Oliver Denyer explains the two resources that matter most when scaling a business: time and energy, plus cash. Managing these well determines whether you grow or stay stuck.
Scale tip number two. Hey, how's it going? It's Olly here. So welcome back to Scale Tips. So this is a show where if you have a six figure business right now and you want to grow, you want to scale and take things to the next level, I'm going to be telling you all of the things I've learned to take my business to the next level, to the point where instead of doing six figures a year, it was doing six figures a month. So today we're going to talk about the two biggest resources that you have available to you as an entrepreneur. And once you are aware of these two resources, then it will change the type of decisions that you make as a business owner day to day, and it will probably make things a lot clearer, give you a lot of clarity when you're making decisions and when you're trying to decide what to do day to day in your business. So the first of these resources, which is probably the most important thing you own, is your time and energy, okay? So these two things are very interlinked, time and energy. Because anytime you devote energy to something whilst you're working on it, let's say it's two hours or four hours putting energy into that thing, whether it's just thinking about something, you know, being emotionally affected by something, focusing on something, it takes time, right? And any, any time you have time spent on something, it definitely takes up your energy, right? So these two things are interlinked. And that's the first biggest resource you have as a owner. Now, the second biggest resource you have as a business owner is cash, right? Cash. Not revenue, not money coming in, not profit, but cash. In other words, how much money is there in your business bank account? How much available cash can you spend today? So here's the thing. When you have time and energy, that means you can move your business forward, you can get things done, you can achieve stuff. And also you can create cash. When you have cash, you can leverage, you can hire people, you can do marketing campaigns, you can spend money on advertising, you can get more tools and gadgets to help you with your business, whether that's software or whatever else, and you can buy yourself more time. These are the two biggest resources. And one of the things that was a huge lesson to me when I grew my business to the point where I had literally hundreds of clients at once and it was really expanding really, really fast is this. If you have a client or a supplier or a staff member or something in your business, which is taking up your time and, and you're paying them or they're paying you and some cash is being exchanged for them to be in your life and be in your world. This is when time and energy becomes more important than cash. Because here's the thing, when you lose time and energy, when something is bothering you, when a client's really annoying or they're draining, or they ask loads of questions and take no action, all that's going to do is take up way too much of your emotional energy and therefore it's going to take up a load of your time. So it's easy to fall into the trap of protecting the cash that they paid you by not getting rid of them and sacrificing your time and energy. Very often it's much, much of a better decision to get rid of that client and refund them the cash. So fire them so you can reclaim the time and energy. The reason why this is so important is because if you get that time and energy back, you'll be able to put what you need to put into getting more clients anyway. So it's not as if you're going to be losing out. In fact, if you get rid of a client who's really unproductive or causing you stress and you refund them, who knows how much time and energy you will have back into your life. So you can go out there and get five more clients who are ideal and who listen to what you're saying and who are really, really fun to work with. So these are the two biggest resources, time, energy and cash. Once you know this, once you understand this, then prioritize them and remember you can get cash by having available time and energy. So I would say time and energy is more important. Alright, hope today's scale tip has been helpful for you. Now if you're looking to grow your business, let's say you have a six figure business right now and you want to grow it to the next level. The number one place to be is inside my Facebook group. It's called scale Online course creators, consultants, coaches get to seven figures. I'm going to put the link in the description below this video or in one of the comments actually below this video so you can jump in on the groups absolutely free to join. I'm always posting content and stuff in there as well and if you want to see all the other scale tips, I'll be putting them in there as well. Alright, thanks so much for watching this video, really hope this helped. Leave a like, leave a comment if it's helped you and I'll catch you soon.
