Episode 118

The Real Cost of Not Investing in Your Business Operations

June 7th, 2023


We’re continuing our conversation around engaging a Virtual COO to support you with the holistic elevation of your operations in your business. Today we talk about the cost of investing in your business operations or the cost if you don’t.
We dive into:
  • Things to consider when hiring a VCOO
  • The cost of staying “stuck”
  • Who will drive the change
  • What it would look like to be 10% better

Connect with Nicole on Instagram @theartisansolutions 
Nicole’s website: https://theartisans.com.au/
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Welcome to Take Control with Nicole, as business owners we experience firsthand the fine line between our personal and business lives. During our conversations, we will look at simple hints and tips to create time, reduce overwhelm, and help you to navigate through your journey to where you want to be. If you’re looking for smarter ways to work, and create space and time freedom in your day, then you’re in the right place. All right, let’s go.

Hello, I’m Nicole Smith, COO, Operations Specialist and Systems Designer over here at The Artisans Business Solutions, and welcome to Take Control With Nicole. We are continuing on our conversation around engaging a virtual COO to support you with the holistic elevation of your operations in your business, and really talk about the costs of doing it and not doing it.

Really, it is one of those investments that when we get to a stage in business, we are looking to invest in support that is going to elevate our personal experience, but also the experience for your team and your business as a whole. And so when we’re looking at the ways of working, being able to have someone work alongside you, and transform those creative ideas into practical ways of working, and also support your team and be that human that can be the middle person between the change management process. What a beautiful experience, I know, it’s a position that I love personally being in working alongside our clients. And from what we have heard from our clients as well, the transformation has been beautiful, and what an experience for their team going forward.

So, let’s talk about ready to make the change, we’re ready to elevate the business. Now if you have not yet, hop on back to the past two episodes, where we’re talking a little bit more about what actually is a virtual COO and those six key indicators for knowing that you’re actually ready for it, hop on back. But just in a nutshell, if you haven’t yet listened, a virtual COO is a human that comes into your business, and really provides some holistic operational support, to transform your ideas into reality and really elevate that experience for your team through operational ways of working. So, we hold a lens to look at operations in your business. Now, we’ve spoken about in previous episodes around clever systems design, what actually are business systems.

So, again, there’s some more things to go on listen to, if you’re loving listening already. So, pop on back to previous episodes, and connecting with what clever systems design actually can be for your business. So, we’re ready to do the things, we know that our business is ready to take that next step up and elevate so that you’re transitioning from the doer into the leader. And we’ve had episodes about that, ah, and lots of conversations in our back catalogue in Take Control With Nicole. Fabulous humans come on as as guests. Sorry, I digress. Fabulous. Fabulous.

Okay, so what role do our humans actually play in our business right now? What do we actually need to get us through to that next level of business? Now we talk about the cost of doing it, I always actually like to flip it, and what is the cost of not doing it. So, if you’re in a space now, so we’ve talked about some of those elements of these indicators, one of them was we’re feeling a bit stuck. And things are just a big clunky, our team aren’t working in the most productive ways. They’re not efficient. I’m feeling as a business owner that I’m all over the place. We’re working all the hours in the day. You know, all of those things that you hear about business, which we’d love to really transform that experience from the busy doing to a beautiful, sustainable way of working practices that supports you and your business humans, your team members to be able to really connect in and be aligned with the business that you’re looking to create.

So, if we were to do that, and we decided not to take action on said task, would you be happy with remaining in the spot you are right now? Would you be happy to be living the same daily business experience as you are today? If your answer is yes, fabulous. I’m hoping that your operations are running smoothly and efficiently. And that you’ve got automations plugged in and played and your team are beautifully connected and feel supported in all the ways and having wonderful conversations. So, if you are, please let me know because I’m going to celebrate you because this is fabulous.

If you’re sitting there going, no, definitely not. I would not be happy if in a year’s time, even six months time, my business and my experience as a business owner, my experience that my team, I can feel the strain that is happening for my team, because we’re growing so quickly, which is fabulous, by the way that needs to be celebrated. But that is a real indicator. If you have lots and lots of clients, and they’re continuing to come through, and you have not shifted or evolved the ways of working, this is the time to stop and think about what is that actually going to cost me in the long term? What detriment is that going to impact you as a human and your team in the long term, if we don’t yet make that decision to invest in transforming your business operational experience.

Now, if you are going to engage someone like me, another human that provides similar services from a holistic operations point of view. If you didn’t have that person, who in the business is going to be leading this change? Now, if you’re saying yourself, just take a moment to think about what’s already on your plate. If your business is growing in the capacity that I imagine it is because you’re listening and tuning into this episode right now, understanding the cost. So, you’re at the point where you’re like, I know it’s a thing. Would you be happy to be that person that does the driving? That continues to evolve and write all the processes and discover the ways of working? Test out all the tech if that’s where we’re at, talk to our team humans understanding the processes. If you have capacity to do that right now, and I 100% encourage you to do it. Because what a fabulous experience. We love it over here. So, I know there’s other people who love it as well.

If not, that is what is the cost of investing in somebody like virtual COO, it’s either the time your time or their time. So, what’s that value exchange. So, when you’re supported by somebody who comes into a line of work alongside you, it means that you still are able to business as usual.

Hello, there, I’m just interrupting this episode, as I would love to invite you to come on in and join us inside The Members Lounge. My community have shared with me that they joined initially, because they really wanted to discover the power of ClickUp. They wanted to be able to design, build, and connect their ClickUps within their own individual businesses. However, once they were inside, they really discovered how the power of looking at the foundations of your operational areas of your business. And designing those really to set you up for success is such a powerful element. And guess what else, we have a fabulous community inside. So, once you’re in, you’re never gonna want to leave. So come on over, have a look. Go to my website, the artisans.com.au and pop up to The Members Lounge button at the top. And we look forward to supporting you as you discover how fabulous it is when you’re confidently striding down Easy Street. See you inside The Lounge.

You’re able to support your clients, you’re able to show up in the places that you already are, you’re able to keep those connections active, not only from a business point of view, but from a personal point of view as well. The most important thing here is that as a human, we’re creating those sustainable practices not only internally in our business, that’s the ones that we kind of do see as the more tangible outputs, but imagine being able to create sustainable operations in your business. And in daily life. Oh, it’s fabulous.

I just listened to a wonderful TED talk just last night on LinkedIn that popped up. And it was was wonderful talking about the sort of the mental state of business and how we can really transform that experience by creating those boundaries. I might actually pop the link below to my LinkedIn post so that you can go in and have a look and join the conversation there. Or this flows into what we’re talking about really looking into who do you have in your business right now. And if you don’t have someone so if you have an Ops Manager in your business, if you have someone who is a tech human who loves all the moving parts, fabulous one 100% however, just remember that you know, not every human has the same skill sets that you’re looking for, to really support you on that holistic journey to transition things and move things across. Also, what’s on their plate already? How long is their task list currently? And, if we’re adding things on to it, again, we need to make that priority decision. What’s more important right now?

If we are servicing our clients as the most important part of any business, and when not delivering there, because we’re focusing over here, because we know that that’s where our long term investment needs to be. Are you happy with the outcome of pulling someone away from there to move them over here? Imagine as well. So, working with an external human, external contractor or specialist in any area, it’s an agreement for a period of time. So, you don’t necessarily need a full time IT human your business.

This is the conversation I had, actually, a couple of weeks ago, I was presenting in a beautiful mastermind community, and there was a human in there that was wearing all the hats, and he was talking about IT. And they don’t have the budget right now for a full time IT human. And I actually questioned that. Because when we’re looking at any evolutionary stage, we may not need a full time human in employed in your business, there are situations where you will, but where it’s for this, like a transitional period of growth, you know, you don’t need necessarily need a full time person to manage that period of time.

So, you could engage somebody externally, they come in for you for a certain amount of time. And then you can have ongoing support check-ins with them as you continue to grow. When that next period of time arrives. In they go again, they already know you they know your team, they know your business, they’ve already helped design previous ways of working. So, it’s really just as easy as sliding on back in, picking up the next focus point for your business, developing that, designing, creating, connecting and ending with your business and then stepping out again for a period of time.

So, from an investment point of view, it’s a short term investment for long term gain – efficiencies, profitability, and accuracy as well when we’re looking at our ways of working for our team. Okay, so, if we think about starts, right, so if we’re thinking about if we’re working right now, imagine if we could work 10% faster, 10% more efficiently. If you’ve got a group of contractors that are supporting you, imagine if we could have a 10% saving on outgoing employment costs or outgoing payroll costs each week. So, not just contractors. Imagine if you had 10% improved results for your business. Imagine if you had 10% less mistakes in your business, those percentages. Now they’re just examples. But imagine what an impact that would have for you, as a business owner for the flow on effect for your team for your clients, those 10 percents all add up, even 1% is every little 1% is that next step up that next step of improvement.

I remember, when one of the organizations that I was supporting, we would have a weekly team meeting and each of the humans would come with a 1% improvement idea for the business. And it was wonderful to see what was brought to the table and how we could easily transform that from an idea inception into reality. What did we do in between to design that process and evolve our technology, and really connected in with the people that all of a sudden that 1% was business as usual.

So, I know I have not talked about actual dollars here. Because when we’re looking at improving the efficiencies in your business, the investment of time, engaging a human externally to your business, and then connecting it in with your ROI, return on investment. It’s transcendent. These improvements for a short period of time in your business are long lasting. It’s not just about the operational ways of working. It’s the mindset of you as a business owner evolving into – Wow, that is possible. It’s your team members seeing that as a leader, you are there to support them to evolve and enhance their experience in their daily operations. And that you’re they’re listening and you’re taking action.

So when we’re looking at that and we’re looking at budgets of what you have financially to invest, obviously, check on him with your financial advisor. I am nowhere near a financial human in any way shape or form. I cannot provide that advice to you, however, well we can definitely assure you is that when you are investing in the operations of your business, the return on investment is threefold more, whatever the not going to percentage there, but it is so impactful. From the minute little shift in adding a new Zoom Account to a fully integrated new system or a clever system that’s designed uniquely for you. Ah, words cannot describe.

So, if you’re ready, if you’ve been listening to this, and you’re thinking, Yep, cool, sounds good. Let’s connect on a call and explore how this can actually transformed for you. Remember, as well, we’re really aligned with the energies and the investment of time and support for you and your business. So, if you’re ready for a moment in time, or a bigger transformational project, where The Artisans have a vast array of support options for you, and we’re really excited to support you to explore what is possible, because there is always a way it’s just about aligning it with the ways of working that support you as a business owner, and the direction of where your business is headed.

Well, thank you very much for joining me today. I hope you have a fabulous rest of your week creating clever systems for your business. Bye now.

Well, there we go. Thank you so much for joining me today. It’s been such a pleasure having you on board. Have we connected on socials yet? If not, please come on over say, Hi. I’m on all the platforms at The Artisans Solutions. So, I’d really look forward to seeing you over there. And if you enjoy today’s episode, don’t forget to tag me and I’d love it if you could leave a review. And of course, share this with others, so others can come and join us next time. All right, then everyone have a fabulous rest of the week. And until next time see you then



Acknowledgement of Country

We acknowledge the Traditional Owners of the land on which we work and live. We pay our respects to Elders past, present and emerging. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live on this land.