On this week's episode we welcome business strategist and coach Michelle Williams. Michele helps business owners gain clarity, confidence, and control so they can reclaim their time and to be passionate about their work. Don't miss her thought provoking ideas on money management and business mindset.
Michele talks about how she turned her negative profit business into a sustainable living early into her business ownership journey
She shared how she felt like everyone in the design industry were hiding something from her, but they were just as lost as she was.
It's not just enough to be getting paid and have clients who love your work - we've got to develop smart money management strategies.
Are you going to be in hobby or are you going to be in business?
Try introducing yourself as an owner of a design firm instead of a designer
Build barriers and protections between yourself and your business
Challenge yourself to write down your business mission, vision, values, and policies to identify what your company stands for
Take "I" and "me" out of the equation to make things less personal
Michele compared strategic plans to tactical plans for business - sometimes you can make plans in advance as part of your business strategy, but in the moment with your clients and projects you may have to do something different as a tactical strategy.
Remember that our role is not to be an adversary with our clients or to go against their goals.
Sometimes we need to ask ourselves what the clients ideal solution is to a problem and compare it to our own ideal solution and work towards both of them together.
We start talking about the book, Profit First, and how to build a business model around it
The first thing we need to do is develop a framework and mindset around money management
Michele offered great ways to manage our money by separating the cost of goods from our operating income
We also talk about applying the profit first philosophy to our time, because time is also a currency.
Profit is about providing sustainability for our businesses, it's not just about having money.
We discuss selling the right product or service to the right person at the right price and managing the heck out of it.
The emotional aspect of money can get in the way of making it wisely