Are Your Financials Telling You it’s Time to Hire?
With Danielle Hayden
The Growing Your Team Podcast Episode 32
“Your financials are trying to tell you a story. It’s your job as a business owner to listen to that story.” – Danielle Hayden.
When it comes to trying to decide if it’s the right time to hire a team member, do you know if you’re in the right financial place? This is a question that stops many business owners from hiring. And that’s not because the answer is no. It’s because they assume the answer is no and never spend the time to uncover the real answer.
In this episode of the Growing Your Team podcast, Danielle Hayden shares how knowing your numbers will help you make the right hiring decisions in your small business.
About Danielle Hayden:
Danielle Hayden is a reformed corporate CFO (chief financial officer) who is on a mission to help rule-breaking female entrepreneurs understand their numbers so they can gain the confidence needed to create sustainable profits.
After spending 10+ years in the boardroom as a corporate finance officer, Danielle is now in her sweet spot as the co-owner of Kickstart Accounting, Inc. where she helps business owners with bookkeeping, financial analysis, and education and as the author of the Profit Planner book series.
When Danielle isn’t crunching numbers on her clients’ behalf or crafting the next iteration of the Profit Planner, you can find her hanging with her two kids as she inspires them to lead their fullest lives or doing any, and almost every fitness-related activity ranging from Spartan races to pilates.
In this Episode You’ll Hear:
- Why there’s no secret formula to determine if you can afford a team member and what you need to know instead. (4:32)
- Why you don’t want to hire just because everyone else is hiring. (5:34)
- Why you don’t need to hit a magic revenue number before hiring. (7:08)
- The signs in your financials that show that it’s time to make an investment, including hiring a team member. (7:53)
- Why there’s nothing wrong with hiring your first team member before you fully pay yourself. (9:55)
- What you should do if you want to make a big investment but can’t afford it at this time. (14:10)
- How to manage and prepare for the financial impact of adding a new team member. (18:50)
- Why your slow months can be the best month to hire a team member. (22:28)
- Why you need to keep an eye on your subscriptions if you want to make a profit in your business. (24:47)
- Why the payroll tax should not stop you from hiring the right person. (35:18)
Grab Danielle’s financial goal setting worksheet!
This financial planning tool will help you build a strong foundation for success through goal setting, planning, and financial education.
Grab your worksheet at profitplannerbookkeeping.com/growing
How to Connect with Danielle Hayden:
Are you overwhelmed by work and ready to hire help?
You’re stuck in the cycle of having enough work to be successful but not enough time to serve all your clients AND grow your business.
You know you need help, but you’re not sure what help is worth your investment.
You need the three-part method for finding the right team member who will save you time and earn you more by getting the right work off your plate.
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