The Entrepreneur Fellowship Podcast
Mastering Business Operations with Joshua Monge
Welcome to The Entrepreneur Fellowship Podcast! In today’s episode, “Mastering Business Operations,” our dynamic hosts Isaac Schaefer, Andrew West, and Joshua Monge, are joined by seasoned guest Joshua Monge to delve into the intricacies of streamlining and optimizing business functions. We’ll explore the pivotal role of expert guidance, from avoiding costly mistakes to expediting growth. Joshua shares personal anecdotes from his decade running a marketing agency, lays out crucial strategies for managing increasing business complexities, and emphasizes the significance of firm company culture and effective leadership.
We discuss practical steps to hire and transition employees, the value of consistent call management, and the competitive edge gained through market research. Joshua also unpacks his journey as a fractional executive, helping businesses with revenues from $500,000 to $10 million optimize their operations. Dive in as our hosts plan their first business acquisition, discuss the importance of documented systems, and outline their strategies for swift, sustainable growth.
With insights on recruiting, staffing, and leveraging technology, this episode provides a roadmap for any entrepreneur looking to enhance their operational efficiency. So tune in, and let’s master the art of business operations together!
Timestamped overview
00:00 Building business as a fractional executive consultant.
05:10 Part-time experts aiding implementation and strategy execution.
08:19 Action beats overplanning; start with what you have.
13:18 Expanding through acquisitions; need efficient audit strategy.
16:39 Shadow and document, ensure regulatory compliance adherence.
18:09 Document client book, marketing, intake, journey.
22:21 Cross-train and automate to scale efficiently.
24:51 Hire an assistant to optimize business efficiency.
29:09 Determine if worker qualifies as 1099 contractor.
31:56 Bonuses motivate salespeople but not laborers effectively.
37:04 Motivating employees requires personal attention and flexibility.
37:52 Build culture; hire driven, visionary Gen Z candidates.
42:08 Compensate and incentivize employees for security.
46:53 Conduct market research; integrate processes into marketing.
49:01 Leadership sets culture; behavior matters significantly.
51:47 Timing is crucial for investments and hiring.
54:40 Follow Entrepreneur Fellowship podcast on Facebook.
Sequence of Topics Covered
7 Key Themes Discussed
- Experienced Guidance: Value of seeking experienced mentors.
- Action vs. Planning: Balancing planning and execution effectively.
- Hiring Coaches: Importance of early-stage business coaching.
- Operational Complexity: Strategies for handling business complexity.
- Company Culture: Building and maintaining positive company culture.
- Worker Classification: Differentiating between contractors and employees.
- Recruitment and Staffing: Effective strategies for hiring and retention.
1. Importance of Seeking Experienced Guidance
- Prevents costly mistakes
- Speeds up learning process
2. Analogy on Business Approaches
- Over-planning without action
- Diving in without preparation
- Resulting inefficiencies and wasted resources
3. Learning from Personal Experiences
- Joshua Monge’s decade in the marketing agency
- Isaac Schaefer’s transition from W2 employee to real estate
4. Hiring Experienced Personnel
- Handling increasing business complexity
- Preventing burnout and inefficiencies
5. Business Acquisition
- Isaac and Andrew’s junk removal business
- Business metrics (three trucks, one used full-time)
- Plans for growth over 18 months
6. Conducting Business Audits
- Critical questions for effective auditing
- Joshua’s proposal for collaboration
7. Hourly Positions as a Trial
- Evaluation phase before transitioning to salary roles
- Periodic reviews and commitment assessments
8. Value of Salaries for Engagement
- Increased commitment and effort from employees
- Feeling appreciated improves performance
9. Call Management Strategies
- Consistent phone answering and appointment booking
- Hiring virtual assistants for improved communication
10. Market Research and Competitor Analysis
- Assessing competitors’ responsiveness and strategy
- Gaining competitive advantage
11. Integrating Business Processes
- Before-and-after job site photos for marketing
- Quick client responses
12. Company Culture
- Importance of a positive company culture
- Leadership setting the tone
13. Role of Fractional Executives
- Joshua Monge’s work as a fractional CEO or COO
- Benefits and functions of fractional executives
14. Stages of Business Acquisition
- Feasibility and due diligence
- Hands-on management and operational roles
15. Growth Potential and Equipment Use
- Existing equipment and growth opportunities
- Operational plans and documented processes
16. Recruitment and Staffing Strategies
- Developing clear job descriptions
- Cross-training and flexibility
17. Automation and Administrative Efficiency
- Streamlining operations with automation
- Hiring administrative support
18. Customer Service Importance
- Ensuring client satisfaction throughout project stages
19. Hiring Virtual Assistants for Efficiency
- Benefits of delegating tasks
- Cultural considerations for virtual assistants
20. Worker Classification: Contractor vs. Employee
- Indicators for correct classification
- Avoiding legal issues with proper classification
21. Compensation Structures
- Pros and cons of salary versus hourly wages
- Offering security and commitment through salaries
22. Setting Expectations and Company Culture
- Clear expectations and behaviors
- Role of leadership in reinforcing culture
23. Common Mistakes for New Business Owners
- Poor timing in business decisions
- Importance of solid planning for purchases and hiring
24. Utilizing Technology and Resources
- Tools like ChatGPT for operational tasks
- Creating job descriptions and other administrative tasks
25. Contact Information and Networking
- Joshua Monge’s contact details
- Networking opportunities through him
26. Podcast Closing Remarks
- Appreciation for guest participation
- Invitation to join the Entrepreneur Fellowship Facebook group
27. Worker Classification Risk and Management
- Ensuring compliance to avoid legal issues
28. Building a Stable Business
- Importance of key employees for business stability
29. Motivation for Non-Skilled Jobs
- Encouraging buy-in through growth opportunities
30. Entrepreneurial Optimism
- Handling challenges and striving for growth
Mastering Business Operations: Lessons from The Entrepreneur Fellowship Podcast
In the latest episode of the Entrepreneur Fellowship Podcast, hosted by Isaac Schaefer, Andrew West, and Joshua Monge, the trio dives deep into the intricacies of scaling a business and the invaluable role of experienced guidance. Featuring insights from fractional executive Joshua Monge, this episode is a goldmine for entrepreneurs looking to enhance their business operations.
The Crucial Role of Experienced Guidance
Starting and scaling a business involves navigating uncharted waters filled with potential pitfalls. Joshua Monge underscores the significance of seeking experienced guidance, even if it comes with a price tag. He uses an analogy to explain that while some individuals over-plan without taking action, others dive into business ventures without adequate preparation. Both approaches, he argues, can lead to inefficiencies and wasted resources. Reflecting on his decade-long experience running a marketing agency, Joshua emphasizes how learning from past mistakes has been pivotal in his success.
The Power of Coaching
Host Isaac Schaefer shares a personal anecdote about transitioning from a W2 employee to real estate, expressing regret for not hiring a coach earlier in the process. The eventual inclusion of a coach led to significant improvements. Joshua Monge advises entrepreneurs to consider hiring experienced staff as their business complexity increases to avoid burnout and inefficiencies.
Acquiring and Scaling a Business: Real-world Insights
Isaac and Andrew are in the process of acquiring their first business, a junk removal company with substantial growth potential. The current owner operates one of three available trucks full-time, indicating room for expansion. The hosts plan to scale this operation significantly within 18 months and have sought advice from Joshua Monge on conducting an audit and understanding key questions for effective due diligence.
Isaac mentions the need for expertise in areas where they feel weak, and Joshua is preparing a proposal to potentially collaborate with them, highlighting mutual benefits for all parties involved.
Implementing a Phased-Progression in Employment
Joshua Monge suggests offering hourly positions as a trial phase before transitioning employees to salaried roles as the company scales. This phased progression allows for evaluating employees’ interest and willingness while incorporating periodic reviews and gradual commitment. Isaac echoes the value of salaries, noting how transitioning from hourly work increased his personal commitment and effort, as he felt appreciated.
Efficient Call Management and Customer Interaction
Effective call management is crucial to capturing business opportunities. Joshua highlights the importance of consistently answering phone calls and booking appointments. Andrew plans to hire virtual assistants to handle phone calls, streamline communication, and ensure no opportunities are missed. Enhancing customer experience through professional call management can be a competitive advantage in today’s business environment.
Conducting Market Research and Competitor Analysis
Joshua Monge advises conducting market research by communicating with competitors to assess their responsiveness and strategies. This can provide a competitive edge by identifying gaps and opportunities in the market. Integrating business processes, such as taking before-and-after job site photos for marketing purposes, can further enhance client engagement and satisfaction.
Building a Strong Company Culture
A recurring theme in the discussion is the importance of building a strong company culture. Both Joshua and Isaac emphasize that leadership should model desired behaviors to establish and reinforce a positive culture. A negative culture can impede business success, while a healthy culture can improve employee retention and performance.
The Benefits of Hiring Fractional Executives
Joshua Monge explains the concept of fractional executives, part-time high-level strategists who help companies grow without the full-time salary costs. These executives differ from contractors by engaging in strategy, implementation, and overseeing operations. Joshua started his journey as a fractional executive in 2021 after a planned COO role was halted due to the pandemic. He successfully built a six-figure SEO business in 18 months by leveraging his skills in policies and procedures.
Hiring fractional executives early in a business’s lifecycle can help establish strong foundations, avoiding the reactive approach of hiring only after problems arise. Joshua assists companies, particularly founder-owned service-based businesses with revenues between $500,000 to $10 million, in restructuring, organizing, and mapping processes for growth.
Preparing for Growth: Recruitment and Staffing
As the hosts prepare to scale their newly acquired business, Joshua emphasizes the importance of developing a recruitment strategy and being clear about job descriptions and authority structures. He suggests using simple checklists to integrate new team members effectively, encouraging cross-training to add flexibility in workforce allocation.
Closing Thoughts
In wrapping up the episode, the hosts express appreciation for Joshua’s insights and look forward to potential future discussions. They encourage listeners to join their Facebook group, Entrepreneur Fellowship, for more enriching content.
Mastering business operations involves seeking experienced guidance, implementing strategic hiring practices, building a robust company culture, and leveraging the expertise of fractional executives. By following these principles, entrepreneurs can navigate the complexities of business with greater confidence and efficiency.
Entrepreneur Fellowship Podcast with Isaac Schaefer
Isaac Schaefer is a seasoned business consultant specializing in optimizing companies with revenues of $500,000 to $10 million. He helps businesses build solid foundations with efficient systems from the start, preventing costly pitfalls and reactive fixes later. By investing early in Isaac’s expertise, companies gain strategic insights that drive sustained growth and long-term success.
Contact Information
Follow the Entrepreneur Fellowship Podcast: https://theentrepnwerpodcast.buzzsprout.com/2109385/follow
A seasoned professional with over 20 + years of professional experience. From Fortune 500 companies to small businesses, from the factory floor to the C-Suite, Joshua has worked with people from all walks of life. His goal is to help business owners get the solutions they need.