

Speaker 1:

So now let's recap what we've covered today. Hitting that $100,000 milestone is an incredible achievement and you definitely should celebrate that. So if you haven't done that already, I don't care how long ago it was that you hit it. I need you to do that now. But keep in mind it's just the beginning. The key to sustaining and growing that success lies in you evaluating and improving your business systems.

Speaker 1:

So the first thing we talked about was the importance of taking a step back and assessing your back office. From financial tracking to customer care, you have to identify what's working, what isn't, and address what's really ugly. The back office assessment that I offer inside of the Mighty Society membership will shortcut the process and will pinpoint the inefficiencies for you that are hindering your growth, so you can handle that. I also share the story of Jodi with you again, who was working in chaos behind the scenes because of her disorganized digital filing system, among other things. It was costing her time and causing unnecessary stress, but because she invested in a back office assessment, she got a custom action plan that showed her how we could streamline her operations, implement efficient processes and set her business up for continued success. Implement efficient processes and set her business up for continued success. We also talked about the benefits of having reliable, streamlined systems in place, because they give you the mental space and time in your day to focus on what's important.

Speaker 1:

But to establish and enhance your business stability, remember, you have to be smart with your money, make smart investments and build strong customer relationships. So, as we wrap up this episode, I want to remind you that inside of the Mighty Society membership, you'll get access to a number of invaluable resources, like the BizOps checklist, and that's just one of many. All of the tools inside are designed to help you stabilize your business operations and grow. Now, if you need my assistance to jumpstart this process, as a member of the Mighty Society, you again can book a back office assessment with me and I will give you a custom action plan that outlines the changes you need to make in your back office, and then the roadmaps, templates, workflows and bite-sized videos that you need to implement that plan are inside of the membership already, but it doesn't start there. If you join, you'll also be part of a supportive community of like-minded women who are committed to building sustainable and successful businesses. So, whether you need advice, feedback or just a bit of motivation, this community will support you every step of the way.

Speaker 1:

So if you're ready to take your business to the next level and unlock its full potential, consider joining the Mighty Society membership. It's an investment in your business that can unlock efficiency, save you time and frustration and set your business on a course for sustainable growth. For more information, go to theshannonbakercom forward slash membership. If, again, you don't know where to start, you can simply book a 20-minute call with me. A link to my calendar will be in the show notes. I just need you to get started. So pick one thing from today and go with it. That's all I have for today. So until next time, get prepared to use your time and energy on what truly matters to you, and I'll see you back here next week.

Speaker 1:

Thank you for tuning in this week. Remember, just listening to this episode will not get you better results. So I challenge you to break the mold and take action today. If you're unsure where to start, book a call with me to get your questions answered about the Mighty Society, membership or anything else that I mentioned. A link to my calendar is in the show notes. Not ready to take that step yet? No problem. Be sure to connect with me on Instagram, at the underscore Shannon Baker. You can ask me your questions there or let me know that you enjoyed the episode by taking a screenshot, sharing it and tagging me.

Speaker 1:

Now, if you haven't already grabbed my free audio masterclass, why don't you just start there? It's a great first step to assess your back office on your own, and this masterclass provides valuable insights and practical steps to help you organize your processes, reduce chaos and improve efficiency. Go to theshannonbakercom forward slash audio masterclass Now. If you haven't left a review for the podcast yet, please do so. I would love to hear from you, and it's an easy way to show some love to the podcast and help me reach more small business owners who are ready to defy the status quo. I can't wait to hear from you, so until next time, keep calm and streamline.