In this episode of 'The Entrepreneur's Guide,' join Michael Denehey as he sits down with Tamzyn Adding, founder of Miss Lolo. Explore Tamzyn's journey in building a thriving business, tackling topics like cash flow management, authentic branding, and navigating growth challenges. Gain valuable insights and actionable strategies to elevate your own entrepreneurial ventures. Tune in to discover the keys to small business success in today's dynamic market.

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Michael delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?

Tamzyn Adding identifies two main challenges in growing a small business: cash flow and mindset. Cash flow management is crucial for the sustainability and growth of a business, as it impacts various aspects like operations, investments, and expansion. Additionally, maintaining the right mindset is essential, as entrepreneurs often face obstacles and setbacks along the way. Developing resilience, perseverance, and a growth-oriented mindset can help navigate the challenges of entrepreneurship and drive business success.

2. What's your favourite business book that has helped you the most?

Tamzyn Adding mentioned that she reads various business books, including those by Richard Branson, but she didn't specify a favorite. So, there isn't a particular book she highlighted as her favorite. However, she did mention reading books by Richard Branson among others, which likely provided her with valuable insights into entrepreneurship and business growth.

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?

Tamzyn Adding mentioned that she reads various business books, including those by Richard Branson, but she didn't specify a favorite. So, there isn't a particular book she highlighted as her favorite. However, she did mention reading books by Richard Branson among others, which likely provided her with valuable insights into entrepreneurship and business growth.

4. What tool or resource would you recommend to grow a small business?

Tamzyn Adding recommended using Zero, an accounting software, as a tool to help understand the numbers and expenses of the business better. She emphasized the importance of being diligent in tracking expenses, including both major and minor costs, to gain a comprehensive understanding of the financial health of the business. This attention to detail and financial clarity can be crucial for making informed decisions and driving growth in a small business.

5. What advice would you give yourself on day one of starting out in business?

Tamzyn Adding advised herself to create a business plan, trust herself, and avoid being swayed by initial financial offers. She emphasized the importance of having a solid plan in place, believing in one's capabilities, and not immediately jumping at the first monetary opportunity that arises. This advice underscores the significance of careful planning, self-confidence, and a focus on long-term sustainability rather than short-term gains when starting a business journey.

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Quotable quotes from our special Grow A Small Business podcast guest:

Cash flow and mindset are the biggest hurdles in small business growth – Tamzyn Adding

Trust yourself, do a business plan, and don't be swayed by immediate financial offers – Tamzyn Adding

Balance is key; take time for yourself to prevent burnout on the entrepreneurial journey – Tamzyn Adding