How to Manage Cash Flow, Deal with the Emotional Stress of Running a Business & How to Find Good Managers – Ask Clay Anything

Show Notes

Starting and growing a business can be hard work. Listen in as business coach Clay Clark and the team answer business questions from listeners like you on the following topics:

  1. How to manage cash flow
  2. How to deal with the emotional stress of owning or running your own business
  3. How to find good managers / employees
Business Coach | Ask Clay & Z Anything

Audio Transcription

We can’t help you exact are welcome to the exclusive ask play anything additional to thrive. Time show on your podcast download I’m at super super excited for you, because it looks like your business coach will be robert and he’s indicated on a scale of 1 to 10. You want to be pushed like a like. A 7 pushed you when you want to grow. I was also looking at your file he’s going over in on some of the challenges and some of the winds you had throughout your career and end up.

So he didn’t fight these areas that are your biggest limiting factors the biggest limiting factors, and what you want to do is just knock out these big three limiting factors. Heaters are the 48th step plan on 48th street path that they’ll lead you down in your coach robert will will show you what to do every week he will meet with you every week, you’ll be there you’re going to have action items he’s going to have accident team to help you I mean video ographer photographers search engine optimizer to help you grow your remodeling business, but there are three biggest business coach limiting factors that we got to knock out right away and this this rose podcast might come across as as tough love but it, but it was a coach that you don’t want. When will the top I mean we all like that beef, jerky and I want to make sure that I tell you specifically what you need to do. You see my partner, doctors. And I we’ve been blessed to build 13 multimillion-dollar companies in to coach, hundreds and hundreds of businessand. There’s. These are. These are proven moves that will help your contracting, your remodeling company right away, but most remodelers won’t implement these smokes because they always say most other remodelers. Don’t do it that way, which is why 9 out of 10 businesses startups according to forbes, will go out of business.

Forbes magazine according to forbes magazine existing business owners never do make a prop. They ultimately fail. So you got to look at this that these stats are not against the stats against other people. In the reason why other people are not successful, cuz everybody’s doing what doesn’t workso people become loyal to dysfunction? Then they have these trade group. These trade associations are all the remodelers get together and remodelers or invoice you just got to do it I mean you just got to do it because if you want to, you know be competitive, you know you got to be on the invoice. It’s like you know. It’s all the sudden. You find yourself saying it’s. My fault and I want to send your business coach wife says she wants boom me. Why I just it’s like i, don’t know it’s like boom. All the contractors will just like both realize it all. The contractors are stressed out all all the contractor’s contract I swear, I swear if I could just get one more big deal. I would I would be able to take the money from a job number to take that money and I’ll pay off this this bill over here now. My taxes are a little behind right now, but, as you can see, I’m on the precipice I am on the threshold of what I believe to be a wicked awesome break through and to all of these contractors for the validate each other, and then they all sayhey, I can’t find good people. It’s just not possible to find good people ii swift. If I could find a good person. I was this to tom brady. What does he want to be a thug? This to tom brady want to be a contractor. Know is bill gates a contractor, no elan musk a contractor, no was was walt disney a contractor.

No do I swear if I have to hear one more piece of advice on how to hire people with my nail gun. Oh my gosh, where is my nail gun? Where is myand so you’re you’re dealing with contractors that are not able to focus because they’re always on the job, that I was working in the business and their surrounding themselves by people that are wrong, and so this is. This is big, because once you get this idea that you’re around people that you know are are perpetually wrong and they are passionate about it because they they they they struggle as a business coach, but they really want to negative they’re, just telling you what they believe. You know it to be true and tell me give you a notable quotable that will hopefully blow your mind and then we’ll get into how to help. You grow your company, reid hoffman, the guy who started linkedin before that he was one of the founding members of paypal. Before that he worked as a coder on before that we have podcasts specific on the life of reid hoffman, so we can get into that. But here’s the deal we document says the fastest way to change yourself is to hang out with people who are already where you want to be, and so we have already taken a lot of clients to where you want to be right, and so here is how we fix your three biggest limiting factors. Cash flow manage money, credit score. Excetera, you got to implement the solution. You got to implement the pay-as-you-go system, stop invoicing immediately down payment to get started. Have them pay the next? Third, when your 2/3 of the way done, and then they pay the final payment upon final inspection or you haven’t pay half down to start half down on completion.

Just do not invoice people I work with so many contractors that have had their of the entire lives fixed by just that move. You go out to me with the clarks you sit down with them. You find out what their needs are. You have a nice quote based upon what you discussed you giving an option, and then you say you want to do debit card or credit card that deposit. That’s how it works, don’t have to carry the burden of owing money and having massive credit line to all these different suppliers in town. That should never happen. So the solution you can do what you do is you implement in materials plus labor plus profit policy of quitting, so you out of the cost of the materials out of the cost of the business coach labor, and then you add on to your your quote:the profit! So now you, when you give the customer a quote you just you. You are making sure that you’re taking the profit into the quote and that you are not getting behind where you owe a lot of money to other suppliers and vendors fix number to emotional stress level. Almost every contractor, I’ve ever worked has a massive amount of stress they’re dealing with because they don’t set boundaries, that they don’t set boundaries that don’t have phone off or phone on time, and so I’m just going to give you a deep thought, there’s a third of your brain called the amygdala amygdala tilted up there and the amygdala.

What does is when it encounters an emotional input? It turns off your cerebral cortex. The cerebral cortex is the part of your head. That makes decisions and can think strategically. Still a lot of contractors work entirely off of their phone, and so they just they never have phone on or phone off time and see. What happens? Is your email? You push notifications coming in. You have social media notification jim you text messages coming in and you constantly feel overwhelmed and you don’t have a define to schedule. So therefore, you start to get more more stress to get bored more behind the people owe you money or try to keep my keep track of. Who owes you who’s paid you and it just gets crazy. What you need to do is design and ideal calendar. You design an ideal schedule, design an ideal schedule with your coach, and so what I would recommend you would do. This is just thought you might do at 6 a.M. To 8 a.M. You too you’re quoting the same time and then from you could save from 8 a.M. To 10. Just give me an example:you can respond to all business coach emails, respond to emails and print off your leads and then from 10 a.M. Until 5. You could manage your team and make sales calls, but you shouldn’t have to worry about invoicing and collecting, because when you go to meet a customer, you get a deposit. When you do your inspections, you collect payment as you’re going to the job you’re you go to the job, and you say mr. Clark, she looks like we’re 2/3 of the way done. I need to get that to the next payment from your debit card or credit card. That’s how you do it and then you follow up with your team.

All that you just follow up with your team follow-up, follow-up follow-up and you want to make sales calls to those. Can you can break it up more specifically in your coach will help you do that what you got up, because I understand you had a neurological stroke due to the lack of sleeping you know and I’m telling you what that can absolutely actually kill somebody. You know, and it happens, a lot of clients and unfortunately, it’s like their dad, never figured it out, but then the sun did it. So it’s like I’m working with the son of the business now and the dad has died of a heart attack, but the sun is like 25 26. It doesn’t have any bad habits coming into it because I know he’s not a boil to this function doesn’t work, so he comes in a jamaican massive progress cuz. He just grass fundamental level the concept of designing an ideal calendar with the digital boundaries deciding when the business coach phones on when the phone’s off that kind of thing fixed, number 3. You got to find good managers and good people, because maya angelou, the best-selling author, says nothing works. Unless you do right, nothing works must be unless they do their job. Nothing works. So, if you’re running around managing a bunch of idiots matter, how great your systems are it’s not going to help you, so you got to have a great team of people and of the cycle that I see is a lot of people will say we’re i, just can’t find good people and salsa cool. What you got to do, I create a job post step one, and it should take you about 2 hours to do it. Okay, to create a good job posting.

Your business coach can help you do that. The next step is you got a job post weekly, that’s going to take you about an hour a week. This has to be put in your calendar. You have postal jobs every week on craigslist or indeed, whatever site you want to use. Then 31 an interview, all the candidates in one time every week that should take about an hour, then move number to or whomever for you would want to have a can of sea like shadow you and that should take you about 4 hours per week, for you have to stop your job. You just have them. Follow you to the job and if you never ever ever ever ever, stop recruiting then you’ll never be short on people, and you can be selective about the people that you do bring on.

But do you ever stop recruiting? If you ever stop doing this, you will go nuts because you be magic idiots in the idiots can’t get anything right, because they’re idiots and so I’m, just telling you I’ve, worked with I’ve, been an owner of I’ve been involved with home flipping. You know what construction business we flipped homes did very well with that I’ve been involved with fears and clark. It’s a commercial real estate company were managing contractors to lease out commercial spaces to tenants in it ain’t the property we manage those people, I’ve managed a team of videographers hairstyle I worked with the orthodontist dentist lawyers, a lot of home builders and I’m telling you do not have to have these things being a problem anymore. So we can fix the cash flow. We can fix your emotional stress level and we can find good business coach manager in your coach. Robert is absolutely equipped to help you and he’s going to lead you through the proven fact that you got commit to coming to the weekly meetings, because if you, if you don’t work, the system won’t work, you got to commit to execute in the action items that you’re forgiven, because if you don’t execute those items, it’s not going to work right and you got to commit to ask the tough questions. If you don’t understand something, but once you get it you’re going to have to go out there and actually do it, and so, if you’re kind of going cuz I don’t know if that works, I’m, not sure.

If what you’re saying works, I get it but you’re going to have to ask that tough question and once you get it, and you know what to do you’re going to go out there and actually execute that and I know that you’re the kind of guy that will do it. When I see it a lot of business coach clients or entreprenuers struggle with setting those boundaries, and so it’s hard for them to execute approval system because they never I’ll give it the time it needs and everything ever work on the business I’m asking you with your schedule. Are you willing to make those changes? I want you to notable quotable, ii men I’ll? Let you get back to be an awesome, notable quotable number one. Most people overestimate what they can do in one year and underestimate what they can do in 10 years. That’s from bill gates, the co-founder of microsoft. He says most people over estimate what they can do in one year, but they underestimate what they can get done in 10 years is x notable quotable lazy hands make for poverty, but diligent hands bring wealth of proverbs 10:4 from the bible. Do you need to make sure that you are not being over? Don’t put expectations on yourself that are possible? Don’t work yourself into and your grave set up a sustainable schedule. Diligence means the study, application of effort.

She got to find a way to consistently bring the effort. That’s what diligence in it says, lazy hands make for poverty. We get that lazy business coach clients or people don’t make any money, but diligent hands bring wealth. It’s the consistent application of effort doesn’t mean you’re, going to go 90 miles an hour and then freak out 90 miles an hour going to a sleep induced coma. You got to make sure it’s a consistent, sustainable schedule in your business. Coach robert will help you execute that system. Clark I’m, a business coach of the former uss, be a entrepreneur of the year honored to serve you without any further i. Do free


Let us know what's going on.

Have a Business Question?

Ask our mentors anything.