Profit Is A Choice

As a business owner, one of the biggest challenges you face is managing your pricing strategy in response to fluctuating costs. Pricing is a crucial element that can determine the success or failure of a company. On the podcast today we will explore how to manage this in your business.

• Cost management

• Brand promise

• Pricing structure

• Strategy

• Setting the right price for products or services is essential to ensure profitability, but sometimes external factors can lead to higher costs that may require a company to make tough decisions. Michele (1:03)

• When you begin to incur higher costs as a business owner, one viable option is to adjust pricing accordingly. Increasing the price of products or services can help offset the additional expenses. Michele (1:59)

• When facing higher costs, you have the option to absorb the additional expenses and reduce profitability. This can be a difficult decision, as it may lead to short-term losses, but can lead to long-term benefits. Michele (3:59)

• There is a sweet spot for every business which might mean a minimal increase in pricing along with internal expense reduction strategies to mitigate loss of profitability. Michele (5:25)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Scarlet Thread Consulting

• Metrique Solutions

• Sign up for a Discovery Call

Joining me today on the podcast is Dominique Deraiche, with Designer Elite. She is a co-founder of Designer Elite, which provides Operations and Support for interior designers. Dom and I are going to have an awesome conversation on how to get help, how to determine when we're in overwhelm, and how to ask for support and delegate without dumping. Enjoy.

• Delegate

• Virtual assistant

• Overwhelm

• It's very hard to say that we're process driven because everything's so custom, and it is custom. But having a process to work within then allows us the freedom to be so creative. Michele (4:32)

• Some of the ways you could determine that you really need to reach out for help is if you have a huge to-do list. There are pieces of your business that are slipping through the cracks, you're pushing out projects because you're just so overwhelmed. Maybe you're completely turning away projects. These are all key indications that you should be reaching out for help and delegating some. Dominique Deraiche (9:25)

• One of the ways that I suggest preparing to make it work with a virtual assistant is having an idea of what it is we think we need. Michele (17:22)

• I always set the expectation, that we need to hire the right amount of people who are going to be specialists in these various areas. It's really rare to find one person who can mold themselves into all aspects of your business. Dominique Deraiche (23:16)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: http://www.eliteopssupport.com/

• Instagram: @designer.elite.co

• LinkedIn: https://www.linkedin.com/in/dom-deraiche-65aa09240/

• Work with Me

• Metrique Solutions

• Scarlet Thread Consulting

• Ep 135 How Successful Interior Designers Delegate to Their Team with Michele Williams

Joining us on the podcast today is Barbi Burris. Barbi is the owner of Full Well fitness and has a signature program the Well Stretched Life. She is a Christ follower, a flight attendant, a certified fitness instructor - she does all the things. She knows what it's like to have a very busy life and to try to work in being fit at the same time. And you know, that's the life that many of us have, we're really, really busy. We need to take care of ourselves. Our conversation today is going to be centered on how we can take fitness and put it into our life in doable doses and why that's so important. Welcome to the podcast.

• Holistic fitness

• Strength and Stretch

• Doable Dose

• New Habits

• Whether you're sitting or you're standing, we all have jobs or lifestyle factors that we're doing repeated movements. Barbi Burris (7:23)

• I want to go and not have to think about it. The truth of the matter is, I'm still thinking, and that's what Pilates and you have taught me is that I'm not going to make you think Michele in this moment about the movement, but I want you to be reconnected to your body, I want you to think about your body. Michele (15:23)

• In order to get to where you want to go, you have to be able to change in the moment, what you're doing to meet that angle. And they change as we get older because our bodies change. It's that awareness factor. And I do teach that and I call it ABCs. Awareness before change. It is that connecting brain and body and being aware so that you can get to that profit line that you need, so that you can do more of what you love. Barbi Burris (17:17)

• Awareness of what's happening around us awareness of how we feel awareness of our team, right just that awareness. And then gives us such information and input to make the next decision. Michele (29:51)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: Full Well Fitness

• Facebook: Barbi Burris

• Instagram: @barbiburris

• Work with Me

• Metrique Solutions

• Scarlet Thread Consulting

• Rise and Shine Guide - Barbi Burris

• Ep 40: A Strong Core for Body and Business with Kolleen Losch

Have you heard of quiet quitting? Maybe you have seen or felt it in your business or when speaking with a colleague. Quiet quitting is defined as an emotional quitting instead of physically doing so. On the podcast today we are exploring quiet quitting. What it is, how it occurs, how to spot it and hopefully stop it before it escalates.

• Disengaged

• Lack of motivation

• Employee health

• Connected workplace

• Quiet quitting is a thing! And we are seeing it more and more in the workplace. It is defined as emotionally quitting – tapping out, all while physically still coming in and doing the job. Michele (1:13)

• Every person on the team should know the high level of what the business does, why it does it, who it serves and how their job fits in. Michele (1:58)

• Quiet quitting, when hitting its peak, can show that expectations are out of control and that team members are demanding a realignment. Michele (6:37)

• One of the best ways to reduce quiet quitting is to have one meaningful conversation each week with each employee lasting 15-30 minutes. Michele (7:30)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Scarlet Thread Consulting

• Metrique Solutions

• Sign up for a Discovery Call

Joining me on the podcast today is Kaitlin Brophy with Brook and Elm. What I love about the conversation that we're about to have is that it's going to be focused on creating a niche company from the very beginning, using skill sets from a prior career, and also just building a business with intentionality. So I hope you enjoy the podcast.

• Niche

• Outdoor design

• intentionality

• Building in a season

• I learned from listening to a podcast that there is a real benefit and importance to niching in your business for setting yourself apart. Kaitlin Brophy (6:03)

• I wanted to be able to be kind of a whole person in that I needed to have some type of outlet to express my creativity and my desires. But I also wanted to be that mom and I wanted to be a wife and I wanted to be able to go pick them up at preschool or do whatever I needed to do. Michele (9:35)

• One of the things that was easy for me to translate into the businesses that I've created are those operations and procedures all the way back from building software. Michele (14:07)

• I think the pandemic taught everyone how important is to have outdoor spaces that they want to spend time in and really make fun and functional. Kaitlin Brophy (22:47)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: Brook and Elm

• Instagram: @brookandelm

• Work with Me

• Metrique Solutions

• Profit First by Mike Michalowicz

• E-Myth by Michael Gerber

Joining me on the podcast today is Nikki Rausch. She is a sales coach and trainer and author and a speaker. And she talks about authentically moving people through a sales process. I'm so excited to have her on. She has her own podcast, The Sales Maven. So make sure you check that out and welcome to the podcast.

• Creating a sales progression

• Create curiosity

• Closing the loop

• Power of silence in the sales process

• The goal in sales is to match a need with an offer. Then if we have the solution, we offer it. Michele (3:13)

• Sales is actually something you do with people. It's a collaborative experience. Does this person have a need? And if they have a need, do I have permission to put a matching offer in front of them so that they can make a decision as the adult that they are, whether or not it's the right next step for them. Nikki Rausch (4:26)

• The more transparency and the more relationship you build in the sales process that carries forward into the actual work with that particular person. Michele (29:04)

• When you don't issue that close language that is involved with the proposal, if you say, I'm going to send you the proposal, why don't you take a look at it, and then let me know what questions you have. Then we can circle back later, you have essentially just said to this person, add me to your to do list. When you add yourself to somebody's to-do list, the chance of you ever making it to the top is slim to none. Because they have decision fatigue. Nikki Rausch (35:53)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: Your Sales Maven

• LinkedIn: Nicole Rausch

• Facebook: Your Sales Maven

• Instagram: @nicolerausch

• Work with Me

• Metrique Solutions

• How Strategy Informs Your Decision Making - Sales Maven Podcast with Nikki Rausch and guest Michele Williams

• Closing the Sale Ebook by Nikki Rausch

Here is a question I get repeatedly when someone shows me their financials, "Is this good?" While many may be good judges of great design – being a judge of great financials can be a bit more difficult if you don't know what you are looking at or how to compare the numbers you are seeing. In this podcast I will share some benchmarks for financials in the Interior Design industry – and in healthy businesses in general.

• Benchmarks

• Financial markers

• Trends

• Remember that the numbers are just that – indicators. If we don't like them – then we need to change the decisions that created them. Michele (2:15)

• Cash flow is hitting a hiccup due to delays and problems in the installations. Learning to manage the flow of cash in and out of the company will be most important for this upcoming year. Knowing your monthly "nut" and preparing the work to cover that financial nut is imperative. Michele (8:37)

• It is important to recognize that these are healthy percentages for companies and to be used as a starting point for comparing your company. Perhaps you have made other decisions to move your money in another direction. At a minimum, know what your tradeoff is. Michele (11:46)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Scarlet Thread Consulting

• Metrique Solutions

• Profit First by Mike Michalowicz

• Understanding Your Financials®

• Profit is A Choice® podcast with Michele Williams

• Financial Health Check Up

• Metrique Solutions™

• Sign up for a Discovery Call

Today we have Jamie Van Cuyk. Jamie is a hiring strategist, a podcast host, and a speaker. And today we are going to dive into all things hiring. I know that hiring a team has been very difficult for many of you, you've probably had some starts and stops along the way. You're wondering what the next right hire is, how to make sure you're choosing the right person. And that's the conversation that we're going to dig into. So welcome to Jamie Van Cuyk.

• Interviewing Skills

• Strategy to Hire

• Choosing a Candidate

• I've beI learned how to really identify who you need for that position, versus who works well for this title. Jamie Van Cuyk (2:54)

• When I am looking at hiring somebody, I care more about a couple of things. After you get past where you fit into the culture and into the values match, I'm really looking for things like, your critical thinking abilities and I want to understand your ability to prioritize work. Because if you can think critically, and you can prioritize work, and you fit within the value structure, I can usually work with you. Michele (15:55)

• When I first started interviewing one of the mistakes I was making that now I coach all my clients on before they go into that first interview is I would ask the question, and then I would keep talking. Almost like, let me guide you exactly to what I want to hear. And then I realized that I was doing that because I thought the candidates needed that in order to feel comfortable answering my question. Then I learned, ask the question and shut your mouth. Do not say anything else. Jamie Van Cuyk (24:17)

• It really is true that we need to hire slowly and fire quickly. Michele (35:59)

• There are four signs that to look for in your business to see if you really need to hire and I encourage you to look at the signs, or look for the signs about once a quarter, because it's so easy to get overwhelmed. The first is, you're saying no to your ideal customer. The second is you're losing customers due to poor customer service. The third one is you can't expand your time, you just have to focus on what you're currently doing in your business. And then the fourth one is that you don't have a certain skill or expertise needed. Jamie Van Cuyk (42:22)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Website: Growing Your Team

• LinkedIn: Jamie Van Cuyk

• Facebook: Growing Your Team

• Instagram: @growingyourteam

• Pinterest: Jamie Van Cuyk

• Email: [email protected]

• Work with Me

• Metrique Solutions

Today we're going to be talking with Sandra Halling. And Sandra describes herself as a recovering corporate consultant turned anti-hustle, pro-equity, productivity coach. We're going to be discussing all about listening to ourselves, having an awareness, and then creating some opportunities to protect ourselves while we're also building our firms. And so it was just such an awesome fun conversation, but also one that helps you think deeply about caring for yourself and caring for your business so that you can care for your clients. So enjoy the podcast, and I'm excited to have Sandra with us.

• Future Identity

• Worthiness

• Intention

• Professional Balance

• I've been working through a process of understanding what it really looks like in a regulated mindset. To be strong and kind. At the same time. Michele (4:26)

• The thing that I like to offer as a practical aspect of buffer time is that I think it comes in different flavors. If there's the buffer that we're talking about, which is space before and after vacation, that's one version of it. Another version of buffer is the space between meetings. For example, with podcast interviews, I always put 30 minutes of buffer before, so that I have plenty of time to just get myself settled, make a cup of herbal tea, grab a notebook and just be really ready and centered when the interview starts. Sandra Halling (12:53)

• I think one of the big things that we've actually been talking about or talking around without naming exactly, is being intentional with ourselves, right, because we first have to be intentional with ourselves to be intentional with our business. Michele (21:35)

• Goals, to me, are outcomes. They're metrics, they're clear, they're specific, you know when you've got them. Whereas a state is an emotional state. It could be something like I am brave or I am conscientious. Sandra Halling (24:23)

• The other piece that you mentioned, connecting from the head to the heart is, I believe that worthiness, enoughness, and empowerment are inside jobs. Nobody can give that to you. You have to give it to yourself. Sandra Halling (29:09)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Website: Feel More Productive

• LinkedIn: Sandra Halling

• Email: [email protected]

• Work with Me

• Metrique Solutions

• Atomic Habits by James Clear

• Begin With The End in Mind for Your Design Business EP 110 with Michele Williams

Usually, we talk about ending a year well. What could it look like to start the year well? Hang with me as we consider what could make our year begin well.

• Intention

• Ease

• Profitable

• To be honest, sometimes I really get caught in the tension of wanting to start the new year, but at the same time, not really wanting it to come, usually, because I'm looking ahead, and I'm taking it all in. And all I can think about is all the things that I need to do, the big goals that I want to achieve, the strategy that I've set. I'm excited, and I am almost afraid or fearful of the time it's going to take, the effort it's going to take, and what's going to happen. Michele (0:58)

• I am trying to get into a really good habit that if I add something new, I take something away. Michele (2:45)

• Number three is to focus on one quarter at a time, again, not on the entire year, but on a small subset. Michele (3:44)

• The seventh thing that I'm going to try to do this year is to really be easy on myself, as an owner of a firm, we carry a lot of weight, a lot of responsibility, we're making a lot of decisions. And so that just carries such a weight that we almost feel like we can't make a mistake or a misstep. Michele (8:12)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Scarlet Thread Consulting

• Metrique Solutions

• Traction by Gino Wickman

• 12-Week Year by Brian P. Moran and Michael Lennington