Profit Is A Choice

220: Selling Authentically in Your Design Business with Nikki Rausch 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. Topics Mentioned: Creating a sales progression Create curiosity Closing the loop Power of silence in the sales process Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Nikki: Email: [email protected] Website: Your Sales Maven LinkedIn: Nicole Rausch Facebook: Your Sales Maven Instagram: @nicolerausch References and Resources: 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

219: Benchmarks for the Interior Design Industry WITH MICHELE WILLIAMS 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. Topics Mentioned: Benchmarks Financial markers Trends Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL References and Resources: 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

218: Strategies for Hiring Well in Your Interior Design Firm with Jamie Van Cuyk 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. Topics Mentioned: Interviewing Skills Strategy to Hire Choosing a Candidate Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Jamie: Website: Growing Your Team LinkedIn: Jamie Van Cuyk Facebook: Growing Your Team Instagram: @growingyourteam Pinterest: Jamie Van Cuyk Email: [email protected] References and Resources: Work with Me Metrique Solutions

217: Aligning Your Values with Your Daily Actions with Sandra Halling 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. Topics Mentioned: Future Identity Worthiness Intention Professional Balance Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Sandra: Website: Feel More Productive LinkedIn: Sandra Halling Email: [email protected] References and Resources: 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

216: Starting the Year Well 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. Topics Mentioned: Intention Ease Profitable Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL References and Resources: Scarlet Thread Consulting Metrique Solutions Traction by Gino Wickman 12-Week Year by Brian P. Moran and Michael Lennington

215: Hardship is a Great Teacher in Your Business with Ceil DiGuglielmo On the podcast for our yearly review and process session is Ceil DiGuglielmo of the Sew Much More podcast. This is a joint podcast that we love and look forward to each year. This year we seemed to really look at our personal lives and how they intermixed with our business lives a bit more. Also, listen in to hear the one thing that we both struggled with this year that we have enjoyed so much in the past. Topics Mentioned: Proud moments Reading Lessons Learned Rest Key Thoughts: It also made us realize what's most important in our life. And in our family. It's just always that reset button. Then it also made me thankful for the business that I've built, and the processes that I have, so I could take a step away for a week or so. Michele (7:34) My job is not my whole life. Most of us started our businesses for that reason, we wanted to work it around our lives. So where did we lose our way that the business is controlling our life? Ceil DiGuglielmo (14:30) I had to and still am having to learn how to navigate that with joy, and with calm and even when it doesn't feel calm. And how to be curious, and how to be kind and soft, not hard hearted, and irritated and angry and frustrated when my plans keep getting disrupted. Michele (17:27) There are also a lot of us who are the parents of adult children, and there are times we have to stop everything, being a teachable moment because our children have become adults. But I also think that our children learn from us when they see us in difficult circumstances. Ceil DiGuglielmo (23:55) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams Contact Ceil: Website: The Sew Much More Podcast Website: The Curtains and Soft Furnishings Resource Library Facebook: The Sew Much More Podcast Facebook: The Curtains and Soft Furnishings Resource Library Instagram: @ceildi Instagram: @csf_resource_library Email: [email protected] References and Resources: Work with Me Metrique Solutions

214: How to Easily Create a Strategic Plan for Your Design Firm with Michele Williams This week we're rerunning episode 131 of the Profit Is A Choice podcast, "How to easily create a strategic plan for your design firm." This is an awesome topic that we processed through a couple of years ago. And I will say to you, it is still relevant and it's something that we work on and focus on in Scarlet Thread Consulting all the time. I want to encourage you as you wrap up this year, and get ready for next, that you take the time to consider your strategic plan, what it might look like, and how you can improve upon it from moving forward. Topics Mentioned: Vision SWOTT Milestones Goals Key Thoughts: 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) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL References and Resources: 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

213: Is Your Workplace Toxic? with Michele Williams Do you know how to define a toxic workplace? Are you the one bringing the discord into the office or is someone else? Maybe you are looking for a job and want to know what to steer clear from. Today, we are going to talk about what makes a workplace feel yuk – and how to spot areas for improvement. Topics Mentioned: Bullying Belittling Anxiety Fear Key Thoughts: It is possible for even the healthiest of companies to have some dysfunction, just like any family or group of people. However, a toxic environment is even more than generalized dysfunction – it is harmful. Michele (1:11) Toxic work environments can be created by the owners and managers or by the employees. What is most important is that these attitudes and actions are recognized and stopped immediately. Michele (3:31) Creating a company that others want to be a part of takes intention. That is what we focus on so much on this podcast – profitability by intention. Michele (6:34) Just because your environment is toxic now doesn't mean it must stay that way. And just because it is safe doesn't mean it won't become toxic. Michele (8:15) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL References and Resources: The Designers' Inner Circle - Become a Member Today The Five Dysfunctions of a Team by Patrick Lencioni

Tax Deferral and Risk Management for your Company with Ed Bryan It is not often that I get to dive into a topic that is totally foreign to me when we start the podcast. Usually, I have heard something about the topic and have a little knowledge. The 831(b) plan was a new thing – and Ed Bryan joins me to help us understand this tax deferral and risk management opportunity. Topics Mentioned: Insurance Tax deferral Risk management Plan Key Thoughts: It's like traditional insurance. But what you're doing is building up this money, we always say with the 831B plans, they're not worth anything when we set them up. There are no funds, and there are no assets in there initially, but after two, three, four, or five years, these things have the potential to be worth millions of dollars. Ed Bryan (15:42) I think that would be important to know how you are taxed in order to determine how much you're trying to put into an 831B plan, whether you're really trying to use it for long-term savings in some ways, or if you're really using it to mitigate risk. Michele (27:22) We've seen a significant upswing in the last three to five years in business owners looking for real cybersecurity insurance that covers things like phishing, social engineering, and those types of things. And we're seeing a lot of pressure there, because unfortunately, people that are attacking, especially those, those hackers and cybersecurity criminals, they know that small to midsize business doesn't necessarily have the awareness in the cybersecurity that a fortune 500 company does. Ed Bryan (31:55) Even in my coaching and consulting practice I work with my clients, I'm talking to their accountants with them, I'm talking to their bookkeepers, their financial analysts like we're working together, because everybody has a piece of the puzzle. Michele (35:47) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Instagram: @MetriqueSolutions Website: ScarletThreadConsulting.com Website: MetriqueSolutions.com LinkedIn: Michele Williams Contact Ed: Website: 831b.com Instagram: @SRA_831b Facebook: SRA831b LinkedIn Ed: Edward Bryan LinkedIn SRA: SRA 831(b) YouTube: SRA 831(b) Vimeo: 831(b) References and Resources: MetriqueSolutions.com Work with Me

Creating an Accounting Foundation for your Design Business with Erin McGhee Today I am welcoming Erin McGhee to the podcast. Erin describes herself as an Accounting Manager for service-based businesses. Her big goal – to put you in charge of your money. As you can tell, we have a lot in common. Listen in as we discuss what is needed to have you in the driver's seat of your business vehicle and what it takes to keep you there. Topics Mentioned: Organize Implement Maintain Financial Process Key Thoughts: My process and any service that I offer my clients, we follow the organize, implement, and maintain framework, and that organizes the first piece with any client where we truly dive into those foundations. Erin McGhee (8:55) Your chart of accounts needs to be detailed enough that you can look at them and analyze and make decisions for your business, it doesn't mean you won't have to dig down further here and there, but you should be able to look at it and make decisions. Michele (9:55) My goal is simple. It's to put owners in charge of their money. Erin McGhee (16:21) I do not ever want the owner of a company to feel like they don't own their books, you own them, period. Michele (18:03) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Instagram: @MetriqueSolutions Website: ScarletThreadConsulting.com Website: MetriqueSolutions.com LinkedIn: Michele Williams Contact Erin: Website: ErinMcGhee.com Instagram: @erinmcgheellc Email: [email protected] References and Resources: MetriqueSolutions.com Work with Me Recommended Chart of Accounts from Erin McGhee A Strong Core for Body and Business Ep 040 with Kolleen Losch E-Myth Revisited by Michael Gerber

Building a Community of Support with Michele Williams Lately I have been thinking about the value in building a community of support for your business. We really are not in business alone. In this podcast I am going to share some of my community, how I chose it, how it supports me – and how you can do the same. Topics Mentioned: Community Needs Alignment Key Thoughts: Early on in my career, and probably life, I thought that I had to find the one best friend or the one resource, or the one online tool to solve my problems or meet my need. Instead, what I found was that each community and person I meet can fill a different role or need in my life or business. Michele (4:28) We probably need more than one to meet the current and future needs of our business. Michele (5:26) I aim to create communities that are safe for everyone. Communities that hear a wide range of voices and respond in kindness. Communities that welcome others and when the room gets too full, we get another room and build a bigger table. Michele (7:14) Socials: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Instagram: @MetriqueSolutions Website: ScarletThreadConsulting.com Website: MetriqueSolutions.com LinkedIn: Michele Williams References and Resources: Work with Me Metrique Solutions

209: Metrique Solutions is Your Financial Partner in Business with Jack Tompkins Joining me again on the podcast today is Jack Tompkins of Pineapple Consulting. Jack and I, along with a whole team of people, work on Metrique Solutions, a financial dashboard developed to support creative entrepreneurs – like you! Today we are talking about how Metrique Solutions is a financial partner in your business. It is not a replacement for your accounting or project management software, but an adjunct. Topics Mentioned: Financial partnership Financial translator Visual financials Metrics Key Thoughts: Metrique Solutions is going to be an addition to your tech stack if you choose to use it, but it is solving a problem that neither the project management tools out there or the financial tools currently out there solve. And that's why it's a great partner to them. Michele (4:49) This is the audiobook to go along with the visual or in this case, it's the visual to go along with the audio. Here's what happened when QuickBooks did your invoicing. Here's another way to interpret it. Jack Tompkins (10:50) What I hear a lot, especially in the design community, is all this information in my project management system and I've got this information in my financial management system. I don't know how to make them work together. Michele (16:52) It's a great comparison and sort of analogy to Metrique as well, much like the football analogy, you get to see where you're ranked over time. Jack Tompkins (20:30) Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Instagram: @MetriqueSolutions Website: ScarletThreadConsulting.com Website: MetriqueSolutions.com LinkedIn: Michele Williams Contact Jack: Website: pineapplecf.com YouTube: Jack Tompkins YouTube LinkedIn: Jack Tompkins Email: [email protected] References and Resources: MetriqueSolutions.com How to Easily Understand Your Interior Design Business Financials Ep 136 with Jack Tompkins Seeing is Believing in Your Design Firm Ep 206 with Jack Tompkins