Financial Snickens: Recent Episodes
Alisa McCabe
From streamlining processes to scaling your company, welcome to the spot where you get bite-sized financial information for entrepreneurs to help you succeed in your business! With over ten years of experience owning her own accounting and bookkeeping firm and working with hundreds of entrepreneurs, she’s here to break down these questions in easy-to-understand language and actionable items.
Tune in every Thursday for five to ten minutes of invaluable information. If you have questions about businesses or bookkeeping, head to firststepsfinancial.com and hit the “Let’s Talk” button to continue the conversation.
The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy.
In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employees provide the best return on investment.
In this episode, you’ll also hear:
- Identifying high profit customers and services
- Analyzing employee and task productivity
- Knowing where your sales come from
Must-listen moments:
[00:03:20] What you're looking for is to find out and isolate those services that are making you the most money and make sure everything is focused on it.
[00:05:44] By applying the 80/20 rule, we can maximize the productivity and efficiency by concentrating efforts on the activities that yield the greatest results and contribute most significantly to the success of the business.
[00:09:40] Sometimes that's the biggest problem. We don't realize that we're spending so much of our time and energy. and money on things that don't have a high return for us.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
For any business to be profitable, services must be priced appropriately. Business owners need to regularly set profit margin goals and adjust pricing accordingly.
In this episode, I break down cost-based and value-based pricing, and tips for competitive prices that keep clients happy and revenue goals on target.
In this episode, you’ll also hear:
- Covering costs and profit margin
- Advantages of value-based pricing
- When to change your pricing strategy
Must-listen moments:
[00:00:38] We think if we do more sales, we'll be profitable. But if you haven't priced your services correctly, no amount of sales is going to make you profitable.
[00:06:26] Your knowledge comes from years and years of experience and should not be set at an hourly rate. That doesn't cover all the education, all the training you've done, but value-based pricing would cover that.
[00:08:49] The right pricing strategy is clearly based on industry, your target market, and unique value proposition that your services bring.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Credit:
Audio/video editing and show notes by Podcast Abundance. Find out how they can help you too by visiting www.podcastabundance.com/services
Just like we visit the doctor and dentist for regular check-ups, business owners must routinely review expenses and decide when cuts are necessary. Monitoring the financial health of your business is key to its long-term success.
In this episode, I outline effective ways to decrease expenses, increase efficiency, and preserve customer satisfaction without compromising the value of your goods and services.
In this episode, you’ll also hear:
- Eliminating unnecessary expenses and streamlining productivity
- Suggestions for taking your company lean
- Cutting costs while maintaining quality
Must-listen moments:
[00:01:35] You need to identify areas where you can reduce your expenses without compromising quality.
[00:05:31] Engage in your customer base to understand what their priorities are and what they have as expectations of you.
[00:07:02] It's not really just about saving money, it's optimizing the resources that you have and ensuring long term sustainability and success.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
The success of any business can be linked directly to organized financial reporting. Knowing exactly what profits are coming in, what expenses are going out, where business is coming from, and how to maximize finances is the best way to keep a business growing and ready for the long haul.
In this episode, I cover the benefits of regularly reviewing these 5 financial reports: accounts receivable, profit and loss by income, profit and loss by your top 10 clients, budget versus actuals, and a comparison balance sheet.
In this episode, you’ll also hear:
- Monitoring and managing cash flow
- Making informed adjustments to your business
- The value of reviewing financials on a regular basis
Must-listen moments:
[00:04:27] It helps you to assess client relationships, identify upselling opportunities, and it mitigates the risk that comes with being dependent on a small number of clients.
[00:06:34] Monthly reviews are common, so you can make timely adjustments and keep the business on track to meet your financial goals.
[00:08:26] You can review them frequently, and the frequency is dependent on what you decide and what your company needs to happen. And it can be adjusted based on your size, based on your goals, but consistent monitoring is what is going to help you make good decisions about your business.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
The only way a business survives is with profitability, and to maintain profitability business owners must routinely examine finances with specific indicators to ensure they are on the path to success.
In this episode, I review which financial metrics keep businesses on track, how clear key performance indicators support long-term growth, and why it’s crucial for business owners to consistently monitor finances.
In this episode, you’ll also hear:
- Fundamental financial metrics
- Measuring key performance indicators (KPIs)
- Proactive approach to reviewing financial statements
Mentioned in this Episode:
Tally Street - https://tallystreet.com/
Must-listen moments:
[00:01:20] These KPIs, these financial metrics tell you that you're still on the road, that you're still going in the right direction. It can also help you identify some challenges that are coming up.
[00:08:57] Are you going to look at it monthly, weekly, quarterly, yearly? Or maybe you look at all of them. It is really helpful to continue to monitor these KPIs and monitor them regularly.
[00:10:26] By regularly monitoring these KPIs, you can gain comprehensive understanding of your business, your financial health and the performance, and it helps you to stay on track.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Understanding the financial health of your business is vital to its long-term success and sustainability.
In this episode, I define what financial literacy is, different ways to invest in your financial literacy, and why financial literacy is a superpower for you and your team.
In this episode, you’ll also hear:
- Benefits of financial literacy
- Resources to increase financial literacy
- Financial reporting and training for employees
Must-listen moments:
[00:00:50] Financial literacy is a superpower. It can empower you to make informed decisions, navigate challenges, and drive success in your business.
[00:07:27] Seek mentorships, having a mentor has been proven to increase the success of a person or a company.
[00:12:48] The last thing that you can try, once you start to understand your financials, is share that information with your team. Extend some training to your team. Empower them to understand the financial implications of their roles.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.
In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.
In this episode, you’ll also hear:
- Identifying good debt vs. bad debt
- Managing debt with intention
- Creating a realistic repayment plan
Must-listen moments:
[00:01:18] But the difference between a good debt and a bad debt is that a good debt is incurred for strategic investments. That means that you are looking to get debt that is going to make you money, not debt to pay down expenses.
[00:02:44] Before taking on any debt, you really need to critically assess whether the expenditure contributes to the business's growth and sustainability.
[00:07:25] Try to manage this debt and get it down to a lower interest rate, lower payments, something that makes it more manageable for you.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Just as forecasts for daily weather help us prepare for ever-changing temperatures, financial forecasts allow small business owners to make informed decisions in an ever-changing market.
In this episode, I emphasize how financial forecasting helps predict where your money is going while keeping your company moving in the right direction.
In this episode, you’ll also hear:
- Anticipating income and expenses
- Determining resource allocation and ROI
- Tools for forecasting and reviewing financials
Must-listen moments:
[00:02:32] There might be something more that you need to have, and this way you can strategically allocate these resources, money, people, so that you will be able to take advantage of these situations when they arise.
[00:03:38] Whether you're providing a new service, or you're going to do a new product launch, you can estimate the revenue and expenses that are associated with this new adventure you're going on and see if it's worthwhile to do.
[00:06:48] The other thing about financial reporting, this forecasting that is done, is you have to regularly review it and adjust it. It is not a set it and forget it.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
In order to maintain a profitable business, small business owners must properly manage their cash with organized systems that provide an accurate outlook on potential gains and losses.
In this episode, I focus on best practices for invoicing, payment term negotiations, and cash flow forecasting to ensure your business is sustainable and thriving with positive cash flow.
In this episode, you’ll also hear:
- Benefits of timely invoicing and automatic payments
- Understanding profit and loss for your business
- Essential cash flow projections and cash reserve plan
Must-listen moments:
[00:01:30] What happens when you don't invoice your clients is you end up with a cash flow problem.
[00:05:46] Your profit and loss is going to show you the income and expenses and it will identify trends that are happening, and it will help you to anticipate potential challenges and help you make informed decisions.
[00:07:50] You need to implement streamlined invoicing processes, create standard payment terms and engage in proactive cash flow forecasting and revisit it often.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
The beginning of a new year is the perfect time to get clear on your goals for your business and create a budget that supports the growth you plan to achieve.
This is the first episode of our Financial Reporting mini-series. I hone in on the value of a strategic process aligned with your goals when crafting your business budget.
In this episode, you’ll also hear:
- Strategic objectives and informed decision-making
- Outlining expenses and designating funds for vital resources
- Advice for reviewing your budget regularly
Must-listen moments:
[00:02:47] By having this detailed breakdown of your income and expenses, given your goals, you can identify areas that you can put your resources into. It helps to ensure that your decisions are grounded in financial prudence.
[00:06:04] Strategic allocation ensures that your budget catalyzes growth.
[00:09:17] There can be unexpected challenges that happen, and you adjust your budget accordingly, so this flexible budget allows you to navigate these changes with agility, ensuring that the business remains resilient and positioned for growth.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Although starting your own business sounds like a surefire way to make money, earning a profit rarely happens overnight. Entrepreneurship requires ceaseless amounts of perseverance, determination, and motivation to keep going.
In this episode, I delve into seven crucial questions to consider before launching your business.
In this episode, you’ll also hear:
- Finding motivation as an entrepreneur
- Determining partner needs, potential clients, and sweat equity
- Why owning a business is not for the faint of heart
Must-listen moments:
[00:01:39] If you have people who depend on you for your salary, you may not be able to ditch your full-time job, but can you start it as a side hustle?
[00:04:47] People often forget that starting a business is not easy. It's fun, exciting, and there's lots of motivation, and there's so much creativity that you can do, but there's also a serious business side to it.
[00:05:58] It is one of the most rewarding things you can do, and things are going to go horribly wrong, but they can also go really well.
Mentioned in this episode:
Small Business Administration - https://www.sba.gov/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Being an effective leader means knowing how to motivate a team, but also requires self-reflection and understanding when to make adjustments to create more cohesion.
In this episode, I cover how Colonel Glover Johns’ 13 leadership principles translate to running a successful small business.
In this episode, you’ll also hear:
- Value of leadership skills for small business owners
- Focusing on improvement, resiliency, camaraderie
- Power of enthusiasm, empathy, and effective communication
Must-listen moments:
[00:00:24] It's so important as a small business owner to realize that you are not just running a business; you are a leader. And you're a leader to your team, and you're a leader to your clients. You are exemplifying everything about your company through your leadership skills.
[00:04:49] If you continue to self-evaluate and learn, and learn how to do things better, it helps you to be a better leader.
[00:17:51] Knowing when to advocate for a cause and when to accept a collective decision ensures that you are going to get buy-in from your team and you're going to have a cohesive team dynamic.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Building a team centered on trust, collaboration, and growth is vital to the success of any business. Both leaders and managers carry equally important responsibilities of ensuring all employees understand the end goal and how to achieve it together.
In this episode, I explain how leaders and managers can use Stephen Covey’s 7 Habits of Highly Effective People to create a stronger culture of growth and success.
In this episode, you’ll also hear:
- Defining leaders vs. managers
- Carrying out the leader’s vision
- How the 7 Habits impact workplace culture
Must-listen moments:
[00:00:53] Managers are task-centered. They are the ‘get her done’ people you need in your company. And the leaders inspire people to all row in the same direction.
[00:05:55] Leaders are in charge of culture, so they need to develop a win-win culture where they're fostering an environment where everyone can succeed.
[00:09:05] Managers are all about ensuring the well-being and development of members of the team and maintaining productivity.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.
It’s easy to get overwhelmed with all the different forms necessary to run a business. However, knowing which forms you need for specific types of employees is essential to keep all your accounts and tax information organized and updated.
In this episode, I walk through the most common forms required to keep your business on track.
In this episode, you’ll also hear:
- Understanding employee tax forms
- Business partnerships, contractors, non-employee compensation
- When to use 1099 Miscellaneous forms
Must-listen moments:
[00:01:27] The W4 is the form that employees fill out, and a W2 is what you get when you are an employee, and you get a record of your work.
[00:03:31] If you hire somebody to do a service, if you hire someone to build a website for you, provide bookkeeping services, provide advice on something, you hire a marketing firm, anyone that's providing you a service–you need to get a W9 from them
[00:06:08] 1099 NEC, these are for independent contractors, and it is for contractors and freelancers. You are required to file this form if you have paid anyone over $600 and they are an LLC or a sole proprietor.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Businesses are at higher risk of falling victim to cybercrime than ever before. It is crucial to not only train your employees how to spot suspicious emails and avoid clicking spam links, but to know the tools available to develop solid cyber security practices and minimize the risk of attack.
In this episode, I break down why the best line of defense against cybercrimes is proper training for your employees.
In this episode, you’ll also hear:
- Caution against social engineering
- Benefits of password software
- Antivirus and malware protection
Must-listen moments:
[00:00:39] If you store any kind of digital information, you can become a victim of cybercrime.
[00:04:43] Another tool you can use for safeguarding information delivery and using encrypted email is highly suggested.
[00:07:52] Sometimes, we forget that the software we use has upgrades, and these upgrades patch vulnerabilities so that you are safer with every new upgrade you install.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Companies can’t reach their goals without hardworking employees. Business owners must recognize and reward employees for their fantastic work and dedication.
In this episode, I share different ways to invest in your employees so they know they are valued and appreciated.
In this episode, you’ll also hear:
- Options for profit-sharing, raises, and paid time off
- Suggestions for promotions, gifts, and bonus programs
- Importance of company culture and employee input for rewards
Must-listen moments:
[00:02:04] [Profit sharing] can be done quarterly, it can be done annually, or it can be done as a part of your contribution as the employer contribution to the 401k.
[00:03:20] It depends on what your employee values as the best compensation. Do they want the money, or do they want time off?
[00:07:14] The effectiveness of each approach varies depending on the culture of your company…you might want to do a system where you combine these strategies, and that will help you meet your workforce's needs.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Instead of letting your money languish in your checking account, consider opening a High-Yield Savings Account (HYSA) since interest rates are higher than in years past.
In this episode, I expand upon the many advantages of High-Yield Savings Accounts and why this low-risk investment option is worth pursuing.
In this episode, you’ll also hear:
- Flexibility of high-yield savings account
- Benefits of HYSA for business owners
- Minimal maintenance and fees of HYSA
Must-listen moments:
[00:00:35] When you go and start searching for these high-yield savings accounts, make sure that they're a member of the FDIC, and don't forget that they are only insured up to $250,000 per account.
[00:02:31] If you invest it in one of these savings accounts, the risk is very low, yet you still get a guaranteed return. It is really good, and it protects your business’ capital.
[00:02:53] You could have short-term goals and projects that you know you need to put money aside for, this is a great place to hold that capital until you need it.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Taking time off work is crucial to creating a work/life balance. However, some business owners need help unplugging and letting the team take the reins.
In this episode, I recap what worked and what didn’t while I was out of the office in Japan for two weeks and what lessons our team learned from my absence.
In this episode, you’ll also hear:
- Celebrating the team’s performance while leadership is gone
- Updating your organizational chart for accountability
- Empowering your team to handle your absence
Must-listen moments:
[00:00:40] I took a lot of time before I left to allow my team to see what I do, record different things, and then provide them with an outline and a formula to follow.
[00:02:42] It was telling for me, that this is someone they trust, but we may also need to rework our accountability chart and share it with the team to show them that they can actually go to both people.
[00:04:48] Take that time away. It is incredibly valuable to your team because you figure out what falls through the cracks, and it recharges your battery.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Whether you’re celebrating a recent achievement or sending holiday wishes, meaningful gestures can help strengthen your relationship with clients. Gifts don’t need to break the bank, but they should be thoughtful and something that will leave a lasting impression.
In this episode, I outline various types of gifts your clients will love and that will make them want to work with you for years to come.
In this episode, you’ll also hear:
- Tips for welcome packages and milestone gifts
- Customer appreciation and seasonal gifts
- Tailoring gifts to client interests and wellbeing
Must-listen moments:
[00:01:22] We love to celebrate our clients when our clients hit a particular milestone that we know that they've been going for.
[00:01:51] Always make sure it includes their logo because there's nothing like looking at your own company's logo on something that's given to you.
[00:05:48] Remember, it's not about the monetary value of the gift, but it's really about the sentiment and the effort you've put behind it.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
If a top performing employee left your business, would it send your team into a frenzy or into a united front? At some point every business owner experiences losing a key team member, but it doesn’t have to create panic.
In this episode, I explore the impact of employee departures, why it’s crucial to foster a strong team and culture, and how empowered teams step up when it matters most.
In this episode, you’ll also hear:
- Turning crisis into opportunity
- Organic evolution of leaders
- Power of united teams
Must-listen moments:
[00:00:22] Whether it's due to retirement or a career transition, or even a personal decision, the exit of a pivotal team member can create a void that demands immediate attention and causes craziness in your company.
[00:02:48] The team's diverse skill sets were combined and then new leaders emerged, and they ended up having this organic evolution that enabled the company to not only weather the storm, but they also emerged more resilient and adaptable than ever before.
[00:04:30] This shared commitment not only keeps the ship afloat during tumultuous times, because those are going to happen, but it also guides the transformation towards success.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Ever consider hosting a podcast? Podcasts continue to gain popularity and bring in new listeners daily, which can translate to new customers for savvy business owners.
In this episode, I dive into the many reasons small business owners should start a podcast, how podcasts attract an audience you might not otherwise reach, and how podcasts are content gold mines.
In this episode, you’ll also hear:
- Benefits of podcasts for small businesses
- Increasing brand awareness and customer loyalty
- Ideas for repurposing podcast content
Must-listen moments:
[00:01:23] It provides a platform that you can share your expertise easily, give your insights and experiences with a broader audience by creating valuable content that resonates with your target market.
[00:02:09] This can enhance your credibility and establish your business as a thought leader, and it also can help you to differentiate from your competitors.
[00:06:07] By providing valuable content and maintaining a regular publishing schedule, you could actually build brand loyalty and ensure that your business is remembered when it matters most.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Spooky times are best for Halloween, not your financial journey! Learning to navigate different accounting terms can help fortify your financial future and avoid frightful surprises along the way.
In this episode, I demystify common financial jargon so you can know how to make the numbers work for you!
In this episode, you’ll also hear:
- Understanding EBITDA
- Calculating take home and cost of assets over time
- The power to turn assets into cash
Must-listen moments:
[00:01:28] EBITDA stands for Earnings Before Interest, Taxes, and Amortization. This is the way to figure out how much money your business is making before certain expenses are deducted.
[00:01:25] Liquidity, it's the potion of instant gold…it's like having the power to summon treasure whenever you need it.
[00:04:19] And remember, that even though these terms might seem intimidating, they are simply the keys that unlock the secrets of your business's financial story.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Don’t wait until April to prepare your taxes! If you do, chances are you’re not getting all the tax breaks you deserve or saving as much money as if you planned in advance.
In this episode, I outline why it’s beneficial to plan for tax season months before Tax Day and different approaches to tax planning for your business.
In this episode, you’ll also hear:
- How tax planning can reduce your tax bill
- Tips for CPA meetings, deadlines, and clean books
- Handling taxes yourself vs. hiring a professional
Must-listen moments:
[00:00:52] Did you also know that tax planning is one of the most important aspects of financial management?
[00:01:25] We strongly recommend that you have a tax planning meeting with your CPA in October or November to take advantage of the actions your CPA suggests.
[00:04:00] There's a few different approaches to tax planning. You can do it yourself, or you can hire a professional tax planner.
Mentioned in this Episode:
IRS Website
https://www.irs.gov/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Having your financial records in order is crucial to keeping your business on track for success.
In this episode, I focus on tips for cleaning up your QuickBooks Online and ensuring your account is free of errors and duplicate transactions.
In this episode, you’ll also hear:
- Cleaning up your QuickBooks Online
- Deleting vs. Voiding records
- Benefits of reconciling your account
Must-listen moments:
[00:00:22] QuickBooks Online can be a lifesaver to small business owners, but only if it's in good shape.
[00:03:11] If you’re seeing any of these issues, take action. Waiting until next year can leave you with less options for the current year and can also cause huge problems later.
[00:04:40] Sometimes the easiest way to know that something is wrong is to reconcile your account.
Mentioned in this Episode:
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Taking a vacation can create unnecessary stress if you don’t prepare your team to properly plan for your absence.
In this episode, I offer helpful ways to ensure your business runs smoothly when you are out of the office.
In this episode, you’ll also hear:
- Empowering your team to handle your absence
- Planning for the worst-case scenario
- Allowing yourself to enjoy your time off
Must-listen moments:
[00:01:52] And then part of the planning process is to go through the tasks that you are responsible for and then create a process around those tasks and then delegate them.
[00:04:30] I'm going to let key clients know that I'm going to be away, here's the key person for you to contact. So that they know I'm away, and they appreciate the communication, and who can they reach out to.
[00:05:45] Most importantly, relax and unplug while you're away. You will come back feeling so much better. You will feel that you are rejuvenated, you've invested in yourself.
Mentioned in this Episode:
Harvard Business Review - The Leadership Odyssey
https://hbr.org/2023/05/the-leadership-odyssey
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
As a leader, are you doing what’s always worked for you or are you asking for feedback and embracing change? Recognizing the need to improve your leadership style is a skill in itself.
In this episode, I highlight three transformative stages called “departure, voyage, and return” from a recent Harvard Business Review article focused on taking your leadership journey to the next level.
In this episode, you’ll also hear:
- Moving away from your old ways of thinking
- Taking steps to change your behavior
- Creating a new version of yourself
Must-listen moments:
[00:00:52] What has got you to where you are right now is not going to get you to the next step in your journey, and you have to really think about what your leadership skills are like and who you are as a person.
[00:03:15] So what behavior that needs to change has to be sustainable. And once you figure out what the issue is, then you can move into this stage called the voyage, where typically you have to figure out someone to help you, or you have to create a new context for learning.
[00:07:51] And another key factor in this part of the journey is you have the desire to share your learning. You want to teach others what you've learned and in turn, make your workplace grow emotionally.
Mentioned in this Episode:
Harvard Business Review - The Leadership Odyssey
https://hbr.org/2023/05/the-leadership-odyssey
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Some kids start lemonade stands while others sell chocolate bars for different school fundraisers, and these experiences might just launch the next big business owner.
In this episode, I recall my own entrepreneurial journey and how permission to think outside the box planted a seed that’s still influencing my professional career.
In this episode, you’ll also hear:
- Making money by helping others
- Giving space for creativity
- Encouraging an entrepreneurial spirit
Must-listen moments:
[00:02:00] What it got me inspired about, was it was a thrill to own my own business and be in charge and helping people and getting paid for it.
[00:03:09] But he allowed me space to be me. He gave me the permission to think outside the box, and this fostered such a creative sense for me that it really allowed me to think of things that weren't being done.
[00:05:43] It's a testament to the power of childhood experiences and the power of great teachers. It also reminds us that the seeds of entrepreneurship can be sown at the most unexpected times and places.
Mentioned in this Episode:
Shawn Achor - Happiness Advantage - https://www.shawnachor.com/books/happiness-advantage/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Finding joy in your work is a lot easier when you have leaders that create a positive and supportive culture.
In this episode, I dial in on what keeps employees happy and ready to come to work, and game-changing advice to incorporate the “4 G’s” into your work life.
In this episode, you’ll also hear:
- The real reason people leave jobs
- The value of praising employees
- Power of the 4 G’s: Gratitude, Generosity, Growth, Grit
Must-listen moments:
[00:00:59] Company culture is one of the strongest forces for happy employees. And it's the number one thing why employees stay with a company and the leaders are the ones who are creating the culture and delivering the message.
[00:02:00] As a leader, you need to have faith in your employees and constantly talk about all the good things they're doing.
[00:06:11] Even if you're in a situation where your manager isn't practicing the four G's and you're the employee, you can start and it's contagious.
Mentioned in this Episode:
Shawn Achor - Happiness Advantage - https://www.shawnachor.com/books/happiness-advantage/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services
Networking can be intimidating but events held by your local Chamber of Commerce can make connecting with other professionals easier.
In this episode, I shed light on my experience with my Chamber of Commerce and why you should consider joining yours to better serve your community while growing your business.
In this episode, you’ll also hear:
- How serving your community helps your business
- Benefits of joining your Chamber of Commerce
- Finding a Commerce that aligns with your business
Must-listen moments:
[00:01:39] You are not there at these events to talk about your business. You're actually there to talk about how you can help others. And when you offer to help without asking anything in return, that's when you make really strong relationships and become part of the community.
[00:03:09] My business exploded from being part of the chamber and being active in it. And it wasn't because I was the smartest or best accountant there, but it was because when people met me, they saw somebody who serves others.
[00:06:33] Through workshops and networking opportunities, you can learn from successful business leaders and gain insight and apply those strategies and help contribute to your business growth.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Time is money so it’s always important to enhance efficiency when you’re trying to run a business.
In this episode, I share our current favorite online tools that can help streamline your business operations and save you time and money.
In this episode, you’ll also hear:
- Details about ScribeHow’s screen capturing features
- Seamless receipt management and more with Corpay One
- The professional advantages of ChatGPT
Must-listen moments:
[00:01:43] The result is that it takes pictures of each screen and it transcribes the actions that you took, and it highlights where your cursor is so you don't have to do anything except for do a little bit of editing, and a process that would have taken at least 20 minutes…is now down to 30 seconds.
[00:04:24] You can also pay bills through it and set up an approval system…and it's really streamlining all of the accounts payable side and receipt collection, which is always a big pain for business owners and anyone who works with employees, even yourself.
[00:06:33] We've been impressed with what Chat GPT comes back with, and we've been able to use these well-crafted responses to be able to answer questions that would normally take us a lot of time and create some angst, too, but it allows us to be professional and give quick responses.
Mentioned in this Episode:
ScribeHow - https://scribehow.com/
Corpay One - https://cp.corpayone.com/
ChapGPT - https://chat.openai.com/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Remember when checks were the standard form of payment for businesses? Thankfully, Automated Clearing House, or ACH payments, offer a more convenient option for businesses to receive payments from clients.
In this episode, I explain what ACH payments are and how they ensure a steady cash flow while enhancing your client’s overall buying experience.
In this episode, you’ll also hear:
- Streamlining the payment process for clients
- Benefits of automatic payments with ACH
- How ACH payments increase security and efficiency
Must-listen moments:
[00:01:09] It's a simplified payment process for your clients. They can set up these automatic payments and it creates convenience for them.
[00:02:07] When you set up this automatic ACH payment system, it empowers you to collect from your clients promptly and as a designated date.
[00:07:11] It is a game changer. The biggest reason why small businesses go out of business is due to (lack of) cash. So, moving to ACH will keep you in business, keep your clients happy, and give parameters on the expectations you have.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Do you have folders full of financial documents from 5,10, 20 years ago? It’s common to think you should keep every document but it’s not always necessary.
In this episode, I review different financial documents and how to know which ones to keep and how long to wait before shredding them.
In this episode, you’ll also hear:
- Rule of thumb for tax documents
- Closed vs. active documents
- Suggestions for storing documents long term
Must-listen moments:
[00:02:54] You want to keep all tax records and all related documents, your receipt, your bank statements, for three years from the date you file your return, or two years from the date you pay your taxes, whichever is later.
[00:03:45] Keep active contracts, insurance documents, property records, stock certificates, keep all these items while they're active. After the contracts are completed or the policy, the insurance policy expires, then you can destroy those documents.
[00:05:29] Keeping your documents organized, both online and with paper, will give you easy access to them if you need them, or even better if you need to purge them. You know exactly what you're going to purge, and you also know what you need to keep.
Mentioned in this Episode:
ShareFile - https://www.sharefile.com/
IRS -https://www.irs.gov/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
The more we know about ChatGPT, the more we can use it to our advantage instead of being
afraid of it.
In this episode, I examine what ChatGPT is, what questions to ask it, and how artificial
intelligence might benefit your business more than you realize.
In this episode, you’ll also hear:
- Flaws of ChatGPT
- How to verify ChatGPT content
- Using ChatGPT for your business
Must-listen moments:
[00:00:54] The GPT in ChatGPT stands for generative pre-trained transformer, which is a program that can realistically write like a human and interact in a conversational way.
[00:04:08] If you are going to ask something that is complex, ask ChatGPT to cite its sources,
and that way, you can actually check back on those things.
[00:05:09] You can actually have ChatGPT write an ad for your marketing services, and you can
do it in all different kinds of languages.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Budgeting doesn’t have to be complicated. Your business budget can be a simple spreadsheet or it can come with all the bells and whistles from the latest accounting software.
In this episode, I cover easy ways to budget your business finances, how automating payments can predict your financial future, and why the best time to start or review your budget is always now.
In this episode, you’ll also hear:
- Benefits of using a budget
- Automating your finances
- Spreadsheets vs. accounting software
Must-listen moments:
[00:00:26] Budgets are not set in stone. It's something that you are going to revisit often.
[00:01:03] One of the most important aspects of budgeting is tracking your income and expenses, and this gives you a clear picture of where your money's going, where it's coming in from, and it actually helps you to allocate your resources.
[00:03:05] If you're starting from scratch on a budget, if you haven't even done a budget yet for this year and you want to start now, go for it. The best time to start a budget is today.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
It’s no secret raising a kid, much less raising multiple children, takes a ton of hard work. And yet, many people still don’t realize that motherhood is the perfect training ground for being a rockstar entrepreneur or employee.
In this episode, I dial in on what gives moms and caregivers a natural advantage when it comes to running a business.
In this episode, you’ll also hear:
- Multitasking superpowers of moms and caregivers
- Why moms rock at problem solving
- What moms can teach entrepreneurs about empathy
Must-listen moments:
[00:00:47] We like to hire moms, or someone who has run a household, or taken care of kids. They make incredible employees for us because they understand how to put out the fires and in what order.
[00:03:05] From resolving conflicts with children, with spouses…they have to deal with people at school, whatever it is, they find creative solutions for these everyday challenges that they come across.
[00:04:41] When you are the business owner, you're talking about your clients and you need to understand their needs, and you are developing these lifelong relationships with them if you wanna keep these clients, and mompreneurs tend to know how to do this already.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Recruiting employees who easily mesh with your team, align with your values, and have the skills you’re looking for can feel like finding a needle in a haystack.
In this episode, I reveal 4 ways to find employees by using non-traditional platforms, online communities, and leveraging your existing talent!
In this episode, you’ll also hear:
- Tapping into industry specialists
- Defining your ideal employee based on current talent
- Exploring online groups and employee referrals
Must-listen moments:
[00:02:05] For niche industries, thinking outside the box and employing unique recruitment strategies are gonna help you to find those unique people.
[00:03:03] My best employees have come from these online communities…we explored spaces that we knew we hung out in when we first started.
[00:05:05] One way that we have really been able to excel our hiring process is to tap into our current employees.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
If you want to increase your profitability, you must know your numbers, especially the expenses of your direct and indirect costs.
In this episode, I break down the difference between direct and indirect costs, and how to know if you’re charging enough so you can cover your business expenses while still earning a profit!
In this episode, you’ll also hear:
- Understanding direct costs and cost of goods sold
- Calculating your gross profit margin
- How knowing direct vs. indirect costs increases profitability
Must-listen moments:
[00:00:43] Direct expenses are expenses that are directly related to the sale of your product or service.
[00:02:46] Indirect expenses…they are things that cost to run your business, but they're not directly related to the item that you sell.
[00:05:44] Knowing the difference between those two [direct and indirect costs] is incredibly important because it'll keep you profitable. If you're charging enough for your product, and able to pay for your direct costs, and cover your indirect costs, and have money left over—that’s really good!
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Summer means hot days and long nights, and hopefully some time to slow down and take a much needed break.
In this episode, I share 5 tips for making the most of your summer to keep your business on the right track for the rest of the year.
In this episode, you’ll also hear:
- Taking time to celebrate your business
- Mid-year review of your business goals
- Going for big dreams
Must-listen moments:
[00:00:59] Take stock of your accomplishments, anything that you've accomplished in the first half of the year. Celebrate it. Find a way to praise yourself.
[00:01:54] When you take a break, you can come back with clarity and maybe even be able to see those situations from a different point of view.
[00:03:46] Do those projects fit into the end of the year? Do they fit into my idea of what I want to happen by the end of the year? You have to decide that and really start to say no, and no is a powerful answer.
Mentioned in this Episode:
Guideline - https://www.guideline.com/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
How much should a business owner draw as their take-home pay? Too much, and you’re draining the business, but too little and your personal financial struggles will take the business down with them.
So, how can entrepreneurs calculate their own fair wages? And how do they account for taxes and health insurance in their paycheck?
Learn guidelines for how business owners can accurately determine their take-home pay, 5 things an entrepreneur’s compensation should cover, and when it’s time for them to reexamine the finances of their business.
In this episode, you’ll also hear:
- How business owners get paid
- 5 key items to cover with your pay
- When to readjust your business model
Must-listen moments:
[00:00:41] There are two major ways that you get paid through a business as the owner, you get an owner's draw, or you receive a paycheck.
[00:05:07] You should be making money. You take all the risks of your company, you work all the crazy hours, you do all the work, and you should be compensated accordingly.
[00:06:17] If you’re still doing that after years of being in business, or if you constantly have cash flow issues related to you taking a salary, then something is wrong, and you need to take a closer look at your revenues and expenses.
Mentioned in this Episode:
Guideline - https://www.guideline.com/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Who’s the administrator on the software accounts you use to run your business? Think about your website, your bookkeeping and payroll software, and even your social media?
In this episode, I explain why you should always be the master admin of any software your business uses, 4 rules to prevent fraudulent access, and tips for when it’s necessary to share access with your team.
In this episode, you’ll hear:
- Primary admin access for business software
- 4 Steps to protect your accounts
- Suggestions for when and how to share access
Must-listen moments:
[00:00:50] You gotta have systems in place that allow you to have access to what you need in case your trusted person leaves.
[00:03:16] Any software that you have, and this includes QuickBooks Online, your website, bank accounts, anything that you use online—it should be under your name.
[00:04:16] You can put a plan in place where two separate people on your team have access to one piece of information. Maybe one person has access to your username, and one person has access to your password.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Did you know there are free tools that can help you find unclaimed money or boost your savings? Find out my top 3 favorite money-saving tools that are absolutely free and easy to use so you can stash more cash!
In this episode, you’ll also hear:
- Details about Utah State University’s Power Pay
- How to find money using Unclaimed.org
- Why you should track your credit with Credit Karma
Must-listen moments:
[00:00:48] Power Pay gives you the tools to develop a personalized, self-directed debt-elimination plan.
[00:01:33] Search the unclaimed property list for your name to potentially find money, dividends, uncashed checks, mineral rights payments, etc) and follow the instructions on how to claim it.
[00:01:53] Credit Karma is a must-have…it keeps track of your credit alerts, and it makes you aware of any changes or errors in your credit report.
Mentioned in this Episode:
Power Pay - https://extension.usu.edu/powerpay/
Unclaimed.org - https://unclaimed.org/
Credit Karma - https://www.creditkarma.com/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Firing a client is never easy, but sometimes it’s necessary in order to protect your business and your core values.
In this episode, I highlight things to consider before cutting ties with a client, and why it’s crucial to salvage as much of your professional relationship as possible when it’s time to say goodbye.
In this episode, you’ll also hear:
- Steps to take before firing a client
- My recommendations for documentation and formal disagreement letters
- Why you should avoid burning bridges with clients
Must-listen moments:
[00:01:35] Be very clear and specific about the issues you've identified, try to remain professional and avoid becoming emotional.
[00:02:36] Provide a very clear and specific formal disengagement letter to the client. It should include the reasons for the termination, how information is gonna be passed on, and the date on which the relationship will actually end.
[00:03:34] If possible, try to resolve the issues and maintain a positive relationship. However, if the relationship becomes too difficult or damaging to you or your business, it may be necessary to part ways, but do your best to leave the relationship on good terms.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
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Understanding the numbers of your business is key to its growth and success. But what should be measured to truly know how a business is performing?
In this episode, I cover 8 KPIs, which key performance indicators are most useful to tracking your business’ progress, and how to know when to change what you’re measuring.
In this episode, you’ll also hear:
- 8 Common key performance indicators (KPIs)
- Benefits of measuring your Net Promoter Score (NPS)
- Understanding when to change KPIs
Must-listen moments:
[00:00:40] KPIs are metrics that help you measure progress towards your goals, and they can vary widely depending on the industry and your company and the type of business that you're in.
[00:02:00] We use Net Promoter Score in everything that we do, and it's easy to collect data on this. What it does is it measures client satisfaction and loyalty by asking customers how likely they are to recommend the business to others.
[00:03:30] You might decide that you want to change what you're measuring because the organization is moving in a different direction, and it's important to identify the KPIs that are most important to your business and track them regularly.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: Alisa@firststepsfinancial.com
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Are you ready to unlock the secrets hidden within your profit and loss statement? Get ready to discover the power of this document as we dive deep into its significance. Join us as we unravel the mysteries of your profit and loss statement and explore how it can revolutionize your business decisions. From setting prices and forecasting growth to obtaining loans and attracting investors, this report holds the key to your success. We'll also reveal how your profit and loss statement plays a crucial role in effective tax planning, ensuring you keep more of your hard-earned money. Don't miss out on this episode packed with invaluable insights. Tune in now and learn how to unleash the full potential of your profit and loss statement!
Key Highlights:
[00:00 - 02:53] Unlocking the Power of Your Profit and Loss Statement
- Profit and loss statement is the first report to review every month
- You can use it to make decisions on setting prices, developing sales targets and forecasting growth
- It is necessary for good tax planning advice
Key Quotes:
“If you're applying for a loan, a profit and loss statement will be the document that will be needed.” - Alisa McCabe
“Your profit and loss statement reports the total income that's come into your business.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Attention all entrepreneurs! Are you tired of feeling overwhelmed by your business finances? Do you struggle to keep track of your accounts? Then join us for a conversation on how to manage your finances better! In this episode, we'll cover the different types of accounts available to entrepreneurs, including the benefits of having a business checking account, money market accounts, savings accounts, and certificates of deposit. We'll delve into the features of each account, such as interest rates, minimum deposits, and monthly fees, as well as special offers from banks that you won't want to miss. Plus, we'll share tips on how to meet minimum balance requirements and identify other institutions that offer higher interest rates. Don't miss out on this valuable information – tune in now to start managing your business finances like a pro!
Key Highlights:
[00:00 - 06:08] Uncover the Benefits of Having a Business Savings Account and Find Out About Deposit and Withdrawal Limits
- Savings accounts may have no minimum fees and no monthly fees
- Having checking and savings accounts at the same bank may be more effective than having separate savings accounts
- Institutions other than main bank may pay higher interest rates on savings accounts
Key Quotes:
“Having your checking account and savings account at the same bank might be more effective than having a separate savings account at a different bank.” - Alisa McCabe
“Make sure your business cash works as hard as you do.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you a business owner struggling to make sense of your finances? Do tax time and loan repayments leave you feeling confused? Fear not, as we have got you covered in this podcast episode! Join us as we unravel the top five questions that entrepreneurs commonly have around financial misunderstandings and provide you with actionable tips to navigate them. From demystifying loan repayments and owners' draw to understanding how to record funds properly, we've got everything you need to know to make informed decisions about your finances. Alisa will guide you through managing cash flow, tracking expenses, and comprehending profit margins. Don't miss out on this opportunity to take charge of your finances and make informed decisions for the growth of your business!
Key Highlights:
[00:00 - 02:28] Uncovering the Most Common Misunderstandings About Your Financials
- Tax time is a stressful time for everyone
- When repaying, money is given back to the bank and interest is an expense
- Interest is recorded as an expense on profit and loss statement
[02:29 - 07:23] Understanding Owner's Draw: Why It Isn't an Expense to Your Business
- Bank balance decreases when you pay a loan, but it doesn't increase your expenses
- It is critical, as the owner, to understand your entity type so that you can comprehend how you can take money out of the firm
Key Quotes:
“Your bank balance decreases when you pay the loan….but it doesn't increase your expenses.” - Alisa McCabe
“It's really important to know what type of entity you are so you can record and understand how you as the owner can take money out of the business.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you a small business owner struggling to keep your finances in order? In this episode of the Financial Snickens Podcast, we’ve got you covered with six key strategies to avoid accounting errors and maintain best practices for your company’s financials. From hiring an accountant or bookkeeper to controlling expenses and keeping personal/professional expenses separate, we’ll cover everything you need to know to stay on track financially. Plus, we’ll discuss the importance of choosing the right accounting method and working with a tax planner to ensure compliance with IRS regulations. Don’t miss out on these valuable insights – tune in now!
Key Highlights:
[00:00 - 02:15] Financial Tips for Entrepreneurs
- Accounting errors can be mitigated or avoided with prudent planning and smart choices
- Hiring the best accountant and bookkeeper can save money in the long run
[02:16 - 04:35] Why Hiring a Competent Accountant is Worth the Investment for Your Business
- Hiring a competent accountant is worth the investment
- Find someone patient and willing to teach you about finances
- Review expenses monthly or more frequently to stay in control and increase profits
[04:36 - 08:55] Essential Tips for Small Business Owners to Manage Finances Effectively
- Incidental expenses can add up over time
- Open a business checking account for all income and expenses
- Choose the right accounting method (cash or accrual) with guidance from a tax planner
Key Quotes:
“When you start a business, the first thing you should do is open a business checking account.” - Alisa McCabe
“Control your expenses.” - Alisa McCabe
Resource Mentioned:
quickbooks.intuit.com
Link to more information from the IRS on the difference between employees and contractors:https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
How do we get the most out of conferences? Conferences are a great way to learn about new industry trends, network with like-minded individuals, and gain valuable insights into running a business. However, attending a conference can be overwhelming without proper planning. Listen to today’s episode for practical tips on having a pre- and post-conference plan.
Key Highlights:
[00:01 - 02:22] Pre and Post-Conference Planning Tips for Entrepreneurs
- Conferences are valuable educational tools - take advantage of them
- Pre-conference planning includes asking yourself, “Why should I go?”
- Collaborate with colleagues to attend different workshops and exchange notes
- Have a plan for organizing information and creating action items
[02:23 - 04:49] Building Relationships with Colleagues and Vendors
- Be open to talking to people and building relationships
- Attend breakfasts, coffee breaks, and after-events sponsored by vendors
- Talk to vendors to build relationships and potentially solve issues with their products
- Pro Tip: Only choose three action items to avoid feeling overwhelmed
[04:50 - 06:13] How to Build a Supportive Peer Group and Learn Best Practices
- Follow up with people you met at the conference for accountability
- Attending conferences is worth the time and effort
- Meet others with a growth mindset - expand your network
- Share your conference experiences on Alisa's website or email alisa@firststepsfinancial.com
Key Quotes:
“Conferences are absolutely one of the most valuable educational tools that you can use, and if you go with the right attitude and you have a good plan for when you return, they can bring incredible value to your company.” - Alisa McCabe
"Follow up with the people you met at the conference. They can become your people." - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you an entrepreneur struggling to retain customers and grow your business? Look no further because today we're discussing the importance of having a client success manager. Without satisfied customers, your business cannot thrive, which is why a client success manager is crucial. They act as an advocate for both the customer and the company, ensuring a smooth customer journey and providing valuable insights into improving customer service. In this episode of Financial Snickens, we'll explore the many roles and responsibilities of a client success manager and why they're essential for building long-lasting relationships with customers. So, tune in to learn more about growing your business!
Key Highlights:
[00:00 - 02:27] The Importance of a Client Success Manager for Your Business
- First impressions are crucial for a business's success
- A client success manager plays a crucial role in improving customer experience
- A client success manager is accountable for the client experience
Key Quotes:
“If someone on your team thinks that maybe there's an opportunity with a client, that they can serve the client better by offering additional services or discovers an issue with a service, the client success manager is the perfect person to go to.” - Alisa McCabe
“A great client success manager is the perfect solution to achieve the highest quality of customer care without putting more on the plates of your team.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you a business owner looking to improve workplace productivity and wellbeing? Then this episode is for you. Today, we're discussing the importance of workplace self-care, a crucial yet often overlooked aspect of business management. From sending out employee surveys to offering personalized care packages, we'll explore actionable ways to prioritize employee wellbeing and prevent burnout, all while improving productivity. Tune in to discover how to create a healthy work culture that benefits both your team and your business.
Key Highlights:
[00:00 - 02:35] Prioritizing Workplace Self-Care: A Guide for Entrepreneurs
- Workplace self-care is crucial for entrepreneurs and their employees
- Conducting a survey to understand individual needs for self-care
- Making self-care actionable to help employees prioritize it in their daily lives
[02:36 - 05:07] OFS Financial promotes self-care and community involvement among remote team members
- OFS Financial encouraged remote team to volunteer together for Project Blindness
- Project Blindness supplies children in unstable situations with blankets
- Setting boundaries to avoid burnout when working remotely
Key Quotes:
“Creating a ritual will signal that the workday has ended and you are able to shift your focus to something else.” - Alisa McCabe
“Make sure you help your team set boundaries, especially when it comes to working remotely.” - Alisa McCabe
Resources:
Spotify premium subscription to your team for free —part of the perks of working with you but also helping them feel better. You can email them here for more information spotifyforwork@spotify.com
Marketplace Chaplains
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
In a world where being busy is often seen as a badge of honor, it's easy to overlook the importance of slowing down. As entrepreneurs and business owners, we have deadlines to meet, goals to achieve, and customers to please, but what happens when we push ourselves too hard? Burnout and exhaustion can quickly set in, leading to decreased productivity and poor health. In today's episode of Financial Snickens, we're going to explore the benefits of slowing down and offer some practical tips for improving your performance and well-being. From eliminating unnecessary tasks and limiting social media use to prioritizing sleep and taking breaks from screens, we'll show you how taking a step back can actually help you move forward. So sit back, relax, and let's get started!
Key Highlights:
[00:01 - 02:40] Slowing Down for Better Business: The Importance of Prioritizing Your Health
- The fast-paced business world often neglects the importance of slowing down
- Slowing down can improve mental and physical health
- Tips for slowing down include delegating tasks, limiting social media use, and prioritizing sleep
[02:41 - 05:30] Expert Business Advice: Strategies for Better Performance
- Running a business with health issues is not advisable
- Multitasking hinders productivity; focus on one task at a time for better results
- Downtime is necessary for recharging energy and focus, even if it means doing nothing
Key Quotes:
“Eliminate the things that you don't have to do.” - Alisa McCabe
“One of the things that I also suggest that you do and will help you to slow down is stop multitasking.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Do you want to scale your business but don’t know where to start? In this episode, Alisa discusses the process of delegating and outsourcing tasks, as well as providing step-by-step instructions on how to match the right task with the right person. Shel also discusses how to provide training, check that all instructions are done correctly, and focus on the results rather than controlling the process. Plus, she gives tips on setting up a project management system and communicating constraints and boundaries to team members. Finally, she provides a link to a podcast with more information on carving out time in your firm. Tune in now for invaluable tips and tricks on scaling your business through effective delegation!
Key Highlights:
[00:01 - 02:30] Delegating with Confidence: How to Free Up Time in Your Firm and Document Your Easiest Tasks
- Running a successful business depends on delegating well and resisting the urge to take over
- Most entrepreneurs pass off tasks without instructions, leading to a lack of process
- When delegating, a fantastic place to start is by writing down the simplest duties that don't involve direct interaction
[02:31 - 04:46] Delegating Tasks: How to Match the Right Person and Provide Training
- Choose whatever duties to assign to the team and hire outside contractors to do
- Give instruction and assistance until someone is able to do it on their own
- Make them see you perform the action and adhere to your directions
- Verify that the instructions are followed exactly
[04:47 - 07:07] How to Check if Tasks Are Being Done Correctly and Ensure Results with a Project Management System
- Instead of controlling the process, concentrate on the results
- Set up a project management system like Asana to check completeness
- To keep track of duties and ensure they are completed, use a practice management system
- Inform team members about restrictions and boundaries as part of training
Resources Mentioned:
Asana
Financial Sense
Future Firm Accounting Podcast: The Most Impactful First 2 Steps to Freeing Up Time in Your Firm
Key Quotes:
“You need to focus on being most concerned about the results.” - Alisa McCabe
“Your team needs to know your mission, vision, and what is a priority.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you curious about how companies are responding to economic uncertainty? In this episode, Alisa discusses how companies are bringing in outside contractors and shifting existing employees into different roles to take advantage of new opportunities without needing to hire additional personnel. He also highlights the importance of having a flexible workforce that can quickly adapt to changing conditions, and examine the potential benefits for both employers and employees. Plus, get insider tips and advice on how to develop new skill sets that will increase your value to the company and benefit you in the long term. Don't miss this informative and insightful conversation on Quiet Hiring!
Key Highlights:
[00:01 - 02:37] Quiet Hiring: A New Trend in US Business for 2021
- Quiet Hiring is a new term that is expected to be dominant in the US this year
- Companies are hesitant to hire new employees due to uncertainty about the economy and rising prices
- Moving an employee to another role can help a company identify areas of improvement
[02:38 - 04:56] A New Way to Utilize Employee Expertise and Increase Value for Your Company
- Creating online courses for business owners to use QuickBooks Online for their personal bookkeeping using the company's expertise
- Quiet hiring allows employees to move around and learn new skill sets, increasing their value to the company
Key Quotes:
“So hiring an outside contractor might fill an acute need just for the company.” - Alisa McCabe
“Most companies are hesitant to hire a new employee because we're uncertain of the economy.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you feeling a bit unenthused by your business lately? In this episode, Alisa talks about going back to basics by connecting with the mission, vision and core values of your company. She shares examples of good mission statements, such as "accelerate the world's transition to sustainability" and "connect the world's professionals to make them more productive and successful". She also looks at Simon Sinek's Ted Talk on how great leaders inspire action, and suggests core values such as authenticity, achievement, curiosity and determination when creating a company's core values. Finally, she stresses the importance of taking time to remind oneself of why you started the business and how far you have come. Tune in now for tips on how to fall back in love with your entrepreneurial journey!
Key Highlights:
[00:01 - 02:18] Reignite Your Passion for Business: Remember Your Mission, Vision, and Core Values
- It's possible to fall back in love with your company
- It's common to lose heart or tenacity when businesses experience ups and downs
- By reexamining your goal, vision, and basic beliefs, you can rekindle the romance
- The act of developing them will help you remember why you established the company
[02:19 - 04:55] Discover Your Why: Inspiration from Simon Sinek's TED Talk on How Great Leaders Inspire Action
- Examples of Good Mission Statements:
- Accelerate the World's Transition to Sustainable
- Spread Ideas
- Connect the World's Professionals
- Build Most Convenient Payment Solution
- Core Values Suggested by James Clear:
- Authenticity
- Achievement
- Curiosity
- Determination
Resources Mentioned:
Atomic Habits
Quickbooks
Key Quotes:
“Go back to your mission, vision, and core values. They're there for inspiration.” - Alisa McCabe
“Take some time to reflect, and fall back in love with your company and the passion you had when you started.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you struggling to set yourself up for success? In this episode, Alisa talks about how to set meaningful business goals for the year and achieve them. She suggests understanding what resonates with you and breaking down your goals into actionable steps. By understanding the SMART format (Specific, Measurable, Actionable, Realistic and Timebound) and using action words to help track progress, individuals can stay motivated and reach their goals. She also offers advice on creating habits and systems to reach your goals, recommending Atomic Habits by James Clear. Tune in to get the best advice on setting SMART goals, taking actionable steps to reach them and establishing habits and systems that will ensure success by the end of the year.
Key Highlights:
[00:01 - 02:23] Setting Goals for Business Success: How to Prioritize and Stick to Your Plan
- Goal setting for business owners
- Take time to think about what you want to achieve in the year
- Prioritize what your goal is
- Make sure the goal resonates with you and not someone else
[02:24 - 04:50] Achieve Your Goals with SMART Format: Be Specific, Measurable, Actionable, Realistic and Timebound
- Start with three goals and put them in writing
- Use the SMART format (Specific, Measurable, Actionable, Realistic, Timebound)
- Make goals specific and measurable
- Use action words to help you move towards your goal
- Create a to-do list for the next day and shut down your computer
[04:51 - 07:25] Set Smart Goals and Create Habits and Systems to Achieve Them
- Set realistic goals
- Set a time bound for the goal
- Create actionable steps to reach the goal
- Post goals somewhere visible
- Create habits and systems around the goals
- Bask in the rewards of accomplishments at the end of the year
- Talk to an expert for advice on setting goals, habits, and systems
Resources Mentioned:
Atomic Habits
Key Quotes:
“And the first step is always, what's the priority this year?” - Alisa McCabe
“So don't set more than three goals because you won't do it.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you an entrepreneur struggling to stay motivated? In this episode, Alisa dive into Mel Robbins' approach to motivation and how it can help entrepreneurs take action and achieve success. We'll learn what science says about the 5-second countdown, how successful people throughout history have used it, and how creating an action plan ahead of time can make it easier to follow. Plus, we'll get tips on forming rituals around the countdown for more lasting results. Tune in to this episode for practical advice that will help you stay motivated and focused on your goals!
Key Highlights:
[00:01 - 02:31] Motivation is Garbage: Mel Robbins' Countdown Technique to Help Entrepreneurs Stay Focused and Achieve Success
- Staying motivated in business is important for success
- Motivation is not a train that will come and pick you up
- Business owners need to have uncomfortable conversations with employees/clients
- Mel Robbins suggests using a countdown to get motivated
[02:32 - 04:58] Outsmart Your Brain and Take Action with the 5-4-3-2-1 Method
- Mel Robbins uses a 5-second countdown method to break her brain pattern and take action
- Successful people throughout history have used this technique
- Have an action plan in place to make it easier to take action
- Start rituals around taking action immediately with the 5, 4, 3, 2, 1 countdown
Resources Mentioned:
The Mel Robbins Podcast - Episode 3
Key Quotes:
“Start moving before your brain talks you out of it.” - Alisa McCabe
“Have your plan in place and be ready to do it.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you ready to get your taxes done? In this episode, Alisa discusses the essentials of getting your business tax return done, including what documents to gather, how to store them securely, and tips for talking to your CPA. Learn why it’s important to be prepared for tax season with an organized system of records, which includes entity type, tax form to file, tax deadline, and all necessary documents. Hear about the advantages of using QuickBooks Online to store e i n numbers, profit and loss reports, balance sheets, receipts, bank statements, credit card statements, payroll records and sales tax payments. Find out about estimated tax payments, deductions and credits, filing an extension and paying your tax liability. Get advice on alternatives if you cannot afford to pay your taxes.
Key Highlights:
[00:01 - 02:19] Organize Your Financials and Streamline Your Processes: What You Need to Know Before Preparing Your Business Tax Return
- Working with an accountant will cost less if all information is gathered ahead of time
- Need business profit and loss, gross income, sales records, invoices, salaries, receipts
- Know business entity type and what tax form will be filing
[02:20 - 04:39] Understanding Tax Deadlines and Storing Documents Securely for New Clients
- QuickBooks Online is a great way to store documents in a secure way
- Payroll records should be available regardless of what software is used
- Sales tax payments and supporting reports should be stored
[04:40 - 06:55] Get the Information You Need to File Your Taxes and Know Your Tax Deductions and Credits
- Gather documents on estimated tax payments
- Track business mileage in QuickBooks
- Ask CPA about available tax deductions and credits
- Have information ready when asking questions
- Research alternatives for paying tax liability
- Rely on professionals for help creating a successful business
Resources Mentioned:
QuickBooks Online, Patriot Software, Gusto
Key Quotes:
“If you're gonna ask the questions, know the answers ahead of time about what number it is.” - Alisa McCabe
“Don't not pay your taxes because you can't afford to. That makes things much worse. ” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you an entrepreneur looking for advice on how to choose the right payroll company for your business? In this episode, Alisa will be discussing the importance of understanding the big picture when it comes to setting up payroll, from how the system will work with other systems and be easy to navigate, to considering customer service, job costing abilities, and time tracking. She’ll also be offering an overview of two popular services: QuickBooks Online Payroll and Gusto. QuickBooks Online has just launched a feature that allows employees to onboard themselves by setting up their direct deposit, filling out their W4, and other documents if necessary. Although the I9 is not filled out at this time, it is expected to be added in January 2023. Plus, get tips on talking to an accountant or bookkeeper about what payroll company they recommend and what they would use. Tune in now for all of this advice and more!
Key Highlights:
[00:01 - 02:20] Choosing the Right Payroll Service: QuickBooks Online and Gusto Payroll Explained
- Payroll companies should all pay payroll taxes correctly
- Choosing a payroll system is not just about running payroll, but also the big picture
- Consider factors such as ease of navigation, time tracking, and integration with accounting systems
- Good customer service is important for when things go wrong
- We recommend Gusto payroll and QuickBooks Online payroll for their ease of use
[02:21 - 04:50] QuickBooks Online Launches Self-Onboarding for Employees, But Lacks in Customer Service and Paid Time Off
- Employees can onboard themselves through QuickBooks Online Payroll
- QuickBooks Online and Gusto both file new hire reports in your state
- QuickBooks Online has limitations with paid time off
[04:51 - 07:14] QuickBooks Online vs. Gusto: Automatically Calculate Paid Time Off and Send Out W2s
- QuickBooks Online payroll automatically sends out W2s to employees
- Gusto requires manual selection of how employees receive their W2s
- Gusto calculates pay for new employees starting in the middle of a pay period
[07:15 - 09:37] Get the Most Out of Your Payroll with QuickBooks Online and Profit & Loss Reports
- Companies charge between $400-$700 to set up a state payroll
- QuickBooks Online payroll provides great job costing and time tracking
- Profit and Loss by Client report allows you to see profit per client
- Have conversations with clients if budgeted hours are exceeded
- Consult accountant or bookkeeper for best payroll company recommendation
Resources Mentioned:
Gusto, QuickBooks Online
Key Quotes:
“It's really important that they provide good customer service because things go wrong and you're gonna need some help figuring things out.” - Alisa McCabe
“So when you're thinking about payroll for your company, look into all the criteria that are important to you and talk to your accountant, your bookkeeper, to find out what payroll company they recommend and what they would use.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you looking for ways to create big changes in your life without having to put in too much effort? In this episode, Alisa discusses the book Atomic Habits by James Clear and how it can help you achieve your goals. We'll explore the four laws of behavior change and look at how small changes can have a huge impact. We'll also discuss stacking habits so they become more ingrained in our lives. Plus, we'll explore how combining two of your goals into one task can make them easier to accomplish and help you be more productive. We'll then take a look at Adam Grant's book What You Don't Know and his three mindsets: preachers, prosecutors, and politicians. How can adopting humility and skill like a scientist help us reach our goals? So join us as we redefine our relationship with money and strive for a life full of experiences, travel, and financial freedom!
Key Highlights:
[00:01 - 02:41] Making Small Changes for Big Results with the Smart Boss Business Group
- Make it obvious, make it attractive, make it easy, and make it satisfying
- Stacking habits to make them more sticky
- Combining exercise program and learning QuickBooks and niche marketing
[02:42 - 05:05] Create Systems and Unlock the Power of What You Don't Know
- Focus on creating systems and who will you wanna be
- Three mindsets: Preachers, Prosecutors, Politicians
- Each mindset has a particular identity and use a distinct set of tools
[05:06 - 10:10] Unlock Your Potential and Achieve Financial Freedom
- Putting positive energy into the universe, especially about finances, will do wonders to improve your situation
- Make money goals become more of a reality by getting specific about the amount of money you want to have and how you will use it
- Lean into the idea of asking the universe for help
Resources Mentioned:
Think Again: The Power of Knowing What You Don't Know, Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones, You Are a Badass at Making Money: Master the Mindset of Wealth
Key Quotes:
“So why limit my dreams to only what I've decided is possible?” - Alisa McCabe
“When we recognize flaws in other people's reasoning, we marshal arguments to prove them wrong and win our case.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
Are you going deep and becoming an expert in one specific industry? In this episode, Alisa highlights the importance of narrowing your focus in business and how this can help you save time and make more money. She digs deep into how people will choose you and pay more for your service or product when you educate yourself and become an expert in your field. Tune in and explore the benefits of being hyper-focused on what you do!
Key Highlights:
[00:01 - 07:15] Becoming the Best in Your Field
- How to narrow your focus in business
- People want someone who is an expert in what they do
- Why marketing is a breeze when you focus on one area
- You make more money when you specialize
- How to provide the ultimate experience to your clients
Resources Mentioned:
Rice, Noodle, Fish: Deep Travels Through Japan's Food Culture
Key Quotes:
“Instead of trying to be all things to all people, we should focus on becoming the best in our field.” - Alisa McCabe
“Being hyper-focused on what you do really well will benefit you in the long run.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
In this trailer episode, Alisa discusses the topics that all entrepreneurs want to talk about. From streamlining processes to scaling your company. With over 10 years of experience owning her own accounting and bookkeeping firm and working with hundreds of entrepreneurs, she’s here to break down these questions in easy-to-understand language and actionable items. Tune in every Thursday for five to ten minutes of invaluable information. If you have specific questions about businesses or bookkeeping, head on over to this website at firststepsfinancial.com and hit the “Let’s Talk” button so we can continue the conversation. Follow us on Instagram, LinkedIn, and Facebook at First Steps Financial for weekly updates on how to get your business organized and running smoothly. Don’t miss out – make Financial Snickens a part of your routine! See you soon!
Key Highlights:
[00:01 - 07:15] Get Bite-Sized Financial Information for Entrepreneurs
- Weekly discussion of topics entrepreneurs want to talk about
- Easy to understand language and actionable items
- 10 years of experience working with hundreds of entrepreneurs
Key Quotes:
“I have owned my own accounting and bookkeeping firm for over 10 years.” - Alisa McCabe
“We are going to discuss the topics that entrepreneurs want to talk about.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!