DT14: How to scale hire staff and manage the cash flow
Description
Today's question comes from Stalla Bella. And she asked, how can I break the cycle of needing to hire more staff to scale my business, but not having the funds to hire, while also not being able to generate more funds without additional staff? What strategies can I use to overcome this challenge?
Kate discussed the challenges of scaling a business without sufficient funds and emphasized the importance of financial hygiene, building a 3-month buffer, and investing in staff iteratively. She suggested starting small with staff, using subcontractors, and focusing on roles that directly impact money. Kate also encouraged the audience to join the Misfit Entrepreneur group on Facebook for more discussions and to submit their questions for a daily podcast.
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