Staying Small on Purpose with Keila Hill-TrawickFeb 28, 2023
In case no one's told you lately, building a small business and intentionally choosing to stay small is actually a really good strategy. I think that we can get really caught up in expectations that are put on us and the types of pressures to grow and to scale and to do better, more and more and more. Sometimes, it really comes down to simplifying and really understanding your goals and what you want.
That's what we're unpacking with Keila. Keila is the founder of Little Fish Accounting which helps small businesses thrive through her transparent easy to understand approach to accounting. She assists by advising freelancers, solopreneurs, and small businesses on how to reach their financial goals and build and grow the businesses of their dreams. In addition, Keila educates the community through her informative fish food podcast. She has years of experience in the accounting and auditing industry for various federal agencies as well as Home Depot and Georgia Pacific.
We're chatting all about what it means to build a small business and stay small (it's not a bad thing!). This is a really fun conversation, I love chatting with fellow accountants, especially those who have a unique perspective and are very modern minded when it comes to business finances. So if you're trying to start a small business, and you want to alleviate some of the pressure you feel to succeed and drive forward and grow immensely, this is the episode for you.
"It costs you time, it costs you money, it costs you mistakes, it costs all of these things that slowly break as you're getting bigger because it needs a new shell, it needs a new version of the business."
In this episode, you will learn the following:
1. How can business owners achieve desired growth while maintaining a good work/life balance?
2. How can businesses simplify processes and achieve the same outcome while minimizing cost?
3. What are the benefits of offering a high-quality client experience to micro businesses?
What you'll hear in this episode:
- Businesses who want to stay small are not always the answer.
- What are the common mistakes people are making when pursuing growth?
- Don’t outsource the work you don’t want to do.
Here are some brief snippets from this episode:
Growth costs time and I think that gets lost a lot of time. For me or expansion isn't always the answer. I have come to realize the importance of building a life that you want that the business fits into.
For most customers and clients, that's what they're looking for. The idea that if something goes wrong, you are going to be available and handle me with care. Instead of outsourcing it back to your client, increase the price and then figure out how to go do it right.
How do you know if you're looking for growth or trying to actually stay small? What do you want your job to be? What job would you like to do? For example, for me, what I really like is making content.
When you start a business, your mind is going to change. You need to have a place that you're trying to hit. If you are not looking to stay small and grow sustainably, you need to pause.
The goal is consistency. Once I start skipping days, I realized that the goal wasn't 60 days straight. The goal was, do I feel differently when I don't have it enough so that I reinvigorate. It's about simplifying how you're getting to those goals.
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.