Profit Is A Choice

With me on the podcast today is Courtney DeRonde. Courtney is a CPA and Managing Partner of TDT CPAs and Advisors in Iowa. Courtney and her team provide boutique advisory services for small businesses that are in a growth mode. Today, she shares with us the 5 blindspots of a growing and scaling company. If we ignore these blindspots issues can certainly arise. Courtney offers actionable ways we can recognize the blindspots and do something about them in advance. Enjoy the podcast.

• Scenario planning

• Stress testing

• Financial data

• Blindspots

• One of the things that we found when we started to really focus more on being proactive, is that a foundation of being proactive is having accurate, timely financial information. Courtney (03:25) 

• I really love the idea of teaching and creating frameworks, because we can pick them up and move them around to solve other problems. Michele (21:02) 

• It is not just accurate and timely, that's foundational, but it also needs to be relevant. Courtney (31:45) 

• As a coach that focuses on financials, what I do is use those financials, to determine what decision making has been happening. Michele (33:55) 

• If we like the numbers, keep making the same decisions. If those are not the numbers that we want, or that we need, or that are going to carry us forward, we have to go back and determine which activities need to change. Michele (34:20) 

• Cash flow problems are just a symptom, they're not the underlying problem. Courtney (37:18)  

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: tdtpc.com

• LinkedIn: Courtney DeRonde

• LinkedIn: TDT CPAs and Advisors

• Facebook: TDT CPAs and Advisors

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

• 5 Keys to Success that Exceptional Leaders do that Spur Growth and Profitability - Ep 27 with Eileen Hahn

• How to Easily Understand Your Interior Design Businesses’ Finances - Ep 136 with Jack Tomkins

• The E-Myth Revisited - by Michael E. Gerber

• 5 Blind Spots as Companies Grow & Scale E-Book by Courtney DeRonde

• Text “blindspot” to 33777 - to the free E-Book via text message

Joining me on the podcast today is Jack Tompkins of Pineapple Consulting Firm. Jack began his career in the insurance world where he focused on analytics, financials, and building relationships. Now, he works with business owners to turn their flat data into beautiful visual representations to make analyzing and understanding the data so much easier. This was a really fun conversation to have and it seriously inspired me with the possibilities. Listen in for ideas on how to turn that flat data into something more.

• Data analysis 

• Visual representation 

• Power of numbers 

• Dashboard 

• The truth of the matter is, we needed to know the numbers when the pandemic hit, but we needed to know the numbers well before then. Michele (04:12) 

• The people, who knew their numbers, were able to quickly pivot their business and to make decisions, sound decisions. Michele (05:31) 

• My little tagline for it is combining the art of the gut instinct and the science of data. Both are totally necessary. Jack (08:57) 

• A pretty picture is great. But if you don't know what it's telling you, that's a whole other issue. Jack (23:48) 

• We can then actually look at and analyze the data, which is where your solution comes in to help us take that data, pull it off the page, and create it in a visual, beautiful, branded way. Michele (52:11) 

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: pineapplecf.com

• YouTube: Jack Tomkins YouTube

• LinkedIn: Jack Tomkins

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

• Referral Without Asking For A Full Pipeline - Ep 27 with Stacey Brown Randall

• Hindsight Brings Clarity to Your Business - Ep 124 with Ceil DiGuglielmo

• Correct Your Cash Flow - Worksheet

Are you feeling overwhelmed with work? Many businesses are right now due to the massive desire our clients are having to control where and how they live since we are spending more time at home. On this podcast we are going to discuss how to delegate work without dumping it. There is a difference, and you might be surprised to know many of us thought we were delegating work when really, we were just dumping it off on our teammates. Let’s break this down together.

• Educate

• Equip

• Expectations

• Empower

• Encourage

• To educate means to give information that someone needs to do the job. We can accomplish this by having standard operating procedures. Michele (04:49) 

• When we equip our team members, we are now giving them the tools they need to accompany the education we have provided. Michele (05:21) 

• This is a good time to do active listening to ensure you both agree on what needs to be done and the boundaries and expectations around it. Michele (07:12) 

• Simply stated, get out of the way. Let your team member do the work. Michele (07:56) 

• When we actively, with intention, delegate something to someone – we need to be their cheerleader. Michele (09:15)  

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• The Designers' Inner Circle - Become a Member Today

Laura Licursi is the founder and owner of Elite Virtual Assistants, a virtual staffing agency that helps busy professionals, like all of us listening, go from busy and overwhelmed to productive by helping them delegate work that is keeping them IN their business so that they can work ON their business. 

In our time together today, Laura and I will hit some of the following topics surrounding hiring a VA. First, we will talk about what a VA is, how it is different to an OBM – I know, lots of acronyms, but I promise we will make sense of them. We will chat about hiring from an agency vs. straight freelance when to know if the timing is right, and what you need to have in place to do it well.  

I have many VA’s and they help support me to run my business. Listen in to see when might be the right time for you to bring on help in this area. 

• Virtual Assistant 

• Online Business Manager 

• Agency vs. Freelance 

• Readiness 

• The virtual assistant world has exploded and changed, all of these things have shifted and changed. Michele (05:05)

• It's almost like we both have an advocate between us that adds value, and keeps me from having to manage some of the details of the VAs that I would have to manage in a freelance environment. Michele (10:00)

• People ask me when is the right time, and I can tell you the wrong time is when you're in over your head. The best time is the very beginning. You cannot grow any bigger than the time that you have to dedicate. Laura (18:39)

• The way I'm going to start delegating is to look around and say, if I never have to do that, again, would I be okay with that? If so, write it over here on the list and start delegating it to a VA. Michele (20:46)

• It does take time on the client-side, to make sure that you dedicate time in the beginning, to onboard the VA properly, to make sure that they know what your expectations are, and that you have a communication plan in place. Laura (23:00)

• If you are financially prepared to hire the VA, you are going to be so much further ahead of the game than if you're scrambling every month to try to come up with the money to pay somebody, that's just going to cause undue stress on all parties. Laura (37:44)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: elitevirtualassist.com/

• VA HUB Website: elitevahub.com

• Elite VA Match Website: elitevamatch.com

• Facebook: Elite Virtual Assist

• Twitter: @evassit

• Instagram: @elite_assist

• LinkedIn: Laura Licursi

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

• Traction by Gino Wickman

• E-Myth Revisited by Michael E. Gerber

• Who Moved My Cheese by Spencer Johnson

How often do you consider the idea of a team in your business? Perhaps you are a solopreneur and think you work alone. Or maybe you have a huge group of employees and sub-contractors. Either way, and everywhere in between – we work as teams to get things done. On today’s podcast, we will look at the 5 areas to focus on for our teams to be strong.

• Role

• Expectations

• Team Characteristics

• Communication

• Feedback Loop

• When we are looking at the idea of team, we are only as strong as our weakest link. Michele (02:28) 

• Don’t keep trying to fit the round peg into the square hole. It will only cause frustration and will lead to a loss in income and sleep. Michele (04:34) 

• Not only do the roles need to be defined for a team, but the expectations for the work to be produced needs to be clearly defined. Michele (06:13) 

• The hardest part of team is not knowing where we are at all times. Communication is the key to solving this issue. Michele (07:49)  

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• The Designers' Inner Circle - Become a Member Today

• The Belief That Could Be Killing Your Design Business - EP 127 with Michele Williams

Rose Zefferino is the owner of Z Domus Designs, a builder’s interior design firm, located in Pennsylvania. Rose began her career in homebuilding as a project manager right out of college then moved over the years into more of a design position focusing on selections and assisting other builders in creating a smooth-running process. This process serves both the clients buying and building the home as well as the builders responsible for the construction.  

In this episode, Rose shares with us how her design and selection management process has been honed based on her beginning in construction. We discuss the differences in custom builds and community management, as well as hiring for these different but similar support positions.  

This episode also helps continue the conversation that there are many facets to design and finding your area of expertise and doubling down on that can be profitable.

• Construction Management

• Selection Management

• Systems and Processes

• I managed the building process from foundation through the windows being cleaned. It was everything in between. While I wasn't actually swinging a hammer, I managed all of the phases that were involved in building the house. Rose (03:22)

• I think that is the one of the bigger pieces. Understanding the timing of building projects from construction all the way through design. Michele (18:48) 

• I want to create the Z Domus process, so that it is consistent across the board. While the products are different, and the offerings are different, the process is the same so that my designers are not having to reinvent themselves with every new builder that we have. Rose (32:21)

• I want to talk about the differences between the designers that work on specialty builds because there is a difference. The way that we would approach trying to get 50 houses done in a timeframe versus three houses done in the same timeframe. Michele (46:04)

• Whereas in the community side, many of the design decisions have already been made, there may be tweaks, but it's quicker, faster, you know, and more limited. Michele (55:18)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: zdomusdesigns.com

• Facebook: Z Domus Designs

• Instagram: @zdomus

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

• Hiring Exceptional People - Episode 50 with Eileen Hahn

Creating a strategic plan does not have to be difficult or overwhelming. If you followed along in my year end planning podcasts, you have a lot of the inputs to this strategy. If not no worries, you can do it now. Let’s build a strategic plan!

• Vision

• SWOTT

• Milestones

• Goals 

• A strategic plan, simply put, is a document that tells where a company or organization is going. Consider it your road map for traveling into the future with your business. Michele (4:54)  

• Part of the beauty of creating a plan is having an idea of where you are going so you can plan in advance. Michele (10:24)   

• Every company has a limited supply of resources. These resources can be time, money, and people. Knowing how to spend each of these gives us an advantage. Michele (15:40) 

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• The Designers' Inner Circle - Become a Member Today

• Traction by Gino Wickman

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

• 6 Pre-Planning Tips for Your Design Year - EP 116 with Michele Williams

• 4 Year-End Steps to Prepare Your Interior Design Business - EP 118 with Michele Williams

• Year-End Planning for HR, Marketing and Finances for your Design Firm - EP 121 with Michele Williams

• 5 Reasons Successful Interior Designers Use a Strategic Plan - EP 129 with Michele Williams

Julia Hash of JSH Designs in Raleigh, NC joins us today. Julia owns a full-service boutique drapery fabrication and design studio. She shares with us how her dream started in her attic, moved down to the main living space, then outside of her home. Listen in to the journey of entrepreneurship that Julia has taken, and continues to take to grow the business in a way that accentuates what she and her team do best.

• Growth

• Hiring

• Expansion

• Processes

• I had gathered what I could gather, and I felt like I needed more; I needed community, I needed to talk to somebody, I needed to work through some things. Michele (5:47)

• I knew it was the right thing. I was just scared to do it. Julia (13:55) 

• It's finding somebody who has those skills, that have the work ethic, that wants to come in and get the job done. Julia (29:23) 

• Sometimes we underestimate how we solve problems for ourselves, and then others see it and want to use it too. Michele (40:42)

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: jshdesigns.com

• Facebook: JSH Designs

• Instagram: @jshdesignsraleigh

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

When I started my first business, I was just doing the work that was in front of me. I had no real plan for where I wanted the business to go and no real plan for the financial success and long-term sustainability of my company. Each year setting goals felt like I was just choosing what felt right or what I was hearing from others at the time without any real basis at all. And you know what, the goals I set did not matter very much as the difficulty of the year progressed. Just like those fitness goals set in January with good intentions, they fell by the wayside. But there is a better way.

• Strategy 

• Planning 

• Clarity 

• Communication 

• A strategic plan, simply put, is a document that tells where a company or organization is going. Consider it your road map for traveling into the future with your business. Michele (4:54)  

• Part of the beauty of creating a plan is having an idea of where you are going so you can plan in advance. Michele (10:24)   

• Every company has a limited supply of resources. These resources can be time, money, and people. Knowing how to spend each of these gives us an advantage. Michele (15:40) 

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• The Designers' Inner Circle - Become a Member Today

Lori May of Lori May Interiors is with me today on the podcast. Lori started her business by blogging which led to rapid growth, an opportunity to be on HGTV, and now running a full-service design business with a team. Lori’s passion to make the ordinary – extraordinary comes through in our conversation. She focuses on building trust with her clients and vendors and enjoys the collaboration aspect of design the most. Listen in as she shares her story. 

• Profitability

• Vulnerability

• Trust

• Collaboration

• I do remember you being very clear on having that clear separation of, this is my family and my family is private. Michele (09:44)

• How do you separate so that the client’s work does not encroach on your girls and what they need? Michele (25:05)

• We have a handful of builders who we work with repetitively because they subscribe to the same sort of ideals and working environment that we do. Lori (38:51) 

• Growth doesn't have to mean more dollars, more clients. Lori May (53:20) 

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: lorimayinteriors.com

• Facebook: Lori May Interiors

• Instagram: @lorimayinteriors

• Email: [email protected]

• The Designers' Inner Circle - Become a Member Today

• Who's in Your Room: The Secret to Creating Your Best Life by Ivan Misner, Ph.D., Stewart Emery L.H.D., Rick Sapio

• Pricing without Emotion®

• Understanding Your Financials™

• Master Your Profit® Course