Episode Transcript
[00:00:00] Speaker A: Foreign.
[00:00:17] Speaker B: Welcome to another episode of the Growth Focus Podcast where we bring leaders from all across the globe to share their time, their expertise and their insights with us. When it comes to growing businesses, my name is Gary Lafty, your host and also the CEO and founder of the Growth Focused Partnerships, where we take the authority voices that our clients have in tech and turn them into pipeline.
So, Monica, it's lovely to have you here on this episode.
Why don't you start by introducing yourselves? And what I mean by that is if someone asks you what is it that you do at a dinner party, how would you explain it in plain English without all the jargon?
[00:00:54] Speaker A: Ah, can we have a glass of wine while we do? Okay, I'll do it without the wine. Yeah, no, that's a great question.
So I'm Monica Swanson and I'm the founder of Monroe Business Solutions. But what I actually do is offer fractional technology leadership to companies that are about 25 employees. Up to 250 might pivot on that. But in general, those companies have the CEO, the CFO that have been owning their technology. And the technology is getting more complex. It's outgrowing them. And they're usually dealing with like, oh, this vendor product isn't working. I don't have good data for decisions. I'm not getting roi. Why am I spending too much money on it, et cetera, et cetera, et cetera. It's because they don't have an IT strategy for their business. Of course they're not saying that, but it's more of your IT and your business is not aligned. And how can I help them get their business aligned with their technology so their tech's working for them instead of slowing them down.
[00:01:53] Speaker B: What a great way to describe that. Well, we're going to dive a little bit deeper into that. And what is it you do a little bit later on. But before we do that, why don't you take us back a little bit? What was the moment where you thought, this is a great idea and this is what I should be doing?
[00:02:08] Speaker A: Yeah, there's kind of two moments, I'd say, that weave together over time.
So I've spent my entire career prior to this was in large global corporate. So two very large global organizations, 50,000 employees, 160,000 employees.
So love that experience.
But it can also be very consuming. You'd start living with your phone in your hand. And some of these large global corporate. So there was a time, a 13 year period actually during there where I was part time, when my kiddos were little and that was, you know, was a big decision for our family. But it ended up giving us as a family really good balance. So you know, that was, it was great. And then I went full time and you know, after they were older. So Pocket, you know, Pocket that thought the second is now progressing with my career and now my kiddos are out on their own and I'm working and I'm working and then I'm also working. And so my husband had a bit more balance and he's like, when are you going to be done? And he was implying for the day but I'm also like, yeah, when am I going to be done with this crazy. So I started reflecting like I'm not done but I don't want to continue this way. When was I a little bit more content? And so I thought back on that part time. So it actually started to be a little bit more about me of like how can I have better balance but yet I don't want to be done. So I had that thought and then you know, like you hear of like a new movie, a new book, some new restaurant and all of a sudden everyone's talking about it. That's what happened to me with fractional. So I was like, oh, I'm getting into fractional, I'm working with a fractional. I'm like what is this? So I peeled back that layer and I was able to put all that together of that's what I can do. I'd love to take my experience and, and help more. You know these mid sized companies that don't typically have access to that talent, but if they can hire someone like me at 20%, right. They're getting a ton of help but they're only paying 20% of a salary. I'm like, oh, this is a great idea. So that's what got me all fired up and into that world.
[00:04:12] Speaker B: Well, we could tell that just from your face Monica, that you real passion for it. You know, it's a wonderful, it's a really interesting thing because people, we've talked about fractional before on this show and we've talked about it with my clients as well. And one of the main misconceptions about fractional is how do people tell the difference between professional fractional consultants and those who are just in between jobs? What should someone be looking out for when they're looking for a professional fractional consultant?
[00:04:43] Speaker A: Well, I think first off, if you meet somebody, just point blank ask them are you pursuing a full time role or is, you know, fractional you know, your long term because most people are going to be honest or they'll see it, they might freeze like, you know. But if they're pursuing, doing full time, I think you'll be able to tell. I think it's also looking at their presence on LinkedIn, on social media. Do they have a company site, do they have a company email? So that, that also builds some of that authenticity. Are they building up their profile or are they building up their company, business and profile? Who are you representing?
[00:05:20] Speaker B: Yeah, absolutely. Yeah. And you see them really concentrating on building their brand as a whole as, as a fracturer as opposed to, oh, this is a little bit what I do and I can do this and I can do that. So let's talk about the type of companies that work best for you. What kind of companies tend to be the best fit for you right now, Monica? And what problems usually show up first when they first reach out to you?
[00:05:43] Speaker A: Yeah, so like I said, I'm offering fractional technology, but I've also discovered that my ideal client is probably more comfortable, more familiar when it comes to fractional financ, fractional hr, possibly fractional sales. But I don't think they've wrapped their head around a fractional technology opportunity for their company.
Quite often those companies, they might say, I have an IT vendor and it's a managed service provider which provides. I'm not sure if you or your audience is familiar with an msp, but it's really kind of that base infrastructure of your email, your network, file store, you know, all that. And I'm looking at everything on top of that.
So there's education on that side as well.
So I feel like I've done large global corporate, I can do that. But I'm really focusing on that mid size company which I'm referring to maybe 25 employees up where the CFO, the C CEO, possibly they have owned technology.
You know, like you starting a business right, you're doing it all right and then you might have somebody help you with HR and finance, whatever. But that, that leader is still owning the tech and that's outgrowing them. They are frustrated, they don't want to do it, they don't have the time. Probably they're also like, and I don't have the experience. Most of the people I talk to are like, it scares me when people say I'm the IT person in the company, I'm not it, you know, So I think that's where they recognize I'm wearing that hat. I don't want to but to the second part of your question, like what do they encounter? I think they are in the weeds with what they're dealing with, right? So I could peel back and it's really, you need an IT strategy, but nobody's asking for an IT strategy strategy. But what they're dealing with is I don't have good data for decision making.
I, I don't know why. I've got Microsoft and Google. I don't know why I have both of those and I don't know which one to choose.
I, you know, have a, an old finance system. I think we've outgrown it. We, you know, our CRM is too manual. Our hr, you know, they're dealing with this, that and this, that. So many different things, like I don't have time, so ignore it. The next month, same self conversation. You know, that's where I can step in. Do they have a burning issue like I need to upgrade our finance system. I don't know what to do. Please help me with that. Or is it more of I've got all these random puzzle pieces and I don't want to know what to do. I can help with that as well. Like give them some guidance on how to prioritize, you know, the various pieces based on what they're trying to accomplish.
[00:08:16] Speaker B: That sounds like you're always walking into a messy situation. I think that's what you can bring to the table, isn't it? You tend to walk into a messy situation. They've got too many tools, unclear ownership, not sure what's talking to each other, what is needed?
What is the first thing you look for to help? People say, right, let's, let's bring some balance or as you would say, some form of alignment to it. But before we can get to alignment, we get trying. We need to just settle the foundations a little bit. What is the first thing you tend to look for in situations like that
[00:08:45] Speaker A: where, what are they trying to accomplish in the next two years? Right, because they might pull me in and say, this CRM is a mess.
But what are they trying to accomplish in the next two years and next two years? Maybe it is, you know, doubling their product line.
So listen, pull back the layers. Maybe it's actually, you know, an erp. Maybe it's just connecting their existing system so you could listen to what they're saying, I need help with this. But if you ask the right questions and kind of bring to light, you know, more of where they're trying to go versus just solving today's problem. Where are they trying to go to make sure they're successful.
So I think that's, that's the first key.
[00:09:27] Speaker B: Yeah, I think there's a, I suppose one of the issues and looking back into my companies and looking about see how other people run theirs, it's almost like, okay, well here's an issue. Let's bring on this tool and here's another issue. Let's bring on this tool and before you know it, you've just got a knitting basket of everything in there and you don't really don't know which bit you should be using now, but you just, you just know you need to streamline it. You just have to streamline it because there's so much especially as the more we bring into AI, you know, and we're going to talk about AI a little bit later on in this episode. But it very much is a case of saying, right, okay, what needs to be structuredly clear moving into our long term goal of 12 months, 24 months. And I think this is a great way to do it. So if you were to give, what would you say is the quickest win that you tend to drive early, that helps your clients, how to choose the
[00:10:14] Speaker A: right vendor product for you? There's, I think it happens over and over and over of like again, let's just go with CRM, like I need a CRM or I need to upgrade our CRM. You know, our old Excel spreadsheet's not working and they ask makes sense, right? Like they ask their neighbor, their, you know, other colleagues that they, they work with or something and oh well, they're using ABC product. I should look at ABC product maybe. But are you trying to solve their problem or your, or your problem? Right. So I have, you know, kind of standard methods that let's document your requirements, let's prioritize those, let's find the right product for you, not just for today, but for tomorrow. But I think that is, that's huge. And it's, it's, it's missed so much because then you choose the wrong product. Then even if you implement it, you're like, ah, this isn't working.
[00:11:07] Speaker B: Oh yeah, we wonder why it doesn't. So can you tell us a story about a client situation you're particularly proud of, Monica? You know, what was broken, what was at stake and then what changed because of the work you managed to do?
[00:11:18] Speaker A: Yeah, I, I, yeah, let me tell you a story. This is actually kind of a couple of client stories, but it's common, right. So you can kind of weave it together. So the, so it's numerous, you know, clients kind of woven together. And that is just for this particular case, it was HR technology because again, companies start and you know, you're doing things manual and you're continuing and they just continue down this path. And the, the head of hr, whoever's leading that was doing every. Everything manual. So these were some, you know, a little bit more, you know, manufacturing or service industries. So they had a lot of time tracking. So then you acquire, you know, another business, whatever, you've got numerous time tracking. And they were spending so much manual time just producing payroll. Payroll is not a strategic initiative. Right. I mean, that's table stakes. Right. But you are wasting so much time on that. So they're thinking, I don't have time to, to fix this. And I help them understand how much time and money you are already spending on this. And it's also then delivering it at an okay level where you could improve this. So helping them with like, okay, so if you're an HR person and it's, you're spending, I don't know, two days every pay period in order to get payroll done correctly. Well, what's your salary? You know, let's calculate that out. That's how much payroll is costing you. Plus you're now going to supervisors. How much are they. They're spending you hour two chasing time tracking. You know, you start putting all of that information together and then you show them this is how much time you're spending on payroll. And again, that's not strategic. So they're thinking they don't have time or money. You do. You have all this time and you're already wasting all of this money on payroll to produce. So that I think was really eye opening for people. Like, oh my gosh. Yeah, okay, we need to get an HR technology system that automates this for us. Like, yeah, absolutely. And then that opens their brain to how much are we spending in other manual processes. Our sales team has to, you know, copy and paste over and over. Ugh, that's not fun for anyone.
[00:13:24] Speaker B: You know what? And this is. We talk. I'm. I think I say this phrase every single day probably for the last 20 odd years. We don't know what we don't know. And if we don't know what we don't know, we don't even know what questions to ask get us to where we need to know because we don't, we don't actually know what, what it is.
So that being said, Monica, it sounds like to me that you know, it's almost renovations working with you. It's like you, you think, oh, I didn't know that. It's a change of idea and a change of belief. What are the telltale signs, you know, that you can probably help the listeners or the viewers of this, that make them think, oh, I might have an issue here.
[00:14:00] Speaker A: Yeah, well, if you don't know your full list of technology systems, if you don't know how much you're really spending on them, if you know you're spending money on systems that you're not fully leveraging, if you have manual processes, if you are lacking data for decision making, you know, any of those can be fixed.
You know, it's, it's just like I said, you know, earlier, it's like they're in the weeds with the problems. And that makes sense, you know, like if you go to the doctor and you're in, your back hurts, you're like, well, should I use heat? Should I use ice, Should I take meds? Should I stretch? Should I not stretch? Should I give it, you know, lay low in order to let this heal? And then you find out it's actually a messed up knee and you're walking wrong and that's what hurt your back, you know, like, again, you don't know. But don't be scared to ask questions, right? Just to have those conversations.
And I think most people as well, like, well, I'm actually, let's say we discovered it's a security issue. I don't know. I'm like, well, I'm not a security expert, but now we've uncovered it, so hopefully I was still of help to you. Now let me point you in the direction of a security person that could help you or, you know, process person. So, yeah, just I think those people that are open to having those conversations of, I don't know, don't be scared of that and, you know, lean into the I don't know and have people help you figure it out.
[00:15:16] Speaker B: Well, that's a great piece of advice, Monica. And talking about I don't know and being honest with what I don't know, AI. AI is everywhere.
It's a great segue into this question because obviously with AI, we're all, all of us are in tech in some form or another, and AI very much is at the forefront of this. If not, if not, the forefront is definitely on the edges of it. And whichever way we look, there's AI. How has AI integrated into what you do and into what your clients now use?
[00:15:46] Speaker A: I'm Finding people are very intrigued with AI, but they don't know what to do.
So everyone's kind of doing the baby steps of getting some AI and using it more for personal like, oh, it helps me write my emails or you know, that's great, you know, to get started. Right. It starts taking away the scary.
I'm helping people understand a little bit more about opportunities like as I'm doing the initial like kind of diagnostics and discovery and you find out again, like they spend how much time on, you know, whatever. There was a manufacturing organization that was spending so much time on production scheduling because you know, that person had the experience and then there's allergens with the food and there, you know, so much complication.
And I just pointed out these are. If you can document some of these processes, this is where AI can help you. But can you document the process? Like, what are you thinking? What are you doing? And that was kind of a light bulb for them because they had been asking like, should we be doing AI?
But I feel like everyone's very intrigued with it.
The industry is also giving some good information though, of like, there's been a little bit of over promise. It's still, you know, a lot of time to invest. It's not magic, you know.
[00:17:01] Speaker B: Yeah. And we say this a lot. I'm glad you said that, Monica. You know, it isn't the magic bullet. It's not the things that you just bring it in and poof, everything gets sorted. It gets very much into what you give it, you know, good in, good out, bad in, bad out. And if you, not, if you're not giving the right data to it, it doesn't matter. You know, it's just almost like, you know, we say this, it was just, it's like going from a bicycle to an electric bike. You just crash faster. If you can't control a bike, you're just going to crash with it, you know. So that being said, if someone was listening and listening to this episode, Monica and I thought, this sounds like us. You know, I have a mess. I don't know what the mess is. What is the first conversation you would want to have with them and what should they really bring to the conversation that would actually be useful for you or for them?
[00:17:47] Speaker A: Yeah, I'd start with a 15 minute consult. Right. Because I don't want to waste anyone's time, theirs or mine. Right. So initial consult just to help understand, you know, what is their pain point. And even if they can't fully articulate it, it's that Conversation. Right. Let me ask some questions and you tell me and then we can start peeling back the layer. So if you know you have a pain point, you don't have to have it fully defined. Like again my, you know, my back hurts and you find out it's actually your knee. But if you, if you're honest enough of like I need to admit I'm having back pain, it's been happening for a month, you know, that's come to the table with that and then be open minded to have that conversation with your doctor. Right. Versus I'm not going to go to the doctor, I'll figure this out on my own and then I will just have that back and forth conversation. And then again if I find out you are really looking for an ABC specialist or something, I know somebody, let me give you some leads, but it's not me. I'm not going to get myself stuck in work that I, I'm not going to succeed at that. I can't help. So I think that first 15 minute conversation just to get to know each other and peel back the layers, what is it?
[00:18:59] Speaker B: Absolutely fantastic method to do it. So if there was one thing you could. This is a bit of a loaded question as your last question, Monica. If there was one piece of an advice that you would give founders or leaders who are listening to this about their situation, they're busy in the weeds as you say, they're growing their company. If there's one piece of advice to say, look, this is hindering your growth and you should be looking at this, you know, if you haven't looked at it, you should be. What would that piece of advice be and why?
[00:19:27] Speaker A: Good question.
Well, I think it's quite often look in the mirror, are you inhibiting your own growth? Right. Because I, we all, you know, are real go getters. Right. Otherwise you wouldn't start a business, you wouldn't be doing all this. But you have to be real as well. Of what are you good at and what would be better served by giving it to somebody else. Right. Nobody is excellent at everything.
So where, if you were going to build the dream team, who all would you pull in? Like for me, I'm like, oh, I'd pull in somebody for marketing and I'd pull in someone to manage my finances. That's not what I want to do. That's the type of things I should outsource. If there's a leader that started some great, you know, business on food, you know, food production or restaurants or I don't know, whatever Is it really your core competency? You know, but at some point it might be slowing you down or finance or sales get the help. It makes me so sad when you see these ambitious people.
They're the ones that are causing their own problem because they aren't willing to admit I'm stumbling here or I would actually be better off getting some help, you know, so that, that's, that's tough when you see the leader actually bringing their company down.
[00:20:43] Speaker B: Yeah, they just like it's, they're just drowning in their own hand, aren't they really? They're just pulling themselves deeper, deeper into the pool. And I think that's a fantastic piece of advice and insight there, Monica. So if people wanted to get hold of you, potentially talk with you about this or maybe have that 15 minute conversation with you, what's the best place to, and, and, and way to get hold of you?
[00:21:01] Speaker A: Yeah, well, Monica Swanson and my business is Monroe Business Solutions, so I should be easy to find on LinkedIn, on my website. I also have a presence on social media like Instagram and all that. But hopefully if somebody just does that search on Monica Swanson, Monroe Business Solutions, they should find me. And I have a contact on my, my website. I've got some articles listed so they can, you know, kind of dig around a little bit more and read and think about, yeah, this, what my problems that she's talking about and I think she can help me. I'd love to have those conversations.
[00:21:35] Speaker B: I'll make sure the team puts your contact details on the show notes as well, so it's easy for them to just click straight into you.
Veronica, it's been an absolute pleasure having you on the show today. Thank you very much for your time and for your insights. It's been most uplifting.
[00:21:50] Speaker A: Thank you. Fun chatting with you.
[00:21:52] Speaker B: You too. Thank you,
[00:21:59] Speaker A: Sam.
