Grow A Small Business Podcast

In this episode, I interview Ingrid Thompson, the Founder of Healthy Numbers, a training, coaching, and consulting business for business startups and entrepreneurs. She is also the host of the "So You Want to Start a Business" podcast where she interviews entrepreneurs and leaders who think big and who take action to create business success, financial independence, and to make a difference in the world. She is driven by her passion for helping people create financial well-being and especially through business ownership, and her focus is mostly working with people who are keen to explore the options of starting a business for themselves. Ingrid is also a consultant, webinar host, and author of the awesome book, "So you want to Start a Business" In 2005, aged around 40, Ingrid left a stable corporate career to start her own small business after falling in love with the agility and challenges in that sector. She helps female business owners not only know their numbers, but the right ones, like charging enough for their products and services. Ingrid helped one business owner double her prices and to the business owner's surprise, she kept all her customers. With 45% of female business owners not paying into their own superannuation in Australia, Ingrid is on a mission to reduce this number through her coaching. She funded her business solely from profits and says she felt she had succeeded when people she didn't know came to her for help. Ingrid feels the hardest thing about growing a small business is showing up each day, and the advice she would give herself on day one is, "Book time in your calendar every week to look at your numbers" This is one super resourceful episode you won't wanna miss so stay tuned. This Cast Covers: Starting Healthy Numbers 15 years ago and helping female entrepreneurs achieve the financial independence that they're looking for in the businesses they own. The absurdity of business owners not paying themselves on top of not paying into their superannuation. Adding more value to your business by hiring others to do the administrative tasks you shouldn't be doing. Building her financial solidity from working in the corporate world before she went into business ownership. Paying herself, working on her own time, investing in her professional development, and living the life that she desired most. Managing a full-time employee of two and a large team of virtual assistants. The success in having people she didn't know coming to her for help. Helping female business owners generate revenues to a level where their businesses can be viable and sustainable. How to develop a framework for finding customers and talking to them about pricing. The importance of knowing who your ideal client is and where they spend their time. Bootstrapping to fund her business solely from cash flow and Ingrid's caveat to grants. The frustrations small business owners got through when they get things wrong and how to deal with that. Getting a retail job to learn sales and investing in business coaches to overcome the challenge she had with marketing. How data highlights what's going on with a business and how difficult it is to predict what will happen with a small business. Making an impact in customers' lives and the value in asking for help when one requires it. Achieving a seven figure business by having discipline and commitment. Having the right team and HR policies in place to succeed in business. Being vigilant about expanding your knowledge and investing in your personal development. The hardship in showing up in your business every day and ensuring you have the best bookkeeping software. Booking time in your calendar every week to look at your business numbers Additional Resources: Healthy Numbers Website So You Want to Start a Business By Ingrid Thompson So You Want to Start a Business Podcast Profit First By Mike Michalowicz Glambition By Ali Brown I Built This With Guy Raz Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Patrice Brown, the Founder, and CEO of CQG Consulting, a professional consultancy that delivers practical, creative, and cost-effective environmental and development solutions throughout regional Australia and South East Asia. She is a corporate environmental advisor with over 30 years' experience in industrial and environmental management. Aged 42 in 2003, Patrice left a long-standing engineering career to start an environmental consulting firm. Starting as the one full-time employee for the first five years, they peaked at 40 in 2011, then after a downturn in the Australian coal industry dropped to 12, and now have 32 full-time employees across five locations. She founded the business with only $20,000 of her own capital and the rest has been from cash flow. Patrice felt they had succeeded when about 18 months ago, they bid out large competitors with over 10,000 staff for many projects. She believes that small business owners should always act quickly and that the hardest thing about growing a small business is having that confidence to just do it, and being prepared to make mistakes. She says that the advice she would give herself on day one is, "Don't sweat the small stuff, embrace mistakes, just have a go, and trust yourself. If you've been looking for some guidance on how to start a business or grow the one you already have, then you won't wanna miss this episode. Enjoy! This Cast Covers: Providing environmental advice to existing industries and developers. An increase in business in the last few years due to an increased global focus on environmental conservation. Generating revenue from a consulting model that fits into every client's needs. From the sugar and timber industry, into environmental work then finally into business ownership. How she started out managing big projects as the sole employee and grew to employ up to 40 people. The lessons she learned from surviving the downturn that almost took them out of business. Beating huge competitors to secure a major contract with the Department of Defence and other moments of pride. The different ways that different business owners measure success and the holy grail that is time. The importance of understanding the kind of customers you're targeting so you can come up with an effective marketing strategy. Taking immediate action to start a business without overcommitting financially. Recruiting slowly to get the right staff and investing in them to ensure they deliver their best. The difficult experience of losing staff members to competitors and other industries. Getting personal satisfaction from being able to create a career pathway for young people. Realizing that thriving in business is all about delivering personalized service, coming up with practical solutions, building a great team, and providing value for money. Allocating time and Investing in personal health and wellness to survive in the world of business. Allowing, fostering, and encouraging innovation without micromanaging staff. Her passion for continual learning and how it has helped her progress over the years. The value in engaging with both older and younger mentors. The challenge most people have in mastering the confidence to start a business. Believing in yourself: The most valuable tool you have as a small business owner. Additional Resources: The Trusted Advisor By David H. Maister Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Kim Bryden, CEO, and Founder of Cureate, a social enterprise based in Washington DC that aims to empower the food and beverage supply to meet the changing consumer demand. Kim has over 10 years of experience working in the food and beverage industry, and she helps small businesses build diversified revenue streams and identify new market opportunities. In 2014, aged 27, Kim decided to skip an MBA and get the experience from starting her own business. She brings the business side to companies in the local food and beverage supply, empowering them through courses, consulting, and procurement matchmaking. Starting as the one full-time employee, Kim has grown the team to four and in the six years achieved an impressive 50% year on year increase in sales. They have a big focus on their existing customers as they achieve to land the new customers and constantly look for ways to build trust. Apart from a small business competition cash prize and a minor bank loan, growth has been funded from profits. She feels they have succeeded when she hears a story come back to her about the impact of the seeds they have planted in business owners' minds over time. Kim says the hardest thing about growing a small business is, "You may have dreams, hopes, and visions for where you want to be, but you need to act in the present." The advice she would give herself on day one of starting in business is, "The vision you have is real and trust your gut." Tune in and enjoy. This Cast Covers: Cureate: Shifting the dollar back into local communities by building an empowered food and beverage supply to meet a changing consumer demand Launching online courses that are helping business owners learn how to pivot and grow their businesses. Being mindful and focusing on both financial and social capital as an entrepreneur in order to create a valuable network of people around you. The sales, courses, and consulting sides of their business model. The importance of diversifying and having duality in your revenue streams. Analyzing and assessing your sales strategy with the customer in mind. Creating a flexible business model, being aware, and appreciating the preciousness of time. Sustaining an annual growth of 50% year over year since they started. Being adaptable to changes and shifts in the market. Testing if the business idea you have is viable and that the market is actually demanding that product or service before finally venturing into it. Starting out on her own on full time to growing the team to the current four full-time employees and a number of contract employees. Avoid neglecting your existing customers in the pursuit of new customers as you market your small business. Having business metrics that help you measure, track, and assess the status of the business. Winning $10K at a pitch competition to start the business, one $30K loan, and depending solely on cash flow from revenues. The importance of clear communication and having a perspective of turning frustrating moments into growth and learning opportunities. Setting boundaries and having clear and definitive expectations in decision making. Learning to create a work-life balance. Improving your ability to relate to potential clients by making sure that you are keeping on top of other sectors in order to build trust and relationships. Focusing and thinking about the values, qualities, and culture you want to instill in your business to help guide you as you add new people to the team. Continuously consuming content and investing in your own personal development. Advantages of having a peer to peer learning that cuts across sectors and a lawyer that understands your business. Avoid getting stuck in the future projection and focus on what's happening in the present to move your goals and aspirations forward. Additional Resources: The Third Wave: An Entrepreneur's Vision of the Future By Steve Case The Misfit Economy By Alexa Clay and Kyra Maya Phillips Brene Brown's Podcast Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview John Trewin, the previous co-owner of Advanced Petroleum. At the age of 29 in 1966, John got his first job off the farm in a petrol station, bought a truck, grew the fuel distribution company, and added a business partner (which didn't end well a few years later) While he was taking some time out of the distribution game, he was approached to rebuild another distributor nearby. He went on to grow it from 1 full-time employee (himself) to 30 full-time employees, and from 0 sales to $80 Million in annual sales. The business was selling over 100 million litres a year just eight years after starting in 1989. 12 years later, the business sold for 5 times profit. John credits the team he had back then for the phenomenal success they had with the business and feels he got 90% of the hires right. He believes strongly in "Looking after your people" He and his new business partner started with a little capital and had 6 months to prove they could build the sales volume before BP gave them a long term contract. They funded their fast growth in a risky, but genius way, where they put more than $3 Million in the overnight money market for 15 months right after the 1990 recession and earned 21% or $600,000 in interest per year. With some luck and advice, they dodged losing $6 Million the business had in their bank when that bank went under a week after withdrawing all funds. John has always loved a business challenge and shares that the moment he felt they had succeeded with Advanced Petroleum was when they got through the first 6 months. He feels the hardest thing about growing a small business is choosing the right people. He says that the advice he would give himself on day one of starting a business is, "Seek more advice about running a business and in particular talk to other people who own a business, especially those who are older and with more experience" Stay tuned to gain from John's immense wealth of business wisdom. This Cast Covers: Starting in the oil industry in 1966 and having a successful 38-year journey. Taking over a failed inland storage tunnel and turning it around. How they raised funding by investing their cash flow on the overnight money market at interest rates of up to 21% per annum. Becoming more efficient so they could be both fuel sellers and transport operators. Taking the opportunity to lease service stations and how they made money from that. Dealing with the two major types of shrinkage that were affecting their business. Selling their 50% of the business to BP in a satisfactory arrangement. The satisfaction of being able to pick a good team that helped grow the business. Being one of the first companies that invested in computerization. The importance of picking the right team members to help market the business. Marketing after the first five years: Spending more on making sure they weren't going to lose business. How they came up with the name, "Advanced Petroleum" Selling some real estate to put in his share of the startup capital and how they found an opportunity in the recession back then. Understanding that there is never a need to get worked about things one can't control. Facing the stress of a broken business partnership. His pride in creating employment and seeing his employees enjoy doing their jobs. The allure of the challenge of the unknown that comes with running a small business. Having resilience, the ability to see ahead, and relying on instinct to make early calls. Looking after employees and rewarding them when they do a great job. The value he got from investing in mentors. The relief he got from exiting the business both operationally and financially. Buying a couple of small businesses after he had retired. Starting one of the first aerial photography businesses when they could only use Blimps to take photos. The hardest thing in growing a small business: Choosing the right people Growing a small business by finding a good mentor and seeking advice from more experienced business owners. Additional Resources: The E Myth By Michael E. Gerber Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Annette Kaitinis, the Co-founder and Director of Scoot Boots Pty Ltd, Australia's only manufacturer of equine hoof boots for barefoot horses. In 2015, she formed a business partnership with her ex-farrier, Dave MacDonald, who in invented a shoe for horses. After patenting and eventually selling that, he teamed up with Annette to launch the latest business, which has seen annual growth of 25% to 120% in each of the last three years after massive first-year growth. With only five competitors in the world, they sell through over 500 stockists in Europe, the USA, Canada, New Zealand, and Australia (This is their smallest market). They went from 2 team members to 11. They grew organically with profits going back into the business to improve its processes and products and produce new sizes and accessories. Their manufacturer in Indonesia is able to produce in excess of 500 pairs of Scoot Boots a day, or in excess of 180,000 each year. The Indonesian company also warehouses and ships most of their orders. They've invested heavily in systems and technology with a big focus on excellent customer service experience. Outsourcing marketing initially is key, and they felt they had succeeded when they bought and moved into their warehouse. She believes the hardest thing in growing a small business is the first two years, and the advice she would give herself on day one of starting in business is, "Get help. It's so important to get someone to assist and advise you" Stay tuned as Annette graciously shares her amazing small business journey. This Cast Covers: Disrupting their industry by manufacturing equine hoof boots that are healthy alternative options. Serving huge markets in the United States, Canada, Europe, Scandinavian countries, New Zealand, and Australia. Designing their product to solve a major hoof protection problem. Being in an emerging market with only five competitors worldwide. Experiencing 1000% growth one year after their launch and shifting out of the startup stage into a growth stage. Continuously tweaking their product, manufacturing accessories, and the challenges they're facing during the COVID-19 pandemic. From a two-man show to building a team of 11 employees and how systems and processes have helped make operations easier. How they had to outsource their marketing to a digital marketing agency during the startup stage and why they're handling it themselves now. The successful strategy of growing their business slowly. Moving into their new warehouse, scoot boots being worn by mounted police at the SuperBowl final, and other success moments. The value of taking control back by handling their marketing in-house and focusing more on Facebook marketing. Getting various grants and growing the business solely from cash flow. The pain point in ensuring customers have the correct sized product. Improving their product and consistently ensuring the best customer experience. The excitement of running the business and loving the entrepreneurial journey. The challenges of trying to work on the business rather than in it. The importance of staying inspired, focused, and passionate about the product one is selling. Recruiting wisely to get people who are much smarter and share in the passion. Building a sustainable culture by allowing the employees to grow in the business, bring a lot to the table, and learn while working. Learning constantly from different channels and networking. The value-added from winning numerous national and international awards, and getting mentors. Dealing with the hardships that come in the first few years of starting a business. Additional Resources: The E Myth By Michael E. Gerber The Mentor with Mark Bouris Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Kate Cashman, the co-founder of Mana Movement Studio in Hobart, Tasmania. In early 2019, they took over the lease of one of the oldest yoga studios in Tasmania, increased prices, added Pilates, and pivoted to a membership model. They took it from 35 members to 300 in just over a year and another 100 online when Covid-19 hit, boosting recurring sales, and almost doubling the $360,000 per annum. They researched the customer base and asked them what they wanted before changing the business. The Founders invested heavily in systems and procedures, professional development, mentors, and coaches. Kate felt they had succeeded when the old customers felt the new business was totally different, and believes the hardest thing in growing a small business is separating business from wanting to be friends with customers and staff, and managing customer expectations. The advice she would give herself on day one of starting in business is, "You should expect roadblocks" It's going to be a fun and inspirational episode, so don't miss out. This Cast Covers: Starting and running the very first heated yoga studio in Tasmania. What yoga and Pilates should be all about and the impact they have on people's health and wellness. Exploiting the true power of personal development through yoga. Achieving phenomenal growth by shifting from quick sales to a more profitable and scalable business model. Honoring new members and their existing community with a one of a kind flash sale. Gaining 100 new members during the pandemic because of their efforts in going online. Creating a uniqueness in your business by setting up core values and cultures that differentiate you from the competition. Developing a team that brings different values, strengths, perspectives, and skills to the business in order to create sustainability. Putting up structures, procedures, and processes that help you understand what your customers' needs and wants are. The importance of encouraging and rewarding word of mouth marketing from your customer networks. Reinvesting profits back into your business as a way to fund business growth and increase its chances of longevity. The importance of getting involved in industries and businesses that align with your personal values. Creating a business that doesn't compete just based on price but the quality of service it offers. Adopting consistency in the business even when the results aren't yet visible as a tool to create trust and reliability. The importance of clearly defining roles and job descriptions of each team member. Having clear and honest communication, and regular check-ins with your staff. Investing in personal and professional development through reading books, podcasts, attending training, and having coaches. The importance of having a board in a growing business: Creating agendas, governance, making strategies, and having discussions about risks and finances. Avoiding procrastination and increasing productivity in your business. Additional Resources: Dare to Lead By Brene Brown Profit First By Mike Michalowicz The Priestess Podcast Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Kate Goodman, the owner of Goodman Conveyancing and a licensed conveyancer. Her ex-husband and best friend started a legal firm in Hobart in 2001. After he became too unwell due to MS, Kate stepped in to run the conveyancing business, now the largest in Tasmania. Taking the helm in 2009, sales grew from $350,000 to now $2 Million a year, and a team made up of herself and one other person, to now 12 full time employees. She nurtured a very flexible and family friendly work environment as she found out early on in her career that it's hard to find a workplace that is family-first, fun, and flexible. Her daughters and their two families of 3 are in the team. They are big believers in outsourcing to experts, from marketing, bookkeeping, business consulting, to HR. Staff are key to conveyancing and Kate advises small business owners to employ staff personally and find team members who can relate to people. Kate felt she had succeeded when a few years ago sipping champagne on the ferry to Mona, her team Christmas event, had her thinking she had really done something. She believes the hardest thing in growing a small business is managing growth and getting those numbers right. The advice she would give herself on day one of starting in business is, "Learn how to say no more". Stay tuned for that and more. This Cast Covers: Doing residential conveyancing and working with both purchasers and vendors. Starting as a legal practice, how they shifted, and Kate's entire backstory. From $350,000 in annual revenues in 2009 to $2 Million in 2019. Growing the employee numbers from 2 to 19 Working in a workplace that allows you to put your family first. How numerous referrals demonstrated the kind of success she had achieved. Getting respect within the conveyancing industry. One of the major reasons why you should outsource marketing. Bootstrapping the business to grow solely from cash flow. The fear and stress that she went through within the first 12 months of taking over the business. Staff and culture: The area every small business owner should work on the most to add the greatest value. Learning as much as you can about the business so you can offer the best service to your clientele. Developing the virtue of bravery as a business leader. Employing people based more on their personality and not just their CV. Creating a culture of understanding, unity and harmony among your staff. Investing in personal and professional development to expand your knowledge base. Enhancing and growing your emotional and social intelligence skills to help you in running the business. Additional Resources: The Leader Who Had No Title by Robin Sharma Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Damian Mackey, a master distiller of whisky and gin and the founder of New Town Distillery in Hobart, Tasmania. In 2005, he started building a small distillery (Mackey's Distillery) in his backyard in Hobart, and in 2007, filled their first cask with triple distilled Irish style single malt whisky, which was matured five years later. In 2014, he partnered with Sheena state, moved, launched an award-winning Gin, took on investment, and went from using a single 300 litre still at home to a 4,500 litre and two small stills. The distillery grew from laying down 400 litres to around 100,000 litres, and recently sold out of a large business to return to distilling at home where he is now doing about 8,000 litres a year. Damian recommends investing 10% to 20% of sales into marketing, and finding an expert to work with. He went from 1 full time employee to 6, then back to 1. He insists that business and financial planning using KPIs, ensuring you're well funded, and getting and keeping mentors are crucial to success. He believes the hardest thing in growing a small business is, "Balancing the resources you pile back into the business". The advice he would give himself on day one of starting in business is, "Make sure you're doing something you're passionate about, is unique, and has a point of difference" Stay tuned for more on Damian's entrepreneurial journey. This Cast Covers: Moving from distilling as a hobby to being the only commercial scale distiller doing triple distilled single malt whisky in Australia. From a 300 litre still to a 700 litre still: Damian's whiskey-making back story. Their move back to smaller scale distilling and their current phase of laying down barrels. Developing and launching their award-winning Poltergeist gin. Being the only distillery doing pot still whisky and encouraging others to try it out. Learning a lot from doing 100,000 litres a year to the current 8,000 litres a year. The importance of getting down a marketing plan and working with an expert in the area. Making things easier and ensuring sustainable growth by automating production processes. Funding the business from their own savings and how they benefited from a state government grant. How plenty of funding would help in building a large distillery. The challenge of leaving Shene Distillery to go back out on his own. How a small business owner can get their head around their startup business through business planning. Continuous measuring of real-life results against results projected during business planning. Ensuring employees are passionate about their work and always on the same page as a team. The value of online courses: Reading a lot about making whisky. The extra effort that has to be put in when a business is owned by partners. The challenge of balancing the resources that are piled back into a business. Starting businesses that we are passionate about so we can courageously face the challenges that come with it. Additional Resources: The Irish Whiskey Podcast Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Christina Bellis, the CEO of Thankyou Payroll. The company was founded in 2010 and to date they've processed over two billion pays or 3.5 million payslips to charities and small businesses in New Zealand. From NZD7,000 in year one to now NZD2.7 Million in annual sales, they are profitable and just paid their first dividend. They are one of the first social enterprises/businesses that raised funds through equity crowdfunding in New Zealand to do so. By their separate charitable trust they have donated hundreds of thousands of dollars to communities in Dunedin, Wellington, and Christchurch, and have a genius way to pick the next grant recipients. They provide these services to registered charities for free, saving them over one million dollars over the decade. And if that wasn't socially and purpose driven enough, they are carbon positive. The business took off in 2013 when the first CEO started, adding 192 customers that year, 3,000 the following year, then since financial year 2015, more than doubling every year. Christina started as CEO in 2015 and grew the business from 5 full-time employees to now 18.5. They have a board of five directors and they're all female. Funding has been through cash flow, a small overdraft, and in 2017, an equity crowdfundraising of NZD500,000, and picking up 165 shareholders who are brand ambassadors. She believes the hardest thing in growing a small business is managing work-life balance. The advice she would give herself on day one is, "Stay true to your vision. There's a lot of noise out there, so keep focus on your own track" Stay tuned for more on her small business growth journey. Enjoy! This Cast Covers: Thankyou Payroll: A company that offers crowd based payroll intermediary services. Running a charitable trust, an exciting innovative way to give out grants and minimizing the hoops people need to jump through. Building community resilience and strengthening connections through charitable trusts. Growing from a 7000 turnover in year one to 2.7 million turnover over a period of ten years. Adopting a purpose driven approach to business by using a product or service to do good and make a positive impact on the world. Being the first crowdfunded entity to return a dividend in New Zealand. Equity crowdfunding and giving the community an opportunity to take part in a purpose driven business. Using crowdfunding as a good marketing opportunity and how they raised NZD 500,000 from 165 shareholders through it. What you need to know when thinking about using crowdfunding as a way to fundraise and grow. Advantages of having employees with trained skills and working capacity in more than one aspect of the business. Adapting to change and having an "I Can Do It" attitude in business. Managing people, making them feel valued and keeping their spirits up when running a small business. Mentoring management teams, building capabilities and inspiring change. Creating a to do list, breaking it into bigger tasks and smaller tasks to help you in managing your time and priorities. Creating a team of people that fits perfectly into your business as they are both your biggest asset and your biggest cost. Being transparent on the big picture, adapting an open door policy for your team, and showing them that their contributions are valuable. The value of being open to feedback and learning how to process it. Managing a team that's spread out across different locations. Constantly learning by investing in different forms of professional development. Having a female only board of five directors with expertise across a number of areas. The difficulties in managing work-life balance when one is a small business owner. Additional Resources: Are You Ready to Succeed By Srikumar Rao Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

In this episode, I interview Patrick Maguire, the Master Distiller for Sullivans Cove Distillery in Hobart, Tasmania, and the Chairman of the Tasmanian Whisky Producers Association in 2012. Sullivans Cove was one of the first craft distilleries of commercial scale in Australia founded in 1996, sold in 1999, and went into liquidation in 2003 when Patrick and a few investors salvaged it. Closing the cellar door in Central Hobart and moving the distillery twenty minutes out of town into an industrial park, they invested heavily in production with a big focus on quality spirit and then marketing. In 2014, they won Best Single Malt Whiskey in the world, the first distillery to do so outside whisky's traditional homes of Scotland, Ireland, and Japan. A year later, they opened the cellar door and a year after that, the business was sold again to the current owners, and Patrick left the business in late 2019. The business grew from a handful of full-time employees to nine, down to just two after liquidation, and now twenty-three. He believes the hardest thing in growing a small business is keeping an eye on cash flow. The advice he would give himself on day one of starting in business is, "Back yourself. Have a plan. Stick to the plan. You'll go through times where you hate yourself for doing what you're doing, but it will all work out" Stay tuned for more on Patrick's inspiring small business growth journey. This Cast Covers: His business backstory and how everything led him into the distilling business. The uphill task of getting Australians and the world to buy Tasmanian whisky at a time when it was not so popular. Overcoming the initial production nightmare by moving to a better location and improving on marketing to increase sales. The patience all the partners had to master until the business was cash-flow positive. Educating Australians about whisky and scotch, and the support they got from the Tasmanian state government. Valuable feedback they got from Asian importers, distributors, and retailers about their scotch and how it helped them improve their branding. The value of investing in proper marketing and ensuring that the production and marketing teams are always on the same page. Taking time to allow their spirit to mature and get credibility for their whisky. Getting published in the whisky bible and achieving three liquid gold awards. Learning a lot from how different markets determine what product is worth buying. Becoming the first distillery outside of Scotland, Japan, or Ireland (And the first one in the Southern Hemisphere) to win Best Single Malt. The three reasons why 90% of their sales went overseas. Defying warnings from wholesalers to sell their annual stocks through Dan Murphy's. Losing 25% to 30% of their margin to get funding to cover their tax bill. The real game-changer that had them bottling every single day. Growing the team from 12 full-time employees to 22 and their casks to their current five warehouses. Their moment of success: Winning different awards, setting things up properly, having a great crew, becoming a top brand, and selling the business. The frustrations they went through trying to sell in the Australian market. The importance of the people a business owner employs and setting up a dynamic within the team. How managing the massive business growth led him farther and farther away from the team. The difference in how a business operates once their brand becomes successful. Having a business plan from the very start and sticking to it. HR Tips: Don't bring on relatives unless they have some value that they can offer. Having board directors based in the US, UK, and Spain, and the importance of constant and transparent communication. Cash is king: Keeping an eye on cash flow, sticking to the business plan, and not spending beyond your needs Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/