Profit Is A Choice

248: All Roads Can Lead to Profit Today, I am excited to offer you a replay of an episode that I did back in 2018 with Mike Michaelowicz. You may know Mike, he is the author of a large number of books from Profit First to Clockwork to Surge, The Toilet Paper Entrepreneur , and The Pumpkin Plan. Mike and I had a really awesome conversation about how all roads can lead to profit if you set the correct coordinates. I really thought that as we're wrapping up this year, things have been shifting, they're a little bit different, we've been through a pandemic, and we've watched buying patterns change over the years and I think this is a great time to be reminded of the fact that we have agency and choice in our business and that those choices that we're making either lead us closer towards profit or further away from profit. With that being said, I want to introduce to you Mike Michaelowicz. Topics Mentioned: Profit Real revenue Sustainability and Responsibility Ideal Clients and Target Markets Thoughts from Mike: Profit means that I continue to deliver what I intend to for my community. Clients want to know that your business is sustainable and sustainability is profitability. It is important to have a realignment of pride in profits. In The Toilet Paper Entrepreneur we learn that lack is our biggest advantage. Lack brings about innovative thinking and challenges us. In Pumpkin Plan we learn how to grow organically and healthily and to identify our best clients. Once we have clarity on a purpose, the journey becomes very rewarding. Surge teaches how to know your industry and to see what the next big thing is. Clockwork teaches that our business can be sustainable and not reliant just on us. Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Mike: Website: https://mikemichalowicz.com/ Twitter: https://twitter.com/MikeMichalowicz Facebook: https://MikeMichalowiczFanPage/ References and Resources: The Toilet Paper Entrepreneur by Mike Michaelowicz The Pumpkin Plan by Mike Michaelowicz Profit First by Mike Michaelowicz Surge by Mike Michaelowicz Clockwork by Mike Michaelowicz E-Myth Revisited by Michael Gerber CFO2Go Work with Me Metrique Solutions Financial Courses with Michele Williams including “Understanding Your Financials”, “Master Your Profit”, and “Pricing Without Emotion”

Joining me on the podcast today is Danielle Hendon. She is the owner of Four Corners CFO. Danielle loves to take big business ideas and break them down to support small businesses to reach that next goal, to grow and scale, or to just wrap their arms around their business. We're going to have a really great conversation today focusing on debt, such as good debt versus bad debt. Topics Mentioned: Debt Intentionality Understanding your financials Key Thoughts: Honestly, the difference between good and bad debt is the intention behind it. If you're going into debt, because you didn't do something, and it's a last resort, it's generally not the best type of debt to have. Danielle 11:37 It's the fixing of the process because that's part of that intentionality, I teach an aim with intent methodology. It starts off by having a solid foundation and then creating intention, intentional budgets, intentional KPIs, and intentional spending patterns. Michele 15:28 Every business, we've all got to start somewhere, and I tell people all the time that debt is such a loaded word, and it carries such a burden to us mentally, and money in general. Cash makes or breaks a business. Danielle 20:06 It's really being aware of what's happening. Otherwise, everything is reactionary as opposed to being proactive with our money. Michele 34:53 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Danielle: Email: danielle@4cornerscfo.com Website: https://4cornerscfo.com LinkedIn: @Danielle Hendon Instagram: @4cornerscfo Facebook: @4CornersCFO References and Resources: CFO2Go Work with Me Metrique Solutions Episode 194 Understanding Your Financials with Melanie Lockert Financial Courses with Michele Williams including “Understanding Your Financials”, “Master Your Profit”, and “Pricing Without Emotion”

246: Creating Good Financial Systems 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. Topics Mentioned: 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: Team@ScarletThreadConsulting.com 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

245: Investing in Yourself to Build Your Business 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. Topics Mentioned: Cash flow Investment Growth Pivots in business Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Amanda: Email: byamadesigns@gmail.com Website: www.byamadesigns.com Instagram: @amadesignsinteriors Facebook: @byamadesigns References and Resources: Work with Me Metrique Solutions

244: Get Uncomfortable by Choice in Your Design Firm 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. Topics Mentioned: Philanthropy Perspective Gap and gain Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Joann and Kelly: Email: joann@kandrac-kole.com Website: https://www.kandrac-kole.com Instagram: @kandarckole Facebook: @kandracandkole LinkedIn: Kandrac and Kole Pinterest: @KandracKole Twitter: @KandracKole References and Resources: 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

242: Dressing With Confidence in Your Business 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. Topics Mentioned: Confidence in dressing for any occasion Tools to shop with confidence Accentuating and minimizing with confidence Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Angela: Email: hello@angelastylecoach.com Website: https://angelastylecoach.com Instagram: @angelastylecoach Facebook: @AngelaFosterStyleCoach LinkedIn: @angelapetitestylecoach Pinterest: https://www.pinterest.com/5047055232cfd4923bc1db5efe6095/ References and Resources: Work with Me Growth Mindset by Carol Dweck Angela’s free workbook

241: Creating Space for Your Business to Grow 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. Topics Mentioned: Life Vision Goals with connection Process New beginnings Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Rasheeda: Email: rasheeda@grayspaceinteriors.com Instagram: @grayspaceinteriors Facebook: @grayspaceinteriordesign Website: https://grayspaceinteriors.com/ References and Resources: 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

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. Topics Mentioned: Process Creation Mindset KPIs Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Kelcee: Facebook: Elite Ops Support Instagram: @EliteOpsSupport References and Resources: Work with Me E-Myth Revisited The Miracle Morning

239: Creating a Vision for Your Life and Business 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. . Topics Mentioned: Life Vision Goals with connection Process New beginnings Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Kathy: Email: kathygeffendesign@gmail.com Instagram: @finetunecoaching Instagram: @kathygeffendesign Website: www.kathygeffendesign.com Website: www.finetunecoaching.com References and Resources: Work with Me Beyond Booked Solid by Michael Port Metrique Solutions

238: Diversifying Your Business 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. Topics Mentioned: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Anastasia: Email: anastasia@ahdandco.com Facebook: ahddesigncenter Facebook: ahdandcodesignstudio Instagram: @ahdandco Instagram: @ahddesigncenter Website: www.ahdandco.com References and Resources: Work with Me Fix This by Mike Michalowicz

237: What Goes in a Strategic Plan 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 team@ScarletthreadConsulting.com. Topics Mentioned: Strategy Planning Metrics Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams References and Resources: Work with Me

236: How to Work with a Tax Strategist with Shauna Wekherlien 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. Topics Mentioned: IRS Dirty Dozen Captive Insurance Write your dog off on your taxes Augusta Rule or Masters Exemption Aggression Scale Key Thoughts: 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 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Shauna: Email: shauna@taxgoddess.com 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 References and Resources: Work with Me Profit First by Mike Michalowicz

235: How to be Eternally Optimistic about Your Finances with Matt Drinkhahn Joining me today is Matt Drinkhahn of the Eternal Optimist Podcast and Pro Coach Advisors. Matt is full of information, enthusiasm, and excitement about understanding our numbers, especially surrounding financial literacy. Matt is going to share about his journey including some of his embarrassment at not knowing his numbers and then harnessing the power behind those numbers to scale and grow businesses. This is a fun enjoyable conversation, and I invite you to listen in and take notes. Topics Mentioned: Financial Ownership Overcoming Shame Financial Literacy Optimism Key Thoughts: I think sometimes we're so used to learning by only getting it right and not a lot of learning comes from failure. The older I get, the more I'm embracing failure as a learning tool. 10:18 Michele The question is what am I going to do today that my future self will thank me for? 13:40 Matt Now you have a lot of women who are in companies that are making multiple millions of dollars, and they don't even have the background, because they've just never been taught that. 19:53 Michele I just want my story to be a testimony for others that it may feel like a dark place and maybe a stressor, you can get over that you can make it through one step at a time. 22:55 Matt My whole theory behind the podcast is profitability is about more than money. It's profitability of communication, the profitability of time, of energy, and of the whole thing. 31:41 Michele One of the biggest challenges that I see in recovering perfectionists and highly functioning workaholics is they don't know how to let go and they don't know how to delegate effectively. 43:07 Matt Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Matt: Email: matt@proadvisorcoach.com Websites: www.proadvisorcoach.com and www.eternaloptimistpodcast.com LinkedIn: Matt Drinkhahn Facebook: Eternal Optimist Podcast Instagram: @EternalOptimist Podcast and @CoachDrink Twitter: @PodcastOptimist and @MDrinkhahn Youtube: Eternal Optimist Podcast References and Resources: Work with Me Metrique Solutions Failing Forward by John C. Maxwell Profit First by Mike Michalowicz Michele’s 3 Financial Courses Simple Numbers, Straight Talk, Big Profit

234: How to Manage My Money in My Firm Joining me on the podcast today is Kelcee with Elite Ops. She has been with us before and we are going to dig into some questions all around the financial aspects, kind of the manage your money, and my program. Thank you for sending in your questions and please continue to do that as we continue working through this series. Topics Mentioned: Pricing Cash Flow Billing Strategic Plan Thoughts from Michele: We can’t measure everything all the time and need KPIs for measuring what is most important. KPIs can be determined by knowing the goals your firm has for each quarter and measuring to the goals consistently. Build SOPs to support your measuring goals. Charging to grow allows for growth and reinvestment in your firm. Having a strategic plan is crucial to grow your business. Create a plan then build your time and money based on that plan for profitability. If you don't know where every dollar goes, you don't know how that time is going to be spent then you need to halt and think about what you're doing. Know your process. Look at your business in cash and accrual. See the 360 view of your business. To protect what you are building, you need three to six months of a cushion to carry operating expenses. Change allows us to get something different. Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting Profit First by Mike Michalowicz Click here to send questions for Michele Metrique 1-month free code: 1mofree

233: How to Remove Summer Stress Every year around this time when my kids were young, I would be thinking about how we would handle our summer plans. Which camps were they going to and when? How could I have a more relaxed schedule at work while moving projects along but also being mom? Maybe you don’t have kids, but do want a more relaxed summer schedule – no matter what, listen in to this episode originally recorded in 2019. The lessons in time management and project expectations still apply. Topics Mentioned: Delegation Fractional Support Accidental Business Owner Systems Thoughts from Michele: Our industry is heavily saturated with women. We cannot do it all at the same time. Something has to give. You have to be upfront with your clients with what your summer plans are. We have to have realistic expectations. We do not want to make a decision in a vacuum. There are always trade-offs with whatever decision you make. Try to be as creative as you can. You do not have to do it the way I did it. Do what works for you. Anytime you stop marketing your business, it can take us 3 to 6 months to gain back your footing. Make a plan based on choices and decisions. Commit to the plan. Work the plan. Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting PIAC EP. 05 - Shame - Listen Today Master Your Profit™ - Enroll Today The Designers' Inner Circle - Become a Member Today!

Joining us today is Shayna Rose of Shayna Rose Interiors and 4DBiz. Shayna turned a tragic event into a new business model that changes how interior designers run their business. Listen in as we discuss the hallmarks of overwhelm and how to get the help you need to run your business and reclaim your time. Topics Mentioned: Delegation Fractional Support Accidental Business Owner Systems Key Thoughts: Because the payoff is the only way to reclaim time. This delegation is super important because that's how we reclaim our time to do what we can do best. Michele (29:26) What's your retirement plan? Hopefully, it's the sale of that business. Hopefully, you have operations outlined, a system of procedures outlined, how you're obtaining clients, and how you're controlling those clients. Shayna Rose (36:01) We can be our worst enemy and we're the ones that get in our own way. I want to encourage you to recognize that and ask for help. It doesn't have to be that way. Michele (45:04) Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Shayna: Email: shayna@4dbiz.com Facebook: 4Dbiz Website: 4Dbiz.com LinkedIn: 4Dbiz YouTube: @4dbiz761 References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting Profit First by Mike Michalowicz Clockwork: Design Your Business to Run Itself by Mike Michalowicz Toilet Paper Entrepreneur by Mike Michalowicz The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E Gerber Failing Forward: Turning Mistakes into Stepping Stones for Success by John C. Maxwell

231: Q & A with Michele Today I have with me Kelcee Sparks, who is with Elite Ops Support. She has a team of people that support designers and other industries with operational support, VA support, and she also provides operations support for me personally. She's going to ask me some questions today so that we can share a little bit more information on some of the questions that you all have been sending in and have asked. Enjoy the podcast. If people want to send in business questions please continue to send them in, we'll answer them. The majority of the podcasts that we are putting out are because people have asked questions and either we answer them in my solo podcast, or we go find somebody who can talk about it. If there are topics and ideas that people want to share, I'd love to hear them. Topics Mentioned: Build a solid foundation Allow for growth Work on being centered not balanced Ask for help Key Thoughts: Know your own why, know your own values, and give yourself space to evolve and grow in your life and your business. Michele 15:10 We can do it all, I just don't think we can do it all at once or without help. Michele 18:53 I'm all about delegating, and not dumping, but how can I push the work to a different level in my company where it can be done well and support the brand. It doesn't always have to be the owner. Michele 25:57 Know who you are, know what you want to do, know where your deal breakers are, know what you won’t do, and then just build a business that you love, and then get help doing it. Michele 36:12 Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting Clockwork: Design Your Business to Run Itself by Mike Michalowicz Who’s In Your Room by Misner, Emery and Sapio

230: Become Your Own Banker to Control Your Finances with Mark Willis Joining me on the podcast today is Mark Willis. He's the owner of Lake Growth Financial Services, a financial firm in Chicago, Illinois. Mark is going to lead us on the journey of understanding our financials better. We're going to be looking at how to be the bank for our company, what it means to take back ownership, money, and lending instead of being a slave to the banks or to somebody else holding a note over our head or having so much debt that we don't know how to get out from under it. Mark will share stories and give us methodologies and mindset changes so that we too can be in full control of our finances. Topics Mentioned: Cost of Debt Building Wealth Money Mindset Generational Wealth Key Thoughts: That became my mantra, I want to be better than debt free. And so, as a financial planner, now, I help people become better than debt free. I have since paid off my debts. But more than that, I bought them back by becoming my own banker, paying the student loan snakes off, and actually collecting that money from myself to get a profit off the debt that I once paid to somebody else. Mark Willis (6:03) It's kind of the Profit First dilemma that we see all the money sitting in the bank account, and they just start taking it. What they've done in essence, is they rob the company coffers to live a lavish lifestyle, to go on trips to fix up their house, to do whatever, to pay a medical bill. I don't care what it is. But they took it from the business prior to when it should have been taken. And now the business is running lean, and they're struggling. And it was the entire lifeblood to build their life and they just destroyed the lifeblood. Michele (23:23) When you have the bank, you control the whole card table. Imagine how this would work in almost every business. Mark Willis (42:07) Today has been all about taking back control. And I want to encourage you to do that. Because if you own it, you can change it. And that's the beautiful thing about profit. We're building it. Michele (50:09) Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Mark: Email: mark@lakegrowth.com Website: https://lakegrowth.com/ Instagram: https://www.instagram.com/notyouraveragefinancial/ Facebook: https://www.facebook.com/lakegrowth LinkedIn: https://www.linkedin.com/in/marklakegrowth/ Twitter: https://twitter.com/LakeGrowth References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting Debt for the First 5000 Years by David Graeber Profit First by Mike Michalowicz

229: The Journey of Buying a Business with Julie Murphy With us on the podcast today is Julie Murphy. Julie is the Owner of Designer Draperies of Boston, a full service to the trade workroom. She began as a home-based business in 2006. In 2014 she purchased Designer Draperies of Boston and merged the 2 businesses. She has tripled the size of her team as well as sales since transfer of ownership. She attributes her growth and continued success on 3 things: Quality, Effective Communication and Exemplary Customer Service. Today we will focus on her journey to make a business acquisition – the highs and the lows. Topics Mentioned: Purchase type Policies and Procedures Employee retention Support Teams Thank you for joining us today. If you have questions about purchasing a workroom, feel free to reach out to Julie. And if you want to get your business pulled together – not just to sell – but to enjoy the benefits of a well-run business for yourself, sign up for a discovery call at scarletthreadconsulting.com. Choose to be organized which leads to profitability – because profit doesn’t happen by accident. Key Thoughts: I wished I had reached out to somebody, at some point, and waved my white flag, and said, I need help in figuring out how to deal with business growth. Julie Murphy (45:59) I still talk to clients and people all the time that are using pen and paper and I get it or they're using Excel to run all of their financials. I get it. I did it too, for a couple of years, until I realized that as you said, I could not get reports. I could not see where I was, I couldn't understand the impact or the cash flow or any of those things, what was happening truly happening at a glance, even if I was keeping up with those details to hand off to my accountant in a year. They were not helping me manage the day-to-day of what I was doing. I mean, that's the whole reason that we've even built Metrique is to take all of that data and to be able to put it in one place to look at it because there is knowledge and power in looking at those things. Michele Williams (48:38) I would say really look into what the business has for documented procedures. The other thing that I'm running into too, is what's in place for your staff, human resource-wise. As a small business, we don't have to have certain things. Even if you have three employees, I think it's important to make sure that you are doing everything that you're supposed to be doing. Julie Murphy (54:00) The more you document, the more you keep up with your financials, and the more you show that you're able to be paid and then the beautiful thing is if you can show that growth, that continual growth year over year over year, even at 10%. Michele Williams (57:54) Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Ericka: Email: julie@designerdraperiesofboston.com Website: http://www.designerdraperiesofboston.com Instagram: @designerdraperiesofboston Facebook: @designerdraperiesboston References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting

228: Why Attending Industry Events is Profitable with Michele Williams How many of you go to an industry conference at least once a year? On our podcast today, I am just returning from the International Window Coverings Expo. And I'm going to share with you 10 things that really stood out to me while I was there. Topics Mentioned: Industry Events Learning Travel Key Thoughts: Not everyone is looking for the same thing. Authentic connection requires you to block out the noise in the room to ask questions and listen. Real business decisions are made. Energy and excitement for the possibilities is create and restored. Not everyone thinks alike – you will find some like you and some very different. Laughter in the course of doing business is good medicine. Friendships that are made at these events can be very real. Vendors want to help us. There is as much education over dinner or drinks as there is in a classroom or on the vendor floor. These are important events to attend. Scarlet Thread exists to support business owners in closing the literacy gap in their business. We accomplish this through this podcast, our blogs, educational resources, coaching and Metrique Solutions. If you want to talk about your business and your goals – sign up for a discovery call at scarletthreadconsulting.com. Choose to be profitable – because profit doesn’t happen by accident. Contact Michele: Email: Team@ScarletThreadConsulting.com Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams References and Resources: Work with Me Metrique Solutions Scarlet Thread Consulting