590: [coaching] When to Invest in Your Business with Non-Profit Consultant Kelly McLaughlin
The BizChix Podcast: Female Entrepreneurs | Women Small Business | Biz Chix
Natalie Eckdahl
4.8 • 630 Ratings
🗓️ 24 August 2023
⏱️ 41 minutes
🧾️ Download transcript
Summary
As a small business owner and a coach of small business owners, I know first hand how challenging growing and scaling your business can be.
Seemingly overnight, a ton of questions pop up as your company grows in size. Questions like, “When do I need to hire? When should I hire? How much help can I afford? What do I need help with first and foremost?”
$ix Figures Lab member, Kelly McLaughlin, a fundraising consultant for nonprofits, recently reached out to me asking me something similar but wonderfully phrased.
“When do you know it’s a good idea to invest in your business?”
I love how she framed this idea of growth within a company as an investment, looking at it as a long term solution which will act as a stepping stone to something greater.
While I would love to say there is a one size fits all answer to this question, there is no secret formula.
It’s entirely dependent on your individual circumstances, on where you are, and where you eventually want to be.
And remember, the beautiful thing about being a CEO is that you have a rare opportunity to create a business that is profitable, sustainable, and enjoyable.
🎧 Subscribe to the NEW private podcast series for Marketers, Consultants and Financial Professionals
🌟 Connect with Natalie on LinkedIn
👉 Connect with Kelly McLaughlin on LinkedIn
🔗 Get all the links from this episode
This episode was first published at BizChix.com/590.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Kelly, I am really excited for your coaching question today. So let's dive in. Why don't we start off |
| 0:07.9 | with your question, then I'll pull in some background. Okay. My question is about making investments |
| 0:14.5 | in the business. I have been in a stabilized phase for the last year. Some personal things kind of crept in, right? And so the |
| 0:24.6 | business is not growing like it has been prior to the past six months or so. But through |
| 0:32.6 | BizTex coaching and everything, I've been making some changes to really stabilize. And really the thing I'm |
| 0:38.2 | most excited about is I see the potential for growth now, right? Before I was really feeling like |
| 0:43.3 | I had no idea how I was going to intake any more clients or sustain any more growth, right? |
| 0:50.2 | And now I feel like I'm on the cusp, right? I have a plan to grow and take in more clients. |
| 0:56.2 | I'm in a space, though, where I need to make some investments like hiring to sustain that growth. |
| 1:03.8 | And I feel like I'm in this chicken and egg. Do I wait for the next client to come and then hire the person and just hustle for the first couple |
| 1:11.5 | months until I find that person. But I also, I've done hiring in prior jobs before, |
| 1:17.0 | and I know I don't want to rush that. I don't want to do that between things, right? So that's, |
| 1:23.7 | it's, it's that kind of mindfully making investments when I'm I'm actually right now not making |
| 1:30.7 | the profit that I want to be making. This is a question that comes up all the time because |
| 1:36.3 | there's stages in our business where we need to make investments and as you exactly described, |
| 1:42.8 | the revenue isn't there to support it. And as you said, |
| 1:46.0 | what do I do? Which comes first? I wish I had like a secret formula or like, here's a thing |
| 1:52.9 | that you just didn't know that I could tell you. There isn't one. And it's a very individual |
| 1:57.9 | answer that I give to clients. I first need to ask you, |
| 2:03.5 | how much money do we have to bring home to the family? And there could be a situation where |
| 2:09.9 | maybe there's a time where the business could not contribute to the household. In other situations, |
| 2:17.4 | you know, I work with some clients and they |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Natalie Eckdahl, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Natalie Eckdahl and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.