The Impact Ripple - Hiring and Leadership for Visionary Female Business Owners - 24. Why Hiring Right is Critical for Your Small Business Success with Carla Titus

24. Why Hiring Right is Critical for Your Small Business Success with Carla Titus

05/17/23 • 50 min

The Impact Ripple - Hiring and Leadership for Visionary Female Business Owners

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:

Mentioned in This Episode:

TIR Episode 13: Growing Your Team with Intention - https://www.sprouthr.co/13
Carla’s Website - https://www.wealthworthwithin.com
Carla’s Projections & Forecasting Services - https://www.wealthworthwithin.com/projections
You can also find Carla on Facebook, Instagram, LinkedIn and TikTok!

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:

Mentioned in This Episode:

TIR Episode 13: Growing Your Team with Intention - https://www.sprouthr.co/13
Carla’s Website - https://www.wealthworthwithin.com
Carla’s Projections & Forecasting Services - https://www.wealthworthwithin.com/projections
You can also find Carla on Facebook, Instagram, LinkedIn and TikTok!

Previous Episode

23. Breaking the Money Taboo: Overcoming Emotional Barriers to Building Wealth with Keina Newell

Are your money emotions holding you back?
On this episode of The Impact Ripple Podcast, I sat down with my friend and Financial Coach, Keina Newell, founder of Wealth Over Now, to talk about building generational wealth, creating a values-aligned budget that feels liberating, and making investments that deliver more than just a financial return.
Keina shares about the way the emotions we associate with money can hold women business owners back and practical steps you can take to build generational wealth and abundance.
She encourages women to create a budget that aligns with your values and goals, which can feel more liberating and empowering rather than stifling and restrictive.
Keina also shares new ways to think about the return on your financial investments, which go beyond simply making more money.
Our conversation then shifts to the challenges that women face in hiring help for their businesses, and how to see the return on investment of outsourcing in non-financial terms.
Keina shared the importance of creating a "Hell No” and “Hell Yes" investment list for personal and business expenses, which can help you become more aware of your spending habits and make more intentional decisions with your money.
Additionally, we talk about the guilt and shame that can sometimes creep up when buying things we don’t need or use, and the benefits of auditing our life and expenses to save money.
This conversation with Keina is an honest look at the way we think and feel about money, practical advice, and inspiring mindset shifts for women business owners who want to create financial abundance and freedom in their businesses and their lives.

In this episode, you’ll learn:

The emotional connection with money and how it can hold women business owners back.
The importance of creating a budget and how it can be liberating when you align spending with your values and goals.
The mindset shift needed to see a return on investment that goes beyond just a financial return.
The challenges that women face in hiring help for their businesses and how to overcome them.
The concept of a "Hell No” and “Hell Yes" investment list to make more intentional and conscious decisions with money.

Mentioned in This Episode:

Money Month Series – Episode 22: How to Shift Your Money Mindset and Start Hiring Your Dream Team with Christine Walsh
Money Month Series – Episode 24: Why Hiring Right is Critical for Your Small Business Success with Carla Titus - coming next week!
Keina’s Website: www.wealthovernow.com/wealthovernow.com
Keina’s Instagram: www.instagram.com/wealthovernow
Keina’s Freedom + Flexibility Guide: https://wealthovernow.com/freedom-and-flexibility

Next Episode

25. Wrapping Up Money Month with Insights on Hiring and Creating Opportunities

In this season finale episode of The Impact Ripple Podcast, I reflect on the enlightening conversations I had during "money month" with three esteemed guests from the finance industry sharing valuable insights to empower you on your hiring journey.
Episode 22 - How to Shift Your Money Mindset and Start Hiring Your Dream Team with Christine Walsh

Episode 23 - Breaking the Money Taboo: Overcoming Emotional Barriers to Building Wealth with Keina Newell

Episode 24 - Why Hiring Right is Critical for Your Small Business Success with Carla Titus

Then I address some common fears and insights I’ve seen during my years as a Hiring and Leadership Mentor. And we explore the concept of the "impact ripple," through fostering a compassionate and kind work environment, business owners can contribute to a better world.

Join me for this impactful episode as we wrap up Season Two and discover the transformative possibilities of hiring with humanity and intentionality.

In this episode, you’ll learn:

The significance of hiring beyond financial considerations and the value of creating opportunities for individuals who don't fit into traditional roles.
The concept of the "impact ripple" and how hiring soul-filling employees can positively impact not only their lives but also extend to their interactions with others, creating a more compassionate world.
Encouragement to envision the impact that hiring could have on one's quality of life, business, communities, and the world.
Advice to start small and gradually grow the team according to the business's specific vision and goals, emphasizing that a large team is not necessary if it doesn't align with the objectives.
The reminder that not everyone desires to run a business, and there are talented individuals who can contribute as dedicated team members, dispelling the fear of employees taking ideas and starting their own businesses.

Mentioned in This Episode:

Ep13 - Growing Your Team with Intention - https://www.sprouthr.co/13
Hiring VIP Day - https://www.sprouthr.co/hiring
Leadership Mentoring - https://www.sprouthr.co/leadership
Ashley Cox on LinkedIn - https://www.linkedin.com/in/ashleyncox
SproutHR on Instagram - https://www.instagram.com/sprouthr.co/

This episode is part of our Money Month Series. You can find all the episodes in this series here:

The Impact Ripple - Hiring and Leadership for Visionary Female Business Owners - 24. Why Hiring Right is Critical for Your Small Business Success with Carla Titus

Transcript

Ashley Cox 0:05

Welcome to The Impact Ripple podcast, the go to source for hiring and leadership made simple, doable and fun for visionary female business owners. I'm your host, Ashley Cox, author, certified HR expert and founder of Sprout HR. And I believe that you don't have to change who you are to be a great leader because you already are one. Join me as we kiss uncertainty and overwhelm goodbye, and say hello to the tools and support you need to grow a profitable, sustainable, impa