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Episode Summary –
In episode 162 of the Expert In You Podcast, host Ann Carden welcomes guest Marcia Riner, a seasoned business owner and coach, to discuss strategies for overcoming overwhelm and maximizing growth in a business. The episode begins with a reminder that running a business doesn’t have to be overwhelming, and the speakers draw from their own experiences as business owners who have successfully sold businesses and operated in dynamic environments.
The conversation centers around the common issue of business owners being too involved in day-to-day operations and not thinking strategically. They emphasize the importance of having a support staff to free up the owner’s time and energy. The episode also emphasizes the importance of evaluating employees’ value and impact on the company.
As businesses grow and change, adjustments may need to be made to roles or employee status. The speakers also caution against wasteful spending on unnecessary expenses that don’t align with the current direction of the business. The guest and host share personal experiences, including the speaker’s own journey during the 2008 recession, where they successfully expanded and opened new businesses while still managing existing ones. They highlight the benefits of having a well-functioning business that allows them to focus on new ventures.
Key Moments:
[00:06:16] Building a business requires different skills.
[00:08:23] Small business owners should focus on growth.
[00:10:43] Parent’s business inspired innovation, missed million-dollar offer.
[00:13:45] Opportunity for retirement fund in businesses.
[00:18:24] Managed multiple businesses, reaped financial success.
[00:21:47] Beware of coaches who acquire businesses for free.
[00:26:04] Foundational strategies often overlooked in business.
[00:27:37] CPAs and professionals are hard to find. Financials affect profitability. Ask 3 questions about expenses.
[00:32:32] Employees can be an asset or liability. Assess constantly.
[00:35:18] Loyalty often leads to business downfall.
[00:38:48] Business owners’ biggest concern: fear and uncertainty.
[00:41:17] Marketing and sales can fix business fast.
About the guest:
Marcia Riner is an experienced business owner and entrepreneur who understands the challenges of running and selling businesses. Having worked in various environments with different ideas, she knows that it doesn’t have to be a daunting task. Marcia believes that one of the biggest issues faced by smaller companies is owners being too involved in the daily operations, acting as technicians rather than strategic thinkers. Inspired by the concepts presented in the book “E Myth,” Marcia encourages business owners to step back and view themselves as leaders, regardless of their company’s size.
How to connect Marcia:
Website : https://www.infiniteprofitconsulting.com/
Linkedin : https://www.linkedin.com/in/marciariner/
Facebook : https://www.facebook.com/MarciaRiner/
Twitter: https://twitter.com/MarciaRiner
