Financial Snickens

Increasing Profits with the 80/20 Rule

Alisa McCabe — Thu, 21 Mar 2024 09:00:00 +0000

The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy.

In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employees provide the best return on investment.

In this episode, you’ll also hear:

Identifying high profit customers and services
Analyzing employee and task productivity
Knowing where your sales come from

Must-listen moments:

[00:03:20] What you're looking for is to find out and isolate those services that are making you the most money and make sure everything is focused on it.

[00:05:44] By applying the 80/20 rule, we can maximize the productivity and efficiency by concentrating efforts on the activities that yield the greatest results and contribute most significantly to the success of the business.

[00:09:40] Sometimes that's the biggest problem. We don't realize that we're spending so much of our time and energy. and money on things that don't have a high return for us.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

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Are Your Prices Making a Profit? Pricing Strategies

Alisa McCabe — Thu, 14 Mar 2024 21:00:00 +0000

For any business to be profitable, services must be priced appropriately. Business owners need to regularly set profit margin goals and adjust pricing accordingly.

In this episode, I break down cost-based and value-based pricing, and tips for competitive prices that keep clients happy and revenue goals on target.

In this episode, you’ll also hear:

Covering costs and profit margin
Advantages of value-based pricing
When to change your pricing strategy

Must-listen moments:

[00:00:38] We think if we do more sales, we'll be profitable. But if you haven't priced your services correctly, no amount of sales is going to make you profitable.

[00:06:26] Your knowledge comes from years and years of experience and should not be set at an hourly rate. That doesn't cover all the education, all the training you've done, but value-based pricing would cover that.

[00:08:49] The right pricing strategy is clearly based on industry, your target market, and unique value proposition that your services bring.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Credit:

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Strategic Cost Cutting Measures

Alisa McCabe — Thu, 07 Mar 2024 10:00:00 +0000

Just like we visit the doctor and dentist for regular check-ups, business owners must routinely review expenses and decide when cuts are necessary. Monitoring the financial health of your business is key to its long-term success.

In this episode, I outline effective ways to decrease expenses, increase efficiency, and preserve customer satisfaction without compromising the value of your goods and services.

In this episode, you’ll also hear:

Eliminating unnecessary expenses and streamlining productivity
Suggestions for taking your company lean
Cutting costs while maintaining quality

Must-listen moments:

[00:01:35] You need to identify areas where you can reduce your expenses without compromising quality.

[00:05:31] Engage in your customer base to understand what their priorities are and what they have as expectations of you.

[00:07:02] It's not really just about saving money, it's optimizing the resources that you have and ensuring long term sustainability and success.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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Top 5 Financial Reports for Entrepreneurs

Alisa McCabe — Thu, 29 Feb 2024 10:00:00 +0000

The success of any business can be linked directly to organized financial reporting. Knowing exactly what profits are coming in, what expenses are going out, where business is coming from, and how to maximize finances is the best way to keep a business growing and ready for the long haul.

In this episode, I cover the benefits of regularly reviewing these 5 financial reports: accounts receivable, profit and loss by income, profit and loss by your top 10 clients, budget versus actuals, and a comparison balance sheet.

In this episode, you’ll also hear:

Monitoring and managing cash flow
Making informed adjustments to your business
The value of reviewing financials on a regular basis

Must-listen moments:

[00:04:27] It helps you to assess client relationships, identify upselling opportunities, and it mitigates the risk that comes with being dependent on a small number of clients.

[00:06:34] Monthly reviews are common, so you can make timely adjustments and keep the business on track to meet your financial goals.

[00:08:26] You can review them frequently, and the frequency is dependent on what you decide and what your company needs to happen. And it can be adjusted based on your size, based on your goals, but consistent monitoring is what is going to help you make good decisions about your business.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

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Improving Financial Health with Financial Metrics & KPIs

Alisa McCabe — Thu, 22 Feb 2024 10:48:00 +0000

The only way a business survives is with profitability, and to maintain profitability business owners must routinely examine finances with specific indicators to ensure they are on the path to success.

In this episode, I review which financial metrics keep businesses on track, how clear key performance indicators support long-term growth, and why it’s crucial for business owners to consistently monitor finances.

In this episode, you’ll also hear:

Fundamental financial metrics
Measuring key performance indicators (KPIs)
Proactive approach to reviewing financial statements

Mentioned in this Episode:

Tally Street - https://tallystreet.com/

Must-listen moments:

[00:01:20] These KPIs, these financial metrics tell you that you're still on the road, that you're still going in the right direction. It can also help you identify some challenges that are coming up.

[00:08:57] Are you going to look at it monthly, weekly, quarterly, yearly? Or maybe you look at all of them. It is really helpful to continue to monitor these KPIs and monitor them regularly.

[00:10:26] By regularly monitoring these KPIs, you can gain comprehensive understanding of your business, your financial health and the performance, and it helps you to stay on track.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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Leveling Up Your Financial Literacy

Alisa McCabe — Thu, 15 Feb 2024 22:00:00 +0000

Understanding the financial health of your business is vital to its long-term success and sustainability.

In this episode, I define what financial literacy is, different ways to invest in your financial literacy, and why financial literacy is a superpower for you and your team.

In this episode, you’ll also hear:

Benefits of financial literacy
Resources to increase financial literacy
Financial reporting and training for employees

Must-listen moments:

[00:00:50] Financial literacy is a superpower. It can empower you to make informed decisions, navigate challenges, and drive success in your business.

[00:07:27] Seek mentorships, having a mentor has been proven to increase the success of a person or a company.

[00:12:48] The last thing that you can try, once you start to understand your financials, is share that information with your team. Extend some training to your team. Empower them to understand the financial implications of their roles.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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Smart Debt Management

Alisa McCabe — Thu, 08 Feb 2024 10:00:00 +0000

Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.

In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.

In this episode, you’ll also hear:

Identifying good debt vs. bad debt
Managing debt with intention
Creating a realistic repayment plan

Must-listen moments:

[00:01:18] But the difference between a good debt and a bad debt is that a good debt is incurred for strategic investments. That means that you are looking to get debt that is going to make you money, not debt to pay down expenses.

[00:02:44] Before taking on any debt, you really need to critically assess whether the expenditure contributes to the business's growth and sustainability.

[00:07:25] Try to manage this debt and get it down to a lower interest rate, lower payments, something that makes it more manageable for you.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

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LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Financial Forecasting for Small Business Owners

Alisa McCabe — Thu, 01 Feb 2024 10:00:00 +0000

Just as forecasts for daily weather help us prepare for ever-changing temperatures, financial forecasts allow small business owners to make informed decisions in an ever-changing market.

In this episode, I emphasize how financial forecasting helps predict where your money is going while keeping your company moving in the right direction.

In this episode, you’ll also hear:

Anticipating income and expenses
Determining resource allocation and ROI
Tools for forecasting and reviewing financials

Must-listen moments:

[00:02:32] There might be something more that you need to have, and this way you can strategically allocate these resources, money, people, so that you will be able to take advantage of these situations when they arise.

[00:03:38] Whether you're providing a new service, or you're going to do a new product launch, you can estimate the revenue and expenses that are associated with this new adventure you're going on and see if it's worthwhile to do.

[00:06:48] The other thing about financial reporting, this forecasting that is done, is you have to regularly review it and adjust it. It is not a set it and forget it.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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Cashflow 101 for Small Business Owners

Alisa McCabe — Thu, 25 Jan 2024 10:36:00 +0000

In order to maintain a profitable business, small business owners must properly manage their cash with organized systems that provide an accurate outlook on potential gains and losses.

In this episode, I focus on best practices for invoicing, payment term negotiations, and cash flow forecasting to ensure your business is sustainable and thriving with positive cash flow.

In this episode, you’ll also hear:

Benefits of timely invoicing and automatic payments
Understanding profit and loss for your business
Essential cash flow projections and cash reserve plan

Must-listen moments:

[00:01:30] What happens when you don't invoice your clients is you end up with a cash flow problem.

[00:05:46] Your profit and loss is going to show you the income and expenses and it will identify trends that are happening, and it will help you to anticipate potential challenges and help you make informed decisions.

[00:07:50] You need to implement streamlined invoicing processes, create standard payment terms and engage in proactive cash flow forecasting and revisit it often.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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Effective Budgeting for Business Growth

Alisa McCabe — Thu, 18 Jan 2024 10:35:00 +0000

The beginning of a new year is the perfect time to get clear on your goals for your business and create a budget that supports the growth you plan to achieve.

This is the first episode of our Financial Reporting mini-series. I hone in on the value of a strategic process aligned with your goals when crafting your business budget.

In this episode, you’ll also hear:

Strategic objectives and informed decision-making
Outlining expenses and designating funds for vital resources
Advice for reviewing your budget regularly

Must-listen moments:

[00:02:47] By having this detailed breakdown of your income and expenses, given your goals, you can identify areas that you can put your resources into. It helps to ensure that your decisions are grounded in financial prudence.

[00:06:04] Strategic allocation ensures that your budget catalyzes growth.

[00:09:17] There can be unexpected challenges that happen, and you adjust your budget accordingly, so this flexible budget allows you to navigate these changes with agility, ensuring that the business remains resilient and positioned for growth.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

7 Questions to Ask Before Starting a Business

Alisa McCabe — Thu, 11 Jan 2024 22:00:00 +0000

Although starting your own business sounds like a surefire way to make money, earning a profit rarely happens overnight. Entrepreneurship requires ceaseless amounts of perseverance, determination, and motivation to keep going.

In this episode, I delve into seven crucial questions to consider before launching your business.

In this episode, you’ll also hear:

Finding motivation as an entrepreneur
Determining partner needs, potential clients, and sweat equity
Why owning a business is not for the faint of heart

Must-listen moments:

[00:01:39] If you have people who depend on you for your salary, you may not be able to ditch your full-time job, but can you start it as a side hustle?

[00:04:47] People often forget that starting a business is not easy. It's fun, exciting, and there's lots of motivation, and there's so much creativity that you can do, but there's also a serious business side to it.

[00:05:58] It is one of the most rewarding things you can do, and things are going to go horribly wrong, but they can also go really well.

Mentioned in this episode:

Small Business Administration - https://www.sba.gov/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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13 Leadership Rules

Alisa McCabe — Thu, 04 Jan 2024 10:00:00 +0000

Being an effective leader means knowing how to motivate a team, but also requires self-reflection and understanding when to make adjustments to create more cohesion.

In this episode, I cover how Colonel Glover Johns’ 13 leadership principles translate to running a successful small business.

In this episode, you’ll also hear:

Value of leadership skills for small business owners
Focusing on improvement, resiliency, camaraderie
Power of enthusiasm, empathy, and effective communication

Must-listen moments:

[00:00:24] It's so important as a small business owner to realize that you are not just running a business; you are a leader. And you're a leader to your team, and you're a leader to your clients. You are exemplifying everything about your company through your leadership skills.

[00:04:49] If you continue to self-evaluate and learn, and learn how to do things better, it helps you to be a better leader.

[00:17:51] Knowing when to advocate for a cause and when to accept a collective decision ensures that you are going to get buy-in from your team and you're going to have a cohesive team dynamic.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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The Role of Leaders & Managers

Alisa McCabe — Thu, 28 Dec 2023 22:00:00 +0000

Building a team centered on trust, collaboration, and growth is vital to the success of any business. Both leaders and managers carry equally important responsibilities of ensuring all employees understand the end goal and how to achieve it together.

In this episode, I explain how leaders and managers can use Stephen Covey’s 7 Habits of Highly Effective People to create a stronger culture of growth and success.

In this episode, you’ll also hear:

Defining leaders vs. managers
Carrying out the leader’s vision
How the 7 Habits impact workplace culture

Must-listen moments:

[00:00:53] Managers are task-centered. They are the ‘get her done’ people you need in your company. And the leaders inspire people to all row in the same direction.

[00:05:55] Leaders are in charge of culture, so they need to develop a win-win culture where they're fostering an environment where everyone can succeed.

[00:09:05] Managers are all about ensuring the well-being and development of members of the team and maintaining productivity.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.

Business Forms 101

Alisa McCabe — Thu, 21 Dec 2023 10:05:00 +0000

It’s easy to get overwhelmed with all the different forms necessary to run a business. However, knowing which forms you need for specific types of employees is essential to keep all your accounts and tax information organized and updated.

In this episode, I walk through the most common forms required to keep your business on track.

In this episode, you’ll also hear:

Understanding employee tax forms
Business partnerships, contractors, non-employee compensation
When to use 1099 Miscellaneous forms

Must-listen moments:

[00:01:27] The W4 is the form that employees fill out, and a W2 is what you get when you are an employee, and you get a record of your work.

[00:03:31] If you hire somebody to do a service, if you hire someone to build a website for you, provide bookkeeping services, provide advice on something, you hire a marketing firm, anyone that's providing you a service–you need to get a W9 from them

[00:06:08] 1099 NEC, these are for independent contractors, and it is for contractors and freelancers. You are required to file this form if you have paid anyone over $600 and they are an LLC or a sole proprietor.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Reality of Cybercrime Risk

Alisa McCabe — Thu, 14 Dec 2023 10:00:00 +0000

Businesses are at higher risk of falling victim to cybercrime than ever before. It is crucial to not only train your employees how to spot suspicious emails and avoid clicking spam links, but to know the tools available to develop solid cyber security practices and minimize the risk of attack.

In this episode, I break down why the best line of defense against cybercrimes is proper training for your employees.

In this episode, you’ll also hear:

Caution against social engineering
Benefits of password software
Antivirus and malware protection

Must-listen moments:

[00:00:39] If you store any kind of digital information, you can become a victim of cybercrime.

[00:04:43] Another tool you can use for safeguarding information delivery and using encrypted email is highly suggested.

[00:07:52] Sometimes, we forget that the software we use has upgrades, and these upgrades patch vulnerabilities so that you are safer with every new upgrade you install.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Rewarding Awesome Employees

Alisa McCabe — Thu, 07 Dec 2023 10:00:00 +0000

Companies can’t reach their goals without hardworking employees. Business owners must recognize and reward employees for their fantastic work and dedication.

In this episode, I share different ways to invest in your employees so they know they are valued and appreciated.

In this episode, you’ll also hear:

Options for profit-sharing, raises, and paid time off
Suggestions for promotions, gifts, and bonus programs
Importance of company culture and employee input for rewards

Must-listen moments:

[00:02:04] [Profit sharing] can be done quarterly, it can be done annually, or it can be done as a part of your contribution as the employer contribution to the 401k.

[00:03:20] It depends on what your employee values as the best compensation. Do they want the money, or do they want time off?

[00:07:14] The effectiveness of each approach varies depending on the culture of your company…you might want to do a system where you combine these strategies, and that will help you meet your workforce's needs.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

High-Yield Business Savings Accounts Options and Benefits

Alisa McCabe — Thu, 30 Nov 2023 10:47:00 +0000

Instead of letting your money languish in your checking account, consider opening a High-Yield Savings Account (HYSA) since interest rates are higher than in years past.

In this episode, I expand upon the many advantages of High-Yield Savings Accounts and why this low-risk investment option is worth pursuing.

In this episode, you’ll also hear:

Flexibility of high-yield savings account
Benefits of HYSA for business owners
Minimal maintenance and fees of HYSA

Must-listen moments:

[00:00:35] When you go and start searching for these high-yield savings accounts, make sure that they're a member of the FDIC, and don't forget that they are only insured up to $250,000 per account.

[00:02:31] If you invest it in one of these savings accounts, the risk is very low, yet you still get a guaranteed return. It is really good, and it protects your business’ capital.

[00:02:53] You could have short-term goals and projects that you know you need to put money aside for, this is a great place to hold that capital until you need it.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Small Business Owner Vacation - How My Business Ran Without Me

Alisa McCabe — Thu, 23 Nov 2023 10:34:00 +0000

Taking time off work is crucial to creating a work/life balance. However, some business owners need help unplugging and letting the team take the reins.

In this episode, I recap what worked and what didn’t while I was out of the office in Japan for two weeks and what lessons our team learned from my absence.

In this episode, you’ll also hear:

Celebrating the team’s performance while leadership is gone
Updating your organizational chart for accountability
Empowering your team to handle your absence

Must-listen moments:

[00:00:40] I took a lot of time before I left to allow my team to see what I do, record different things, and then provide them with an outline and a formula to follow.

[00:02:42] It was telling for me, that this is someone they trust, but we may also need to rework our accountability chart and share it with the team to show them that they can actually go to both people.

[00:04:48] Take that time away. It is incredibly valuable to your team because you figure out what falls through the cracks, and it recharges your battery.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Client Appreciation Gift Ideas

Alisa McCabe — Thu, 16 Nov 2023 10:00:00 +0000

Whether you’re celebrating a recent achievement or sending holiday wishes, meaningful gestures can help strengthen your relationship with clients. Gifts don’t need to break the bank, but they should be thoughtful and something that will leave a lasting impression.

In this episode, I outline various types of gifts your clients will love and that will make them want to work with you for years to come.

In this episode, you’ll also hear:

Tips for welcome packages and milestone gifts
Customer appreciation and seasonal gifts
Tailoring gifts to client interests and wellbeing

Must-listen moments:

[00:01:22] We love to celebrate our clients when our clients hit a particular milestone that we know that they've been going for.

[00:01:51] Always make sure it includes their logo because there's nothing like looking at your own company's logo on something that's given to you.

[00:05:48] Remember, it's not about the monetary value of the gift, but it's really about the sentiment and the effort you've put behind it.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

When Essential Team Members Leave

Alisa McCabe — Thu, 09 Nov 2023 10:00:00 +0000

If a top performing employee left your business, would it send your team into a frenzy or into a united front? At some point every business owner experiences losing a key team member, but it doesn’t have to create panic.

In this episode, I explore the impact of employee departures, why it’s crucial to foster a strong team and culture, and how empowered teams step up when it matters most.

In this episode, you’ll also hear:

Turning crisis into opportunity
Organic evolution of leaders
Power of united teams

Must-listen moments:

[00:00:22] Whether it's due to retirement or a career transition, or even a personal decision, the exit of a pivotal team member can create a void that demands immediate attention and causes craziness in your company.

[00:02:48] The team's diverse skill sets were combined and then new leaders emerged, and they ended up having this organic evolution that enabled the company to not only weather the storm, but they also emerged more resilient and adaptable than ever before.

[00:04:30] This shared commitment not only keeps the ship afloat during tumultuous times, because those are going to happen, but it also guides the transformation towards success.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

How a Podcast Benefits Your Business

Alisa McCabe — Thu, 02 Nov 2023 21:00:00 +0000

Ever consider hosting a podcast? Podcasts continue to gain popularity and bring in new listeners daily, which can translate to new customers for savvy business owners.

In this episode, I dive into the many reasons small business owners should start a podcast, how podcasts attract an audience you might not otherwise reach, and how podcasts are content gold mines.

In this episode, you’ll also hear:

Benefits of podcasts for small businesses
Increasing brand awareness and customer loyalty
Ideas for repurposing podcast content

Must-listen moments:

[00:01:23] It provides a platform that you can share your expertise easily, give your insights and experiences with a broader audience by creating valuable content that resonates with your target market.

[00:02:09] This can enhance your credibility and establish your business as a thought leader, and it also can help you to differentiate from your competitors.

[00:06:07] By providing valuable content and maintaining a regular publishing schedule, you could actually build brand loyalty and ensure that your business is remembered when it matters most.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Demystifying Scary Accounting Terms

Alisa McCabe — Thu, 26 Oct 2023 09:13:00 +0000

Spooky times are best for Halloween, not your financial journey! Learning to navigate different accounting terms can help fortify your financial future and avoid frightful surprises along the way.

In this episode, I demystify common financial jargon so you can know how to make the numbers work for you!

In this episode, you’ll also hear:

Understanding EBITDA
Calculating take home and cost of assets over time
The power to turn assets into cash

Must-listen moments:

[00:01:28] EBITDA stands for Earnings Before Interest, Taxes, and Amortization. This is the way to figure out how much money your business is making before certain expenses are deducted.

[00:01:25] Liquidity, it's the potion of instant gold…it's like having the power to summon treasure whenever you need it.

[00:04:19] And remember, that even though these terms might seem intimidating, they are simply the keys that unlock the secrets of your business's financial story.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Tax Plan Early to Save More Money

Alisa McCabe — Thu, 19 Oct 2023 21:00:00 +0000

Don’t wait until April to prepare your taxes! If you do, chances are you’re not getting all the tax breaks you deserve or saving as much money as if you planned in advance.

In this episode, I outline why it’s beneficial to plan for tax season months before Tax Day and different approaches to tax planning for your business.

In this episode, you’ll also hear:

How tax planning can reduce your tax bill
Tips for CPA meetings, deadlines, and clean books
Handling taxes yourself vs. hiring a professional

Must-listen moments:

[00:00:52] Did you also know that tax planning is one of the most important aspects of financial management?

[00:01:25] We strongly recommend that you have a tax planning meeting with your CPA in October or November to take advantage of the actions your CPA suggests.

[00:04:00] There's a few different approaches to tax planning. You can do it yourself, or you can hire a professional tax planner.

Mentioned in this Episode:

IRS Website

https://www.irs.gov/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Clean Up Your QuickBooks File Now

Alisa McCabe — Thu, 12 Oct 2023 09:00:00 +0000

Having your financial records in order is crucial to keeping your business on track for success.

In this episode, I focus on tips for cleaning up your QuickBooks Online and ensuring your account is free of errors and duplicate transactions.

In this episode, you’ll also hear:

Cleaning up your QuickBooks Online
Deleting vs. Voiding records
Benefits of reconciling your account

Must-listen moments:

[00:00:22] QuickBooks Online can be a lifesaver to small business owners, but only if it's in good shape.

[00:03:11] If you’re seeing any of these issues, take action. Waiting until next year can leave you with less options for the current year and can also cause huge problems later.

[00:04:40] Sometimes the easiest way to know that something is wrong is to reconcile your account.

Mentioned in this Episode:

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Business Owners’ Steps to a Successful Vacation

Alisa McCabe — Thu, 05 Oct 2023 09:00:00 +0000

Taking a vacation can create unnecessary stress if you don’t prepare your team to properly plan for your absence.

In this episode, I offer helpful ways to ensure your business runs smoothly when you are out of the office.

In this episode, you’ll also hear:

Empowering your team to handle your absence
Planning for the worst-case scenario
Allowing yourself to enjoy your time off

Must-listen moments:

[00:01:52] And then part of the planning process is to go through the tasks that you are responsible for and then create a process around those tasks and then delegate them.

[00:04:30] I'm going to let key clients know that I'm going to be away, here's the key person for you to contact. So that they know I'm away, and they appreciate the communication, and who can they reach out to.

[00:05:45] Most importantly, relax and unplug while you're away. You will come back feeling so much better. You will feel that you are rejuvenated, you've invested in yourself.

Mentioned in this Episode:

Harvard Business Review - The Leadership Odyssey

https://hbr.org/2023/05/the-leadership-odyssey

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

What Got You Here Won’t Get You There—Leadership Odyssey

Alisa McCabe — Thu, 28 Sep 2023 09:00:00 +0000

As a leader, are you doing what’s always worked for you or are you asking for feedback and embracing change? Recognizing the need to improve your leadership style is a skill in itself.

In this episode, I highlight three transformative stages called “departure, voyage, and return” from a recent Harvard Business Review article focused on taking your leadership journey to the next level.

In this episode, you’ll also hear:

Moving away from your old ways of thinking
Taking steps to change your behavior
Creating a new version of yourself

Must-listen moments:

[00:00:52] What has got you to where you are right now is not going to get you to the next step in your journey, and you have to really think about what your leadership skills are like and who you are as a person.

[00:03:15] So what behavior that needs to change has to be sustainable. And once you figure out what the issue is, then you can move into this stage called the voyage, where typically you have to figure out someone to help you, or you have to create a new context for learning.

[00:07:51] And another key factor in this part of the journey is you have the desire to share your learning. You want to teach others what you've learned and in turn, make your workplace grow emotionally.

Mentioned in this Episode:

Harvard Business Review - The Leadership Odyssey

https://hbr.org/2023/05/the-leadership-odyssey

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

My First Business in 4th Grade

Alisa McCabe — Thu, 21 Sep 2023 09:00:00 +0000

Some kids start lemonade stands while others sell chocolate bars for different school fundraisers, and these experiences might just launch the next big business owner.

In this episode, I recall my own entrepreneurial journey and how permission to think outside the box planted a seed that’s still influencing my professional career.

In this episode, you’ll also hear:

Making money by helping others
Giving space for creativity
Encouraging an entrepreneurial spirit

Must-listen moments:

[00:02:00] What it got me inspired about, was it was a thrill to own my own business and be in charge and helping people and getting paid for it.

[00:03:09] But he allowed me space to be me. He gave me the permission to think outside the box, and this fostered such a creative sense for me that it really allowed me to think of things that weren't being done.

[00:05:43] It's a testament to the power of childhood experiences and the power of great teachers. It also reminds us that the seeds of entrepreneurship can be sown at the most unexpected times and places.

Mentioned in this Episode:

Shawn Achor - Happiness Advantage - https://www.shawnachor.com/books/happiness-advantage/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Joy of Working

Alisa McCabe — Thu, 14 Sep 2023 09:42:00 +0000

Finding joy in your work is a lot easier when you have leaders that create a positive and supportive culture.

In this episode, I dial in on what keeps employees happy and ready to come to work, and game-changing advice to incorporate the “4 G’s” into your work life.

In this episode, you’ll also hear:

The real reason people leave jobs
The value of praising employees
Power of the 4 G’s: Gratitude, Generosity, Growth, Grit

Must-listen moments:

[00:00:59] Company culture is one of the strongest forces for happy employees. And it's the number one thing why employees stay with a company and the leaders are the ones who are creating the culture and delivering the message.

[00:02:00] As a leader, you need to have faith in your employees and constantly talk about all the good things they're doing.

[00:06:11] Even if you're in a situation where your manager isn't practicing the four G's and you're the employee, you can start and it's contagious.

Mentioned in this Episode:

Shawn Achor - Happiness Advantage - https://www.shawnachor.com/books/happiness-advantage/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Increase Your Net Worth and Network

Alisa McCabe — Thu, 07 Sep 2023 09:30:00 +0000

Networking can be intimidating but events held by your local Chamber of Commerce can make connecting with other professionals easier.

In this episode, I shed light on my experience with my Chamber of Commerce and why you should consider joining yours to better serve your community while growing your business.

In this episode, you’ll also hear:

How serving your community helps your business
Benefits of joining your Chamber of Commerce
Finding a Commerce that aligns with your business

Must-listen moments:

[00:01:39] You are not there at these events to talk about your business. You're actually there to talk about how you can help others. And when you offer to help without asking anything in return, that's when you make really strong relationships and become part of the community.

[00:03:09] My business exploded from being part of the chamber and being active in it. And it wasn't because I was the smartest or best accountant there, but it was because when people met me, they saw somebody who serves others.

[00:06:33] Through workshops and networking opportunities, you can learn from successful business leaders and gain insight and apply those strategies and help contribute to your business growth.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Favorite Apps Right Now 2023

Alisa McCabe — Thu, 31 Aug 2023 21:00:00 +0000

Time is money so it’s always important to enhance efficiency when you’re trying to run a business.

In this episode, I share our current favorite online tools that can help streamline your business operations and save you time and money.

In this episode, you’ll also hear:

Details about ScribeHow’s screen capturing features
Seamless receipt management and more with Corpay One
The professional advantages of ChatGPT

Must-listen moments:

[00:01:43] The result is that it takes pictures of each screen and it transcribes the actions that you took, and it highlights where your cursor is so you don't have to do anything except for do a little bit of editing, and a process that would have taken at least 20 minutes…is now down to 30 seconds.

[00:04:24] You can also pay bills through it and set up an approval system…and it's really streamlining all of the accounts payable side and receipt collection, which is always a big pain for business owners and anyone who works with employees, even yourself.

[00:06:33] We've been impressed with what Chat GPT comes back with, and we've been able to use these well-crafted responses to be able to answer questions that would normally take us a lot of time and create some angst, too, but it allows us to be professional and give quick responses.

Mentioned in this Episode:

ScribeHow - https://scribehow.com/

Corpay One - https://cp.corpayone.com/

ChapGPT - https://chat.openai.com/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Increase Cash Flow with ACH Payments

Alisa McCabe — Thu, 24 Aug 2023 09:00:00 +0000

Remember when checks were the standard form of payment for businesses? Thankfully, Automated Clearing House, or ACH payments, offer a more convenient option for businesses to receive payments from clients.

In this episode, I explain what ACH payments are and how they ensure a steady cash flow while enhancing your client’s overall buying experience.

In this episode, you’ll also hear:

Streamlining the payment process for clients
Benefits of automatic payments with ACH
How ACH payments increase security and efficiency

Must-listen moments:

[00:01:09] It's a simplified payment process for your clients. They can set up these automatic payments and it creates convenience for them.

[00:02:07] When you set up this automatic ACH payment system, it empowers you to collect from your clients promptly and as a designated date.

[00:07:11] It is a game changer. The biggest reason why small businesses go out of business is due to (lack of) cash. So, moving to ACH will keep you in business, keep your clients happy, and give parameters on the expectations you have.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Which Financial Documents Should Be Kept?

Alisa McCabe — Thu, 17 Aug 2023 09:00:00 +0000

Do you have folders full of financial documents from 5,10, 20 years ago? It’s common to think you should keep every document but it’s not always necessary.

In this episode, I review different financial documents and how to know which ones to keep and how long to wait before shredding them.

In this episode, you’ll also hear:

Rule of thumb for tax documents
Closed vs. active documents
Suggestions for storing documents long term

Must-listen moments:

[00:02:54] You want to keep all tax records and all related documents, your receipt, your bank statements, for three years from the date you file your return, or two years from the date you pay your taxes, whichever is later.

[00:03:45] Keep active contracts, insurance documents, property records, stock certificates, keep all these items while they're active. After the contracts are completed or the policy, the insurance policy expires, then you can destroy those documents.

[00:05:29] Keeping your documents organized, both online and with paper, will give you easy access to them if you need them, or even better if you need to purge them. You know exactly what you're going to purge, and you also know what you need to keep.

Mentioned in this Episode:

ShareFile - https://www.sharefile.com/

IRS -https://www.irs.gov/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Cool Tech Tools: ChatGPT

Alisa McCabe — Thu, 10 Aug 2023 09:00:00 +0000

The more we know about ChatGPT, the more we can use it to our advantage instead of being

afraid of it.

In this episode, I examine what ChatGPT is, what questions to ask it, and how artificial

intelligence might benefit your business more than you realize.

In this episode, you’ll also hear:

Flaws of ChatGPT
How to verify ChatGPT content
Using ChatGPT for your business

Must-listen moments:

[00:00:54] The GPT in ChatGPT stands for generative pre-trained transformer, which is a program that can realistically write like a human and interact in a conversational way.

[00:04:08] If you are going to ask something that is complex, ask ChatGPT to cite its sources,

and that way, you can actually check back on those things.

[00:05:09] You can actually have ChatGPT write an ad for your marketing services, and you can

do it in all different kinds of languages.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Business Finances Made Easy: Budgeting Tips for Entrepreneurs

Alisa McCabe — Thu, 03 Aug 2023 09:00:00 +0000

Budgeting doesn’t have to be complicated. Your business budget can be a simple spreadsheet or it can come with all the bells and whistles from the latest accounting software.

In this episode, I cover easy ways to budget your business finances, how automating payments can predict your financial future, and why the best time to start or review your budget is always now.

In this episode, you’ll also hear:

Benefits of using a budget
Automating your finances
Spreadsheets vs. accounting software

Must-listen moments:

[00:00:26] Budgets are not set in stone. It's something that you are going to revisit often.

[00:01:03] One of the most important aspects of budgeting is tracking your income and expenses, and this gives you a clear picture of where your money's going, where it's coming in from, and it actually helps you to allocate your resources.

[00:03:05] If you're starting from scratch on a budget, if you haven't even done a budget yet for this year and you want to start now, go for it. The best time to start a budget is today.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Why Moms are Natural Entrepreneurs

Alisa McCabe — Thu, 27 Jul 2023 09:00:00 +0000

It’s no secret raising a kid, much less raising multiple children, takes a ton of hard work. And yet, many people still don’t realize that motherhood is the perfect training ground for being a rockstar entrepreneur or employee.

In this episode, I dial in on what gives moms and caregivers a natural advantage when it comes to running a business.

In this episode, you’ll also hear:

Multitasking superpowers of moms and caregivers
Why moms rock at problem solving
What moms can teach entrepreneurs about empathy

Must-listen moments:

[00:00:47] We like to hire moms, or someone who has run a household, or taken care of kids. They make incredible employees for us because they understand how to put out the fires and in what order.

[00:03:05] From resolving conflicts with children, with spouses…they have to deal with people at school, whatever it is, they find creative solutions for these everyday challenges that they come across.

[00:04:41] When you are the business owner, you're talking about your clients and you need to understand their needs, and you are developing these lifelong relationships with them if you wanna keep these clients, and mompreneurs tend to know how to do this already.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

4 Unique Strategies for Finding Perfect-Fit Employees

Alisa McCabe — Thu, 20 Jul 2023 09:00:00 +0000

Recruiting employees who easily mesh with your team, align with your values, and have the skills you’re looking for can feel like finding a needle in a haystack.

In this episode, I reveal 4 ways to find employees by using non-traditional platforms, online communities, and leveraging your existing talent!

In this episode, you’ll also hear:

Tapping into industry specialists
Defining your ideal employee based on current talent
Exploring online groups and employee referrals

Must-listen moments:

[00:02:05] For niche industries, thinking outside the box and employing unique recruitment strategies are gonna help you to find those unique people.

[00:03:03] My best employees have come from these online communities…we explored spaces that we knew we hung out in when we first started.

[00:05:05] One way that we have really been able to excel our hiring process is to tap into our current employees.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Direct vs. Indirect Costs: The Key to Growing Your Profit

Alisa McCabe — Thu, 13 Jul 2023 09:00:00 +0000

If you want to increase your profitability, you must know your numbers, especially the expenses of your direct and indirect costs.

In this episode, I break down the difference between direct and indirect costs, and how to know if you’re charging enough so you can cover your business expenses while still earning a profit!

In this episode, you’ll also hear:

Understanding direct costs and cost of goods sold
Calculating your gross profit margin
How knowing direct vs. indirect costs increases profitability

Must-listen moments:

[00:00:43] Direct expenses are expenses that are directly related to the sale of your product or service.

[00:02:46] Indirect expenses…they are things that cost to run your business, but they're not directly related to the item that you sell.

[00:05:44] Knowing the difference between those two [direct and indirect costs] is incredibly important because it'll keep you profitable. If you're charging enough for your product, and able to pay for your direct costs, and cover your indirect costs, and have money left over—that’s really good!

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Five Mid-Year Business Strategies

Alisa McCabe — Thu, 06 Jul 2023 09:00:00 +0000

Summer means hot days and long nights, and hopefully some time to slow down and take a much needed break.

In this episode, I share 5 tips for making the most of your summer to keep your business on the right track for the rest of the year.

In this episode, you’ll also hear:

Taking time to celebrate your business
Mid-year review of your business goals
Going for big dreams

Must-listen moments:

[00:00:59] Take stock of your accomplishments, anything that you've accomplished in the first half of the year. Celebrate it. Find a way to praise yourself.

[00:01:54] When you take a break, you can come back with clarity and maybe even be able to see those situations from a different point of view.

[00:03:46] Do those projects fit into the end of the year? Do they fit into my idea of what I want to happen by the end of the year? You have to decide that and really start to say no, and no is a powerful answer.

Mentioned in this Episode:

Guideline - https://www.guideline.com/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Compensation Guidelines for Business Owners

Alisa McCabe — Thu, 29 Jun 2023 09:00:00 +0000

How much should a business owner draw as their take-home pay? Too much, and you’re draining the business, but too little and your personal financial struggles will take the business down with them.

So, how can entrepreneurs calculate their own fair wages? And how do they account for taxes and health insurance in their paycheck?

Learn guidelines for how business owners can accurately determine their take-home pay, 5 things an entrepreneur’s compensation should cover, and when it’s time for them to reexamine the finances of their business.

In this episode, you’ll also hear:

How business owners get paid
5 key items to cover with your pay
When to readjust your business model

Must-listen moments:

[00:00:41] There are two major ways that you get paid through a business as the owner, you get an owner's draw, or you receive a paycheck.

[00:05:07] You should be making money. You take all the risks of your company, you work all the crazy hours, you do all the work, and you should be compensated accordingly.

[00:06:17] If you’re still doing that after years of being in business, or if you constantly have cash flow issues related to you taking a salary, then something is wrong, and you need to take a closer look at your revenues and expenses.

Mentioned in this Episode:

Guideline - https://www.guideline.com/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Who Has Admin Access to Your Business Accounts?

Alisa McCabe — Thu, 22 Jun 2023 09:00:00 +0000

Who’s the administrator on the software accounts you use to run your business? Think about your website, your bookkeeping and payroll software, and even your social media?

In this episode, I explain why you should always be the master admin of any software your business uses, 4 rules to prevent fraudulent access, and tips for when it’s necessary to share access with your team.

In this episode, you’ll hear:

Primary admin access for business software
4 Steps to protect your accounts
Suggestions for when and how to share access

Must-listen moments:

[00:00:50] You gotta have systems in place that allow you to have access to what you need in case your trusted person leaves.

[00:03:16] Any software that you have, and this includes QuickBooks Online, your website, bank accounts, anything that you use online—it should be under your name.

[00:04:16] You can put a plan in place where two separate people on your team have access to one piece of information. Maybe one person has access to your username, and one person has access to your password.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

Find and Save More Money with These 3 Tools

Alisa McCabe — Thu, 15 Jun 2023 13:26:00 +0000

Did you know there are free tools that can help you find unclaimed money or boost your savings? Find out my top 3 favorite money-saving tools that are absolutely free and easy to use so you can stash more cash!

In this episode, you’ll also hear:

Details about Utah State University’s Power Pay
How to find money using Unclaimed.org
Why you should track your credit with Credit Karma

Must-listen moments:

[00:00:48] Power Pay gives you the tools to develop a personalized, self-directed debt-elimination plan.

[00:01:33] Search the unclaimed property list for your name to potentially find money, dividends, uncashed checks, mineral rights payments, etc) and follow the instructions on how to claim it.

[00:01:53] Credit Karma is a must-have…it keeps track of your credit alerts, and it makes you aware of any changes or errors in your credit report.

Mentioned in this Episode:

Power Pay - https://extension.usu.edu/powerpay/

Unclaimed.org - https://unclaimed.org/

Credit Karma - https://www.creditkarma.com/

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.

It’s Never Easy To Fire a Client

Alisa McCabe — Thu, 08 Jun 2023 09:00:00 +0000

Firing a client is never easy, but sometimes it’s necessary in order to protect your business and your core values.

In this episode, I highlight things to consider before cutting ties with a client, and why it’s crucial to salvage as much of your professional relationship as possible when it’s time to say goodbye.

In this episode, you’ll also hear:

Steps to take before firing a client
My recommendations for documentation and formal disagreement letters
Why you should avoid burning bridges with clients

Must-listen moments:

[00:01:35] Be very clear and specific about the issues you've identified, try to remain professional and avoid becoming emotional.

[00:02:36] Provide a very clear and specific formal disengagement letter to the client. It should include the reasons for the termination, how information is gonna be passed on, and the date on which the relationship will actually end.

[00:03:34] If possible, try to resolve the issues and maintain a positive relationship. However, if the relationship becomes too difficult or damaging to you or your business, it may be necessary to part ways, but do your best to leave the relationship on good terms.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.

What Should You Measure?

Alisa McCabe — Thu, 01 Jun 2023 09:00:00 +0000

Understanding the numbers of your business is key to its growth and success. But what should be measured to truly know how a business is performing?

In this episode, I cover 8 KPIs, which key performance indicators are most useful to tracking your business’ progress, and how to know when to change what you’re measuring.

In this episode, you’ll also hear:

8 Common key performance indicators (KPIs)
Benefits of measuring your Net Promoter Score (NPS)
Understanding when to change KPIs

Must-listen moments:

[00:00:40] KPIs are metrics that help you measure progress towards your goals, and they can vary widely depending on the industry and your company and the type of business that you're in.

[00:02:00] We use Net Promoter Score in everything that we do, and it's easy to collect data on this. What it does is it measures client satisfaction and loyalty by asking customers how likely they are to recommend the business to others.

[00:03:30] You might decide that you want to change what you're measuring because the organization is moving in a different direction, and it's important to identify the KPIs that are most important to your business and track them regularly.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.

What Info Do You Get From a Profit and Loss?

Alisa McCabe — Thu, 25 May 2023 10:00:00 +0000

Are you ready to unlock the secrets hidden within your profit and loss statement? Get ready to discover the power of this document as we dive deep into its significance. Join us as we unravel the mysteries of your profit and loss statement and explore how it can revolutionize your business decisions. From setting prices and forecasting growth to obtaining loans and attracting investors, this report holds the key to your success. We'll also reveal how your profit and loss statement plays a crucial role in effective tax planning, ensuring you keep more of your hard-earned money. Don't miss out on this episode packed with invaluable insights. Tune in now and learn how to unleash the full potential of your profit and loss statement!

Key Highlights:

[00:00 - 02:53] Unlocking the Power of Your Profit and Loss Statement

Profit and loss statement is the first report to review every month
You can use it to make decisions on setting prices, developing sales targets and forecasting growth
It is necessary for good tax planning advice

Key Quotes:

“If you're applying for a loan, a profit and loss statement will be the document that will be needed.” - Alisa McCabe

“Your profit and loss statement reports the total income that's come into your business.” - Alisa McCabe

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!

Do You Need More than a Business Checking Account?

Alisa McCabe — Thu, 18 May 2023 10:00:00 +0000

Attention all entrepreneurs! Are you tired of feeling overwhelmed by your business finances? Do you struggle to keep track of your accounts? Then join us for a conversation on how to manage your finances better! In this episode, we'll cover the different types of accounts available to entrepreneurs, including the benefits of having a business checking account, money market accounts, savings accounts, and certificates of deposit. We'll delve into the features of each account, such as interest rates, minimum deposits, and monthly fees, as well as special offers from banks that you won't want to miss. Plus, we'll share tips on how to meet minimum balance requirements and identify other institutions that offer higher interest rates. Don't miss out on this valuable information – tune in now to start managing your business finances like a pro!

Key Highlights:

[00:00 - 06:08] Uncover the Benefits of Having a Business Savings Account and Find Out About Deposit and Withdrawal Limits

Savings accounts may have no minimum fees and no monthly fees
Having checking and savings accounts at the same bank may be more effective than having separate savings accounts
Institutions other than main bank may pay higher interest rates on savings accounts

Key Quotes:

“Having your checking account and savings account at the same bank might be more effective than having a separate savings account at a different bank.” - Alisa McCabe

“Make sure your business cash works as hard as you do.” - Alisa McCabe

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!

Most Common Misunderstandings about your Financials

Alisa McCabe — Thu, 11 May 2023 10:00:00 +0000

Are you a business owner struggling to make sense of your finances? Do tax time and loan repayments leave you feeling confused? Fear not, as we have got you covered in this podcast episode! Join us as we unravel the top five questions that entrepreneurs commonly have around financial misunderstandings and provide you with actionable tips to navigate them. From demystifying loan repayments and owners' draw to understanding how to record funds properly, we've got everything you need to know to make informed decisions about your finances. Alisa will guide you through managing cash flow, tracking expenses, and comprehending profit margins. Don't miss out on this opportunity to take charge of your finances and make informed decisions for the growth of your business!

Key Highlights:

[00:00 - 02:28] Uncovering the Most Common Misunderstandings About Your Financials

Tax time is a stressful time for everyone
When repaying, money is given back to the bank and interest is an expense
Interest is recorded as an expense on profit and loss statement

[02:29 - 07:23] Understanding Owner's Draw: Why It Isn't an Expense to Your Business

Bank balance decreases when you pay a loan, but it doesn't increase your expenses
It is critical, as the owner, to understand your entity type so that you can comprehend how you can take money out of the firm

Key Quotes:

“Your bank balance decreases when you pay the loan….but it doesn't increase your expenses.” - Alisa McCabe

“It's really important to know what type of entity you are so you can record and understand how you as the owner can take money out of the business.” - Alisa McCabe

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!

6 Key Strategies to Keep Your Business on Track

Alisa McCabe — Thu, 04 May 2023 10:00:00 +0000

Are you a small business owner struggling to keep your finances in order? In this episode of the Financial Snickens Podcast, we’ve got you covered with six key strategies to avoid accounting errors and maintain best practices for your company’s financials. From hiring an accountant or bookkeeper to controlling expenses and keeping personal/professional expenses separate, we’ll cover everything you need to know to stay on track financially. Plus, we’ll discuss the importance of choosing the right accounting method and working with a tax planner to ensure compliance with IRS regulations. Don’t miss out on these valuable insights – tune in now!

Key Highlights:

[00:00 - 02:15] Financial Tips for Entrepreneurs

Accounting errors can be mitigated or avoided with prudent planning and smart choices
Hiring the best accountant and bookkeeper can save money in the long run

[02:16 - 04:35] Why Hiring a Competent Accountant is Worth the Investment for Your Business

Hiring a competent accountant is worth the investment
Find someone patient and willing to teach you about finances
Review expenses monthly or more frequently to stay in control and increase profits

[04:36 - 08:55] Essential Tips for Small Business Owners to Manage Finances Effectively

Incidental expenses can add up over time
Open a business checking account for all income and expenses
Choose the right accounting method (cash or accrual) with guidance from a tax planner

Key Quotes:

“When you start a business, the first thing you should do is open a business checking account.” - Alisa McCabe

“Control your expenses.” - Alisa McCabe

Resource Mentioned:

quickbooks.intuit.com

Link to more information from the IRS on the difference between employees and contractors: https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!

Pre and Post Conference Checklist

Alisa McCabe — Thu, 27 Apr 2023 11:00:00 +0000

How do we get the most out of conferences? Conferences are a great way to learn about new industry trends, network with like-minded individuals, and gain valuable insights into running a business. However, attending a conference can be overwhelming without proper planning. Listen to today’s episode for practical tips on having a pre- and post-conference plan.

Key Highlights:

[00:01 - 02:22] Pre and Post-Conference Planning Tips for Entrepreneurs

Conferences are valuable educational tools - take advantage of them
Pre-conference planning includes asking yourself, “Why should I go?”
Collaborate with colleagues to attend different workshops and exchange notes
Have a plan for organizing information and creating action items

[02:23 - 04:49] Building Relationships with Colleagues and Vendors

Be open to talking to people and building relationships
Attend breakfasts, coffee breaks, and after-events sponsored by vendors
Talk to vendors to build relationships and potentially solve issues with their products
Pro Tip: Only choose three action items to avoid feeling overwhelmed

[04:50 - 06:13] How to Build a Supportive Peer Group and Learn Best Practices

Follow up with people you met at the conference for accountability
Attending conferences is worth the time and effort
Meet others with a growth mindset - expand your network
Share your conference experiences on Alisa's website or email alisa@firststepsfinancial.com

Key Quotes:

“Conferences are absolutely one of the most valuable educational tools that you can use, and if you go with the right attitude and you have a good plan for when you return, they can bring incredible value to your company.” - Alisa McCabe

"Follow up with the people you met at the conference. They can become your people." - Alisa McCabe

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!