Manage episode 363576647 series 3400591
Are you struggling to make informed financial decisions when it comes to hiring for your small business? Tune in to this episode of The Impact Ripple Podcast where we demystify the financial numbers and share expert tips on how to be intentional with your hiring process and paying yourself as a business owner.
In this episode, I spoke with Carla Titus, the owner of Wealth and Worth Within, where she and I broke down the financial numbers all business owners want and need to know when hiring employees.
Carla shared the four main numbers that you need to pay attention to and how to plan for the cost of hiring. She emphasized the importance of being intentional about your finances and education to help you make more informed financial decisions.
One key takeaway from our conversation was the importance of having a hiring plan and how defining the role and performance metrics before hiring will help you avoid making a poor hire decision for your small business.
We also discuss the importance of aligning your people plan with your business plan so you can be strategic, mindful, and intentional in your hiring process.
Having a hiring plan and understanding the costs associated with hiring employees takes the guesswork out of it and allows you to make more informed and successful hiring decisions.
We also talked about how to pay yourself as a business owner. Many business owners don't pay themselves or don't pay themselves enough. Carla suggested starting with a small amount like $100 per week and increasing that as the business grows. She also explained that it’s essential to prioritize profit over revenue and reassess pay rates as you bring on new team members.
If you’ve been looking for a conversation on the financial ins and outs of hiring employees, this is the episode for you!
In this episode, you’ll learn:
- The four main financial numbers all small business owners need to pay attention to.
- The importance of being intentional and having a hiring plan to avoid disappointment and unexpected costs.
- Ways to build a team in a small business, including hiring temporary contractors and having cash reserves.
- How business owners can pay themselves a salary and prioritize profit over revenue.
This episode is part of our Money Month Series. You can find all the episodes in this series here:
- Ep22 - How to Shift Your Money Mindset and Start Hiring Your Dream Team with Christine Walsh
- Ep23 - Breaking the Money Taboo: Overcoming Emotional Barriers to Building Wealth with Keina Newell
Mentioned in This Episode: