Profit Is A Choice

Joining me today is Kelcee Sparks with Elite Ops, and we are going to be talking about financials. This is always one of my favorite topics to talk about, and so I'm excited to see and to hear the questions that she has for me.

• Basic financial concepts
• Understanding your financials
• Strategic planning
• Profit First

Key Thoughts:

• The first is I think every business owner should understand their major anchor points, especially from a P&L. What does that mean? It means I think they need to understand revenue, and how money comes into their business. Michele

• Knowing our financials gives us the ability to know when we are going to do a task, how much more it's going to cost us or save us, and then it also gives us the ability to know if I say yes over here, then I need to say no over here. Michele

• One I would say really is about creating some type some type of Profit First strategy, which means, first and foremost, watching the money, looking at the money, knowing when the money comes in, knowing how much we need to pay out every month kind of tells me how much I need to be bringing in every month to satisfy that particular need of the company. Michele

It's about having a good accounting system, having a time tracking system, and then having a system like Metrique that pulls it all together to be able to look at it. Michele

Contact Michele:

Email: [email protected]

Facebook: Scarlet Thread Consulting

Instagram: @ScarletThreadATL

Website: ScarletThreadConsulting.com

LinkedIn: Michele Williams

References and Resources:

Work with Me

CFO to Go

Metrique Solutions

Profit First by Mike Michalowicz

Joining me on the podcast today is Amanda Scotto, principal designer and owner of AMA Designs and Interiors in New Jersey. Amanda is a client of mine, and she is going to be sharing her journey starting with where she began, some of her early successes and pivots that she's had in her business, and challenges that she's encountered. She is very transparent, and freely shares with us, giving us an opportunity to learn about resilience, planning, and raising our hand when we need help. It was an awesome conversation and I invite you to listen in.

• Cash flow

• Investment

• Growth

• Pivots in business

• I was always inspired by design and architecture and construction from a very young age. My father and grandfather owned a construction business. I basically grew up on the sites, my mom would drive me to visit, and I would have lunch in the trailer with my dad and grandpa. It was at that point where my grandpa sat me on his lap, and he taught me how to read the blueprints and then he showed me how the sketches became the framework, and the framework became the building. Amanda 2:09

• Everybody has to start somewhere. I want to invite you as we take a moment to look back at where you started, let's look back with grace. Let's look back with appreciation. Let's look back without embarrassment. I mean, we all start somewhere. If anybody listening to this podcast hears anything, I want them to not be afraid of their own origin story or embarrassed of their own or even when it takes twists and turns, knocks you down and skins your knees. It's your story and it is part of what has you in the wonderful position that you are in today. Michele 8:24

• That is when I started working with you and we've corrected the problem. I made it through. I'm doing so much better than before and now I have the confidence in my numbers. I am a totally different person than I was a year ago. I'm pulling reports. I'm analyzing my numbers. I'm sitting down with my accountant. we're having these educated conversations on making decisions based on numbers, margins, percentages, like all these things that I did not have the competence, or the knowingness and I can actually happily say that I'm getting my new office space soon. Amanda 43:28

• I think that's what a lot of people miss is the net profit. They look at net profit and think that's profit, I can take it home or look in the bank account and think is there I've paid everything I can take it home instead of saying but what does that bucket of money need to do in the future and have I set it up to do that? And that's a big question to ask. What is the job responsibility of your net profit? Michele 44:41

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: www.byamadesigns.com

• Instagram: @amadesignsinteriors

• Facebook: @byamadesigns

• Work with Me

• Metrique Solutions

Joining me on the podcast today are Joann Kandrac and Kelly Kole of Kandrac & Kole Interior Designs based here in the Atlanta area. Kelly and Joann have been together for about 18 years, and they do something every year that has just really been inspiring to me. They go on a mission trip to Guatemala to help others in need. On the podcast today, Kelly and Joann are going to share about the process of how they came together as business owners, how they implemented and embraced this mission trip, and how they look forward to it every year. There is truly profit in giving to others and you're going to experience that on the podcast today.

• Philanthropy

• Perspective

• Gap and gain

• But for ourselves to stay safe sane, and to have a good attitude all the time, that is kind of where we come from that we have our heads on straight. I have to say giving back and going to Guatemala and all those things have helped us to maintain that, so we don't get too wrapped up in ourselves and stupid stuff. Kelly 14:58

• Yes, I think perspective is a really big deal. Because you need to be reminded, you get kind of on that wheel and if you don't remind yourself, you can get carried away. So, I feel like we do have a really good perspective, we don't work ourselves to the grind. Joann 17:17

• So, I think for us working in luxury environments, because it is such a big difference in some cases. Honestly, the longer we stay in our luxury ways and luxury businesses, the more we become accustomed to that, and it's important, I'm not saying any of it's wrong, it's just a very different view. The beauty that I think you have, in your perspective, is you've seen both. Michele 33:30

• Get uncomfortable, put yourself in that place, and go help somebody. Let them be a blessing to you because it'll change the way you deal with other people, the way you approach your business, the way you calm your anxieties, and how you are always chasing that gap that ideal that you'll never get and cause you to relax. It'll help you. Kelly 34:29

• You know, to look back at that house, it's almost like when we're there, you're kind of on autopilot. You're not sitting here thinking about, oh, I'm hungry, you're just doing it. You're with the group and everybody's doing it and it just kind of happens. It's really amazing. It really is, and I urge people to try to do it. Joann 38:30

• I say that because sometimes for people who have never done this, this feels so big and so overwhelming, and like there needs to be so much that happens to be ready. That it really is about creating it the same way as if it is a personal vacation. It gets put on the calendar, you plan up to it, you work around it, and you keep going. Michele 44:48

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: https://www.kandrac-kole.com

• Instagram: @kandarckole

• Facebook: @kandracandkole

• LinkedIn: Kandrac and Kole

• Pinterest: @KandracKole

• Twitter: @KandracKole

• Work with Me

• Gap and the Gain

• Dwell with Dignity

• Catalyst Resources International

• Sunshine on a Ranney Day

• Partly Sunny

• No Longer Bound

• Dwell With Dignity

• Kandrac and Kole podcast

Joining me on the podcast today is Angela Foster. She is a style coach who is going to help us focus on how to be confident in what we're wearing no matter where we're going, and no matter what our sizes. We can all dress to accentuate our best features. Listen in and learn how.

• Confidence in dressing for any occasion

• Tools to shop with confidence

• Accentuating and minimizing with confidence

• We're starting our day with our own internal mind chatter that is not setting us up for confidence and success and joy and all those things that we need to be who we need to be in our day-to-day job." Michele 8:58

• There are also the colors that look best on your skin tone, so we nail those down. This may not be the sexiest part of it, but the thing that makes it so powerful is that when 80% of your closet is in a certain color palette, it makes mixing and matching so much easier. Angela 14:37

• Think about it this way, as designers, we would never go in and start specking furniture for a room that we didn't know the sizes of, we would never do that. We would go in, we would know the sizes of the walls, we would know where the doors are, we would know what we wanted to accentuate and what we wanted to minimize, and we would know where we wanted the focal point of that room to be. We would take those measurements, we would create a floor plan, and then start buying furniture pieces of the size and proportion that fit into that plan. That's how we do it. Why do we not do that in our own clothing, I don't even know my current sizes. Michele 40:14

• Make a list. Be specific. Know your numbers, know how the brand fits you and I can help with that. Have a list and stick to your list. Angela 44:20

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Website: https://angelastylecoach.com

• Instagram: @angelastylecoach

• Facebook: @AngelaFosterStyleCoach

• LinkedIn: @angelapetitestylecoach

• Pinterest: https://www.pinterest.com/5047055232cfd4923bc1db5efe6095/

• Work with Me

• Growth Mindset by Carol Dweck

• Angela's free workbook

Joining me on the podcast today is Kelcee Sparks with Elite Ops. She has been with us on previous podcasts where we are answering the questions that you all have sent in and today, we're focusing on processes. We are going to answer questions on how to get started, how to organize and structure your process, where to put your processes, who will help write the processes, and even discuss the importance and the mindset behind a process. Today's podcast has lots of good information and we thank you for joining.

• Process Creation

• Mindset

• KPIs

• One of the things that I love is to have whoever is already in a job, let them document what they do, or their part of the process and then somebody else read it and see if they can do it. Michele 8:10

• That's why creating those standard processes is so important because when there is an error, you can go back through your process and understand it and fix it for next time. Kelcee 13:54

• The other thing that I would say is to find the processes that matter the most to the success of your company because those are the ones that we really want to try to document as quickly as possible. Michele 24:32

• One of the things that I brought into my business from my industrial engineering background was a continuous process improvement mentality. Kelcee 31:16

• Until we realize that processes are important to the success of our business, we will not give them time. Michele 36:14

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Facebook: Elite Ops Support

• Instagram: @EliteOpsSupport

• Work with Me

• E-Myth Revisited

• The Miracle Morning

Joining me today is Rasheeda Gray of Gray Space Interiors. Rasheeda started her business 7 years ago as part time and then evolved into full time business ownership. In this episode we will discuss the journey to growing a business and leading a team. Rasheeda shares her lessons learned and you don't want to miss them.

• Life Vision

• Goals with connection

• Process

• New beginnings

• Everything happens for a reason and so I think my marketing degree, my business sense, and I have an MBA as well, those sorts of experiences and education have sort of prepared me for where I am today. Rasheeda 8:06

• We're all on this journey, this life journey, and where we start doesn't have to be where we end. As a matter of fact, I hope that it's not unless it is perfect when we start. But we have the ability to move through it and to try different things. Michele 9:42

• It was as simple as profit and loss, and realizing our P&L statement isn't the only part of the story, you also need to look at the balance sheet. That's when I realized, oh, this is where we aren't doing so well. Rasheeda 36:09

• It was powerful information and now you can use that information to get what you want on the other side. You can affect change. That's why my tagline is what you own, you can change. Michele 39:50

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Instagram: @grayspaceinteriors

• Facebook: @grayspaceinteriordesign

• Website: https://grayspaceinteriors.com/

• Work with Me

• Metrique Solutions

• Atomic Habits by James Clear

• E-Myth by Michael E Gerber

• Clock Work by Mike Michalowicz

• Good to Great by Jim Collins

• House Beautiful Whole Home 2023

With me on the podcast today is Kathy Geffen of Kathy Geffen Designs and Fine Tune Coaching. Kathy has had an amazing 25-year career in corporate America doing all types of organizational management, started a drapery workroom in 2015, and has recently launched Fine Tune Coaching. We're going to have a great conversation about what it's like to overlap with different areas of business, what makes it so important to be connected to your goals, and to be able to organize them in a way that they can be achieved. There is really great information in this podcast, and I hope you enjoy it. .

• Life Vision

• Goals with connection

• Process

• New beginnings

• But it was the first time in my life, I could say that I have a goal that I want, and I understand how I have control to get to that goal. Kathy 10:12

• In other words, the goal is not just the end result, it's the process of growing and taking baby steps to get there so that if I'm thrown off a little here a little there, say I fall a little short of the goal, I'm not like beating myself up that I didn't meet the goal. Michele 13:17

• I want to help the business owner understand how to make their day and their business achieve their goals. Kathy 31:21

• When you help that business owner, even create a Kanban Board, and understand the concept behind it, yes, it took some of your time, even if it was 10 minutes, and you didn't even recognize the impact, sometimes those are the biggest impacts when we don't even recognize it. Michele 36:19

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Instagram: @finetunecoaching

• Instagram: @kathygeffendesign

• Website: www.kathygeffendesign.com

• Website: www.finetunecoaching.com

• Work with Me

• Beyond Booked Solid by Michael Port

• Metrique Solutions

With us today is Anastasia Harrison of AHD&CO as well as with AHD Trade. Anastasia is a licensed architect and an interior designer with a primary location in New Jersey. Her business has grown and changed since she first started and we're going to be talking about how it has diversified with a trade-only showroom. Join us and listen in. I hope there are some great takeaways for you.

• Different Income Streams

• Internal Growth

• Coaching Employees

• Leveraging Relationships

• don't want an employee for two to three years; I want an employee for life. Anastasia 22:12

• From my standpoint and working with you on this, this has been a thought-out process it's been well over a year in the creation. Michele 24:46

• We took the time that we were building this space out to have strategic meetings with all of our vendors. Anastasia 27:17

• What I hear you saying is when you place the order, we want to carry some of that mental load so that you don't have to carry it. We're going to update you so that you don't have to chase us to get the answer. Michele 33:57

• The person building a brand new house, the woman buying a sofa for her client, they're all the same to me. They're all clients, and they deserve the same mission, vision, and values that we have as a firm. Anastasia 34:13

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Facebook: ahddesigncenter

• Facebook: ahdandcodesignstudio

• Instagram: @ahdandco

• Instagram: @ahddesigncenter

• Website: www.ahdandco.com

• Work with Me

• Fix This by Mike Michalowicz

Joining me on the podcast today is Kelcee with Elite Ops. She has been with us before and we are going to be doing question and answer time focused on strategic planning. We look forward to your questions so please continue to send those in to us at [email protected].

• Strategy

• Planning

• Metrics

• Anything that we're close to, we see more clearly than things that are far off like that. If we can just hold that image for a minute, and then think about planning, anything that is really close to us, we can see more clearly anything that's further out takes longer. Michele 3:54

• The thing about a strategic plan is you want to plan it so that it's detailed enough to be a path to move you closer to where you want to get but not so tightly that you can't move and that you can't adjust or be fluid with the needs of your company at that time. Michele 7:19

• I don't think that it's possible to create a detailed plan without some idea of how to market. Michele 20:34

• I prefer in a strategic plan to have high-level key performance indicators, that these are the things that I'm going to measure to see if I got there. Michele 23:22

• The more we set up a plan for success, the more likely we are to succeed. Without a plan at all, the more likely we are to fail. Michele 31:06

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Work with Me

On the podcast today is Shauna Wekherlien, lovingly known as the Tax Goddess. Shauna is in the top 1% of tax strategists in the nation. Her clients employ the tax strategies she recommends and her firm has an average of 6.9% tax rate. We are going to have a great discussion about taxes, how CPAs and strategists work together, and about the IRS Dirty Dozen.

• IRS Dirty Dozen

• Captive Insurance

• Write your dog off on your taxes

• Augusta Rule or Masters Exemption

• Aggression Scale

• I am all about making profit, but I'm also all about you keeping it, for whatever reason you want to use it. 9:56 Shauna

• I usually tell my clients, my goal is to take you as close to the edge of what the tax laws say, without pushing you over. 10:45 Michele

• Every strategy has a good version of a strategy and a bad version of the strategy. 17:06 Shauna

• When we make some of these decisions with our tax strategist, we also need to realize that some of these decisions are not one-year decisions, they are decisions that have a longer-term implication. 27:20 Michele

• You have to be surrounded by a team that matches who you are because you are you, you are the client, you are the center of the focus of the world, from that standpoint of the team that is focused on you. 47:26 Shauna

• I think that's so important because sometimes when we're talking finances and taxes, it feels hairy and scary and nasty and there are parts of it that really are not going to diminish that, but it also is something that we can get our arms around if we have the right people in our team. 51:19 Michele

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

• Email: [email protected]

• Websites: https://taxgoddess.com/

• LinkedIn: https://www.linkedin.com/in/taxgoddess/

• Facebook: https://www.facebook.com/thetaxgoddess

• Instagram: https://www.instagram.com/thetaxgoddess/

• Twitter: https://twitter.com/TaxGoddess

• Youtube: @TaxGoddess

• Work with Me

• Profit First by Mike Michalowicz