“The Cashflow Maven” Kirsha Campbell is the best-selling author of Your Cashflow Playbook: 39 Steps to Business Wealth. After more than 13 years in the corporate world, she is able to use customized proven corporate strategies for her clients to set up their companies to scale and be recession proof.
Kirsha has helped companies scale, successfully acquire other companies in addition to scaling cashflow as well as solidify their financial foundation.
Listen to this informative Publish. Promote. Profit. episode with Kirsha Campbell about scaling your business while keeping it safe from recession.
Here are some of the beneficial topics covered on this week’s show:
– How the main issue for business owners is not knowing what’s going on in their business.
– Why doing everything on your own makes it so you cannot give 100% to anything.
– How business owners need a plan put into place to help them reach their goals.
– Why business owners need to be realistic and fair about what they expect from their team.
– How books are a great way for business owners to make themselves look confident.
Connect with Kirsha:
Links Mentioned:
thecashlab.ca
Guest Contact Info:
Instagram
@thecashlab
Facebook
facebook.com/kirsha.campbell
LinkedIn
linkedin.com/in/kirsha-campbell
Rob Kosberg:
Welcome everybody. It’s Rob Kosberg here with another episode of the Publish. Promote. Profit. Podcast. I’m excited to have with me a great guest today, The Cashflow Maven, Kirsha Campbell. She’s the bestselling author of Your Cashflow Playbook: 39 Steps to Business Wealth. Kirsha was in the corporate world for 13 years, and she uses that knowledge to provide customized corporate strategies to help her clients to set up companies to scale and be recession-proof, which obviously, is fantastic. She helps companies scale, successfully acquire other companies, in addition to scaling their cashflow as well, so they can build a solid financial foundation. So, Kirsha, great to have you with me today. Thanks for being on the podcast.
Kirsha Campbell:
Thank you so much, Rob, and for your work that you continue to do, to really get others exposed and changing lives and generations. Thank you for the work you’re doing too.
Rob Kosberg:
So, 39 Steps to Business Wealth, that is a little scary for me. That sounds like a lot of steps. Do me a favor. Everybody has got their magic and how they successfully integrate the things that they’ve learned to help other companies. Share with me the basics of, not every step, but the basics of the 39 steps. When a company comes to you, what do you do, and what do you look at first, to begin helping them to get on a solid foundation?
Kirsha Campbell:
One of the very first things we do is find out what is happening. It’s like you’re going on a journey. You need to know what the weather is going to be. “What do I need to pack?” You need to know what the state is of the environment you’re going into. So, in the same way, the first step is to do what’s called a “gap analysis,” or a view of what’s happening. Are they reviewing their numbers? Do they have a bank overdraft? What is really happening? What are their goals, as well, because sometimes, some business owners, they might say, “I really want to increase my revenue” or, “I really want to be positioned to increase value to sell in a few years or turn it over to my little ones, my children, or family members,” or there are so many different goals. I look at what’s happening, so I can know, “This is what’s happening, what needs to be fixed, what is going right.” A gap analysis is not always what’s wrong, it’s what’s going right as well, so that’s the first step and that is actually listed as the “day one step.” You need to know what is happening in your business. I provide some questions that you ask, general questions that are applicable to each business.
Rob Kosberg:
What do you find? On average, what are the big problems that most businesses are having?
Kirsha Campbell:
The main problems are they don’t know what’s happening in their business. They don’t know their financial numbers. They don’t know if they’re profitable or not. One of the main issues is that they use their real-life bank account around their business, which is a risky, risky, risky step. That is one thing I find. I also find that there’s a lack of systems, processes, effective ones. So, you’ve made a sale, but there’s no system in place to make sure you get those monies collected, especially. This goes for upfront payment or even payment in installment. You don’t have a system to collect. You might not have a system to know, “Am I at risk for theft or broad?” You might not have a system in your business as well, to assess how risky you are. Business risk is a huge issue. These are some of the things I find that are common, and very common, and they can be fixed.
Rob Kosberg:
I can see the temptation for a small business owner, maybe a solopreneur or someone that even has a small team, to simply just manage based on what the bank balance looks like. What are some of the systems that you then have to begin putting in place to help that person to scale? Obviously, you can’t scale that way.
Kirsha Campbell:
If you are at that position, the first step is to fix it, make it right. So, after we found out what are the issues, for example, if you are running your business by looking at your life bank account, we change that up. We ensure that you have reports, profit and loss, balance sheet, other measures, key metrics to know what is really happening in your business. You made a sale. Was it a profitable sale? Is it that you’re relying on certain customers, or a main customer, to get your business from, which is risky as well? We definitely look at what is really happening, what needs to be fixed. So, again, looking at using your life bank account to run your business, it’s comforting, “Oh, I don’t have a bank overdraft.” However, you might not have a bank overdraft, but you have a lot of persons owing you money. You might not have a bank overdraft, but you don’t have a system for consistent cashflow. You might lose a client, or the industry might switch, and you find that you’re so exposed because you didn’t realize you had that risk. These are some of the things we look at, which looking at your life back account won’t answer those questions.
Rob Kosberg:
I love that. Well done. You said something about systems that I talk to my clients a lot about, and that’s having a system to always be attracting clients, growing their business, making sure that, for us, their book is doing the heavy lifting for them, attracting the right kinds of clients. In fact, I like to say that, “People are in two businesses, whether they know it or not.” They’re in the business of doing what they do, serving clients in whatever way they do it, but they’re also in the business of attracting people, because if they don’t have anyone to serve, then they don’t have a business. Is that something that you focus on as well, the marketing and the sales aspect of helping a business grow, and if so, how do you do that?
Kirsha Campbell:
Well, I don’t focus on that in as much detail as you would. I will let them know that this is a red flag. So, for example, I had a client and they were using certain Google strategies. I was like, “Are you looking at the analytics? Do you know when your client comes in, where they came from?” So, I’ll point out, at that higher level, the red flags, what needs to be done and then we partner with someone else who is an expert in those details and then turning things around for sure.
Rob Kosberg:
That’s awesome. That’s great. So, you’re coming in. You’re doing a full audit. You’re showing them where the problems are. You’re not necessarily the person that’s going to solve every single problem of the 39 steps, but you’re going to point out the challenges and then bring in experts to help with wherever they may be lacking or failing. So, I really like that. What are some of the other next steps? Once you do the initial audit, you point out what the challenges are. Where do you take them from there? By the way, how long does this take? Obviously, it can be forever in coaching, but how long does it take, typically, to turn around a shaky situation?
Kirsha Campbell:
It depends on the intensity of what’s happening, other things that are happening. For example, I had a situation where there was a lot of money out. They had no bank or a check, but they had lots and lots of moneys that were not addressed, that were owing. We had to address that first, and we set up of that system to ensure that you can know the red flags. There’s a process to collect. Then after, we looked at the wider area. Usually it’s looking at what’s urgent and important. At first, “What is it that we need to first address?” Then we take it down the line in terms of parity, urgency, importance, and so forth. Ultimately, it’s like you have so many issues. We prioritize and you take that first step. That is what we usually do and showing that the urgent needs are issued first. In terms of timing, again, it depends. If it’s a situation where you don’t have a lot of persons to involve in the decision making, it usually goes a little faster. Another issue is sometimes, if it’s a busy time, I’ve had situations where it’s such a busy time for them. So, yes, you are looking at your business. Getting it organized is important, but what’s more on the mind at that time is, “I have all these contracts. I need to get them done effective.” So, it’s going off, realizing that that is important and they’re not going to be settled and focused to clean things up inside if they are saying, “Okay, I’m missing all those projects, the quality control.” It’s looking at all the different moving parts and seeing what is the timing and supporting them, and certain times, we critique from, for example, three months, if you’re managing just minor issues to a year, going through the different seasons of the business to really dive in and turn things around.
Rob Kosberg:
That’s good. I’m obviously an entrepreneur myself and most of my clients are entrepreneurs. We like to start things. We don’t always like to run things. Oftentimes, we don’t like to finish things. Of course, I could be speaking for myself, but I imagine that, in some of these businesses, they’re really lacking an operations person or an operations manager. In some cases, maybe they have the wrong person in that role. Can you speak to that a little bit? What do you see when it comes to your typical entrepreneur, that’s just, “Go, go, go. Close sales. Bring in contracts” and then it’s kind of a mess back behind them. What do you see as some of the issues, fixing it with operations people and that sort of thing?
Kirsha Campbell:
Well, definitely what I find is that, especially when you’re a solopreneur, or you have a small company, a lot of times the owner, the CEO, the entrepreneur, they’re managing their business in their head. They know everything, which is good, however, there is no system for that support. My sons did surgeries quite a bit growing up and when they were younger, and there are different persons in the medical team. The surgeon is supported by the anesthesiologist, the admin, the clerk. You might say, “Oh, it’s not a big deal,” but they have key roles leading up to the success of that surgery. So, in the same way, in your business, you need to have different roles, especially as your business is growing and the needs are changing. That is definitely one of the things I see. You’re doing everything on your own and another thing, because you’re doing everything on your own, you’re not able to give everything a hundred percent, and sometimes it’d be like, “I want to save on cost, so I’m not going to pay for this,” but it’s looking at it not as that cost. It’s like an investment. You have to do this to really make more money, and they have things turn around. Definitely with a systems delegation, I definitely see a weakness there. And another thing, if you don’t have a solid system, then you’re going to have trouble delegating, because it’s just adding more chaos. You’re saying, “Come in and do this,” but you don’t have a system for them to follow, standards to maintain. These are some of the things that I see, which are just so risky when it comes into the delegation and having a great team.
Rob Kosberg:
I love what you’re saying. I couldn’t agree more. I do think entrepreneurs will sometimes default to, “I’m going to hire an operations person to fix this,” but if they don’t have the systems in place, then the operations person either needs to, A, build those systems, create those systems from the ground up, or I would imagine that they’re kind of doomed to failure. You’ve talked a lot about systems, which I love. What’s your methodology to help the entrepreneur create the systems and get the systems in place and then eventually delegate those systems?
Kirsha Campbell:
You have to look at what is the flow of your business. The system for a dentist is going to be different from someone who’s in a spa business or a construction worker. It’s important to understand what is happening in your business. What is, from the point of you starting this project to ending it, what needs to happen? What should be happening? From the point of your client coming in to leaving, what should happen? What happens before they come? Understanding the flow of what is happening in your business, that’s definitely the first step. When you understand the flow, when you understand what the needs of your clients are, then you can now formulate the right system. For example, with invoicing, it’s not as simple as, “Oh, I’ll send out an invoice.” You have to have a system right there. You have to have the controls for the invoice. Should it be supported by certain documents before its signed up? How does it get to the client; emails, snail mail? Do they upload it in your portal?” It might seem a little, “Oh, it’s not a biggie.” How do the clients want the invoice? Some clients are specific. “I want this to be displayed. I want this.” Understanding all those moving parts to ensure that, for your invoicing process, it is meeting my needs and also my client’s needs, because ultimately, in sending out an invoice, what is the objective? To get paid. If there are several bottlenecks and breakages in the flow, you’re not going to get paid or paid timely and that’s just another round of chaos.
Rob Kosberg:
If you want to plug in a new employee to do that, and you have the systems all outlined of what he or she needs to do, then they just follow that process. The training is a lot simpler. All they have to do is follow the checklist rather than you having to spend days or weeks trying to figure out how to actually train them to do that job.
Kirsha Campbell:
It’s a common problem, because I had a situation recently that we’re working through and the expectation of the admin person coming in was that “Okay, they’re going to understand how you think as the owner. They’re going to just know this, know this,” and the problem is that I realized, “No, that’s unfair. You’re bringing someone in. You are assuming that they need to think like you. They need to use your initiative.” I’m saying that’s not very common. It’s not there. You have to have standards and say, “This is what’s expected,” and then from there, that team member who we’re taking on will know this is what’s expected. It’s clear, and from there, they can flourish even more to use their initiative and so forth but be realistic and be fair with what you’re expecting from your team as well.
Rob Kosberg:
I love the talk of systems. I’m sure that people can get a lot of understanding from your book, and certainly from your website and those kinds of things. Let’s change gears. Let’s talk a little bit about your book. Most of our listeners are authors or people that want to become authors. One of the things we like to talk about is, “How are you using your book to grow your business? What are you doing to build your authority, build your credibility in the marketplace with your book?” Do you have any specific examples, or things that you’re actually doing with your book to get your message out?
Kirsha Campbell:
One of the things I did was I gifted my clients with the book, and from there, they were able to see, and I think I have a bit more confidence. I’m not sure if that’s the right word, but I did have renewals this year with persons saying, “Okay. I want to keep going. I definitely want to keep going with you. I’m happy with what’s happening from that.” Also, it opened up a lot of understanding too. You’re operating a business. You’re not clear on what this really means. “What does this mean?” “What should I be doing?” So, there is no peace. Another thing which I have done is I’ve opened up where I have group support. That’s something I’m launching in a few days here. It’s having that group support. Sometimes you get a book, but you need more. You need somebody to say, “What should I really do? What should my next step be?” “How is it customizing it for my situation?” Some persons want that added support and that’s fine. I do have a group or extended support as well. If you need probably two months support or a group support, those options aren’t there. That’s something that I have used as well. Because of the importance of systems and structure and so forth, I’ve positioned myself, as well, as an authority. I was teaching this summer, Executives in Asia and the Caribbean, in this whole air of managing cashflow of their business, realizing that all the dots need to be connected in your business. Those are some of the ways I do extend the use of my publications.
Rob Kosberg:
Those are great ideas. Obviously, the first thing that you mentioned, I really like. I suggest that to all of my clients. “Send a copy of the book to all of your current and past clients.” You can get referrals from it. You can solidify that relationship. They can go through the book and they can even learn what other things that you can do and offer them, which can upsell them into the next thing. Congratulations on that. Tell us, where can people learn more about you, learn more about what you do? Let’s give them a couple links, website, and that kind of thing.
Kirsha Campbell:
I am on LinkedIn as Kirsha Campbell, Instagram, Facebook. My website is www.thecashlab.ca, pretty simple, thecashlab.ca, so you can definitely reach out to me. Send me a message. I’m happy to talk more with you.
Rob Kosberg:
Thanks, so much for being on the show. Congrats on how you’re using your book, and good luck in the future.
Kirsha Campbell:
Thank you so much, Rob, and thanks for tuning, to all your listeners, too. Thank you.
