S2 Ep23 Jane Tweedy – Is it really time to call it quits? | FAQ Business Podcast

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In Australia, 30 June is financial year end, so it made sense this week to do a podcast connected to that time of year we review our businesses and decide what to do next. You may in fact be asking yourself – is it really time to call it quits? 

This can be a hard question to face head-on, but it does help if you complete a review (refer back to Season 1 Episode 7) and analyse your numbers. Some people may be looking to close their business prematurely, whilst for others it makes all the sense in the world. In that case quitting is not a negative thing at all. It frees you up for much greater opportunities. Only you can make the call for YOUR business.

Another solo episode in our thought leadership series. In this episode we also talk through a number of businesses like you, including ours. The last few years have been tough and prolonged ill health makes things much worse.

Listen to the episode on all good podcast services, watch on YouTube or if you prefer to read, check out the transcript below.

Disclaimer – All information provided today is general in nature. Please reach out to Jane if required for personalised advice or coaching. 

Please subscribe to future episodes with your favourite podcast provider including Apple iTunes, Audible, iHeartRadio or Spotify or via faqbusinesspodcast.com.au 

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Season 2 Episode 23 FAQ Business Podcast transcription | Is it really time to call it quits?

00:01 Financial year end is a good time to review your business

In Australia, 30 June is the financial year end for many businesses, and this is the time that it calls people into question of their business, and whether it is time to call it quits. For many, it’s the time of year that we really focus on our numbers and we see the year for what it really was.

00:20 This episode connects to S1 Ep07 – Simple business review and time log

For some, this will make them think, is it worthwhile continuing my business? In today’s episode, we complement a session we did back in season one, episode seven, which was on a simple business review and time log. And I suggest that you listen to that episode in conjunction with this one because they do work along together.

00:41 Is it really time to call it quits?

Today’s episode is more talking about though, you’ve done your review, and now you’re going, I’m just not sure that I should be in business anymore. You want to look back and find the things that may be an issue for you, and then you want to answer this question is it really time you call it quits?

01:04 About the FAQ Business Podcast

Welcome to the FAQ Business Podcast. Business owners covering four pillars actionable education, inspiring leaders, businesses like you, and thought leadership, where we challenge your thinking. Hosted by myself, Jane Tweedy. I’m founder and lead trainer of FAQ Business Training, where we want to avoid you getting ripped off or ripping yourself off. We’ll fetch an amazing diversity of guests with lots to educate and inspire you. Let’s jump into today’s episode of the FAQ Business Podcast.

01:40 Reflect on your business and ask the hard questions

Hi, I’m Jane Tweedy from FAQ Business Training and host of the FAQ Business Podcast. Today’s episode is brought about because it is financial year and here in Australia, and it is a time when we tend to reflect and look back at our businesses and go, oww am I in a position I really want to be in? And if I’m not, is it time to call it quits?

Now, you could be doing this either way. You could potentially be really should be calling it quits or you should be staying open. And we’re going to look at both scenarios. So I’m going to look at a couple of people I spoke to this week, one of whom closed their business and one of whom kept their business open. And both of them, they were the right calls for that business.

02:25 Today we look at some businesses like you

Like many of the episodes we’ve been doing recently on thought leadership, it is also about businesses like you. And I want you to understand that you always, always, are the person making the decision for your business. It’s not about what the world sees about your business. It’s about how you feel about it, how the business is working for you, and whether you can sustain a prolonged period of struggling.

And we’re going to look at two examples today. One who got through that resilience period, and one who called it quits and did it for the right reasons. So we’re going to look at it.

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03:03 Calling it quits is NOT always a bad thing!

Calling it quits, by the way, is not a bad thing. Sometimes you absolutely need it to be done. And sometimes we hear these fables and stories and memes and all that stuff, about calling it quits being a bad thing. Sometimes it’s simply not.

Sometimes it simply is the right call. And by stopping that thing, it actually allows you to do something new, something fresh and something that’s way more suited to you. So please don’t look at it as a negative, look at it for what it is, a chance to end this thing, so that you have options for the future.

03:39 The examples one closed and one stayed open – both right for them

This week I spoke to a few different people, who had faced challenges over the last few years and like I said, they ended up in different positions. They’ve gone two completely different ways, one closed and one stayed open. So I’m going to run through their scenarios and why they lead to the decisions they did and why it was the right decision for their businesses and for them personally.

04:05 Your decision is yours based on your information

And hopefully, when you see a business like you in this scenario, you can relate to one or both of these, and it can help you to think about it in context of your situation. In all cases though, you are going to make the decision for you and your business, based on what your information is for you and what information you can obtain.

Information is a great thing to have and please don’t make decisions lightly. Don’t make decisions without fact, because often we make a decision kind of on a whim and then realise that it was actually not based on sound information. So please make sure you get your information first, make that assessment and then decide what to do.

04:50 Covid has knocked us around – A LOT

But let’s face it, Covid has knocked our businesses around a lot in the last few years. And if you only started your business in the last few years particularly, then you really have had a massive impact.

05:04 Starting a business there is always a growth phase

Starting a business always has a growth phase, it always has that struggle at the start, and that’s why when we’re talking to new business owners, we sort of say, don’t allow for you making a lot of money or any money in the first six months to two years because you are reinvesting in the business each time you earn something so that you can build it to where it needs to be.

05:26 You do need to know when you will make money

Now, obviously, the amount that you reinvest depends on your business and depends on the growth trajectory you’re going for. But you can’t continue that in the long term. Because if you keep putting money in, and I’m not taking money out, you’ve got that opportunity cost of a loss of income, there’s a whole bunch of things around that. So be mindful of the fact that you do need to make money.

When I have people come to me and they say, ‘I’ve been in business for three years and I’m still not making anything from it’ that concerns me. Where is your plan? When are you going to see yourself making some money? And if you’re not, why are you in business?

06:03 Covid may have extended the start-up period

I said the usual slog of starting out, it does take a good six months to two years often, to get a business off the ground and working effectively. The trouble is, when you have Covid and lockdowns and all that happening, that might have really curtailed your ability to get out there, to get your business growing as it should have.

06:22 Can you sustain an extended start-up period?

So the problem is, do you look at that and go, okay, we need to have a longer period of time to assess this over, but can you actually sustain that? Do you have the money to keep putting into it, to allow it to get to that point where you can really assess, okay, it’s had a real year now, is that real year showing growth? What things are happening? But bear in mind, even though we’re out of lockdowns, and I don’t think I know anywhere in the world in Covid lockdowns, it doesn’t mean we’re all out of the situation, right?

06:53 Things are still far from normal

Even my physio on Friday. Went to the physio and he said he had six cancellations on that Friday. That’s a huge number of cancellations for one day. And it is, it’s just people are still , they’re sick in Australia. It’s winter, and because we’re out and about, we’re all spreading the flu like wildfire. So we’ve got flu and Covid and RSV, some respiratory virus doing the rounds, and people are getting sick, people are cancelling.

So our businesses are still suffering because of our clients cancelling or our staff not showing up. All those sort of things are still having massive repercussive flows on our business.

07:33 Huge inflationary cost pressures facing businesses and consumers

The other thing that’s happening in our businesses is huge cost pressure. Inflation is hitting global markets. It’s certainly hitting here in Australia, it’s hitting in the US.

And things like petrol in Australia. Petrol used to be a $1.60 a litre, $1.50 a litre. It’s currently like $2.20 a litre. That’s a massive increase if you do a lot of driving. So all these things are adding up and conspiring to make it really hard to do business at the moment.

08:02 Lots of businesses are suffering

So things are by no means better. They are still a long way from being at a nice, cleaned out, normal space. And I reckon we’ve got a good six months still left of this, because by the time we’ve gone through the flu season and everything, then people might actually be in the mood to party and actually get out there, but then they’re going to be focused on that and not on other things. So I think a lot of businesses are still going to be suffering for some time to come.

08:30 Why did you go into business in the first place?

The other thing you need to look at in whether you want to continue with your business, was the reason you started your business in the first place, particularly if you did start it over the Covid period.

The reason I say that, is I did see some people starting businesses purely because they were sick of getting made redundant. They were sick of being at the whim of other people, or they disagreed with the values of the businesses they were working for. Fair enough. But the problem is you’ve got to then make calls about that. How is that going to affect you in the future?

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09:02 Was the start a business reason the wrong call?

Do you just never work for someone again? But the reality is, even if you’re a business owner, you’re working for your clients. So you kind of have a similar problem. So you do need to look at this and go, why am I motivated to run a business? How does that compare to your motivation for working for someone?

And sometimes you may have just made the wrong call to go into business in the first place. So in that case you might go, okay, is it time to call it quits. However, there are plenty of situations where people think about giving up their business for the wrong reasons.

09:35 Do you think you want out, but not for the right reason?

I had a client years ago, who was adamant that she wanted to give up her business because of mental health issues. And I remember at the time thinking, I’m really not sure that’s the way to go.

09:48 Business owners have more flexibility

She for some reason seem to think that if she went and worked for somebody, it wouldn’t be a problem. And I was thinking, but it’s going to be a bigger problem because with your own business it’s easier. It’s still difficult, but it’s easier to reshuffle things. It’s easier to move things around. You have more flexibility.

You may not be able to work all day, but maybe you can work at 09:00pm at night. Maybe you’re feeling better then. So you can do something at that time. You can’t do that with a day job. So in my opinion, and in these situations, you do try to avoid putting your opinion on it.

10:24 She changed her mind and stayed in business

But my opinion was that she was far better off in her business, than she was ever going to be working for another employer with her mental health problems. And in that situation, thankfully, she did actually eventually have a change of heart in her own decision. She changed her mind and she did actually continue with her business.

For the first six months or so she did struggle. She was still not in a place because she wasn’t in a good place with her mental health. But she would have been in an even worse situation working for an employer, because at least she could take the time out.

11:01 She stayed in business and it was the right thing to do

She could ease off her business until she was ready. And then when she was ready, she could throw herself back into it and she could really do good in her business again. And now, three or four years later, her business is thriving again, which is awesome to see. So I’m so glad for her that she did, in that case, not call it quits and she stuck with it and she stayed with it and it was the right thing for her.

11:27 The two client scenarios from this week

Today, I did say, and I know we’ve been talking for ten minutes or so far, but I did talk about talking about these two businesses I had talked with during the week, and one who had stayed in business and the other who decided to close it and shut down her business

11:41 Client A stayed in business after a number of major issues

Client A, the one who stayed in business, had a really bad situation a few years ago, and this was before COVID. So late 2019, she had a bad situation, and this is when she first got in touch with me.

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11:55 Don’t put all eggs in one basket!

Now, the podcast last week, ironically, was about all eggs in one basket, and she absolutely had all her eggs in one basket because she was completely tied and aligned to a single client. So she, her company, which had contractors working for her, was then allocated to this one client.

12:16 A new person wanted her out of the equation

Now, the problem was, is that a new person came into that client’s business and they decided to mix things up a bit, and they decided to save some money. So their way of saving money was to cut her out, because they worked out if they cut her out of the middle, they could pay less to these contractors having them work directly for them.

12:38 She had to let it go

So that’s what they went about and did. Now, they seemed to overlook small, minor details like intellectual property, the fact that all the processes and things that her team followed were all out of her business and therefore these individuals would have had to come up with their own.

Clearly, there was probably a bit of stealing going on and they probably ended up using her stuff. At the end of the day, though, she just had to make a call and you go, you know what, mental health wise in that it just wasn’t worth pursuing or chasing and trying to recover anything from that situation. So she let it go.

13:14 It knocked her confidence, but she made some good learnings

However, it made her angry. It made her second guess herself. She completely suffered because she went from this decent, really good income to nothing overnight, and it really knocked her confidence. It really hit her hard, okay? And it’s really frustrating when you see this, a really strong person, a confident person, when they’re really smashed down. And she was exactly like that.

In her case, what happened was, although she was very hurt initially, and she did take some time out to kind of grieve for the loss of that business and acknowledge the changes that had happened. Also to reflect on it, and to realise what she had done that maybe she wouldn’t want to repeat again in the future. That’s exactly what she did.

14:01 Took time out and then rebranded and refreshed

So she took a bit of time out, she took a bit of time to chill, then she looked at her business and goes, right, time to rebrand, rename and come up with something new and fresh. Target a slightly different demographic area and geographic area and do things differently.

14:18 Tried an online model (pre Covid)

So at that stage she was going to do business online, and her particular business was not done online at that stage. And of course, she set things up and she was already to go online and things. But then when she tested it in the market, the market wasn’t ready for it.

The market was like, no, not so much. I don’t really want to do this. So she sort of then went back to a more traditional model of face to face. So she did that pre Covid. This all happened in a few months just before Covid happened.

14:50 Covid killed her business – her market and referrals dried up

Covid happened. Oh my gosh. So then she had problem number two. Problem number one, staff gone, lost all her business. Problem number two, the referrals that she would get had 100% shut down. Because the thing that was delivering her her clients stopped during lockdowns.

That didn’t happen. So she basically ended up with this massive hole in her client base, because the people providing her clients were down to a very minuscule amount of people and it really dropped her back.

15:24 She had niched into one segment

Now she had niched into one particular area. So her industry is broad, but she’d niched into one area. And again, if we go back to the eggs in one basket podcast, I talked about that, the fact that when we niche into one area, what happens when that area suffers? Which is exactly what happened in this situation.

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15:46 Decided during Covid to expand to additional niches temporarily

So what she did was go, okay, during that Covid period, I’m going to allow myself to branch out to a few more niches. And that’s exactly what she did. So she then could give herself some clients during that period of time. It was still not going to be her main focus, but she could still get a few more clients along the way. That’s what she did.

So time was a bit tough, but she was also grateful for the time that she could spend home schooling and things as well. So it kind of worked out in the end. Then what happens? So things have changed, of course. So when the business started coming back, she now could do this online solution because now everyone wanted online.

16:29 She had done the groundwork and could hit the market quickly

The awesome thing was, is she was set up and ready for it before it even happened. She could hit the ground running, and she was ahead of the game above everyone else who had to start from scratch and get that set up. So she was now ahead of the game. So she had a few setbacks, but now she’s ahead. That helped her to really build that business up.

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16:48 She survived the setbacks and is out the other side

Over the course of the last year, she has literally been that smooth line trajectory up. She went from having five clients to having 100 clients. Like, it’s just a nice smooth thing, and that is awesome. But she had to be resilient. She had to go through that period of losing all her staff, she had to go through that period of rebuilding her business in a different way.

She had to go through the period of losing clients due to Covid, due to all the referrals just stopping and then to build them up again. But now she’s in such a strong position. Because that online stuff is working super well. But on top of that, the website and things that she spent some time and effort doing at the start were now paying off.

17:36 Website is delivering client enquiries and clients

She’s now getting clients that are finding her because she did the right keyword terms, so people can now find her business, find her and do business with her. She’s got great channels, she’s got direct clients being referred, she’s got clients coming through the website, and she’s got clients coming through social media, despite not actually posting on social media for two years.

18:01 Socials can have different strategies

And this is what you need to understand with socials. There are different strategies with socials. And this particular strategy is more just have a presence on socials and then when people in groups and things can refer, they have something to refer. It’s not about necessarily being overly active.

Now I did suggest she might want to be a little bit more active than that, but she actually needs to, because now she’s hit capacity. She’s over capacity. So she actually needs to work now on processes and things but also to go back to hiring another person.

18:33 Time to streamline processes and hire again

This is where it’s going to be interesting to see how that resistance from being burnt before plays out and can she overcome that and just go through, and I think she’ll be fine. I think she’s identified enough of the problems that occurred before, that she knows how to not have that happen again in the future. I really look forward to seeing her go from strength to strength and really getting her business back up to this amazing thing it was previously.

19:00 She acknowledged the help she sought out from me

I’m really proud of her that she stayed resilient, she stuck through, she reached out for help when she needed it, and she really did acknowledge the help that I’ve given her in this journey that she’d taken just to keep her on the right track. And like I said, it wasn’t my track or anything. I’m not putting that on people.

19:20 Important to do what is right for you

I want you to come up with the best decision for you and that’s exactly what we did in this situation. But she was there, she had that support to say, hey, yeah, you’re doing the right things, it’s all good, it’s not going to be a terrible disaster down the track. And that did help her get through, and maintain that resilience and have a business that succeeded.

19:42 Business B closed her business after leaving a franchise  

The other client, as I said, it’s not right for every business to keep going when times are tough. And another business owner was like many. She had bought into a franchise and of course the franchise promised amazing things and the franchise simply didn’t deliver. I know a number of people in this franchise network and heard of others through these ones, and a lot of them had been very badly burnt.

They had forked out a lot of money, huge amounts of money for fit out and things. Beautiful fit out, but a lot of money for the fit out. A lot of money for the equipment, but also ongoing fees and things that were quite substantial.

20:23 The franchise restrictions were too tight

Also very tight restrictions which limited their flexibility to earn income from any other channel within that business. Like you had a premises that’s not being used, they had other ways they can make money from it, but they weren’t allowed to. So that caused a number of issues, it caused a lot of these franchise owners to become disillusioned, and a lot of them had shut their businesses pre Covid.

20:47 She exited the franchise and was making some positive changes

This particular person, though, had continued her business and what she had done, is she’d exited the franchise and continued the business in her own name, well, in the name of her business.

She was slowly getting things happening. She had diversified, so she had some other income streams that were able to use her premises and things. Like she was renting some of the other rooms out, all that type of thing. So she was being more sensible and trying to broaden her reach.

The business, though, because she’d make such substantial losses, before turning it into her own business, it was really hard to recover from those. Because ideally you want to kind of cost recover those in people’s fees, but the problem is it was hard to get people into the service and charge them more. So there was definitely an issue and a balance here,

21:43 But Covid hit and she was in mandated lockdown

But then Covid hit. And again, this was a business that was heavily affected by Covid because people were using this business where people that did have health issues. People with health issues basically didn’t want to leave home.

So she couldn’t operate her business, her business couldn’t operate remotely. It’s very much an in person service, there was just nothing she could do about it. She literally had to shut her doors. It was mandated, she had to shut her doors, she couldn’t open them, she couldn’t offer online or anything, so she was literally out of business for an extended period of time.

The problem was, of course, these lockdowns had big impacts. Now, there were obviously some relief for things like rent, but not enough in her situation, where she really was hugely suffering.

22:31 Things didn’t bounce back quickly on reopening

When things did open back up, she did try really hard to get things back happening again. But again, people were still nervous. People are still nervous today about going back out if they have health issues and things, so the people weren’t coming back as swiftly as she might have liked.

But even things like in 2021 in Australia, we really didn’t have a cold and flu season, and these were also people that would potentially go to her after they’ve had a cold or flu to help them recover from it. She really was missing out in so many areas. Then when the big lockdown happened in June last year and lasted four or five months, that really hurt her again really hard, and she had to start looking at those numbers really with a very tight eye and go, these numbers can’t really be recovered from.

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23:23 The losses were too great and she was still going backwards

The losses were too great. By staying open each week she was actually going further and further and further backwards. And this was money she just wasn’t able to be recovered from customers. So what that meant was she had to make that tough call. Although she loved her business, she loved what she was able to do to help people in her business. She couldn’t keep it going.

There just physically was no way to keep that business going as it proceeded going forward. She made that really tough call, I am going to close my business. And like I said earlier, every person has a different scenario, and in her case she left the business. She was obviously a bit sad and things leaving it, but she also had a lot of hope for the future. She left that business with debts, she’s still got money she has to pay off.

24:20 She decided to hold onto the debts and pay them off

Now some people would have declared bankruptcy. It was not what she wanted to do. So what she’s done instead, is she has rolled on six months later, she’s now found full-time employment doing something completely different, not something she ever really intended to do, but she kind of fell into and she’s loving it.

24:41 She and her key staff member have moved on  

She shut down something she loved, but now she’s found something she really enjoys doing as well, and it pays well, and she doesn’t have to work weekends. Now she doesn’t have to have her phone glued to her 24/7 to deal with all those inquiries and all that stuff, which she found she was doing previously.

She had another colleague in her place that she was very close to, and that colleague initially found a job that did not work well, it had quite a toxic workplace culture, and that was a bit sad.

And then she found out that through some connections she had made in the business networking area, somebody else was looking for an employee and she said oh, and she effectively connected the two together and left them to work out whether that would work.

And it worked brilliantly. So now that person is working for the other business and has already been promoted. It really has worked out a win-win situation. Both of these people, the key business people are both happy, they’re both enjoying life, they’re both falling on their feet and they’ve got actual income coming in, steady income, no issue, and working for places that they love, and they’re really enjoying.

25:59 It was the right call to close her business

So it was the right move for her to shut her business. The business was just going to really suck that money out of her and things for so many years to come. That debt was just going to be so, so hard to repay without that really solid income coming in. So now that she’s got that solid income, she can chip away at the debt over time.

26:24 Businesses like you – one of our FAQ Business Podcast pillars

Hopefully you can see in this episode this has been about businesses like you, one of our pillars in our podcast. It’s also about thought leadership to get you thinking on the topic. You may have struggled in the last few years. For whatever reason. You may be struggling right now. It could be due to natural disasters like floods.

It could be due to the COVID pandemic or it could be due to your mental health. So many reasons. It is a good time to stop, reflect and assess. Is it really time I called it quits?

27:01 Should you be resilient or close up?

To work out which camp you fall into and whether you should remain resilient and stick it out and stay open, or whether you should shut and move on to more opportunities in life, I would strongly suggest doing a full review of your business, including of course, all your financials.

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27:18 Complete a business review, including your financials

We did have a very simple review process. We talked about in season one, episode seven, about conducting a simple business review and a time log. I do suggest you look back on that, but you will need to expand that further and go deeper, particularly if you’re really making that call about shutting. I said earlier, make sure that you base it on fact, not on fiction, base it on fact, and making sure that you’ve got those appropriate insights and information.

So you will need to do some research, and do some study into whether or not this is good or bad for you. Look really hard at your numbers and be honest with yourself. Are you going forwards or are you going backwards? Can you foresee a time when that going backwards will flip and you will actually see yourself going forwards? Because remember, the further you go backwards, the more you have to recover to go forwards. And that’s where people suffer. They don’t necessarily have that recovery period.

28:17 Be honest about the effort and focus in your business

Be very honest with yourself and reflect, have you put real effort into your business? Have you been super busy but not really that productive, not really that focused?

And honestly, I know that I have been guilty of that plenty of times. Being super busy but not necessarily working on the right things I really should have been doing if I’m being honest with myself. For me, the last six to twelve months has been awful. It really has been awful. I came out of the lockdowns and that of Covid just feeling completely burned out.

28:56 I was burned out and then sick

I had been facing so many people with so many issues for so long, through the Business Connect service that I offer, that it did just dragged me down with it. I was so burned out, I had given so much to everyone else, I just didn’t have anything left in the tank for me. Very burned out.

So I really did struggle and suffer, then unfortunately got Covid and Influenza A and everything else at the same time, which was awesome, and has suffered from long Covid since. So I have really, really struggled this year and that has been incredibly frustrating. My back, I have a bulging disc and it has just been a nightmare.

So this year has been a crappy one for me, and it has really hurt me financially as well, particularly in the last couple of months where I had intended to escalate and instead went backwards. And it’s really made me question my position and what my business is doing.

29:55 Things didn’t take off as planned

So I am a business like you in this case. For instance, I launched my membership, and my membership was going to be this amazing thing, and then with the burnout and then the sickness and things, it just hasn’t been able to go where it needed to go.

I haven’t devoted the time and the attention it needed, which means I don’t want to market it at all because it’s not where it needs to be. Economies of scale and things just haven’t been able to be established. So I know that I haven’t given my ultimate membership by any stretch. I really need to focus in this coming period of time, to focus my attention on my membership, to focus my attention on building something freaking amazing that people will want to be involved with, and will want to stick with going forward.

30:42 Time for more focused SMARTER goals

Because honestly, that is where my biggest income opportunity comes from. So for me it involves setting real goals, proper goals, and I’m like a lot of people, I can be a bit slack at times and just set a really vague goal, it’s not properly set as a SMART goal this time around.

No, none of this. I have got to do it myself. I’ve got to practise what I preach. So I’m going to do 30 days right through to one year goals and have accompanying action plans. To achieve those sales targets they have to be done. I have to be very structured with what I’m doing.

31:18 Will be sharing with my membership

The great thing about this is, I think it’s going to really help my membership. It’s going to help the people that are involved with that, because I’m going to give them some of the things that I’m doing along the way, that are going to help me get my business working, but also help them get their businesses working.

And I really think that’s going to be beneficial to everybody. Because at the end of the day, I am a business like you and if I can do something to make my business work, then hopefully there’s a flow on effect that also can help your business work.

31:51 Proud of the content I’ve created – but needs to translate to cash!

I came from a very high paid corporate job, really stepped down to start my business, to focus on starting from scratch. I’m really proud of a lot of the content I’ve created, a lot of the things that I’ve done, but if they don’t translate into money, I can’t keep doing it.

And that’s the simple reality of it. I’ve got to be 100% honest. And it is hard to be honest sometimes with things like that, because when we know that it’s just almost there, but it’s just not quite. And for me, this is an honest reality.

32:27 Be like me and ask yourself the honest truth

So I’m being completely open and vulnerable here as to what my situation is, because I hope that will make you realise that you need to do the same in your business. You need to make that call. Do I need to commit and throw myself in wholeheartedly into this business, or do I need to go, enough is enough, and call it quits?

That is the harsh reality and the honest truth. For me, I honestly believe that I have something incredible and amazing to offer. I’ve looked at other people’s things that they offer and they aren’t as good as mine, but I don’t have the reach yet. I don’t have that economy of scale.

33:07 Cash to fund the business has dried up

So I’ve got to get there and then, honestly, I think it all falls into place and after that, it really becomes a no brainer. But it’s just getting to that. And unfortunately, if we can’t get to that, sometimes we just have to make that call. So I’m going to give myself this year to fix that. To get that on trajectory, to get that track happening. Because if I don’t, I’m running out of cash.

I can’t keep funding it, I don’t have the cash to fund it anymore. And that was not helped as well. During Covid, we had an apartment in Melbourne that went from $680 a week rent down to $380. That’s a big hit. So the little things like that are making a big impact on me.

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33:52 Covid hit me too!

Like everyone else, I was impacted during Covid negatively. My income was affected, my burnout and things were affected. So I need to go. How can I make this work going forward? This episode could be quite confronting to you, depending on where you’re placed in your business, but it is absolutely a good time to look hard at it. Because, there is no point continuing in a situation like the second business I mentioned earlier, that had gone backwards and was going backwards, and was never going to be able to really recover that money from their customer base. So it was always going to be them recouping that money.

34:33 Jane will be sharing her wins and challenges

I look forward to being able to share with you things that I have found as I’m going through this journey to focus my attention in the right areas of my business going forward and to get onwards and upwards and break through to that next level. I’m going to share my wins along the way, I’m going to share my challenges. So it is something you probably want to continue listening to through the FAQ Business Podcast. But also, if you want to get more of those really insightful, helpful tips, feel free to join my membership.

35:05 Is it really time to quit?

I want you to ask yourself is it really time to quit, or is it time that you upped your game and really focused and give yourself that opportunity to succeed? Thank you for listening. I’m Jane Tweedy, host of the FAQ Business Podcast and founder of FAQ Business Training.

[If you need help reviewing your business please reach out to Jane.]

35:31 Please subscribe to the FAQ Business Podcast

Thank you for listening to today’s episode of the FAQ Business Podcast, available on all good podcast services. You can subscribe today via FAQBusinessPodcast.com.au or directly on Apple, iTunes, iHeartRadio or Spotify. Subscribe, follow, share and where able to, review our podcast, or leave us a comment on either YouTube or our blog page.

Thanks for helping us to help you, the small to medium businesses who are growing and want to make a difference. Look forward to connecting with you again on the next episode of the FAQ Business Podcast.

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Today’s podcast episode featured our host Jane Tweedy. Her details are as follows:

Jane is a Professional Certified Coach with International Coaching Federation (PCC with ICF), business advisor and trainer. She loves working with growing small to medium business owners who are doing the right thing, to help them do it right! Currently, Jane offers at least 50 live sessions a year to train small business owners.

Jane offers a variety of services to clients and her online school and membership site went live late 2021. Jane’s focus for 2022 is building the membership and online school out further, and offering implementable small group training – something she finds is often the missing link.

If you are interested in training, speaking, or anything else Jane has to offer, please connect via training@faqbusiness.com.au or via the contact forms on our websites.

faqbusinesstraining.com.au – our main site with a great blog

faqbusinesstraining.com – our new online school

faqbusinesspodcast.com.au – our podcast site

And on the socials …

Facebook https://facebook.com/faqbusinesstraining

LinkedIn https://linkedin.com/in/janetweedy https://linkedin.com/company/faqbusinesstraining

Instagram https://instagram.com/faqbusiness

About FAQ Business Training

If this is the first time you’ve come across us you may want to know who we are! FAQ Business Training has a mission to educate and empower small business owners to learn enough to do it yourself (DIY) or outsource with confidence. We do this via face to face training in Western Sydney (currently all training is provided online), speaking at conferences, events and networking groups and we have launched our online school and membership, offering online courses and webinars to appeal to a global (English speaking) audience. Connect with us on Facebook or LinkedIn.

 

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