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Profit Is A Choice

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Backwards Financials For The Win

Oct 31, 2018

011: BACKWARDS FINANCIALS FOR THE WIN

WITH TRACIE TAYLOR

Tracie Taylor  is a Certified Interior Decorator, wife to her husband of 18 years, and mom to two beautiful kiddos. They live on a small ranch in the Southern Sierra Nevada Mountains of California. Her family loves spending time in the outdoors hunting, camping, and fishing.  

In 2003 she opened an Interior Decorating company that she ran for 4 years. After spending some time raising her children who are now teens, and running an apron design company, she launched Tracie Grace Designs in July of 2017. She asked for backwards financials - and so we are doing a live coaching call on the podcast to help her work through this exercise.

TOPICS MENTIONED:

  • Strategy
  • Intention
  • Process
  • Plan

THOUGHTS FROM TRACIE:

  • The biggest challenge to my business has been rebuilding and learning how to market myself in a new environment.
  • The missing pieces I needed in order for me to grow were finding a business coach to work with and creating and organizing the financial systems.
  • In the busiest times is when the need is greater to do the majority of the marketing.
  • I’m uncomfortable with knowing what are healthy percentages and/or goals for a sustainable company.
  • It is important to do a checks and balances system after every project to make sure any gaps aren’t left.  

THOUGHTS FROM MICHELE:

  • The local economy can impact the industry in each area and community. 
  • Pricing plays into marketing and we need to ask ourselves ‘who is our ideal client and what are the services and packages we offer?’
  • Success happens by making sure the financials and marketing are working together.
  • The goal is to understand your company’s financials with an 80% Financial Health score. Celebrate what you do know and make a plan for what you don’t know.
  • We first need to ask ourselves ‘what net profit do we need at the bottom so we can work up to the sales goal?’
  • The cost of goods can greatly vary based on amount/percentage of mark up. How much are you willing to mark up and can you mark up?
  • Where the company is, where you live and the clients you serve can be different things. It is that personal conversation that needs to be had to understand what is fair and reasonable when pricing and charging for your ideal client.

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