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When you are growing your business, it’s easy to become fixated on acquiring more and more clients, but if you’re not careful that can quickly lead to burnout and overwhelm. In all businesses, there are times to grow and times to step back, evaluate, and plan. In this episode, Sarah talks with Kristen Stegall, CEO of Novice Studios, about how she determined her next steps by taking a long-term view of her business. For Kristen, this meant determining what gave her energy and time back in her business. She discovered that in order to grow in a sustainable, profitable way, she would have to let go of a whole slew of clients in 2021…. not an easy thing to do. But by redoing her packages and focusing on a certain type of client, Kristen was able to not only stabilize her business and hire her dream team, but also grow it to the next level. Learn why Kristen feels good about heading off on maternity leave soon and what she did to prepare including participating in the Profit + Prosper Program. Kristen Stegall is the CEO of Novice Studios, a podcast production company located in Charlotte, North Carolina.
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In this episode, you’ll learn:
01:26 Kristen’s backstory, how she went from being a burned out freelancer to the CEO of growing a profitable podcast business
06:36 How Kristen changed her mindset in order to let go of some of her clients
09:03 What Kristen and Sarah gained from letting go of clients and reshaping their businesses
16:20 How to prepare for an extended leave from your business
24:24 The importance of embracing a season of stabilization in your business
29:00 Finding a balance between hiring talent, paying them well and remaining profitable
33:43 Learning to recognize the sale cycles of your business and how to use them to your advantage
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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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