CEO Chronicles: Recent Episodes
Michele Coley & Karamel McCoy
When your best friend says she is starting a business and you say I'm starting a business too, what happens? Well, you and your best friend have funny stories about what it takes to start a business. You have daily conversations about woes, successes, and bumps in the road that turns into a 30-minute podcast.
Welcome in, everyone! It’s your hosts Michele and Karamel here to talk all about what it means to chase your dream and what it means when that dream can become a nightmare. While we do acknowledge that there are lists out there that help you determine how you know that your dream is becoming a nightmare, we point out several different ways to tell, starting with assessing whether or not your personal life and/or business is/are suffering.
Your dream can also, of course, become a nightmare when you’re not making enough to cover your costs, obviously a big one. We discuss the problems that can arise when what it is that you offer is no longer in demand, being burned out and therefore unwilling or unable to keep up with the demands of the business (another really big one), having the skill to do whatever service you offer but not really understanding how to run a business, and more.
We also talk about a few ways to help prevent your dream from becoming a nightmare, such as being open to change, having what Karamel refers to as a “kitchen cabinet,” seeking out advice from people who have been in similar shoes, and, probably most importantly, stick to your plan!
At the end of the day, there are several ways that chasing our dreams can be become nightmares, and we need to be able to wake up from the nightmare if and when it happens, so if you find that your personal life is suffering, that you're having financial struggles, that demand for what you offer is dwindling, and/or that you're experiencing burnout, then this episode is likely for you! If you enjoy it and get some valuable insight out of it, please feel free to reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:31] - Michele has been realizing that some people are chasing after their dreams while living nightmares.
[1:23] - If your personal life is suffering, then that’s a good sign that you’re living a nightmare rather than a dream.
[4:48] Financial struggles arise when costs outweigh income, potentially leading to business closure or missed payroll.
[7:03] - If your products or services face declining demand alongside other issues, it's time for evaluation.
[7:55] - Another thing to watch out for is burnout!
[9:05] - Michele and Karamel agree that when you run a business, you have to be willing to change along with the times.
[10:40] - Michele discusses the problem of not being passionate for your business anymore.
[13:20] - Learn what Michele means when she says “to make something shake.”
[15:42] - Closing one business doesn't prevent future entrepreneurial endeavors; don't let failure hinder progress.
[18:15] - Karamel argues for the importance of having what she calls a “kitchen cabinet.”
[21:37] - Karamel points out that one way to combat your dream becoming a nightmare is seeking out advice from others.
[23:57] - It is never a good idea for a business owner to bury their head in the sand.
[24:35] - Michele argues that ”taking it day by day” is more than a cliché; focusing on daily tasks builds momentum.
[25:25] - STICK TO YOUR PLAN!
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
We are back for a new season, everyone, and we are starting off by catching up on our entrepreneurial journeys, sharing insights, challenges, and triumphs. As brick-and-mortar and e-commerce business owners, we've navigated the ever-changing landscape of entrepreneurship for years, adapting to market shifts and personal growth along the way.
From managing brick-and-mortar insurance agencies to e-commerce ventures and luxury travel experiences, our diverse businesses keep us on our toes, and we discuss the daily grind of entrepreneurship, the constant pursuit of growth, and the importance of strategic planning. We also delve into topics like the intricacies of running online businesses, the power of social media marketing funnels, and the necessity of diversification in uncertain times. Through this candid conversation, we reflect on the realities of being business owners, including the highs of success and the lows of navigating financial challenges.
As we share anecdotes and lessons learned, we hope that you gain valuable insights into the dynamic world of entrepreneurship. From discussing the impact of external factors like economic shifts and industry trends to embracing the necessity of change and adaptation, our conversation offers a glimpse into the multifaceted journey of entrepreneurship!
If you enjoy this episode, please feel free to reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:52] - Karamel asserts that entrepreneurship entails daily challenges, constantly evolving tasks, and occasional uncertainty.
[1:18] - Michele and Karamel reintroduce themselves since it's been a bit since season 2.
[3:00] - Michele reflects on how six years of business evolution has expanded her knowledge and reshaped spending habits.
[3:53] - Karamel argues that business success involves aligning activities with goals, not solely focusing on making money.
[4:26] - Hear how Michele doesn't feel that the 9-5 concept applies to her as a business owner.
[7:28] - Despite minimal social media use, Karamel still leveraged it to successfully launch her training business.
[8:17] - Targeted advertising, when done effectively, builds rapport and authentically boosts sales.
[11:14] - Michele argues that constant growth is essential; failing to grow will lead to decline.
[14:29] - Karamel points out how flexibility allows her to adjust focus and finances to sustain projects during challenges.
[16:27] - Karamel adds that despite challenges, she diligently optimizes her business strategies such as improving website navigation for customers.
[17:23] - Michelle discusses the residual pandemic effects that still persist, causing challenges like rising costs in various sectors.
[18:45] - Karamel firmly asserts that her clients are informed upfront that her training demands personal effort; she will not do the work for you.
[19:13] - Michele refers to the book Relentless by Tim S. Grover.
[20:14] - Adaptation is key in business; like insurance agents, pivot when circumstances change operations.
[21:36] - Michele discusses at length how businesses evolve and how growth plans and daily focus foster improvement despite challenges.
[24:28] - Strategic planning prepares Karamel for future challenges, ensuring preparedness.
[25:40] - Michele argues that strategic scaling is all about using resources smartly instead of just throwing money around.
[26:45] - Karamel recognizes the value of teamwork and involves her team in decision-making for business growth.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Tim S. Grover - Relentless: From Good to Great to Unstoppable
We hope that you will join us today as we discuss the challenges and triumphs of small business ownership! As the year comes to a close, we reflect on our experiences, sharing insights on working in vs. working on the business. Michele discusses her shift from working IN the business rather than ON the business due to rising costs and the need to cut expenses. With a strategic approach, she streamlined operations, making tough decisions like letting go of certain expenses, including a beloved billboard. Embracing an abundance mindset rather than a scarcity mindset, she emphasizes the importance of adapting to business changes and staying vigilant.
Karamel shares her perspective on balancing hands-on involvement and strategic planning, acknowledging the need for energy management and considering an exit strategy. We explore the complexities of leadership, emphasizing the significance of effective communication, building a supportive network, and appreciating the efforts of the team!
Again, we hope that you will tune in to gain valuable insights into managing a successful business while nurturing meaningful relationships within the entrepreneurial journey! If you enjoy this episode, reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[1:23] - Michele says that this has been a very hard year for business.
[1:58] - Why has Michele been working IN the business this year vs. ON the business?
[3:06] - Michele touches upon why she had to cut expenses.
[3:46] - Michele has to let her beloved billboard go next year.
[4:42] - This year has been a year of growth for Karamel.
[5:54] - What does the phrase “making cake” mean to Michele and Karamel?
[7:30] - Karamel argues that you can afford what you make room for.
[9:11] - You have to pay attention; you cannot put your head in the sand!
[9:35] - It’s important to have an abundance mindset, not a scarcity mindset.
[11:23] - It’s so important to not break your own rules.
[14:21] - Business owners might be removed, and not all employers will know you.
[16:43] - Karamel pays experts for help because she acknowledges not knowing everything.
[19:08] - It requires a lot of energy to engage with people on a substantial level.
[21:32] - It’s important for people in your business to feel valued and loved.
[23:57] - Michele gives an example of why she wants to work ON her business rather than IN it.
[26:43] - It can be very hard for some people to step away from making the cake.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
In this thought-provoking episode of the show, we hope that you'll join us as we discuss the intricate process of defining employee roles within our businesses!
As we gear up for the upcoming year, we find ourselves at a crossroads, facing challenges in hiring the right candidates and clearly outlining their responsibilities, so we explore the delicate balance between employee expectations and employer needs, discussing the importance of effective communication and setting realistic goals. Through candid anecdotes and valuable insights, we share our personal experiences of managing teams, emphasizing the significance of clarity and flexibility in defining roles.
We also open up about our individual journeys as business owners. We challenge the conventional definitions of success, emphasizing the significance of aligning our goals with personal aspirations rather than societal expectations. We explore the dynamic interplay between business growth and personal contentment, encouraging fellow entrepreneurs to embrace their unique paths. As we discuss the empowering nature of entrepreneurship, we unravel the essence of gratitude and fulfillment that comes with steering our own ships.
If you enjoy our conversation today, then please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:19] - We are talking today about defining employees’ roles within our company.
[3:13] - Michele considers both employer and employee viewpoints on income challenges.
[4:11] - Employees weigh flexibility and earnings, considering tradeoffs for balance.
[5:35] - Karamel and Michele discuss aiming to enhance efficiency by redistributing tasks.
[7:13] - Michele asserts that defining senior roles requires revisiting expectations.
[9:07] - Michele points out that “elevated” is the key term here.
[9:39] - Karamel argues that efficiency is crucial; define tasks clearly and innovate processes for improvement.
[10:19] - Michele adds that communication is also very important.
[11:39] - Clear communication about job expectations helps ensure pride and productivity.
[13:15] - Michele shares a valuable lesson that she learned, to focus on core responsibilities.
[15:12] - Michele offers an example of how to provide clarity in expectations between employers and employees.
[16:45] - Karamel prioritizes clear communication and preparation.
[18:32] - People need to know and understand what’s expected of them.
[20:01] - Michele doesn't micromanage but encourages team autonomy after morning meetings.
[23:09] - Michele likes straightforward communication.
[24:33] - Michele explains how building a team is like organizing a bus; roles define success.
[26:10] - Defining roles ensures growth, but Karamel prioritizes balance for business sustainability.
[26:41] - Michele aims to scale, delegate, and innovate.
[27:34] - We are encouraged to not allow society to define success for us.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
In this episode of CEO Chronicles, we take a deep dive into the blurred lines between a hustle and a business. We grapple with the challenges of expanding our income streams, sharing personal experiences and candid insights. The conversation revolves around the critical decision-making process, exploring when a venture evolves from a mere hustle to a fully-fledged business.
Discussing the importance of strategic investments, we emphasize the need for experts' guidance and how hiring specialists can elevate a side hustle into a thriving enterprise. We reflect on our own approaches, Karamel's risk-taking attitude and Michele's cautious, calculated decisions. We explore the dynamics of juggling multiple ventures and the significance of diversification.
Throughout our conversation, we touch on the essence of effective time management, highlighting the need for a reliable support system. We share our aspirations for the future, focusing on leveraging our existing successes to pave the way for new opportunities!
Join us as we navigate the intricate balance between passion, risk, and strategic growth in the entrepreneurial world. If you enjoy our discussion this week, please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:31] - Karamel and Michele are talking today about side hustles vs. businesses.
[2:54] - A side hustle is defined as a flexible endeavor pursued at one's discretion.
[3:16] - Side hustles often operate on minimal resources.
[4:59] - Michele invests based on results, not just hearsay or potential.
[5:17] - Karamel takes calculated risks after thorough research.
[7:28] - Michele points to the importance of word-of-mouth in the insurance business.
[8:29] - Michele discusses risk tolerance.
[9:50] - Efficient ventures require expertise.
[10:44] - Karamel shares having hesitated at a large loan and questioned her understanding of numbers.
[12:40] - Michele argues that it's crucial to be a good steward of your money.
[14:17] - Karamel attends diverse meetings to gain insights for the future.
[17:57] - Michele emphasizes that her business is very dynamic by nature.
[18:46] - Karamel advises investing in experts for a second income stream.
[19:36] - A hustle will stay a hustle until you take a reinvestment.
[22:35] - Michele argues that success relies on focused energy on a struggling business.
[24:30] - We are encouraged to stay resilient and adapt to challenges.
[27:58] - Michele admits that she needs to invest in an assistant.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Welcome back to another exciting episode of CEO Chronicles in which we dive deep into the essence of effective communication and time management, both incredibly important when it comes to being CEOs! We share our no-nonsense approach to business dealings, emphasizing the importance of getting straight to the point. Karamel discusses her frustration with unnecessary details and the need for clear, concise information in business interactions, and we both stress the significance of the "bottom line up front" mentality, focusing on what truly matters and making decisions swiftly.
We also explore the balance between urgency and importance in our decision-making processes and highlight the value of planning ahead and understanding the long-term consequences of our actions. Karamel shares her proactive approach to strategizing for the future, ensuring her team is well-prepared for upcoming challenges, and we emphasize the significance of being organized and planning meticulously, especially when dealing with a growing business.
Throughout this candid conversation, we stress the importance of respecting our time and energy, and we discuss the art of saying no, setting boundaries, and prioritizing tasks. Karamel shares her experiences in delegating tasks and making efficient use of resources, emphasizing the value of paying for services that allow us to focus on what truly matters.
We hope that you will join us as we navigate the intricacies of effective decision-making, time management, and prioritization in the world of entrepreneurship. Learn how the "bottom line up front" mentality can transform your approach to business and help you achieve your goals efficiently and effectively! If you enjoy this week’s discussion, please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[2:01] - Entrepreneurs with clear decision-making processes swiftly recognize opportunities.
[3:27] – Michele advocates for taking responsibility for decisions.
[3:50] – Karamel describes her leadership style.
[4:51] – When employees leave, it's not about them; it's about Michele's strategy.
[6:00] – Karamel shares how she faced challenges and persevered through setbacks.
[6:32] - Founders are the driving force behind their businesses.
[7:08] - Karamel assesses situations, prioritizes tasks, and makes decisions confidently.
[9:17] – Michele handles constant calls and often delays purchases until the third quarter.
[9:57] – Karamel finally took action on setting up her family trust after extensive research.
[11:12] – Michele asserts that she is direct and no-nonsense and that she values honesty.
[12:39] - It’s so important to find a balance between work life and personal life.
[15:21] - Michele advocates for outsourcing and delegation whenever possible.
[16:39] – Michele being clear about her needs saves time and minimizes frustration.
[18:25] – Karamel prioritizes preparedness and takes her work anywhere.
[19:16] - Meeting important people requires purpose, agenda, and respect.
[21:58] – Michele explains why she paid for a rather expensive course that she never took.
[22:31] – It's important to recognize one’s own work style.
[23:55] – Karamel argues for the importance of planning ahead with a clear vision.
[25:48] – Karamel points out that consulting your team and valuing their input ensures a strong business strategy.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Join us this week on CEO Chronicles as we provide insights into both of our journeys as CEOs! In this candid conversation, we discuss the challenges and responsibilities that come with leading a business, and Michele reflects on her background in radio and sales, emphasizing the importance of never missing work and always achieving goals. Karamel, on the other hand, coming from a startup background, shares her experience of building something out of nothing and navigating the complexities of running a business.
We both touch on our interactions with vendors and the need for clear communication and accountability while also minimizing apologies when they aren't necessary and why that's important as a leader. We delve into the balancing act of leadership, acknowledging that being a boss means understanding when to delegate, setting parameters, and making crucial decisions.
We ultimately explore the dynamics of business ownership and the growth that it demands, and we really hope that you will tune in for actionable takeaways and an insightful perspective on being a CEO!
If you get some insight out of today’s conversation, please feel free to reach out to us with your thoughts! We would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[2:33] - Karamel has been thinking about coming into her bossdom.
[03:41] - Michele use BLUF (Bottom Line Up Front) in customer interactions.
[4:55] - Michele’s ability to escalate conversations to higher levels for resolution is a skill.
[6:06] - Hear how and why Michele prioritizes punctuality and efficient scheduling.
[6:37] - Karamel reflects on when WTA first started.
[7:25] - What is the difference between corporate and boutique?
[9:38] - Due to remote work and time zones, clear communication and swift action are vital.
[10:31] - Michele asserts that she expects prompt responses during paid work hours.
[12:06] - Karamel and Michele agree on the importance of clarity in emails.
[13:17] - Learn why Karamel values admin email.
[14:18] - Karamel asserts that she has a low tolerance for people who don't know their job.
[16:26] - It gets very frustrating when businesses fail to address specific problems.
[18:20] - Michele explains why she doesn't overuse apologies.
[19:49] - There's a difference between a personal attack and addressing policy violation.
[21:24] - We are reminded of a recent episode about whether CEOs are arrogant.
[22:08] - Michele emphasizes the significance of never missing work and achieving goals.
[23:43] - Karamel discusses navigating new challenges in dynamics and business operations.
[25:45] - Michele points out that capacity is also a key factor.
[27:24] - Employees should ultimately prioritize results over perfection.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
CEO Chronicles - “Entrepreneur Arrogance, Competence or Confidence”
Join us today as we get talking about whether employers should consider things like commute times. We believe that you need to set clear expectations up front. We discuss how we are both upfront with our employees - the work needs to get done, even if it means staying late some nights.
We do also talk about how we understand that people's lives change and how showing a little flexibility can build loyalty, but we also do not believe in showing favoritism. Listen in as we also get into how we each manage teams and how our styles are both similar and different. We like to consider their needs, but also, with sales, you have to be there to make your numbers happen!
It's a fun debate around all these changing workplace norms, and we see both sides for sure. At the end of the day, though, it comes down to laying out clear rules while also remembering folks have lives outside the job.
We, as per usual, hope that you get something out of today’s conversation! What do you think - where do you fall on these kinds of considerations? Please reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:32] - Do we need to make career considerations?
[0:57] - Karamel explains managing e-commerce vs. corporate jobs.
[2:01] - Commute hours, schedule, and time off impact work-life balance.
[3:21] - Karamel argues that employees should factor commute lengths into scheduling.
[5:41] - Is it the employer's job to look out for you and your needs?
[6:29] - Michele argues that she can’t consider where an employee lives.
[9:33] - Carefully considering job location and compensation before accepting is important.
[10:44] - Hear about the live, work, play approach to deciding where to live.
[13:33] - Michele and Karamel discuss how increasing the minimum wage would affect other pay scales.
[16:13] - Growing a business requires investing in employees, which significantly increases costs.
[17:42] – It's important to clear job expectations upfront, helping to avoid unrealistic assumptions.
[20:16] For Karamel, working from home during the pandemic blurred some work/life lines.
[24:02] – Michele points out how brick and mortar requires set hours but flexibility for tasks.
[26:23] - Michele explains that while policies sound good on paper, career considerations are sometimes required.
[26:58] - Michele aims for fairness but also considers individual needs.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Join us today on a thought-provoking episode of CEO Chronicles as we delve into the complex interplay between confidence, competence, and arrogance in the world of entrepreneurship!
While we acknowledge that as business owners, we certainly exude confidence and certainty, we also explore the distinction between arrogance and competence. Reflecting on our roles as confident leaders with a clear vision, we emphasize the value of humility and the importance of balancing confidence with approachability. We also discuss the challenges of decision-making, the nuances of leadership, and the difference between employees and business owners in terms of responsibilities and perceptions.
We ultimately reveal the journey of self-discovery, understanding, and empowerment that comes with being a subject matter expert and a thought leader in our respective industries, and we hope that you'll tune in for insights on perception, expertise, and the pursuit of excellence in entrepreneurship!
We, as always, really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:32] - Michele does not know everything but feels that some people think that she does.
[1:08] - Karamel remarks that you don't always have to be arrogant to be confident.
[1:40] - What is perceived as arrogance might sometimes be false bravado.
[2:05] - Karamel offers a helpful definition of arrogant.
[2:53] - Karamel gives us a definition of humble.
[4:13] - Karamel recounts an experience when she absorbed information via active listening rather than taking notes.
[6:05] - Karamel argues that people often misunderstand what leading a company means.
[6:52] - While you should empower your employees, there can only be one leader.
[7:25] - Fostering emotional intelligence, coaching, inclusiveness, and people management is crucial in leadership.
[9:15] - Michele discusses the range of attitudes: arrogance, confidence, and competence.
[10:39] - Karamel expects things done her way unless a different approach is discussed prior.
[11:31] - Michele and Karamel agree that the end result takes priority over the method.
[14:23] - Arrogance can manifest when someone inconsiderately dismisses perspectives.
[15:36] - Michele highlights a crucial difference between a business owner facing shutdown and an employee facing termination.
[17:19] - Michele argues that it’s usually employees who are arrogant more often than business owners.
[18:43] - Michele asserts her self-assured confidence, now comfortable with a subtle presence in a room.
[20:12] - Karamel believes that there is a striking difference between confidence and arrogance.
[20:45] - Michele ponders a book's message about understanding personal motivations and relates it to her journey as an entrepreneur.
[22:53] - Karamel explains her reasons for founding Women Travel Abroad.
[24:25] - Michele justifies her reasons for believing that she is not arrogant.
[27:20] - Neither Michele nor Karamel are arrogant but rather are subject matter experts.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Dale Carnegie - How to Win Friends and Influence People
We are talking all about institutional knowledge today, and some of you may be wondering, what is institutional knowledge? Well, listen in today as we talk about what institutional knowledge is and why it’s important, offering personal examples along the way such as something that happened on Karamel’s recent trip to St. Lucia (not Croatia)!
As we explain on the show, institutional knowledge is the sum of information a company and its employees possess, including but not limited to techniques, expertise, policies, data, skill sets, processes, and experiences. We also explain that there is an important difference between explicit knowledge and implicit knowledge and touch upon why that distinction is important.
We also explore the importance of consistency, effective training systems, and clear communication in establishing a successful business foundation. Learn how empowering employees, fostering cross-training, and implementing standard operating procedures can lead to fewer information gaps and smoother operations, the power of embracing shared knowledge and the role it plays in overcoming challenges, how to avoid over-reliance on a single individual's expertise, and so much more!
We really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:52] - Karamel was just in St. Lucia!
[1:22] - Today’s conversation is around institutional knowledge.
[2:14] - Karamel offers an example of institutional knowledge.
[3:08] - Hear a definition of institutional knowledge.
[4:49] - Karamel explains the difference between explicit knowledge and implicit knowledge.
[7:04] - Turnover can happen very quickly!
[8:45] - What are the benefits of implementing institutional knowledge?
[10:18] - Michele discusses the difference between practice and policy.
[11:18] - Michele is learning that everyone thinks and operates differently.
[12:30] - Karamel moves toward talking about efficient onboarding.
[13:25] - Continuity of service is another benefit of institutional knowledge.
[14:38] - Hear how Michele brought in institutional knowledge during her banking days.
[17:01] - Having institutional knowledge also leads to employee satisfaction.
[18:47] - Michele argues that children fare better with the truth.
[20:50] - Credibility builds incrementally over time.
[22:39] - Institutional knowledge is required for scaling and growing.
[25:13] - Michele really loves numbers.
[26:44] - Michele emphasizes the importance of your vision and mission.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Valamis - “Human Resources: Institutional Knowledge”
Welcome in, everyone! We are back in this episode to discuss the peculiarity of business nowadays. It has us thinking about "fad businesses" that pop up but can't last, like all those cupcake shops from a few years back. We're analyzing why they fail, looking at models of ear piercing salons and such to figure out their potential flaws.
We also debate the pros and cons of brick and mortar vs. staying online, relating it to how we each prefer to work. A brick and mortar can feel legit, but it comes with high costs that aren't always necessary, and as we compare our businesses, we realize what it would take for us to go brick and mortar - if ever.
The most important thing is having an anchor for our businesses - a stable thing that can weather changes. Building loyal clientele through consistency, good customer service, and an ability to pivot is key for any business to survive, whether we start as a "fad" or not. That's what will keep our businesses going for the long run, which is, of course, ultimately what business owners want!
Until next time, please feel free to reach out to us as we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[0:32] - Michele points out that business is weird lately and explains what she means.
[1:12] - Karamel points out businesses that come and go such as cupcake businesses.
[2:10] - Michele argues that some businesses would be better off operating within an existing store.
[2:43] - Karamel's financial advisor advised her to operate her business online from home.
[3:47] - Michele points out that expanding business by scaling doesn't necessarily increase profits.
[6:05] - Cash flow dictates so much.
[6:37] - Karamel describes issues with an ear piercing studio due to various problems.
[9:56] - Most businesses only achieve longevity through perseverance and consistency.
[11:10] - A brick and mortar store only makes sense for Karamel's business if local people would patronize it regularly.
[12:21] - Cardi B and the Kardashians are examples of how some influencers have pivoted.
[13:53] - Success requires work and does not happen overnight.
[14:51] - We are reminded that your business will run as long as you run it.
[16:30] - Karamel argues that there is no wrong way to make money as long as you have tenacity, ingenuity and are willing to put in the real work, traditional or not.
[17:16] - Karamel feels that not having a brick and mortar gives her freedom.
[19:31] - Chaos is what allows Karamel to thrive and for the creativity to come through, but Michele needs structure.
[20:49] - Michele sticks to a strict 9-to-5 work schedule.
[21:59] - It's important to determine what kind of worker you are.
[23:24] - A fad business needs an anchor that will endure beyond the fad.
[25:36] - Michele argues for the importance of consistently updating inventory with new items and shipments.
[28:02] - Big box stores are pushing out variety by consolidating shelf space for larger brands which leaves fewer options for smaller producers.
[29:39] - WTA has lasted by building appreciation and relationships with customers.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
CEO Chronicles - “Your Business Will Run as Long as You Run It”
Welcome back to the show, everyone! As entrepreneurs, we are, of course, busy. Our work days sometimes involve productivity rabbit holes that create distraction after distraction that veer away from our original objective. Does this sound like you? If so, then this episode is definitely for you!
We are talking all about helpful strategies to help you overcome such distractions, get back on track, and deal with the many challenges of growing your business as a CEO, including but not limited to taking time to make a concrete plan and list of priorities to stay focused on goals, prioritizing the tasks that will directly make money or advance objectives, learning to properly delegate tasks to free up time for work you’ve deemed more important, compartmentalizing, seeking guidance from experts (which we have talked about several times on the podcast), changing and refining systems as your company scales (which, for example, Michele has done three times since starting Women Travel Abroad), hiring the right team members, and so much more!
As entrepreneurs and CEOs, we understand all too well that distractions happen, but distractions can detract from efficiency and making money. We are in agreement that we should prioritize tasks in a way that is aligned with key objectives and that we should hire qualified team members who can operate with more autonomy while also engaging in self-improvement through learning and guidance. With the right strategies in place and a willingness to adapt and improve, CEOs and entrepreneurs can overcome distractions to scale their businesses effectively while still protecting their joy and passion for the work!
Until next time, please feel free to reach out to us as we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!
Time Stamps
[1:41] - Karamel has changed systems at WTA three times.
[2:09] - Michele discusses a Dallas conference for insurance agents.
[3:49] - Small, tedious tasks can sometimes get in the way of what’s more important.
[5:27] - We talk about delegation.
[6:00] - How do you determine what should be delegated?
[8:49] - Stay focused on your overall objective!
[11:24] - Michele explains why it’s important to have help in managing your process.
[12:07] - Karamel adds that seeking expert advice is also crucial.
[14:10] - Learn why Michele feels that she is in a rabbit hole.
[15:48] - Personal development is such a necessary part of advancement.
[18:34] - The more money you have, the more problems there are.
[21:13] - Karamel reveals how she’s used slow business as time for improvement.
[22:20] - Hear a summary of some of the strategies discussed in this episode.
[22:43] - It’s so important to admit when you’re in a rabbit hole.
[24:20] - Your health and wellness is crucial to running a business.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Once people become small business owners and entrepreneurs and start bringing in some money, do most of us start living more in ease, comfort, and style? Do we start living more extravagantly? Listen in today as we each share our own take on this and whether or not we have become more extravagant in our personal lives.
‘We argue that this comes down at least in part to how we view money. Michele, for example, discusses how she has taken more trips as an indirect result of her business, and Karamel agrees that she does have more ease, comfort, and style in her life ever since becoming an entrepreneur.
Whether or not we appear to be living extravagantly also has to do with what we value, and it’s also important to keep in mind that these things aren’t always just for purposes of luxury, as they can also be methods of much needed self-care. Do you, as an entrepreneur, value clothes? Cars? Jewelry? Services? Charity? Investments? What you value has a lot to do with whether or not you’re likely to be perceived as living in ease, comfort, and style.
We, as always, had a great time talking with each other about this and hope that you find it entertaining and helpful as well! If you want to share your story and how your personal lifestyle has changed since becoming an entrepreneur, please feel free to reach out! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us from here on out. See you next time!
Time Stamps
[1:40] - Do entrepreneurs become more or less extravagant in their personal lives?
[3:38] - Michele explains her own relationship with money.
[6:52] - Karamel does live a bit more extravagantly.
[10:01] - Karamel drives a Tesla now as a result of her business doing well.
[11:57] - Michele has always spent money on services like housekeeping.
[14:52] - Karamel has been taking a salary for six months.
[15:49] - Karamel and Michele agree that they don’t want to work for someone else again.
[17:51] - Business owners who live more than 5 miles from their business are more likely to fail.
[19:53] - Karamel acknowledges that her business does offer her some luxury.
[21:42] - Michele argues that entrepreneurs should count their blessings and be thankful.
[24:31] - Karamel really loves Ed Mylett’s philosophy.
[27:18] - Hear the titles of Ed Mylett’s books.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Ed Mylett - #Max Out Your Life: Strategies for Becoming an Elite Performer
Ed Mylett - The Power of One More: The Ultimate Guide to Happiness and Success
What makes a business great? Is it merely the money that it’s making and the financial numbers, or is there more to it than that? We are discussing all things businesses dying or thriving as a result of the COVID-19 pandemic and what it means for numbers to be sobering.
Sobering numbers aren’t always a terrible thing. It doesn’t necessarily mean that the business is bad, and it could just mean that something has to be restructured. Maybe you need to scale or grow.
Remember, however, that this podcast is all about encouraging you, but it doesn’t mean anything unless you have a plan. You have to walk away from a pep talk with a plan of action or else you’re not going to improve. Sobering numbers just means having to develop a plan to move forward.
As always, we had a great time sharing this conversation with you and hope that it’s helpful and insightful for you! If so, please consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops. We are also now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us from here on out. Until next time!
Time Stamps
[0:56] - Can a business be better than its financial situation?
[3:18] - Karamel explains why her numbers are sobering right now.
[5:53] - Michele reflects back on February 2020.
[7:04] - Karamel offers an example of sobering numbers.
[10:14] - Numbers being sobering looks at the entire picture.
[13:55] - Michele brings the book The 12 Week Year into the conversation.
[16:26] - Michele discusses how 75 Hard has been helping her manage stress.
[20:17] - Can you do more with less?
[23:35] - Improvement requires taking action.
[27:05] - Karamel hasn’t booked a trip in sixty days which is unheard of for WTA.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Brian P. Moran - The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months
As long as you continue to move forward and lean into your business, it will continue. That’s exactly what we mean when we argue that your business will run as long as you run it. If a business is going on even in the face of adversity, it’s because the owner is still going at it and won’t give up on it, and that’s ultimately the key.
Listen in to this episode as we discuss this, giving various examples of how our businesses are still going strong because of the energy that we put into them. Although we run our businesses a bit differently, we are both very passionate about our businesses and make sure that they run one way or another.
We also talk about how running your business often involves pivoting and becoming a serial entrepreneur, running more than one business. Running your business also involves knowing your numbers and checking in on your progress somewhere where you document your progress, anticipating potential problems and issues that could arise in the future and either preparing for them or taking action to avoid them.
We really had a great time having this conversation and hope that it’s helpful and insightful for you! If so, please consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops. We are also now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us from here on out. Until next time!
Time Stamps
[0:51] - A business will run as long as you run it.
[2:49] - Michele points out that if a business is still around, it’s because the owner kept going.
[5:56] - Michele argues for differences between a side hustle and a full-time business.
[7:13] - Karamel didn’t start WTA to become a billionaire.
[10:13] - Michele feels very tethered to her business.
[12:27] - This podcast is part of Michele’s plan.
[14:47] - Michele argues that you have to document your progress with your business.
[15:25] - Karamel talks on having an exit strategy.
[18:35] - Michele emphasizes that you have to know your numbers.
[21:37] - Karamel’s whiteboard strategy is very helpful for her.
[23:34] - Karamel recommends reading The ONE Thing.
[27:18] - Remember that you’re doing it because you want to!
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Gary Keller & Jay Papasan - The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results
We are talking about all things scaling and growing today! We talk about the difference between the two and why that is important, how we have scaled and/or grown our businesses, and more! We also discuss accrual and how Karamel and her business Women Travel Abroad sometimes has to predict for a price increase when booking for a trip that isn’t actually happening until the following year. It’s really important that you identify whether you’re growing and scaling because there is a distinction that can make a difference.
We are really glad that we had this conversation because it really helped spark some light bulbs for us, and we hope that our discussion about scaling vs. growing is helpful and insightful to you! If it is, then please consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops. We are also now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us from here on out. Until next time!
Time Stamps
[0:57] - Today’s topic is on scaling and growing.
[1:38] - Michele explains the difference between scaling and growing.
[3:16] - Michele emphasizes the importance of retention.
[4:35] - Karamel is currently crunching numbers.
[6:37] - COVID revealed businesses that were not fiscally fit.
[8:24] - Karamel argues that there is pressure involved in being responsible for people’s pay.
[11:26] - How does Karamel account for trip prices increasing before WTA goes?
[14:14] - Karamel discusses why she is now able to be more proactive.
[17:03] - Michele gives an example of growing.
[19:15] - Michele and Karamel are transparent about the difficulties of being business owners.
[22:27] - Karamel says that they have to be very intentional about plans for the next five years.
[24:18] - Michele hopes for the podcast to grow or scale.
Resources
CEO Chronicles – Website
My CEO Chronicles - YouTube Channel
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
We are talking today about the legacy left behind by mentors and how it creates a tree, with Karamel pointing out that when it comes to mentoring, it’s not about what we leave for people but rather what we leave in people.
Listen in as we give many examples of situations in which we have had mentors in our lives, touching upon the gold nuggets of wisdom that we have learned from them and how we have then imparted that wisdom into people as mentors ourselves. That is exactly what makes mentorship a tree - wisdom, when shared, begets wisdom.
We really hope that this chat about mentorship and how meaningful it can be is interesting and helpful for you. If so, we would really appreciate it if you were to subscribe to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[0:31] - Michele has been thinking about the legacy of mentorship.
[2:24] - Does Michele know of any trees of which she is a part?
[4:01] - An employee can sometimes make money without the business making money.
[6:58] - Why was Michele instructed not to go into a partnership unless with your spouse?
[9:38] - Why did Karamel recently let someone go?
[9:55] - Karamel discusses whose tree she is part of.
[12:03] - Michele shifts the conversation toward people she has mentored.
[14:32] - Karamel has even been mentoring someone a little older than her.
[16:33] - Karamel reflects on a young person she mentors in real estate.
[18:17] - Michele points out that mentoring someone has to also benefit her.
[21:10] - Michele and Karamel agree that they don’t have time to sugarcoat the truth.
[25:12] - You are only as good as your last break.
[26:42] - Mentorship doesn’t always mean everyday communication.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
As a business owner, not everyone is necessarily an ideal customer. Listen in today as we discuss whether or not business owners should spend time finding out who actually wants what they have to offer rather than try to target everyone, with Karamel giving examples of how she markets Women Travel Abroad.
We talk about the importance of finding the ideal client (or avatar) whose goals and values align with your vision and mission. It’s also so important that you determine in advance what your ideal client is willing to do and what they are unwilling to do. We also discuss the importance of identifying your goals to better understand who your ideal client is and why pivoting when necessary is important.
As always, we really hope that this conversation is helpful to you! If it is, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[0:52] - Karamel has had to realize that not everyone is her customer.
[1:55] - Karamel explains what she means by WTA not being for everyone.
[2:56] - How does Karamel typically find her ideal customer?
[5:33] - Michele discusses if her insurance company targets specific customers.
[7:47] - How does Karamel get to know her clients?
[9:00] - Karamel explains what it means to be inclusive and exclusive.
[12:06] - You have to determine what your client is willing and unwilling to do.
[14:46] - Karamel touches upon why she does exclude some people.
[17:17] - Karamel helps Michele identify her ideal client.
[20:35] - Michele commends Karamel for how precise she is.
[21:52] - Michele points out that you have to truly understand what you’re offering.
[24:12] - Michele argues that you need to also determine what your goals are.
[25:34] - It’s so important to be able to pivot.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Every customer has a threshold when it comes to willingness to pay, and Michele gives a recent example of being a customer herself and being unwilling to pay what was being asked of her. When it comes to determining what the “right” price is for what you’re selling, that right price is ultimately however much the customer is willing to pay.
We also touch upon rules and regulations when it comes to running a business and whether or not any of them are arbitrary, when the government needs to step in and set standards and regulations, and so much more.
At the end of the day, growing in sales doesn’t matter without cost structure; you won’t increase profitability. As always, we really hope that this talk is helpful to you! If it is, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[0:30] - Michele has been trying to hire a new housekeeper.
[4:50] - Karamel points out that this is the first time Michele has ever complained about a price.
[6:32] - Michele and Karamel are ultimately talking about willingness to pay.
[8:34] - The higher the price, the higher the customer’s expectation.
[11:08] - The price you decide on needs to be realistic.
[14:59] - Do research before agreeing to a price.
[15:57] - Who makes the rules about how business is to be done?
[19:04] - Learn about how Karamel had once thought she wanted to be a general contractor.
[22:18] - The government sometimes has to step in with regulations.
[26:27] - Michele makes a connection between skill level and wage.
[28:42] - Growth in sales won’t matter if you aren’t profiting.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women being unable to work together is such a harmful stereotype, and we are here today to tackle that issue and explain how and why women absolutely can work well together and often do.
We point to an article from Inc. magazine which highlights four unique ways that women entrepreneurs are helping each other succeed, including passing along opportunities, pooling resources, intentionally investing in women-owned businesses, and celebrating women’s success.
That harmful stereotype that women can’t work well together is harmful, and we need to do our best to band together to tear that stereotype down. Two women not getting along is not necessarily because you are both women.
It is so important that we share our knowledge and wisdom, so we hope that this conversation is helpful! If so, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[1:54] - Karamel recognizes that she is an anomaly as a woman in real estate.
[4:16] - Karamel found it odd when people didn’t initially believe WTA would work.
[7:05] - Michele encourages women to stop apologizing for things out of their control.
[8:44] - We are encouraged to pool resources.
[11:47] - Karamel gives an example of unintentionally having worked with a woman.
[14:41] - Invest in women-owned businesses.
[16:53] - Michele encourages women to celebrate each other’s success.
[17:35] - Be sure that women’s voices are heard.
[20:47] - It’s so important that we share knowledge and wisdom.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com Inc. - “4 Unique Ways Women Entrepreneurs Are Helping Each Other Succeed”
Women Travel Abroad - Website
Why do we read the books that we read as entrepreneurs? That’s what we are diving into today, discussing and listing books that we have read and ones that have impacted us in one way or another. We love reading self-help books that make us better business owners not only because it helps us become better entrepreneurs but also because it’s fun for us!
We list off not only books that each of us have enjoyed reading but also books that both of us got something out of, especially Your Next Five Moves by Patrick Bet-David, and we agree that the best self-help books are the ones written by authors with open hands, showing and telling us everything.
You really should ask people whom you admire what they are reading because it can say a lot about them and what they actually know. If our list of books in this episode is helpful to you, we hope that you’ll consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[0:58] - Michele is currently reading three books.
[2:01] - What types of people like self-help books?
[3:22] - What has Michele been reading?
[5:49] - Michele discloses what she reads for fun.
[8:03] - Karamel had a total mindshift when she read The E-Myth.
[10:52] - Michele advises against withholding information.
[14:11] - Michele and Karamel both got something out of Your Next Five Moves.
[17:15] - We enthuse over the book We Should All Be Millionaires.
[19:01] - There are also books that we haven’t been able to finish.
[21:02] - Michele frequently revisits Rory Vaden’s book Take the Stairs.
[21:45] - Karamel goes back to Robert T. Kiyosaki’s Rich Dad Poor Dad.
[24:19] - Michele explains why she loves Barbara Ehrenreich’s Nickel and Dimed.
[26:09] - Michele did not expect to like Rick Ross’s book The Perfect Day to Boss Up so much.
[28:42] - You should ask people you admire what they are reading.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Join us today as we chat with a very special guest, Amber Delgado! Amber is the owner of AMB Accounting Services and started working with Karamel as her bookkeeper a couple of years ago, and who better to talk about why it’s a good idea to have a bookkeeper than a bookkeeper herself?
Amber dives into what she does as a bookkeeper and what the responsibilities of a bookkeeper are and are not. She also touches upon why she started her business to begin with and what her motivations were, why the handling of money tends to be an especially touchy subject within the Black community, how to identify your worth as a solopreneur, and so much more!
Amber is such a wealth of knowledge, and we really appreciate her time on the show! If you like what you have been hearing on the show, then please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[0:33] - Michele and Karamel have a guest today, Amber Delgado!
[1:07] - Amber explains why it’s a good idea to have a bookkeeper.
[1:52] - Michele points out why she doesn’t have a bookkeeper.
[5:08] - Amber reveals what her responsibilities are as a bookkeeper.
[6:06] - How does Amber add value to what her clients do?
[8:15] - Why did Amber start her business?
[10:48] - Amber is willing to take on just about anyone as a client.
[11:48] - How long had Amber wanted to be an accountant?
[14:44] - Amber discloses what she did immediately after graduating college.
[16:00] - Amber offers some cautionary tales about auditing and identifying fraud.
[19:17] - Learn about good manipulation vs. bad manipulation.
[21:46] - Hear about an outreach that Amber has been developing.
[24:13] - What happened when Amber raised her rates?
[26:16] - Amber describes the evolution of her business.
[28:21] - What hopes does Amber have for the next five years?
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
AMB Accounting Services - Website
We have both hit a milestone in our businesses - five years! That has us thinking about time and how to manage it well. We talk about different components of time, such as not being able to own it, what it means to spend it, and how time is not infinite.
We also offer up some helpful tips on managing your time wisely, including scheduling everything, avoiding procrastination, prioritizing and delegating tasks, the importance of automating, and so much more!
Time is precious, so we hope that this episode helps you manage yours effectively. If so, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[1:39] - Today’s topic is time.
[3:39] - Karamel refers to a quote about time not being free.
[7:02] - What does it mean to spend time?
[9:28] - Once time is gone, it can’t be retrieved.
[10:29] - Michele argues that we should schedule as much as possible.
[11:40] - Don’t waste time by procrastinating.
[14:40] - Karamel points to delegation as something helpful for her.
[18:18] - Karamel explains what CSV is.
[20:34] - Entrepreneurs have to consider who they trust with tasks.
[23:04] - Michele argues that your health is your wealth.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Beeketing - “7 Time Management Tips for Busy Entrepreneurs”
It seems like more and more people want to become entrepreneurs or business owners, but what does it actually mean to be an entrepreneur, and is it different from being a small business owner? We point out these distinctions and make cases for what makes an entrepreneur vs. what makes a small business owner.
We offer some personal experiences that we feel point out the differences between being an entrepreneur and being a small business owner, arguing, for example, that an entrepreneur isn’t just interested in expanding sales but is also interested in expanding their enterprise. Entrepreneurs also tend to be bigger risk-takers when it comes to money and don’t like the idea of a 9-5 grind.
These are just a few examples of the many distinctions that we point out on the podcast, and we really hope that this is helpful! If so, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[1:13] - Today’s show is how to know if you’re an entrepreneur.
[1:36] - Karamel explains the difference between a concept and a business.
[2:30] - Michele argues that an entrepreneur brings something new into the market.
[5:10] - You can wear different hats at the same time when it comes to these roles.
[8:26] - Entrepreneurs not only want to make money but also build their business.
[9:23] - Karamel does not want to trade her time for money.
[11:51] - Michele points out that entrepreneurs have high expectations.
[14:38] - Entrepreneurs tend to be brave risk-takers.
[18:20] - You have to believe that you can get the amount of money you need.
[18:48] - Michele points to three questions that can determine if someone is an entrepreneur.
[19:25] - Michele talks about three questions to determine if you’re a small business owner.
[22:37] - Entrepreneurs need to act on concepts.
[25:13] - Entrepreneurs like innovation.
[27:25] - Entrepreneurs have often been selling things for most of their lives.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
CEO Chronicles - “What am I??? Self Employed, Entrepreneur or Business Owner
Reading the room is best defined as understanding the state of a conversation so that your tone and subject matter matches that conversation. So what goes into reading a room as a presenter and/or entrepreneur? We are here to take that question on for you today!
We point to a helpful Harvard Business Review article that gives some tips on how to read the room prior to a presentation, including but not limited to observing, controlling how much you talk, and interpreting what you observe. We also touch upon the importance of being enthusiastic during a presentation because why is your audience going to be enthusiastic if you aren’t?
It’s also so important that you relate to and find common ground with your audience because the key to business is being able to relate to people. If you can’t relate to people, then they can’t relate to you. We hope that these tips are helpful for you, and if so, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share!
Time Stamps
[1:12] - The topic today is reading the room correctly.
[2:38] - What does it mean to read the room?
[5:26] - Michele points out that you have to identify your objective.
[8:43] - Karamel refers to an article about reading the room before a presentation.
[11:54] - If you sound bored, your audience will also be bored.
[13:48] - Michele argues that you should not focus too much on yourself.
[15:15] - Karamel is more of a storytelling type of speaker.
[18:04] - Reading the room is all about being observant.
[20:45] - Michele argues that the key to business is relating to people.
[23:35] - Michele’s entire career is built on reading people.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Dale Carnegie - How to Win Friends & Influence People Rebecca Knight - “Tips for Reading the Room Before a Meeting or Presentation”
If you are an entrepreneur, are you primarily motivated by money, or are you motivated by something more intrinsic? There are various things that drive an entrepreneur, and most of them actually have very little if anything to do with money. Listen in as we dive into that very topic, sharing what motivates us personally.
Research shows that there are four common motivators for entrepreneurs: control, freedom, impact, and of course money. We walk you through each one of these, giving real-world examples from our own experiences and the experiences of entrepreneurs in general.
We do acknowledge, however, the difference between being motivated by money and being motivated by wealth. Wealth to us means not having to worry about money rather than being primarily motivated by it, but being primarily motivated by it can be a mistake because money ebbs and flows and comes and goes. True passion and enjoyment for what you do is here to stay.
What is your primary motivation? We hope that this conversation is insightful for you, and if so, please consider subscribing to the podcast (if you aren’t subscribed already) wherever you listen so that you never miss an episode! Please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share. See you next time!
Time Stamps
[0:52] - Michele declares that she isn’t motivated primarily by money.
[3:11] - There are four common motivators for entrepreneurs.
[5:47] - Karamel elaborates upon the idea of there being three days in twenty-four hours.
[7:53] - Learn why Michele doesn’t like to work from home.
[10:52] - Karamel opens the conversation around impact.
[13:43] - Michele gives examples of what impact looks like.
[15:51] - Karamel returns the conversation to being motivated by wealth.
[18:01] - Karamel touches upon extra money coming in so you don’t have to worry about it.
[20:23] - Hear what a whiteboard session is.
[23:15] - Karamel argues that motivations can shift and change over time.
[25:15] - Michele ranks the top four motivations in order of importance to her.
[29:01] - How does Karamel rank the top four?
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
We are so excited to have someone special on the podcast today, someone whom Michele has known his entire life! Michele’s brother Terrence Baldwin is the owner of T Baldwin Music and MEOW (Music Education on Wheels) Academy, and he comes on the show today to share his story of being an entrepreneur and how he got started.
Terrence touches upon various subtopics such as how he is making his business a family business, what it’s like working in a gig economy, how he defines success, and more. He also gives prospective musicians advice, such as not relying too heavily on your talent.
Michele is so proud of her younger brother and all that he has accomplished, and both of us are so happy to have had him on the show. We appreciate Terrence’s time and hope that you enjoy listening to our conversation with him. Please consider subscribing to the podcast wherever you listen to us so that you never miss an episode, and please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share. See you next time!
Time Stamps
[0:40] - Michele is excited to have her brother, Terrence Baldwin, on the show today!
[1:28] - Terrence shares his origin story.
[2:34] - How did Terrence go from talent shows to business?
[4:42] - Terrence discusses the challenges of working in a gig economy.
[6:55] - How did Terrence overcome people who didn’t believe in him?
[10:42] - Terrence emphasizes the importance of having hope.
[14:02] - How did Terrence get started as an entrepreneur?
[16:47] - Terrence strives to make sure his work benefits his community.
[18:02] - Terrence explains how he stayed afloat during the COVID-19 pandemic.
[19:16] - How did Terrence come up with MEOW?
[21:01] - Terrence reveals how he decompresses.
[22:03] - Don’t rely too heavily on your talent, Terrence advises.
[24:22] - What drew Terrence to the children with whom he works?
[25:34] - How does Terrence define success?
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
MEOW Academy - Website
MEOW Academy - Facebook Page
MEOW Academy - Instagram Page
Rick Ross - A Perfect Day to Boss Up: A Hustler’s Guide to Building Your Empire
We are so excited to have a special guest on the podcast today - Debórah Faith, host of The Xchange Place podcast! Deborah shares her tragic origin story with us and how she got into podcasting. She also discusses turning a passion into a business, why she decided not to have a co-host on her podcast, how she goes about networking, her plans for the future (including but not limited to making podcasting full-time), and so much more!
We love Debórah’s passion and enthusiasm for what she does and hope that you love listening to our conversation with her! If so, then please consider subscribing to the podcast wherever you listen to us, and please also feel free to reach out to us via one of the methods listed below if you have anything you’d like to share. See you next time!
Time Stamps
[0:28] - Debórah Faith, host of The Xchange Place podcast, joins us today!
[1:04] - Debórah gives us some background information about herself and her podcast.
[2:49] - Learn that Debórah is a life coach and is in school to be a therapist.
[3:59] - Debórah wouldn’t change anything that happened to her.
[5:48] - How does one turn a passion into a business?
[8:10] - Debórah created an eBook to help people get started on podcasting.
[9:41] - What is Debórah’s approach to planning?
[10:09] - Why does Debórah host her podcast by herself?
[12:48] - Debórah does envision having a team eventually.
[14:22] - Michele asks Debórah about her plan to transition full-time into podcasting.
[16:06] - How does Debórah decompress?
[17:03] - Has it been easy for Debórah to find sisterhood as a woman of color?
[19:36] - Debórah chose not to listen to people who didn’t support her.
[20:43] - Trauma manifests differently in different people.
[22:23] - Debórah explains how she networks.
[23:42] - What does Debórah need to buy next in order to elevate the podcast?
[25:06] - Karamel reveals her mantra for 2023.
[25:38] - Debórah believes in time being currency.
[27:42] - How has Debórah learned when to give and when not to?
[29:39] - How can listeners listen to Debórah’s podcast and/or reach out to her?
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
The Xchange Place Podcast - Website
The Xchange Place Podcast - YouTube Channel
The Xchange Place Podcast - Instagram Page
The Xchange Place Podcast - TikTok Page
Debórah’s Instagram Page
Working with family and friends can create a sense of comfort and familiarity which can be a good thing, but it can also cause a business to suffer, so what are the pros and cons of working with family and friends in business? Michele, for example, discusses how working with her husband is somewhat of a challenge because of how her personal relationship with him is a bit different from her professional relationship with him.
When it comes to working with family and friends, we argue that working with a partner is different from working with a friend. Working with a friend can be trickier because not everyone is able to compartmentalize, but it doesn’t have to be a problem either way. Be sure to hold each other accountable and to communicate.
We hope that this episode is helpful for you and generates some helpful thoughts about working with family and/or friends, especially if it’s something you’re considering or are struggling with. Please reach out to us via one of the methods listed below, and subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[1:10] - The topic today is the pros and cons of working with family and friends in business.
[4:32] - Karamel points to a Forbes article about working with family and friends.
[6:45] - Michele’s husband is now part owner but operates in employee capacity.
[8:30] - What does prosperity mean to Karamel?
[9:33] - Michele brings up the difference between an entrepreneur and an employee.
[11:06] - Michele loves having her husband be part of the business.
[13:58] - Michele explains why she made use of a joint calendar.
[16:39] - Working with a partner is different than working with a friend.
[19:37] - Michele talks about being able to relate to someone in the appropriate way.
[21:12] - Don’t leave the relationship undefined.
[22:30] - Michele argues that you need to hold each other accountable.
[23:11] - Karamel argues that you need to make sure information is interpreted correctly.
[24:09] - A Medium article points out that not all friends work well together.
[28:12] - Karamel shares a funny story about her husband.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Forbes - “6 Tips For Working With Family And Friends”
Medium - “Is Working with Friends & Family a Good Idea?”
Karamel recently spoke at a trade show which we both attended, and that has us thinking about return on investment, or ROI. Karamel paid to have that booth, paid to speak, and paid for the swag that she gave out for free, all of which requires budgeting and an expectation that it will end up paying off.
Listen in as we explain what ROI is and discuss all that it entails. It’s not always just about numbers. It’s also about connection and branding. We talk about the importance of having an avatar, or an idea of an ideal client or customer, because it’s so much easier to determine ROI when you have a target audience.
We, as always, are hopeful that this episode is helpful for you. Feel free to reach out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:33] - Michele and Karamel just came back from a big trade show.
[3:32] - Karamel was a featured speaker at the trade show.
[4:26] - There are two ways that Karamel is going to get after the return on investment.
[5:21] - Michele sums up the topic of this episode.
[7:52] - Karamel explains the basic formula to measure ROI.
[9:17] - Hear an example of Michele having converted someone for ROI.
[10:23] - Michele and Karamel share some insight into a captive audience.
[12:37] - Has Karamel seen an uptick on her website?
[14:00] - Michele talks about anticipated ROI vs. expected ROI.
[17:21] - It’s important to have an idea of an ideal client.
[19:18] - Michele points out that branding doesn’t always result in an immediate ROI.
[21:08] - How many people does Karamel need to convert for a travel show to be worth it?
[24:40] - Michele discusses how she determines ROI has changed over time.
[26:53] - Karamel and Michele offer some advice to small business owners.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
In our first episode of the new season, we talked about a business reaching the huge milestone of five years and what that means going forward, and we are following up on that today by sharing the nine biggest lessons learned after five years.
Some of the biggest lessons that we learned include reinventing your business once every six to twelve months, having a team rather than being a total solopreneur, taking time off in a deliberate way, and so much more!
We really hope that this episode and the nine hard lessons and myths about being an entrepreneur that we share are helpful for you! Remember that not everything is going to be glamorous, but being an entrepreneur in the right way is so rewarding. Please let us know what you think by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:30] - Michele has low expectations for 2023.
[1:10] - Michele and Karamel are sharing the nine hard lessons learned after five years.
[1:40] - Hear about the 80/20 rule.
[3:49] - Michele has learned that complainers can make you better.
[5:00] - You should reinvent your business every 6-12 months.
[7:13] - Learn what the third hard lesson is.
[9:14] - Karamel asserts that you can work with your spouse.
[12:24] - Businesses are often expected to take the financial hit.
[14:48] - Michele argues that business owners have to be willing to do things no one else is.
[16:17] - You don’t have to work entirely on your own.
[17:33] - Karamel discusses Upwork.
[19:02] - What is the eighth entrepreneur myth?
[20:34] - Michele and Karamel talk about taking vacation time.
[22:35] - Michele identifies herself as a workaholic.
[25:30] - You know your own limits and when you should take time off.
[27:32] - Michele points out that you have to consider your why.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Upwork - Website
Welcome in, everybody, not only to the first episode of 2023 but also to the first episode of our new season! We reflect a little bit back on 2022 and what we hope to accomplish in 2023, discussing the merit of going back to basics after having a business for five years.
We both discuss what going back to basics will look like for our businesses and how we have had to have conversations with our teams about how we are going to do that. We agree on the importance of having a trusted advisor and remind you that sometimes, implementing new and innovating ideas isn’t always the answer. If something worked for you in the past, then chances are good that it’s going to work again in the future.
We really hope that this episode of the podcast was helpful for you. Please do let us know what you think about and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!
Time Stamps
[0:29] - It has been a while since we have recorded an episode.
[0:41] - We have been thinking about what we have to accomplish in 2023.
[2:22] - What is Michele going to accomplish by going back to basics?
[5:22] - Michele explains why she prefers handwritten notes as opposed to automated greetings.
[7:11] - Karamel points to FreshBooks’ milestones.
[10:03] - Michele was surprised by where her expenses were going.
[12:47] - Payroll is Michele’s biggest bill.
[14:32] - Michele touches upon how she told her team that they were going back to basics.
[16:02] - Karamel discusses what going back to basics looks like for her.
[19:10] - Michele points out that rules need to be in a manual so that people can read them.
[21:25] - Michele asserts that she strongly believes in proper training.
[23:36] - Employees don’t always understand business decisions, Michele points out.
[24:41] - How will Karamel make WTA thrive in 2023?
[25:20] - Michele argues that you have to always be recruiting and training.
[26:35] - According to Michele, finding a trusted advisor is a must.
[29:16] - Karamel discusses the importance of strategic marketing.
[31:03] - Michele and Karamel offer up their closing thoughts.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
FreshBooks - “6 Important Milestones to Hit in Your First 5 Years”
Dr. Spencer Johnson – Who Moved My Cheese?
Rick Ross - Perfect Day to Boss Up: A Hustler’s Guide to Building Your Empire
Many people are used to a chain of command, and now that we are in positions of power, we find that there are times when that does need to be brought up, especially since some younger folks don’t seem to be as used to a hierarchy.
Karamel offers an example from Women Travel Abroad, discussing WTA’s policy on transgender women joining women-only cruises and how that involved chain of command. We also discuss, however, the fact that not understanding the chain of command and being disrespectful toward people who are higher up is not just an issue among younger generations.
Ultimately, a chain of command is a system in which instructions are passed from one person to another, and it, among other things, defines when, what, and to whom you should report. This system is in place for a good reason, and whenever you do sidestep chain of command, be sure that you know what you’re doing and that you’re doing it for the right reason. Otherwise, it can really come off as a lack of respect.
Time Stamps
[0:28] - We are talking about chain of command.
[3:04] - Karamel talks about how youth has changed over time.
[4:10] - Michele believes in an open door policy.
[4:35] - How does a traditional chain of command operate?
[7:43] - Michele argues for asking for policy clarity.
[10:59] - Michele argues that the younger generation does still understand hierarchy.
[13:33] - Michele gives an example of a young person’s behavior.
[14:29] - Karamel points out that this is not just an issue among young people.
[16:47] - Michele has been having to deal with various ways of being treated as a leader.
[18:19] - Karamel refers to a website relevant to the conversation.
[21:29] - You need to know what a policy is before doing something with it.
[24:07] - Karamel sums up what chain of command is.
[26:26] - Always be prepared for the consequences of your actions.
[28:16] - Michele reiterates that she has an open door policy and wants to be close to people.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Organimi - Website
Karamel recently bought an EV (electric vehicle), specifically a Tesla, so we are talking about all things electric vehicles today and how they are promising to change the future. It is expected that the number of people in the United States driving EVs will drastically increase by 2030 (not even ten years away), so states are even making legislation in preparation for this change.
When it comes to change, though, there is almost always fear because change can be scary, so we also address some of the common fears around electric vehicles such as whether or not the vehicle will hold a charge on a long trip, how quickly the battery will disintegrate just like how a cell phone's battery does over time, how car insurance will change, and more. Change can be hard, and we may be resistant toward it at first, but it can also bring about positive change.
Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!
Time Stamps
[0:27] – Karamel bought an electric vehicle recently.
[2:22] – It is predicted that by 2030, the number of people driving EVs will drastically increase.
[3:31] – Michele predicts that EVs will change how people drive.
[6:23] – What types of substances can possibly mimic and replace lithium?
[8:22] – Karamel points out the importance of diversifying.
[10:57] – How does Karamel's EV charge?
[13:28] – Karamel reveals what it was like to drive her EV for the first time at night.
[15:35] – Michele discusses the different levels of car automation.
[18:12] – Hear why automated cars are being tested in Arizona.
[21:33] – Michele raises the question of how car insurance will change.
[23:48] – Karamel points out that so many things will be affected.
[26:55] – Technology has made it easy for people to manipulate systems.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
McKinsey & Company - “How electric vehicles will shape the future”
After reading a couple of articles about protecting your wealth, we got to thinking about trusts and decided to discuss it on today's podcast. We are discussing various elements of a trust fund such as what its primary purpose should be, the difference between a revocable trust fund and an irrevocable trust fund, and more. We also strongly encourage you to ensure that any spouse or anyone else who might be involved in your trust fund is fully aware of all of the stipulations and ramifications of the trust.
This is very important, and as a small business owner, you need to get the necessary people to help you with it, or else you might not know what to do and could feel overwhelmed. We do want to be clear in saying, however, that while we hope that our conversation here today is helpful and insightful for you, we are not lawyers. We are just giving our opinions and sharing our experiences, so be sure to actually consult an accountant or tax attorney before making any major decisions.
Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!
Time Stamps
[0:28] – Karamel talks about an article about protecting your wealth.
[1:42] – Learn about how Karamel is currently dealing with a three-legged stool.
[2:36] – Karamel discusses the Vanderbilts and the Rockefellers.
[5:47] – Karamel argues for what a trust fund's purpose should be.
[8:38] – There are always outside factors that also have to be considered.
[11:25] – Michele points out the benefits of a revocable trust.
[13:07] – Discover where Karamel and Michele are getting their information.
[13:55] – Learn a little bit about the Rockefeller Formula.
[15:05] – It's a good idea to diversify your portfolio in your trust.
[16:41] – We are advised to ensure that someone needs to know what the step will be.
[18:55] – Michele discusses the burdens of being middle generation.
[21:22] – We have to be very intentional.
[23:38] – Michele offers her opinion on leaving a trust fund to family.
[26:46] – Michele discusses some of the financial planning that she needs to do.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
5 Day Weekend - “Think Like the Rich”
Trust & Will - “Rockefellers v. Vanderbilts: How It Started & How It’s Going”
There is so much information and so many resources out there for small business owners – conferences, trainings, coaches, and so forth. The problem, though, is that not only do not all small business owners and CEOs take advantage of these resources, not all of them follow through on what they learn if they do. Not everyone is a doer.
We both give examples of resources that have helped us – Michelle having recently attended a conference that led to incredible benefits for her business and Karamel having recently seen a coach who gave her some helpful pointers. These resources truly can be priceless, even when they’re at no cost to you!
You have to be willing to adapt and change if you're going to be successful, and ultimately, a lack of knowledge is not a valid excuse for not being successful. If you don't plan to implement anything, why are you wasting your time and/or money? We hope that our conversation is helpful to you! Please let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:30] – Hear about a conference Michele attended recently.
[2:17] – Karamel emphasizes that not everyone is a doer.
[4:21] – Michele gives an example of putting something she learned into action.
[7:37] – Know how you get paid!
[9:44] – Karamel points to an article that she is reading.
[10:07] – Michele asserts that properly training your team is crucial.
[12:08] – Karamel shares a recent experience meeting with a coach.
[14:36] – Karamel has learned a little something from every conference she has attended.
[15:48] – There is a difference between free and no cost.
[18:30] – Learn who Karamel will have on stage with her at her upcoming trade show.
[21:09] – Karamel advises that you need to identify the ROI if you're spending money.
[24:31] – Michele shares one of her methods for being successful.
[27:23] – COVID moved corporate America by fifteen years.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad – Website
Chron - “How to Maximize Your Investment in Training”
With third-quarter just having recently ended, we are talking today about how it went for us and reflecting on the highs and lows. We are also discussing the differences and similarities between how the past two years have impacted the insurance industry and the travel industry.
We also talk about various topics today such as some goals for the fourth quarter and into next year, whether or not we feel lonely as CEOs, how we have used the book The 12 Week Year to help us set goals for our businesses, whether or not we procrastinate and why, and so much more!
We hope that our talking about how this year has gone for us so far and what our plans are for next quarter is helpful to you! Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:30] – Michele talks about how the past two years have affected the insurance business.
[2:28] – Karamel discusses how the past two years have impacted the travel industry.
[4:32] – Michele reflects back on this past third quarter.
[7:35] – Karamel looks back at her third quarter this year.
[8:27] – Hear about Michele's new philosophy.
[11:21] – Michele reveals that she does not feel lonely as a CEO.
[14:02] – Michele refers to the book The 12 Week Year by Brian Moran.
[16:22] – Karamel reflects on what she learned from the 12-week year training.
[19:19] – Discover why Michele sometimes procrastinates.
[21:28] – Michele and Karamel discuss accountability.
[23:34] – Karamel argues that Michele has a family-oriented mentality.
[26:00] – Learn how Karamel's role with WTA is projected to change.
[29:17] – Karamel ran her first payroll last week!
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Brian P. Moran - The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months
We are talking about community involvement today and whether or not it's something that we regularly take part in. We share our differing opinions on what kind of community involvement would make the most difference and how we should align what kind of community involvement we choose to take part in with our interests.
It's really important that a company be aware of industry statistics and necessities, and we talk about how that is related to community involvement and using our platform to do so. We also discuss the importance of forecasting for our business and diversifying. While we aren't at all saying that every single industry has to be involved beyond what you want to be, it is important that you at least know that getting involved is an option, especially since you have influence as a business owner.
We, as always, hope that this episode of the podcast is interesting and/or helpful to you! Let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it is released!
Time Stamps
[0:30] – Michele is excited to share something.
[2:56] – Has Karamel been involving herself in the community?
[5:29] – Karamel argues for the value of knowledge.
[7:58] – Michele no longer says yes to requests that are not interesting to her.
[10:49] – Michele would like to see Karamel go to a career day talking about travel.
[13:46] – Michele has been thinking about using your platform.
[15:27] – Water is crucial to every business, Michele argues.
[18:08] – Karamel points out that it's not easy for everyone to do the necessary research.
[20:28] – Karamel agrees that industries need to explore statistics at some point.
[23:16] – Karamel says that being involved is on a different level than just having information.
[26:15] – Why did Karamel go into real estate?
[28:39] – Karamel reiterates that we should involve ourselves in that in which we're interested.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Welcome in as we talk in this episode about investing money in a loved one's business. If you are investing money or loaning money to a friend, should you get that in writing? Do you need to establish boundaries? We answer these questions and more, discussing the difference between investing and loaning, why communication is important, how we need to assess risks, and so much more.
In short, it's really important that when you are investing, you should be aware of what you are getting into and have something on paper. This applies even when you're investing in a best friend's or family member's business!
We hope that this episode of CEO Chronicles is interesting and/or helpful to you! Let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[1:25] – Karamel has been planning a Women Travel Abroad app.
[3:37] – Michele discusses how to invest in a close friend's business.
[5:15] – What is the difference between an investment and a loan?
[7:17] – Michele explains why she and Karamel didn't invest in each other on paper.
[10:25] – We need to establish a business plan before lending or investing money.
[13:14] – Michele emphasizes the importance of clear and frequent communication.
[14:10] – We are reminded to not invest money that we can't afford to lose.
[16:50] – Michele encourages us that money isn't the only way to support a friend's business.
[20:01] – Celebrities sometimes invest in things just because they believe in them.
[22:56] – Michele discloses that she has never been on a WTA trip.
[25:14] – Karamel agrees that she is a travel expert.
[26:15] – Karamel summarizes this episode's main takeaways.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Welcome back to CEO Chronicles! Something that we haven't really talked about on the show yet is how to go about making the decision to make charitable donations. Do entrepreneurs consciously think about that, or does it just come with the job description for some entrepreneurs (especially since it does come with tax benefits)?
We point out that charity doesn't always just involve money either. Giving up your time and providing opportunities to people can be just as valuable, and we both offer examples of how we do that. Being benevolent is not only a critical part of your business but is also a critical part of your life, something that we both strongly believe in. We agree that we should be willing to give what we are able to, whether it be financially or otherwise.
We really hope that this episode is interesting and/or helpful to you and would love to hear from you, so please reach out to us! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:29] – Michele has been thinking about things that entrepreneurs have to deal with.
[1:10] – Karamel argues that as a solo entrepreneur, she was initially looking for charity herself.
[1:53] – Michele reflects on having felt blessed to be a successful business owner.
[4:05] – Karamel asserts that charity doesn't always have to be monetary.
[5:58] – Learn what drives Michele when it comes to giving.
[6:43] – Hear what it means to be charitable to a fault.
[9:00] – Karamel points out that poverty is just as significant in the U.S. as in other countries.
[10:31] – Michele really loves giving to children and nonprofit organizations.
[12:28] – We should donate to causes about which we are passionate.
[14:40] – Michele reiterates that she believes in giving what she is able to.
[16:32] – Karamel touches upon the white savior complex.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Brendon Burchard – High Performance Habits: How Extraordinary People Become That Way
There are now five different generations in the workforce – including but not limited to Baby Boomers, Generation X, Millennials, and Generation Z. Different generations work differently and can therefore sometimes clash and cause conflict in the workplace. Different generations have also grown up with different levels of access to technology, and we offer some examples of how that comes into play in the workplace.
We stress the importance of continuity in an e-commerce business, why emotional IQ is crucial, how to build a team, and why leading by example is important. We also discuss why it's important to care about your employees and have an answer when they come to you with a problem.
While there are exceptions to every rule, it's so important that companies learn how to manage different generations in the workplace and use that as a guide or a baseline. We, as always, really hope that this episode is helpful to you! We would love to hear from you, so feel free to reach out to us via one of the contact methods listed below! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[1:17] – Michele and Karamel open up by talking about Karamel's org chart.
[2:15] – Michele is very enthusiastic about different generations in the workplace.
[5:30] – Jobs get done differently depending on generations.
[6:37] – What is Karamel's preferred method of communication with her workers?
[7:49] – Karamel strongly believes in continuity and things being static.
[10:16] – Karamel reveals what her biggest non-negotiable is as an employer.
[12:55] – Michele points out that companies need to learn how to manage different generations.
[15:53] – Karamel refers to the book Emotional Intelligence 2.0.
[18:10] – Hear Karamel narrate an example of how she needs to work on her emotional IQ.
[19:28] – Michele argues that we need to lead by example.
[21:50] – Karamel and Michele discuss holding meetings.
[24:16] – Michele asserts that involving the employees is important.
[26:50] – Michele compliments Karamel on her planning process.
[28:32] – Employees need to be able to see the strength of the leader's vision.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Travis Bradberry - Emotional Intelligence 2.0
John Maxwell - 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You
Employee burnout happens, but what makes CEO or founder burnout different than other types of employee burnout? For starters, the CEO of a company causes a domino effect. If you, as CEO, are experiencing burnout, it's going to trickle down and negatively affect the whole company.
Stress has several different levels – the honeymoon phase, the onset of stress, chronic stress, burnout, and, finally, habitual burnout. That final stage takes over your emotional wellbeing and can cause depression and even physical symptoms.
All hope is not lost, however, and we are here to share some of the solutions that you can implement to overcome CEO burnout, such as no longer blurring the lines between work and relaxation and sticking to a schedule! You need to be able to recognize when you need self-care and allow yourself to indulge in it.
Be sure to go to sensa.health to take the burnout survey to find out what level of burnout you're at, and, as always, we hope that this episode is helpful! We would love to hear from you, so feel free to reach out to us via one of the contact methods listed below! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:40] – Karamel just got back from a trip to Morocco.
[2:20] – Karamel opens up the conversation on CEO burnout.
[2:56] – What is CEO burnout?
[5:28] – Executive burnout is on the rise because of the COVID-19 pandemic.
[7:35] – Burnout can be on different levels.
[9:09] – Michele argues that burnout sometimes comes from control issues.
[11:51] – Michele talks about having a forward vision.
[14:33] – We are reminded of the different levels of burnout.
[17:00] – Karamel offers some solutions to CEO burnout.
[19:50] – Karamel encourages us to step off our pedestals.
[22:24] – Karamel explains what a kitchen cabinet is.
[24:25] – We are encouraged to eat well and get enough sleep.
[27:07] – Michele advises us not to listen to people telling us how to relax.
[28:54] – Michele recommends that we go to sensa.health to take the burnout survey.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Brendon Burchard – High Performance Habits: How Extraordinary People Become That Way
Patrick Bet-David - Your Next Five Moves: Master the Art of Business Strategy
sensa.health
Is it okay to cold call someone out of the blue because you're interested in what they do and have questions for them? We believe that if you are able to, you should be willing to help people and maybe even mentor them if they're asking, especially since being a CEO can be lonely.
We give you the dos and don'ts of searching for a mentor. While it's unlikely that any mentor is going to be talking with you and checking in with you every single day (as that is more like a best friend than a mentor), you can expect maybe a bi-weekly or monthly chat, but you have to be persistent. You are going to hear no a lot, so don't give up!
We really hope that this episode is helpful for you, especially if you're looking for a mentor yourself! We would love to hear from you, so feel free to reach out to us via one of the contact methods listed below! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!
Time Stamps
[0:42] – Karamel and Michele express gratitude for their editing team.
[4:42] – Is it okay to cold call someone if you're interested in what they are doing?
[6:50] – Michele argues that you have an LLC for liability.
[8:25] – Michele emphasizes that she is still learning every day.
[8:59] – Discover what book Michele has been reading.
[10:22] – Karamel reminds us that we are going to hear no a lot.
[11:47] – Karamel argues that being a CEO can be lonely.
[14:37] – Michele reveals what a specific mock interview did for her.
[17:34] – Karamel points out that people call you because they perceive you as an expert.
[19:04] – Karamel gives an example of the value of time.
[21:08] – Mentors can sometimes become mentees.
[23:50] – Michele and Karamel agree that a mentor doesn't have to share your race or gender.
[26:25] – Karamel reiterates the importance of persistence.
[28:42] – Michele realizes that she needs to be more conscious of calling people back.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
CEO Chronicles - “What am I??? Self Employed, Entrepreneur or Business Owner”
Ralph Stokes – One of the First: Lessons I Learned While Overcoming the Challenges of Integration
We are talking about all things salary today and whether or not most small business owners take a salary. Why do some small business owners take salaries while others don't? What are the trade-offs of not taking a salary or of giving employees higher salaries than we give ourselves?
We disclose whether or not we take salaries ourselves as small business owners and also offer up some insightful statistics. Discussing education, we talk about whether or not having a college degree is necessary to be a small business owner and what benefits having one has. We also touch upon the difference between being a small business owner responsible for employees vs. being a small business owner without employees.
We really hope that this episode is helpful for you! We encourage you to reach out to us via one of the contact methods listed below because we love hearing from you! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it is released! Until next time!
Time Stamps
[1:49] – How much money does Michele pay herself?
[2:28] – Karamel reveals today's topic – whether or not they take a salary.
[4:01] – Neither Karamel nor Michele takes a salary.
[4:44] – What is the average salary taken by small business owners?
[6:42] – Karamel refers to an article that she read recently.
[8:58] – Karamel trades salary for team-building.
[11:07] – Michele discloses that she began with no clients at all.
[13:03] – Karamel argues that professionals like working with professionals.
[15:55] – Karamel asserts that only small business owners know what their books look like.
[17:26] – Michele reveals that she makes less than $66,000 a year.
[19:25] – 19% of small business owners work more than sixty hours per week.
[21:33] – Michele touches upon what difference having a degree can make.
[24:18] – 92% of small business owners do not regret starting their business.
[26:52] – Michele offers an example of being responsible for an employee.
[29:07] – Many small business owners say that their employees are like family to them.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
João V Souza - “Why I Paid a Higher Salary to My Employees Than Myself”
What comes first – your company or the people who work for you and your company? Using a metaphor that Jim Collins uses in his book Good to Great, that's what we are talking about in this episode of CEO Chronicles!
We talk about finding the right people with the right kind of energy and passion and whether or not how much they get paid has anything to do with that. We also agree that the people who work for you are people who you need to be able to trust because if you don't trust them, they're not the right fit for you. The right people working for you also means that they will do their job the same way regardless of whether or not you're present, that you share values, and that you agree on what success means.
This episode is hopefully helpful and insightful for you! We encourage you to reach out to us via one of the contact methods listed below because we love hearing from you! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it is released! Until next time!
Time Stamps
[0:26] – Michele has lots to talk about today!
[1:40] – Michele refers to a book that she read recently.
[2:09] – Karamel reflects on how she started as an e-commerce company.
[4:58] – Karamel recently put together an org chart for the first time.
[5:39] – How does Karamel feel about having an org chart?
[8:02] – Karamel argues that the right people will do their job well regardless of money.
[10:00] – Michele defines paralysis by analysis.
[11:52] – We are advised that it's better to make the wrong decision than no decision at all.
[14:43] – We need to be able to trust our training process.
[15:14] – Michele is still reading High Performance Habits.
[16:33] – Karamel raves over one of her favorite books, Who Moved My Cheese?.
[18:06] – Michele argues that high performers don't think they're smarter than everyone else.
[19:50] – Michele makes the point that she shouldn't affect how her employees do their job.
[22:45] – This year has been hard for Michele because of inflation.
[25:14] – Karamel talks about scale and leaning in.
[27:00] – Learn about the positive impact that exercise has had on Michele.
[28:24] – Success doesn't mean money to everyone.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad – Website
Jim Collins – Good to Great: Why Some Companies Make the Leap...And Others Don't
Brendon Burchard – High Performance Habits: How Extraordinary People Become That Way
Dr. Spencer Johnson – Who Moved My Cheese?
Welcome to the thirtieth episode of CEO Chronicles in which we are talking about all things feedback! Although we don't quite agree on the definition of feedback, everyone, even if they aren't necessarily an entrepreneur, needs feedback in their work life - that is, of course, when it is used correctly and not used just to negatively critique someone for no good reason.
Effective communication and making sure that we are understood correctly is so important when it comes to both providing and receiving feedback, and we give some examples of times when communication was misunderstood and the problems that resulted. It's so important to keep in mind that your language is not necessarily a universal language.
We also touch upon the three different types of feedback according to a CTO Craft article and how vague comments do not help anybody; we need to be specific, and negative feedback needs to offer a solution as to how the person can improve. Make sure that you're giving and receiving proper feedback and that you act on feedback accordingly when you're receiving it. We encourage you to reach out to us via one of the contact methods listed below because we love hearing from you and would love some feedback! Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it is released! Until next time!
Time Stamps
[0:57] – Today's topic is feedback!
[1:30] – Karamel argues that everyone needs feedback in their work life.
[3:43] – Karamel stresses the importance of reflection when it comes to feedback.
[4:32] – Michele offers insight into communication.
[7:31] – Karamel refers to an article about the three different types of feedback.
[8:34] – Are you speaking your language or a universal language?
[10:58] – Michele argues that most people only want constructive and positive feedback.
[13:45] – Feedback, whether negative or positive, should be specific.
[15:53] – Karamel reveals that WTA is experiencing a pivotal moment right now.
[17:10] – We are encouraged to own our flaws and setbacks even as C.E.O.s.
[19:55] – Karamel's WTA team is gradually growing.
[22:41] – Michele emphasizes that feedback is a two-way street.
[24:55] – Karamel is ultimately grateful for the feedback that she received recently.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad – Website
CTO Craft - “The three forms of feedback: appreciation, coaching and evaluation”
Michele recently read Brendon Burchard's book High Performance Habits: How Extraordinary People Become That Way which led to us talking about what it means to be a high performer. We talk about what the book teaches its readers and how it motivates them and agree that when it comes to someone motivating us, we would rather be told the truth directly rather than have the truth sugarcoated.
We also make a case for what a high performer actually is, trying to dispel the incorrect notion that a high performer must be a billionaire and/or someone famous. Anyone can be a high performer if they excel at everything that they put effort into. This includes having an exemplary work ethic and having non-negotiable tasks on a schedule that are going to get done no matter what, even if other things try to get in the way.
We encourage you to email us via the email addresses provided below to discuss this with us, especially since we believe in the importance of having a tribe of fellow high performers. Be sure to also subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! Until next time!
Time Stamps
[0:32] – Michele shares that she is in the last stages of a house remodel.
[1:47] – Discover what books Michele has read lately.
[3:05] – Karamel reveals how she came to be aware of Brendon Burchard.
[5:13] – Michele argues that people don't realize when high performers are struggling.
[7:38] – Karamel and Michele agree that they want to be told the truth directly.
[9:28] – Michele would love to have Brendon Burchard on the show!
[12:15] – Michele believes in operating on a need-to-know basis.
[13:48] – Michele does not consider failure an option when undertaking projects.
[16:04] – Karamel discusses non-negotiable tasks on a schedule.
[19:01] – Michele commends Tom Brady's work ethic.
[19:42] – Having billions of dollars doesn't necessarily mean that you're a high performer.
[22:24] – A high performer does not need to be somebody famous, Karamel points out.
[25:22] – We are encouraged to contact Michele and Karamel to discuss this topic with them.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad – Website
Steve Robinson – Covert Cows and Chick-fil-A: How Faith, Cows, and Chicken Built an Iconic Brand
Brendon Burchard – High Performance Habits: How Extraordinary People Become That Way
Karamel has talked before on CEO Chronicles about automation and how she lives by it, and we are discussing all things automation in today's episode! Karamel helps us understand what automation is, why it's important to her, and how she goes about implementing it into Women Travel Abroad. We also discuss how automation can help us cut down on the time that we spend on things that we don't need to be spending time on.
Michele also delves into if and how she implements automation and what that looks like. We both agree, however, that computers need to be programmed. They aren't just going to automatically know what you need and put that into action; they have to be told what to do, and that means that before implementing automation, we need to be sure to sit down and ascertain what we need so that we can put an automated plan into place.
If you have a small business and are not automating things that you could be, then you really should look into that because it really will help you save time and also generate revenue by focusing more time on things that bring in money. Automation can be your best friend! Even this podcast is an example of automation because you can subscribe to us and get automatically notified when a new episode drops! We would, in fact, love it if you did that and would also love to hear from you, so hit us up via the contact info. listed below!
Time Stamps
[0:58] – Today's topic is automation!
[2:04] – Karamel lives by automation.
[2:24] – Discover what the definition of automation is.
[4:55] – What is the point of automation?
[7:03] – Michele touches upon her other small business.
[9:18] – Michele encourages us to implement automation in our small businesses.
[11:44] – Karamel points out that there is no one single system that will work for everyone.
[13:05] – Michele reveals that she does need a more efficient system.
[15:36] – Karamel argues that computers need to be told what to do.
[17:10] – We need to determine what we actually need before implementing automation.
[19:48] – Learn how this podcast itself is an example of automation!
[20:36] – Karamel didn't know that the podcast has Facebook ads!
[23:43] – Karamel refers to the book Good to Great.
[26:25] – Discover what happened when Karamel changed her email platform.
[29:25] – Karamel is leaning into her long-term plan.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Jim Collins – Good to Great: Why Some Companies Make the Leap...And Others Don't
We are talking all things quarters today and the importance of looking back and looking ahead! It's so important, as we stress, that you know your calendar. Even we, for example, have different ideas of what the most important quarter is because of what our businesses offer and what type of clientele we attract. It's so important to know your target clientele and offer what's wanted and what's trending, and we talk about that and also warn against the dangers surrounding projecting ahead. While projection is important, it does have its pitfalls that you need to be wary of!
We also talk about various other subtopics such as the relationship between quarters and cash flow, credit cards and how different credit card companies operate and have slightly different expectations, the importance of allocation and budgeting, and so much more! As always, we had a blast talking with each other about this, and we really hope that this discussion helps listeners start thinking and planning ahead because it's so important! Until next time, we would love to hear from you, so please reach out to us via the contact info provided in the show notes!
Time Stamps
[0:30] – Michele just wrapped up her second quarter.
[1:57] – Karamel asserts that the last quarter is most important to her and explains why.
[4:08] – Michele reveals that she isn't going to hire anyone third quarter.
[4:57] – Karamel reflects on her fourth quarter last year.
[6:06] – Michele and Karamel discuss on-demand jobs like DoorDash and Uber.
[8:52] – Karamel connects the idea of quarters to cash flow.
[11:13] – Karamel doesn't believe in debt.
[13:05] – Discover the reason why this quarter has been hectic for Karamel.
[15:03] – Karamel stresses the importance of allocation.
[17:18] – One of the best things that Karamel did was acquire business credit cards.
[20:07] – Karamel and Michele talk about credit card companies that require monthly payments.
[22:07] – Karamel brings the conversation back to cash flow.
[23:00] – Michele warns us about projecting ahead.
[24:18] – Michele shares why she is a proponent of budgeting.
[27:19] – Karamel reveals the Women Travel Abroad plan for the next couple of years.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
CEO Chronicles - “Cash flow are you swimming or sinking?”
Women Travel Abroad - Website
Being an entrepreneur is very much a state of being, and we're spending today talking about that and what people and resources in our lives inspired us to be so entrepreneur. Michele details who inspired her to become an entrepreneur, and Karamel reveals that while it wasn't so much a specific person or people who inspired her, she knew that she didn't want to “work for the man.” Part of being an entrepreneur means being in control of your own income, and we both knew that we wanted that.
Here's the thing about being an entrepreneur – not everyone is an entrepreneur, so what sets an entrepreneur apart? What makes them an entrepreneur? That's one of the questions that we explore in this episode of CEO Chronicles, talking about what sparks the entrepreneurial spirit. We share stories of some of the people and the life experiences that have influenced us and shaped us and also discuss some of what we learned from each other!
We are constantly learning and want others to learn from us as well, and we really hope that you learn a thing or two from this episode and that this has been helpful for you! We, as always, enjoyed having this conversation with each other and hope that you enjoy listening to it! We would love to hear from you, so please reach out to us via the contact info provided in the show notes! We really appreciate you tuning in to CEO Chronicles and hope to see you next time!
Time Stamps
[1:01] – Being an entrepreneur is a state of being.
[2:30] – Michele reveals where the name of her business comes from.
[3:53] – Karamel reflects on what inspired her to become an entrepreneur.
[6:34] – Karamel and Michele talk about entrepreneurs being in charge of their own income.
[8:39] – Michele discusses her mother's daycare business.
[11:07] – Michele talks about someone she knows with a popcorn business.
[12:10] – Michele theorizes what sparked Karamel's entrepreneurial spirit.
[13:58] – Learn about Karamel's former credit repair business.
[16:45] – Karamel touches upon enforcing policy.
[19:17] – Michele offers more insight into who inspired her.
[21:32] – Karamel says that Michele tends to be driven by numbers.
[24:20] – Michele has been an empty nester for more than a decade.
[27:31] – Karamel is a researcher.
[29:07] – Michele references a couple of books that have been influential for her.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
CEO Chronicles - “Policy vs COVID!!!”
Dr. Spencer Johnson – Who Moved My Cheese?
Patrick Bet-David - Your Next Five Moves: Master the Art of Business Strategy
Tiffany Haddish - The Last Black Unicorn
How has the COVID-19 pandemic impacted small businesses? That's what we want to spend this episode discussing and trying to get to the bottom of. There are a lot of variables, such as how it affected employment, how it affected finances, how it affected people's mental health, and so on, and we talk about these various impacts and how the country (and even many parts of the world) experienced these effects collectively.
We talk about how the pandemic affected a lot of people's mental health and how it brought the issue of mental health to the light in ways that maybe it never had been before. A lot of pressure has been put on people, and not only does pressure impact everyone differently, but everyone has different ideas of what pressure even means. Pressure also tends to impact different generations differently, and we have several different generations in the workforce – baby boomers, Gen X, millennials, and Gen Z.
We also chat about supply and demand being impacted by the pandemic and how many creative people have had to find alternate ways to move forward with their businesses, what hope there is for things to get better and finally heal in the future, and so much more! 2020 was such a revelation for us and was easier for some than it was for others, but it impacted us all in one way or another. As always, we really enjoyed having this conversation and hope that you enjoy listening to it and that you find it helpful! We would love to hear from you, so please reach out to us via the contact info provided in the show notes! We really appreciate you tuning in to CEO Chronicles and hope to see you next time!
Time Stamps
[1:06] – Karamel wants to talk about how COVID-19 impacted small businesses.
[2:05] – Michele touches upon some of the decisions she had to make because of COVID.
[3:16] – Michele argues that COVID shut down a modern economy which was unprecedented.
[4:02] – Karamel refers to the CARES (Coronavirus Aid Relief and Economic Securities) Act.
[6:49] – Many people are currently dealing with trauma because of COVID.
[8:38] – 43% of businesses had to close temporarily, Karamel points out.
[11:23] – Karamel discusses demand being destroyed because of the pandemic.
[12:08] – Karamel references a Forbes survey that she is reading.
[15:16] – Michele lists the several generations that are currently in the workforce.
[17:08] – When will things get better?
[18:32] – Discover how COVID has impacted Michele's company and customer reviews.
[20:57] – Students globally are eight months behind.
[23:04] – Michele emphasizes that a million Americans died because of COVID!
[24:25] – Michele reflects on how big a year 2020 was and still is.
[25:40] – Karamel explains why COVID wasn't too devastating for WTA.
[28:34] – Michele points out that COVID brought some families closer together.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Forbes – “Covid-Related Burnout Is Having A Big Impact On Small Business Owners: Survey”
Join us today as we talk about generating leads and thinking outside of the box! We spend a lot of time as business owners thinking about how to get customers and get customers to come to us, and we discuss in this episode of CEO Chronicles how to go about doing that in creative ways.
We both give examples of thinking outside of the box and even throwing the box away! Michele, for example, recently had a customer appreciation event which is a great out-of-the-box way to generate leads! We talk about how you have to push yourself and be creative to stay #1 or at least near the top, as top companies like McDonald's have done, and we also talk about the benefits of involving yourself in the community, something that can only benefit you!
At the end of the day, we just want to stress that you should not only think outside of the box when it comes to letting creative juices flow but that you should throw that box away entirely! You should also always move with your hands open so that you can receive and give! As always, we found this conversation with each other helpful and hope that you find it helpful as well! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes! We really appreciate you tuning in to CEO Chronicles and hope to see you next time!
Time Stamps
[0:28] – Michele just came back from Miami.
[1:47] – Michele discusses having to generate leads in her business.
[3:39] – Michele reflects on some of what she learned from being in radio.
[5:52] – Learn about Michele's recent customer appreciation event.
[9:00] – Karamel enthuses over Michele's idea.
[11:30] – Michele reaffirms the importance of thinking outside of the box.
[14:30] – Others sometimes have more confidence in you than you do in yourself.
[16:35] – Michele offers McDonald's as an example of a top producer.
[18:33] – Karamel reflects on her recent trip to Greece.
[20:17] – It never hurts, Michele argues, to be part of the local community.
[20:56] – How much money is spent on an average sale is different for every business.
[22:56] – Karamel has been reading The Whiteness of Wealth.
[25:18] – Michele reminds us of the main topic of the episode.
[27:20] – Karamel reveals that she is the more frugal of the two of them.
[28:56] – Karamel and Michele offer some closing advice.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Dorothy A. Brown - The Whiteness of Wealth: How the Tax System Impoverishes Black Americans - and How We Can Fix It
We are talking about all things wages and healthcare today! What makes for a fair wage? One of the questions that we recommend being asked when it comes to what makes a fair wage is what kind of work the employee is doing. We also touch upon the differences between what an employee thinks about what they should be paid vs. what an employer thinks, emphasizing that the employee often does not fully comprehend the full process behind paying employees. Michele, for example, points out that half of her gross income last year was spent on payroll!
We also, in this episode, touch upon healthcare and why it's so important to have, sharing personal stories of how health insurance has positively impacted our lives. Michele consequently discusses how she does her part as a business owner by offering health insurance to her employees and trying to press upon them that their health is something they can't renew. Michele's agency is one of the very few that even offers healthcare because of how important she believes it to be.
We also touch upon the working poor and the truths as well as misconceptions surrounding their positions in life and how many of them do what it takes to pull themselves out of poverty and do better, giving Viola Davis (as discussed in her memoir) as an example. As is always true, we really hope that this conversation is helpful for our listeners! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes. We really appreciate you listening to CEO Chronicles and hope to see you next time!
Time Stamps
[0:28] – Michele opens with a story that leads into today's topic.
[3:01] – Michele discusses time off being planned far in advance.
[3:53] – Michele switches the conversation to wages.
[6:28] – Michele touches on the difference between an employee's and employer's mindsets.
[9:25] – Michele and Karamel talk about the mindset that something costs what it costs.
[11:55] – Michele reflects on the long-term benefits of having health insurance.
[13:10] – Karamel gives an example of what happens without health insurance.
[15:40] – Karamel emphasizes that Michele does her part as a business owner.
[18:25] – Michele returns to different perspectives between employees and employers.
[21:08] – Karamel mentions setting an industry standard.
[22:31] – Michele's agency is one of the very few that offers healthcare.
[24:12] – The working poor has so many obstacles against them.
[26:46] – Michele argues that the working poor do sometimes improve their lives.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Viola Davis - Finding Me: A Memoir
We are chatting today about listening to our intuition and trusting it! We discuss why it's important to pair your gut feelings with analysis and how that can help you make better decisions, and we give examples of times when we heard great ideas and instantly knew that the ideas were good because that is what our guts told us. The gut gets stronger with experience, so even though some people might argue that trusting your gut is a mystical, unreliable thing, we argue that it isn't, that it's based at least in part on measurable data.
We also differentiate between impulse and the gut and how the gut doesn't involve emotion the way that acting on impulse or making a snap decision does. Following up on such cues can be difficult and can take practice, but it does have its benefits when it comes to making effective decisions. We ultimately have to differentiate between gut, vision, and fear, and we talk about why making that distinction is so important!
Intuition is not always perfect, but, again, pairing it with analytic thinking can result in really positive things! As is always the case, talking these things through with each other has been so helpful for us, and we really hope that it's also helpful for you! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes. We really appreciate you listening to CEO Chronicles and hope to see you next time!
Time Stamps
[0:32] – Michele opens up today's conversation on trusting your gut.
[2:09] – Michele argues that trusting your gut means knowing yourself.
[2:56] – We learn how Michele goes about making a decision using her intuition.
[5:10] – Michele emphasizes that gut feelings stem from experience.
[6:16] – Karamel touches upon being a visionary.
[8:11] – Karamel reveals that she hasn't always been comfortable with gut feeling.
[11:35] – Karamel shares that she has to be mindful about what decisions she puts on her plate.
[13:40] – Hear about how Karamel and Michele's husband think similarly about some things.
[15:25] – Karamel describes how to test your judgment.
[18:23] – Michele asserts that learning to listen to your gut can take practice.
[20:25] – Karamel discusses tapping into your core values.
[22:50] – No business person has everything completely together, Michele points out.
[24:38] – Michele instructs us that we have to differentiate between gut, vision, and fear.
[27:17] – Michele's agency is not the place to work for someone who doesn't get along with her.
[28:16] – Karamel stresses that intuition is not perfect.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Dr. Spencer Johnson – Who Moved My Cheese?
We have been giving some thought to doing business with friends and/or work associates and how that might impact expectations. Michele argues that when you're dealing with people that you know, you need to go above and beyond with your service, but Karamel disagrees, asserting that everyone on a Women Travel Abroad trip will receive equal treatment no matter what.
We also discuss the problems that sometimes come about because of friends doing business with you just to do you a favor. Mixing business with friendship can get very complicated, but we point out some of the correct ways to go about doing business with friends, including being sure that motivations are understood, that expectations are set from the get-go, and that we're going beyond mere trust.
The bottom line ultimately is that boundaries need to be set with anyone with whom we do business and that such people should be made aware of said boundaries. As always, getting on this show and talking these things through with each other has been so helpful and therapeutic, and we really hope that it's helpful to our listeners as well! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes. We really appreciate you listening to CEO Chronicles and hope to see you next time!
Time Stamps
[0:34] – Michele has been thinking about doing business with friends.
[2:45] – Karamel gives different examples of ways that business is done.
[4:33] – Michele asserts that business with friends should be done the same as with anyone.
[5:59] – Karamel points out that all of her WTA clients are treated equally.
[7:57] – We hear some advice from Michele that she learned when she sold cars.
[10:29] – How do you value the friendship with the person with whom you're doing business?
[12:45] – Michele asserts that mixing business and friendship can get complicated.
[13:24] – What is the right way to do business with friends?
[14:51] – Trust is not reliable on its own, Karamel points out.
[17:52] – Michele and Karamel talk about setting boundaries.
[20:20] – Karamel argues that anyone we do business with needs to be aware of boundaries.
[23:20] – Michele gives an example of setting a tone immediately.
[26:35] – Michele sums up the purpose of CEO Chronicles and this episode's main idea.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
Karamel was just in Egypt on business, and we talk about a couple of cultural barriers that happened along the way. Talking about what's called international English, or simplified English, we discuss how it's a necessity when traveling the world as Karamel does with Women Travel Abroad! A simplified form of English free of regional slang and idioms helps best ensure that other English-speaking people in other countries can understand you.
However, we also talk about international business practices and how that is also somewhat of a language of its own that can be easily misunderstood. As Karamel stresses, any time you are looking to do business outside of the country, it's mandatory that you figure out how that country does its business, or else you run the risk of being offensive. Karamel recounts several examples of conduct being different on her recent trip and a few conflicts that arose as a result.
At the end of the day, what we want you to take away from this episode is to be sure that you learn the standard ways that a business is done in another place before you go there! We really hope that this conversation is helpful for you, and we would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes. We really appreciate you listening to CEO Chronicles and hope to see you next time!
Time Stamps
[0:31] – Michele and Karamel discuss international English.
[1:14] – Karmel gives examples of misunderstood phrases in Egypt.
[3:28] – Michele and Karamel talk about Karamel's card getting stuck in a machine in Egypt.
[6:26] – Karamel reveals whether or not she needed an interpreter in Egypt.
[8:46] – Michele prompts Karamel to touch upon how people approached time on her trip.
[11:49] – Karamel points out some derogatory comments that she heard on her trip.
[14:42] – We learn about accommodations that had to be made for Karamel on her trip.
[16:21] – Karamel explains why she changed plans for where they were going to eat.
[19:21] – Michele describes a business practice that she does not like.
[22:02] – We are advised to have patience in foreign countries.
[24:13] – The United States is the only country with the mindset that the customer's always right.
[27:12] – Michele summarizes that we have to know about a country's practices before going.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad - Website
We are talking all things networking today, something which Michele credits as being a big reason for her success. Michele talks about all of the different industries that she has worked with, including radio, banking, and so forth, discussing the various networks of people that she has built over the years. We both offer some examples of networking and it being intentional and purposeful networking, examples from our own businesses, and we discuss the various ways that you want to make sure that the needs of your target audience are being met.
Both of us agree that networking needs to be very intentional and purposeful, which is why neither of us has business cards. We instead network! We also talk about time and how precious it is and why it's important to be careful about to whom we give it away. Karamel also emphasizes that networking is not just about forging new relationships with new people but is also about nurturing the people that you already know (with our friendship being a great example!).
What we ultimately want you to take away from this episode is how crucial networking is. Most entrepreneurs can't make it on an island all by themselves, even if they need to pay people for their time. We, as we always do, love coming together to talk together about entrepreneurship, and we hope that our conversation is helpful! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes. We really appreciate you listening to CEO Chronicles and hope to see you next time!
Time Stamps
[0:30] – Karamel is on her way to Egypt!
[1:05] – Michele introduces the topic of networking.
[3:11] – Michele advises us that things aren't personal in the world of business.
[4:38] – Michele reflects on her days at a bank.
[5:08] – Karamel argues that everyone going into networking has an agenda.
[7:00] – You need to set times that work for your target audience.
[9:47] – Michele reveals her ultimate goal.
[12:16] – Karamel offers some personal insight into networking being intentional.
[13:29] – We learn about the importance of going to lunch with people.
[16:16] – Karamel defines a specific term.
[19:02] – Michele exemplifies how diversity, equity, and inclusion work.
[22:03] – Karamel points out that being purposeful and intentional is so important.
[24:22] – Karamel and Michele discuss how precious time is.
[25:44] – Karamel advises us that networking is also about nurturing people we already know.
[27:50] – Michele sums up this episode's advice.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
As of when we recorded this episode, Karamel is out of the country on a Women Travel Abroad trip in Jordan, and she is so excited to talk about marketing strategies using things like social media and email! We talk about target marketing and reaching your ideal client and the importance of identifying the difference between a social media manager and a social media marketer and why one tends to be a lot more valuable than the other.
We also list off and describe the four different types of strategic marketing and how to make use of them. Michele identifies reasons why she could use a social media marketer, and we discuss accentuating and highlighting the aspects of your business that are working. It's so important for a business owner to grow and not become stagnant, and social media marketing can definitely help prevent stagnation.
We, as always, love coming together to chat together like this, and we hope that our conversation is helpful for you! We would love to hear from you, so please be sure to reach out to us via the contact info provided in the show notes, and, as always, we appreciate you listening to the show and hope to see you next time!
Time Stamps
[0:30] – Karamel is out of the country right now.
[2:18] – Karamel is excited to talk about how she boosts her marketing.
[3:40] – We discover that Karamel is making social media updates three or four times a day.
[4:35] – Karamel emphasizes that you need to do what's necessary to reach your ideal client.
[6:37] – Michele admits that Upwork did not work for her.
[8:36] – Karamel argues that you need to share specific goals with your social media marketer.
[10:36] – Karamel lists the four different types of strategic marketing.
[12:36] – Learn why Michele needs someone to handle her social media.
[15:25] – Karamel says that someone we hire needs to know what they're doing.
[16:43] – Karamel talks about the cost of social media managing vs. social media marketing.
[19:14] – Karamel elaborates upon why she seems comfortable with social media marketing.
[21:52] – Michele compliments Karamel on her strategies.
[24:25] – Michele talks about the law of victory from The 21 Irrefutable Laws of Leadership.
[26:56] – Michele advises us to grow and not become stagnant.
[28:50] – We are reminded to identify our goals!
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad
John C. Maxwell - The 21 Irrefutable Laws of Leadership
Today's episode is kind of a hodgepodge of various topics! As an entrepreneur, what does giving mean? With giving being one of Michele's core beliefs, we talk about not just giving money but also giving time and service to the community and why that is important. Giving time might, for example, look like mentoring and paving the way for the next generation.
We talk about having a game plan for what the end of a business might look like, especially since serial entrepreneurs are often always coming up with new ideas. We also dive into taxes and how to take advantage of loopholes and whatnot, but we also offer the disclaimer that we are not tax experts! We are just offering up our own experiences! We, in addition, discuss prioritizing tasks and not being afraid to say no when we need to.
We love that we have been getting some positive feedback from listeners and love doing this! Please continue to reach out to us via the contact info provided in the show notes because we would love to hear from you, and, as always, we appreciate you listening to the show and hope to see you next time!
Time Stamps
[0:38] – Karamel reveals that she filed for a tax extension for the first time ever.
[2:03] – Michele talks about her belief in giving through her business.
[2:47] – Karamel offers her own stance on giving.
[4:00] – Karamel stresses the importance of mentoring.
[6:43] – Michele shifts the conversation toward having an end goal for your business.
[8:36] – Michele reveals that she has not yet come up with an exit plan.
[9:47] – We are advised that entrepreneurs are the only ones who know their own games.
[10:47] – Karamel circles back to the idea of money being a tool.
[13:30] – You can't claim a business loss on your tax return every single year, we learn.
[16:32] – Michele argues that we sometimes have to say no.
[18:56] – Karamel gives an example of how she has been busy.
[20:53] – Michele and Karamel talk about work-life balance.
[23:52] – Michele reminds us that everyone does business differently.
[26:13] – Karamel offers an example of current times being tough.
[27:28] – We are encouraged to contact Michele and Karamel.
Resources
CEO Chronicles – Website
Email CEO Chronicles: info@myceochronicles.com
Email Michele: michele@myceochronicles.com
Email Karamel: karamel@myceochronicles.com
Women Travel Abroad
It's hard to talk about being a business owner without talking about money, and we are talking today about all things money and why we should know how to both earn it and use it! We talk about both the pitfalls and the advantages of taking loans out and give examples of resources that will lend money to small businesses and how running a business is financially similar to running a household.
We discuss in detail various ways to borrow money such as peer-to-peer lending, crowdfunding like Kickstarter, credit cards, home equity loans, and simply going to the bank. We also touch upon the differences between these various methods and their pros and cons. Don't forget to have a plan in place before pursuing one of these options because you don't want to be taken under!
We feel so much better about money after having this conversation and are so glad that we sat down to talk about this! We hope that this chat resonates with and is helpful to you, and, as always, we appreciate you listening to the show and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you! Until next time!
Time Stamps
[0:29] – Karamel reveals that she is currently in need of some money.
[3:08] – Karamel defines what she means by hard money.
[5:46] – Michele talks about the risk that a company takes when lending you money.
[7:22] – Michele refers to the book about entrepreneurship that she has been reading.
[10:03] – Michele and Karamel address anxiety around making a profit when borrowing money.
[11:15] – Michele compares running a business to running a household.
[13:58] – Michele touches upon a way to bring in more revenue.
[14:53] – Discover how Karamel is playing real-life Monopoly.
[16:13] – Michele defines peer-to-peer lending.
[19:03] – Karamel and Michele point to credit cards and home equity loans.
[20:18] – We learn how Karamel now thinks of money as a tool.
[23:04] – We are advised to have a plan to pay loans back so that we don't go under.
[26:06] – Michele recommends that we financially stay ahead by at least a couple of months.
[28:18] – We are left with some closing advice.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Women Travel Abroad
During the COVID-19 pandemic, we had to be very fluid and flexible with plans because things were bound to change at the drop of a hat, and when things don't go right, you really can't blame anyone but yourself. We, in this episode of CEO Chronicles, talk about why it's so important that you plan in advance!
Learn about how one of us had to scale down our staff and why, how each of us handles uncertainty, and how we solve problems that arise from planning so far in advance. Hear about how Karamel has recently hired a social media manager and how that has helped her, how having a different team has affected outcomes for Michele, and so much more!
We are usually super upbeat and positive on this podcast, but chronicling our journeys means sharing the good and the bad, and even though not everything is always sunshine and rainbows, that's okay! We weather through the storms and turn our ships around. As always, we appreciate you for listening to the show and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you! Until next time!
Time Stamps
[0:51] – Michele and Karamel talk about making plans.
[2:38] – Michele explains why January was really bad for her agency.
[3:36] – Michele discusses creating culture at your company.
[5:50] – Karamel and Michele talk about how the state of the economy affects them.
[7:25] – Karamel offers insight into uncertainty.
[10:10] – Karamel reflects on the responsibilities of a business owner.
[13:07] – Learn about how Karamel has hired a social media manager.
[14:26] – Michele admits that she expects success.
[16:15] – Michele reveals how having a different team affects outcomes.
[18:22] – Michele explains why she doesn't have a plan for the next quarter.
[21:32] – Karamel enthusiastically elaborates upon growth.
[23:11] – WTA has the potential to become a million-dollar business, Karamel shares.
[24:23] – Learn why Michele likens her fourth year of business to her first year.
[26:49] – Karamel and Michele discuss someone coming in and taking on their roles.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Women Travel Abroad
We have something really exciting in store today – our first ever guest! Ms. Tammy Buckner of Kansas City joins us today to talk about her company, WeCode KC, which has been putting on great programs for local children in the community since November 2019! She is not only a woman in the world of technology but also a woman of color in the world of technology, and she shares her fascinating story with us of how she got involved in it, having been fascinated by tech at a very young age getting into trouble for taking computers apart.
Growing up, Tammy didn't see many black women in technology, and she didn't really have anyone who helped her on her journey which is what prompted her to start her nonprofit – she wanted to fill that gap for the next generation. She discusses how WeCode KC got kickstarted, how the COVID-19 pandemic impacted it and how it resulted in a pivot, what longterm benefits the program has for its children, how Tammy has gone about hiring volunteers for the nonprofit and what the first couple of hired positions will be, how she has had to allocate funds running a nonprofit, and so much more!
We are so glad that Tammy was able to take the time to come on and give all of this helpful information about and her unique perspective on running a business. We really appreciate her time, and we hope that you enjoy listening to our interview with her! As always, we also appreciate you for tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you! Also be sure to reach out to WeCode KC if you'd like to donate money and/or volunteer! See you next episode!
Time Stamps
[0:28] – We learn that today's episode features a guest – Tammy Buckner of WeCode KC!
[1:54] – Tammy gives us some background information about herself like how she got into tech.
[4:21] – Tammy explains the idea behind her nonprofit.
[6:17] – Tammy addresses how she got started with her nonprofit.
[7:42] – Tammy further clarifies what it means to start a nonprofit.
[9:05] – Learn how the COVID-19 pandemic affected WeCode KC.
[10:39] – Learn more about what coding is and what WeCode KC's youth is learning.
[12:02] – Tammy explains what benefits the program has for the children and their futures.
[14:26] – Tammy defines what she means by urban core.
[15:23] – Tammy discloses where she gets the money to fund her nonprofit.
[16:52] – Tammy reveals what the first two paid positions will be for WeCode KC.
[18:01] – We discover how Tammy has hired her volunteers.
[20:46] – Karamel and Michele discuss bookkeeping.
[21:45] – Tammy tells us what drove the nonprofit.
[24:08] – Michele, Karamel, and Tammy talk about the importance of allocation.
[26:45] – Tammy reflects on what it's like having a board.
[29:38] – Tammy shares some of WeCode KC's success stories.
[32:25] – Discover how to donate to and volunteer for WeCode KC.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
WeCode KC – Website
Donate to WeCode KC
Apply @ WeCodeKC
John Maxwell – The 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You
As entrepreneurs, we sometimes start things off ourselves and often run things ourselves and consequently forget about the importance of having a team. With Women Travel Abroad, Karamel has been talking a lot about building a team, especially in the form of getting a trip coordinator. We also talk about how most entrepreneurs need social media managers, and we give several personal examples of how and why it's important to have a team.
We also talk about the advantages and the disadvantages of having W-2 employees vs. 1099 employees, some of the “rules” around being an effective leader, and what kind of leaders we are with our teams. We discuss the challenges and the obstacles that come with building a team and the problems that sometimes have to be preemptively solved before they became bigger problems.
It's so important to consider what kind of team that you want to build and for the people that work with you to be flexible, adaptable, and trainable. As always, we appreciate you tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you! Until next time!
Time Stamps
[1:51] – We learn that today's topic is building a team.
[2:15] – Karamel discusses her recent efforts to build a team.
[5:23] – Karamel further details why she needs a team.
[7:25] – Michele describes her preferences as a brick-and-mortar entrepreneur.
[9:35] – Karamel points out drawbacks in having 1099 employees.
[11:27] – We learn about Karamel's process of finding WTA hosts.
[12:53] – Michele reveals that she uses Indeed to hire talent.
[14:08] – Michele refers to laws from the book The 21 Irrefutable Laws of Leadership.
[17:02] – Michele elaborates upon the responsibilities behind building a team.
[18:48] – We discover how Michele's team is situated.
[20:56] – Karamel and Michele agree that Michele tends to be analytical.
[23:32] – Karamel provides us with an example of having solved a problem for an employee.
[25:30] – Michele and Karamel celebrate Karamel's company’s growth.
[27:13] – Learn why Michele considers things like age and astrological signs to be important.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Women Travel Abroad
Upwork
Indeed
John Maxwell – The 21 Irrefutable Laws of Leadership: Follow Them and People Will Follow You
Why is diversifying your business revenue streams crucial to your success as a business? We are talking about that very topic today and give several examples from our own businesses of how doing that led to success for us. We give concrete examples of why it's so important to diversify, especially since the trajectory of a business can change so quickly.
We, in addition, talk about why it's important to be careful who you share business ideas with when you don't actually yet have the income to act on those ideas. They might, and they're not in the wrong if they act on your ideas when you aren't able to. That isn't anyone's fault but yours, so be careful who you talk to! We also cover the vulnerability that you experience even when you're your own boss. Running your own business doesn't mean that outside factors like the government don't affect you, and the struggles that small business owners faced because of COVID-19 is a perfect example of that. That's why it's so important to have more than one stream of revenue.
We also enthusiastically touch upon other success stories that resulted from diversifying revenue streams, such as Floyd Mayweather's story, and we offer some hopefully helpful advice such as taking advantage of the digital world. As always, we appreciate you tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you!
Time Stamps
[0:59] – New listeners are introduced to Michele and Karamel.
[2:30] – Karamel reveals that today's topic is the importance of diversifying revenue streams.
[5:00] – Karamel emphasizes why it's important to have support in your social circle.
[6:42] – Karamel and Michele agree that you need to jump on ideas before someone else does.
[9:35] – Karamel and Michele point to a book that they love.
[10:07] – Learn why diversifying is so important.
[13:10] – Being your own boss doesn't mean that external factors can't affect you.
[16:25] – Michele and Karamel agree that your first business is always the hardest.
[16:56] – Michele explains why having five revenue streams is her goal.
[18:46] – Michele discusses a goal of her husband's.
[20:29] – Michele and Karamel enthuse over Floyd Mayweather.
[23:13] – We are reminded of one of the main reasons why diversifying is important.
[26:14] – Karamel sums up by reminding us to look for opportunities to grow money.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Women Travel Abroad
Dr. Spencer Johnson – Who Moved My Cheese?
We are talking today about moving from an employee to a business owner and why that is not easy. You can't possibly see or understand both sides until you have experienced both sides, especially since business owners encounter a vast amount of pains that employees do not. We discuss our experiences having been both and offer some advice and insight on both.
Your paycheck, your time, and your whole frame of mind all need to change when you transition between being an employee and being a business owner, and that is – again, easier said than done. We talk about why it's so crucial to learn how to budget so that there is less demand on your savings early on. We also strongly advise against burning bridges when leaving companies to become business owners and entrepreneurs because you never know when that connection can come in handy!
We also discuss various other aspects of the transition such as not spending money on anything until you need it, setting precedents and tones for your employees, and so much more!We really hope that this conversation has been fun and insightful for you, and we also really hope that sharing our thoughts has been helpful over the last nearly dozen episodes has been helpful. It certainly has been for us! As always, we appreciate you tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! We would really love to hear from you!
Time Stamps
[0:47] – Michele encourages us to contact her and Karamel with feedback.
[1:30] – Karamel reveals that this topic is moving from employee to business owner.
[3:23] – Karamel and Michele talk about obstacles encountered by business owners.
[4:58] – Michele reflects back on when she was an employee.
[5:53] – Karamel and Michele discuss the difference between a business and a side hustle.
[7:28] – Michele argues that business owners have to raise their standards.
[9:18] – We learn why Karamel is meticulous about bookkeeping.
[11:54] – Karamel emphasizes that transitioning does not equal burning bridges.
[13:58] – New business owners are encouraged to eliminate unnecessary, wasteful spending.
[15:00] – Karamel refers to a book that she and Michele are both reading.
[17:00] – Karamel discusses building businesses in stages.
[19:04] – We learn about how Michele's husband is making the transition right now.
[22:03] – Business owners, Karamel and Michele argue, set precedents and tones.
[24:32] – Michele offers another example of the business owner needing to set the tone.
[26:11] – Karamel sums up the overall topic of the episode.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Rachel Rodgers – We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power
What Byron Allen is to cable television is what Barack Obama is to the American presidency. Now a media mogul on track to purchase an NFL team, he essentially started from very little. He started from a modest place and made his debut on television on The Tonight Show Starring Johnny Carson at only eighteen years old. We are talking all things Byron Allen today, diving into his story and how he got to where he is today and using him as an example of the importance of things like activity, leverage, and owning our success.
We talk about Byron Allen being an inspiration for us and why, how business is a real life game of Monopoly, and motivation and assessing why we do what we do. We also talk about how Byron Allen is fighting for economic inclusion and emphasize the difference between equity and inclusion, using a hypothetical dance as an example. Equity means that everyone is invited to the dance, whereas inclusion means that everyone is asked to dance.
We had a great time having this conversation about Byron Allen and hope that you enjoy listening! We, as always, really appreciate you tuning in and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! Until next time!
Time Stamps
[0:31] – Michele refers to a link that Karamel sent to her.
[1:43] – Michele dives into the conversation about Byron Allen.
[3:37] – Karamel explains why Byron Allen is an important figure.
[6:23] – Michele talks about the importance of activity in sales.
[8:04] – Karamel reveals how Byron Allen will be able to buy an NFL team.
[9:40] – Karamel provides us with the definition of leverage.
[10:48] – Michele and Karamel enthuse over business being real-life Monopoly.
[13:07] – We learn about Byron Allen's enthusiasm about the real-life game.
[14:33] – Karamel argues that we need to own our success.
[16:16] – Michele discusses economic inclusion and why it's important.
[19:20] – Michele reflects on motivation and why she does what she does.
[22:12] – Michele lists off some of Byron Allen's lawsuits.
[24:37] – We learn more about how Byron Allen is fighting for economic inclusion.
[27:31] – Michele elaborates upon her target clientele.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Sportsnaut - “Media mogul Byron Allen will bid on Denver Broncos, could become first Black Majority owner of NFL team”
We are talking all things time management today! Being able to manage your time properly is absolutely crucial as an entrepreneur, especially since you're your own boss. We offer up some time management tips and techniques such as leaning into your support, creating routines, and making to-do lists. We go into detail about how to make a to-do list, whether or not prioritizing tasks on a to-do list is a good idea, how to get things done that you really don't want to do, and more!
We also touch upon cluttering up space and how it ties into time management. Oftentimes, valuable time is lost to rummaging through clutter to find things. We also need to be intentional about what needs to be accomplished, but we also need to know and understand our limits and know when to say no. Give yourself that permission. Just because people want your goodness doesn't mean that you have to give it to them!
We close by encouraging you to not be afraid to ask for help! We are so glad that we had this conversation about time management and hope that it helps you develop and refine effective time management skills. We really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! Until next episode!
Time Stamps
[0:58] – Michele reveals that this episode's topic is time management.
[3:00] – Michele discusses the importance of time management as an entrepreneur.
[5:08] – Karamel emphasizes that things fall apart without proper time management.
[7:25] – We get a time management tip about creating routines.
[9:03] – Michele offers some insight about making to-do lists.
[10:19] – Michele and Karamel discuss work-life balance.
[11:48] – We are encouraged to stop thinking of our personal lives as distractions.
[13:49] – Karamel argues that people give up on routines far too soon.
[14:44] – Michele encourages us to find a good time management app.
[17:00] – Karamel touches upon clutter.
[19:18] – Karamel and Michele stress the importance of being intentional.
[20:50] – Learn about a few things that Michele is passionate about.
[21:52] – Michele and Karamel point out that not everyone deserves your goodness.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
We are here today to talk all things PIVOTING! When you are in the world of business, you sometimes have to pivot – or shift to a new strategy. It can go in many different directions and does not necessarily mean a total change, a total 180. It can sometimes be something smaller, as it just means to turn from a center point and go down or add a new path.
Pivoting can be scary, but it is necessary. Every business will go through pivot points. Where you start as a company is very unlikely going to be where you end up. Our own companies have done so, with, for example, the focus of Karamel's company Women Travel Abroad originally being on vacation-type trips but now expanding and including wellness-type trips.
We give some examples of some companies such as Netflix, PayPal, Instagram, and Starbucks that have made major pivots in their times, with Netflix originally being solely a DVD service but then eventually adding streaming and becoming the originator and maybe even mogul of internet streaming. We discuss reasons why you might want to pivot and how to know that you might need to, such as noticing that your perspective has changed and noticing that your company is starting to plateau. It also sometimes comes down to trusting your feelings and trusting your intuition. You sometimes just know.
If you run a business and are in the middle of trying to decide whether or not to pivot and how you should pivot, we really hope that this chat helps you out, and, as always, we really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! Until next episode!
Time Stamps
[0:28] – Karamel is out of the country in Iceland!
[1:25] – Michele reveals that this podcast is a passion project and is therapeutic for her.
[2:00] – Michele moves the conversation toward pivoting in a business.
[3:29] – Karamel clarifies what it means to pivot in a business.
[3:53] – Michele gives Netflix as an example of a company that underwent a major pivot.
[5:12] – We learn about Karamel's big pivot.
[6:57] – PayPal is offered as another example of a company that pivoted.
[8:21] – Karamel refers to an article about knowing when you should pivot.
[10:50] – Michele and Karamel agree that going out in the community is harder now.
[11:30] – Karamel talks about more reasons that you may need to consider pivoting.
[12:57] – Karamel reminds us that we start is not where we end up.
[14:27] – Learn about how Karamel's company has pivoted and expanded.
[16:34] – Michele explains why we need to revisit our visions.
[17:46] – Michele stresses the importance of trusting your intuition.
[19:39] – Karamel asserts how important it is to listen to your customers.
[20:53] – Karamel says that sharing your thoughts with others can lead to new ideas.
[23:26] – Pivoting allows you to breathe new life into your business.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Founder Institute - “What Pivoting is, When to Pivot, and How to Pivot Effectively”
Women Travel Abroad
It is time for us to start branding, marketing, and advertising! Your business all starts with you! You have to build a brand and know yourself before you can know your customers or your audience (which is where marketing comes into play), and you can then go about identifying who your ideal client is!
We each share with you what our branding is and what our stories are, why we do what we do. We also talk about marketing and advertising and what the difference between the two is, how Karamel uses email marketing tools to track how potential clients interact with emails and what methods work better than others, how much money you should be spending on advertising, how each of us goes about marketing and advertising, and so much more!
Remember that you don't need to be like McDonald's! You can put your branding out there without spending a ridiculous amount of money. We really hope that people get something useful out of this conversation, and we really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us! Until next time!
Time Stamps
[0:30] – Michele reveals that today's topic is branding, marketing, and advertising.
[0:42] – Karamel differentiates between branding, marketing, and advertising.
[2:03] – Karamel shares with us what her branding is.
[3:15] – We learn what Michele's branding is.
[4:20] – Karamel encourages us to identify our ideal client.
[5:20] – Michele and Karamel stress the importance of using social media with marketing.
[8:22] – Michele points out that marketing and advertising are not the same things.
[10:55] – Michele discusses advertising and figuring out what kind to use.
[12:15] – We are encouraged to find an expert who can help us with advertising.
[14:27] – Karamel refers to a couple of email marketing services that people can use.
[17:14] – Learn about how Karamel has taken advantage of Meetup.
[19:13] – Karamel asserts how important it is to find people who can do things for us quickly.
[22:00] – Michele and Karamel further clarify why knowing the difference between branding, marketing, and advertising is important.
[24:56] – Karamel argues that you can put your brand out there without spending a lot of money.
[26:00] – Michele reminds us of the definitions of branding, marketing, and advertising.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Meetup - Website
At what point in time during your career as a small business owner do you need a mentor or a coach? There is, as we talk about today on CEO Chronicles, a difference between a mentor and a coach, and although there really is no set right time or right reason to get a business coach, we talk about the reasons why we feel like we might need one, especially because of growing pains and feeling overwhelmed.
Again, there is no correct reason for feeling like you need a business coach, but it is still a good idea to identify what your reason is. Are you feeling lost and/or overwhelmed? Do you need time management strategies? Do you need to be better at holding yourself accountable? These are all common and valid reasons to be a point at which you feel like you could use a business coach, and you don't always have to fork over thousands of dollars either! There are programs available out there such as SCORE that will give you their time freely, and free does not always mean lesser quality!
We also discuss what makes a good coach and what you should look out for when looking for one, as well as the limits that we sometimes impose upon ourselves and how coaches can sometimes help us unlock those doors. Until next time, we really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us!
Time Stamps
[0:30] – We learn that the topic today is business coaches.
[1:11] – Karamel asserts that she needs a business coach.
[1:35] – Michele clarifies the difference between a coach and a mentor.
[3:28] – Karamel argues that a relationship with a business coach is a business transaction.
[5:27] – Michele discusses the learning process that this podcast has encouraged for her.
[6:40] – It's important for us to ask ourselves why we need a business coach.
[8:07] – Karamel and Michelle discuss SCORE.
[11:00] – We are reminded that personal development is always important.
[12:26] – Michele encourages us to be sure that a business coach has valuable experience.
[14:18] – Michele shares that getting a business coach should increase your productivity.
[15:22] – Karamel stresses that we can't expect something for nothing.
[16:50] – Karamel states that there are coaches out there for everyone.
[18:22] – We sometimes have self-imposed limits.
[20:14] – Michele argues that we need to open our minds to new ideas.
[23:07] – Michele asserts that a business coach needs confidence and a record of success.
[24:52] – Karamel says that she is still looking for a business coach who is a good fit.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
CEO Chronicles - “Cash flow are you swimming or sinking?”
SCORE - Website
Being a small business owner is great and all, but it means needing to find time for the big S.C. - self-care! Self-care is so monumentally important because being a small business owner often means being under a lot of pressure and sometimes even means sacrificing a lot, and that is exactly why self-care is so important even though it's often overlooked because of our busy schedules.
What does self-care even mean, though? We define it mainly as the practice of taking action to preserve or improve one's own health, especially during times of stress. We give some examples of ways that some people take care of themselves, such as journaling, exercising, having a cup of coffee, making food choices, and so forth. We also list off some ways that those of you who don't implement enough self-care into your days can start doing so, including being intentional about doing things that bring you joy (such as touching base with family and friends, taking a relaxing bath, meditating, and so forth).
We also talk about how important it is to be mindful of our health and listen to our bodies, especially as women business owners. Remember that if your car's check engine light is on, driving the car without getting that taken care of is not going to be good for your car and could even do irreversible damage, and our minds and bodies are no different. We also, however, need to figure out what our own version of self-care is and not allow other people to ridicule or dictate it. Make sure that self-care becomes a priority! Until next time, we appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us!
Time Stamps
[0:41] – Michele introduces the topic of self-care.
[2:37] – Karamel stresses the importance of self-care.
[4:05] – Karamel poses the question of what self-care means.
[4:29] – Michele offers insight about what self-care is.
[5:47] – Karamel admits that she needs more self-care in her life.
[8:05] – Michele compliments Karamel on how she has delegated an outsource.
[9:41] – We learn about a time when Karamel did treat herself.
[10:31] – Michele lists some things that Karamel can do to implement self-care.
[11:48] – Some of the benefits of exercise are shared with us.
[13:00] – Karamel stresses the importance of small steps over grandiose resolutions.
[15:12] – Michele argues that women business owners have to be especially mindful of their health.
[17:40] – Michele points to a rule that she set for herself when she first opened her agency.
[19:15] – Karamel and Michele clarify why rules about self-care are important.
[21:30] – Karamel sums up what she is getting out of this conversation.
[23:14] – Karamel discusses the importance of having people who support us.
[23:40] – We are encouraged to find what our own version of self-care is.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
As a business owner, COVID-19 has been nothing short of frustrating. It keeps spiking and causing changes in policy and procedure, especially when the CDC and doctors aren't always in agreement over what they're saying. This has led us to think about policy, procedure, and practice and whether they should always be stringent or have exceptions.
Small business owners can't put the blame on someone above them when it comes to enforcing policy and procedure, and that sometimes means having to feel like the bad guy. We talk about how to enforce policy and procedure, if and when it's ever acceptable to make exceptions, the importance of making sure that you're legally allowed to enforce certain policies, whether or not you should base your policies on your values, thinking forward about unintended consequences, why you need to be consistent with policies, and so much more!
To sum up, we encourage you to make sure that you have simple policies that you keep updated and easy to read and that you stick to them! We hope that this conversation is helpful, and we appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us. We hope that you will tune in again next time!
Time Stamps
[0:36] – Michele opens by talking about COVID and how it has been wreaking havoc on policy and procedure.
[1:20] – Karamel offers a definition of policy vs. a definition of procedure.
[3:01] – Karamel reflects on a time when she had to be stringent about a policy.
[5:52] – Michele argues that sometimes compromise is needed.
[8:17] – Michele recommends getting an HR partner in small business.
[9:30] – Karamel adds that policies and procedures need to be in place even if you don't have employees.
[10:40] – We learn how and why Karamel has never lost a case.
[13:35] – Karamel emphasizes that exceptions need to be one time things.
[15:39] – Michele reminds us that we need to understand competitors' policies.
[17:58] – Michele offers an example of a scenario when biases came into play.
[19:40] – Modify policies that align with your values, Michele asserts.
[21:03] – Michele and Karamel make the case that we need to think about unintended consequences.
[23:53] – Michele argues that we should articulate the reasons for policies.
[25:53] – Michele explains why consistency is important.
[28:04] – We are encouraged to keep policy simple and updated.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
We are talking all things diversity, equity, and inclusion today on CEO Chronicles – real diversity, equity, and inclusion! We discuss the peak wage between men and women and the gap that is still there and address how there are only five or six black CEOs of Fortune 500 companies. We reflect on some of our past experiences such as feeling like an employee vs. an intrapreneur, how motherhood can affect a woman's work life, the extra responsibility of having to build a reputation, how important that it is to surround ourselves with people who support us, and how we need to lean in to conversations.
We also call attention to Karamel having gotten a fractional CFO (despite having said in a recent episode that she doesn't need a CFO), the fact that white men generally have the privilege of being able to share thoughts and ideas without apologizing and how that leads to Michele making use of what she calls her inner white man, why it's important not to apologize for knowing your worth and asking for what you feel that you deserve, and so much more!
At the end of the day, we encourage you not to allow glass ceilings to cloud your judgment. Break them, and shatter them! We hope that this conversation is insightful to you! We really appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us. We hope that you will tune in again next time!
Time Stamps
[0:40] – Michele has been thinking about how much she has going on in her life right now at her age.
[2:19] – Karamel clarifies that women often peak financially at around $66,000 whereas it's more like $100,000 for men.
[3:53] – Michele gets into diversity, equity, and inclusion.
[6:08] – Learn what an intrapreneur is.
[8:32] – Michele reflects on how she built a reputation with the Minority Business Council.
[10:06] – Karamel shares a story about having been at a United WE town hall meeting.
[11:20] – Michele returns to the conversation about the earning potential of women at the said peak age.
[13:00] – Michele pauses to call attention to Karamel having gotten a fractional CFO.
[15:08] – Karamel expresses that she has never wanted to be sixty years old, feeling regretful that she didn't do everything that she wanted to do.
[18:27] – Michele encourages us to surround ourselves with supportive people.
[19:13] – We learn about what Michele calls her inner white man.
[22:07] – Michele reveals what she does now when she enters a room and someone interrupts.
[23:47] – Michele gives advice to minorities who want to go above and beyond.
[25:45] – We are advised not to apologize for knowing our worth.
[28:30] – Learn about countries that give employees much longer maternity leaves.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
Sheryl Sandberg - Lean In: Women, Work, and the Will to Lead
Cashflow is a hot topic when it comes to the world of business, and we're here in our second week of CEO Chronicles to tackle it! When you are cashflow positive, how do you know when to spend it and what to spend it on? How should you monitor cashflow, and how often should you do cashflow statements? We help you answer these questions and so many more!
Cashflow, which we define for you as the balance of cash moving into and out of a business at any given time, is so important that, as we speculate today, not being significantly cashflow positive is very likely why so many businesses, especially small businesses, went under during the COVID-19 pandemic. Many businesses were running paycheck to paycheck and only had enough cashflow to cover a month or so once so much shut down due to the pandemic. We talk about planning your next five moves but being reasonable and prudent about it, how to know when to cut your losses and what you can do about it, how to increase your cashflow, and so much more hopefully helpful insight and information about cashflow!
Staying in positive cashflow is not easy, which is why even major corporations such as Netflix are sometimes in negative cashflow. That's why we hope that this insight is helpful to you if you're in business and that it gives you some things to think about. We appreciate you tuning in again and encourage you to reach out to us via the email address provided in the show notes if you have anything that you would like to share with us. We hope to see you next time!
Time Stamps
[1:18] – Michele has been thinking about cashflow.
[3:32] – Karamel asks important rhetorical questions about spending cashflow.
[4:14] – Michele speculates as to why some businesses went under during the COVID-19 pandemic.
[6:54] – Learn why Netflix wasn't worried when they were cashflow negative.
[8:23] – Michele discusses the book that she is currently reading, Your Next Five Moves.
[10:47] – Karamel stresses the importance of bookkeeping.
[12:33] – Michele points to a famous quote to demonstrate the difference between revenue, profit, and cash.
[14:35] – We discover what cashflow is and what the difference is between positive cashflow and negative cashflow.
[17:16] – Michele points out the difference between cash managing and cashflowing.
[19:54] – Michele gives an example of a form of cashflow.
[22:29] – We learn why we need to be prepared to cut spending where it's necessary.
[23:13] – We learn about net 90 vs. net 15.
[25:50] – Karamel emphasizes an important basic business principle.
[28:22] – Michele and Karamel call attention to a helpful book, The Entrepreneur Mind.
[30:05] – Learn why reading to and listening to resources is important when you're in business.
[31:44] – Discover how to contact Michele and Karamel.
Resources
CEO Chronicles – Website
Email us: info@myceochronicles.com
CNBC - “Netflix will consider buybacks as it returns to positive cash flow after 2021”
Patrick Bet-David - Your Next Five Moves: Master the Art of Business Strategy
Kevin D. Johnson - The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs
Forbes - Website
Welcome to CEO Chronicles, hosted by us, Michele and Karamel! We are so excited to bring this podcast to you and share with you who we are and what we do! We met in radio and have been friends for more than fifteen years, and throughout this journey, we have evolved so much and have each started our own businesses at around the same time.
In our first episode, we discuss the three different types of people talked about in Michael Gerber's The E-Myth books and how that links to small businesses, remote working vs. in-person working, why so many people nowadays seem to want to have their own businesses and what their driving factors tend to be (and what ours were), how failures are actually just lessons, and why you need to determine early on what your endgame is.
We also debate about lean startups vs. capital, share with you how our businesses differ in how we operate, how we got through the midst of the COVID-19 pandemic, and so much more! We are so appreciative of you for tuning in and giving us a listen and hope that you will continue this journey with us! We don't claim to be experts and are just giving our opinions, but we hope that sharing our experiences and what we have learned from them will be useful for you from here on out. See you next time!
Time Stamps
[0:25] – Michele and Karamel share their backgrounds and how they met.
[2:22] – Karamel discusses the three different types of people outlined in Michael Gerber's The E-Myth books.
[4:31] – Michele shares her opinion on what the word entrepreneur means.
[6:27] – Karamel explains how brick and mortar businesses differ from side businesses.
[8:18] – Michele links working remotely with mental health.
[9:55] – Michele wonders why so many people nowadays want to have their own businesses.
[10:52] – We learn about what Karamel's mindset was during the COVID-19 pandemic.
[13:25] – Michele talks about how much easier it is to open a business today than it was in the '90s.
[15:02] – We discover what Karamel's driving factor was for starting her own business.
[16:50] – Michele and Karamel enthuse on Karamel's early 2000s project involving all-natural lip balm.
[19:30] – Karamel debate over lean startups vs. capital.
[22:23] – Michele explains why capital is needed with a brick and mortar.
[24:38] – Michele advises business owners to pay people to do things so that their time is freed up.
[27:21] – Karamel and Michele agree that business owners sometimes have to switch roles.
[29:44] – Michele shares a story giving an example of how normalized online shopping has become.
[32:28] – Karamel enthuses about how so many of her employees live scattered around the country.
[34:45] – Karamel argues that you need to determine whether or not you want to move forward with a business.
[36:56] – Michele points out that you need to make a decision on whether or not something is a side hustle.
[38:45] – Michele sums up the difference between a side hustle and a gig.
[40:16] – We learn how the idea of the podcast came to be.
[42:51] – Michele gives an example of something that she learned from the COVID-19 pandemic.
[44:00] – Karamel and Michele have a conversation about chasing an endgame.
[46:27] – Michele provides us an example of how you sometimes have to work up to a brick and mortar.
[48:53] – We are asked whether or not we would still do what we do in times when we don't get paid.
[51:34] – Michele asserts that we need to find ways to get us through hard times with our businesses.
[53:45] – Karamel and Michele end with a story about Karamel having lent money to Michele.
Resources
Michael Gerber – The E-Myth
https://www.amazon.com/dp/B09MG1K9X2
Brian Moran – The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months
https://www.amazon.com/12-Week-Year-Others-Months/dp/1118509234/
