Lunch & Learn |
LUCA Financial Operations is an accounting and finance team that offers tech-enabled bookkeeping and accounting for growing businesses. Trey Fulmer is the CEO and Founder of LUCA and he graciously taught our first Lunch & Learn event of 2018. Trey’s main idea: be proactive in your accounting.
Financial awareness means getting timely, accurate data from your business so you are prepared with actionable information that you can use to make decisions. It creates peace of mind so you could be ready for anything that may pop up- like an audit.
A survey from Xero shows that only 24% of small businesses have an accounting advisor. And if you work with an accounting advisor, you are 23% more profitable. Trey emphasized that an accounting advisor is much different than a tax accountant. You may talk to your tax accountant just once a year when you send them all your banking info and simply hope for the best. But an accounting advisor communicates with you regularly and helps you make decisions with the growth of your business.
Hire an accounting advisor who has experience in your specific industry! You may think you can’t afford it but it usually pays for itself over the course of a year or two.
How do you find an accounting advisor? QuickBooks has an online directory of accounting advisors in your area and you can see reviews for them. Xero has an advisor network you can check as well. Make sure you ask someone for their scope of services and how much they will be communicating with you!
Focus on reconciling your accounts daily or weekly- instead of monthly or quarterly. The technology that exists now allows you to do this much more efficiently and accurately when it’s done on a regular basis – make it a habit.
It’s also important to know your ‘break even point.’ A lot of people don’t spend enough time figuring this out. You need to understand your fixed and variable costs because they can drastically change your break-even point as your business grows.
If you’re proactive with your accounting, you’ll avoid a lot of pitfalls because you can respond more quickly when things come up. Trey suggests watching out for: all the compliance headaches and potential for penalties and fees – particularly business licenses, sales taxes, and personal property taxes.
Embrace technology. Establish structured processes. Understand the numbers relevant to your business.
Trey also encouraged implementing a “financial operating system” for your business. It starts with an accounting system, structured workflows, good habits, a flexible operating budget, and a financial reporting framework. Even if you are a sole proprietor you should spend time working on these things or hire someone who can get you setup the right way.
When looking for accounting software, Trey suggests using Xero as an alternative to QuickBooks. It’s much easier for your accounting advisor to work with you in Xero and the support team is great! Regardless of the system or the accounting advisor you work with, make sure you take advantage of the partner discounts offered by your accounting advisor.
Here’s our takeaway points:
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be proactive in your accounting
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embrace technology
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build an operating budget
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hire an accounting advisor that has experience in your industry
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look into using Xero instead of QuickBooks
Forge News and Updates |
Emilie Maynor knows about nutrition, exercise and how to achieve an overall healthy lifestyle. Emilie is a yoga instructor and Integrative Health Coach– helping you make healthy life choices to improve your energy and balance. She’s one of our founding Forge members and she’s inspiring each of us to be more mindful. Emilie speaks to corporate groups about employee wellness and here’s an excerpt of her writing about one of those conferences.
In 2016, I had the opportunity to speak to a vibrant group of America’s First Federal Credit Union employees on creating “The Mindful Workday.” Y’all – these guys were so much fun! Corporate Wellness and speaking engagements are a big part of my business and it is such a joy when people attending the sessions are open minded and engaged. We talked about simple changes anyone can make to help reduce stress and feel present throughout the workday. Everyone was such a great sport – even when I asked them to move through some desk yoga!
So, when AmFirst invited me back for the 2017 Employee Engagement Conference, I was THRILLED. When they told me I would be speaking to 162 people, I was like WHOA…that’s a lot of people. Can I even do that?
95% of being an entrepreneur is asking that question, daily; then digging deep to answer back, of course you can.
Nothing soothes my nerves like feeling prepared! Whether it’s planing ahead for a workshop or prepping for my week with a fully stocked kitchen, it helps me feel a sense of balance and achievement. So, despite feeling a little overwhelmed, I got to work on my presentation, Creating Sustainable Change. In the session, I planned to discuss elements that shape our conditioned behaviors, realistic goal setting, and my top tips for kickstarting REAL change. I want you guys to benefit from this preparation and tips as well, so I’m sharing them here.
Change occurs when we take time to really get to know ourselves, habits and patterns.
This knowledge is the catalyst for lasting change. Self-awareness is the foundation of smart goal setting, too. Once you’ve identified your behavior patterns, it’s time to create a goal that’s inline with your nature. A goal that honors where you are in the moment.
Don’t forget, these goals should be SMALL, SPECIFIC & MANAGEABLE, so they can easily assimilate into your life.
Kickstarting Real Change!
1. Stop placing value on everything – neutralize your feelings about good vs bad foods or behaviors to remove yourself from the reward vs restriction tug of war.
2. Practice Crowding Out – add in good foods or behaviors instead of removing things. The habits you want to get rid of naturally begin to “crowd out.”
3. Follow the 80/20 Rule – 80% of the time make the best choices you can with what is available. 20% of the time, you just live life 🙂
3. Act like you love yourself – treating yourself with compassion is the best way to create real change. Give yourself the same care and support you would give a friend. ”
— Emilie Maynor, Wellness Coach & RYT 500
Forge News and Updates |
Today we heard from three Birmingham business leaders- Johnny Grimes of Wheelhouse Salon, Tony Summerville of Fleetio and McCall Hardison of FreeTextbooks. They all shared the “Key Metrics for Increasing Revenue and Profitability” in each of their respective businesses. This was followed up with a Q&A time with all three leaders. This was a FREE event- and we promise there will be more in the future!
To start us off Tony Summerville told us a little bit about Fleetio- the company he started back in 2012. Fleetio helps organizations track, analyze and improve their fleet operations. Thousands use Fleetio to manage hundreds of thousands of vehicles, equipment, parts, drivers, etc.
“The primary way to know if your business is healthy is to collect and examine your data.”
Tony discussed two key metrics when focusing on increasing revenue and profitability: your sales funnel and NPS (Net Promoter Score). When thinking of your sales funnel, understand your customer’s journey. What brought them to your website? What percentage of your visitors sign up for a newsletter, download an informational PDF, etc. What percentage of visitors click through to other pages on the website? Calculate conversion rates from step to step. Analyze what your acquisition costs are.
Tony said your NPS is the voice of your customer! This measurement is extremely valuable because every employee in the company contributes to this score. Make sure you track this score over time.
Johnny Grimes of Wheelhouse Salon shared next. Johnny and his wife Courtney are the owners of Wheelhouse Salon. Wheelhouse was established in January of 2014 and over these few short years, the company has grown from 1 location with 3 employees to 2 locations with 25 employees.
As they focus on revenue and profitability, Johnny said he first focuses on building a people-first culture where customer service is top priority. They invest in education for their staff- sending them all over the country for classes and workshops. Serve your customers well by constantly collecting and evaluating feedback. Retention is very important because ultimately retention costs less than acquisition. Explore the opportunity to increase your prices in certain areas or give strategic discounts. Oh and most importantly, Johnny said focus on having fun.
“We’re not in the hair business. We’re in the people business.”
Lastly, McCall Hardison of FreeTextbooks shared what she has learned about goal setting and tracking. McCall is the CMO for FreeTextbooks and in the last three years, FTB has grown into a nationwide brand and student network. With over 500 student reps and thousands of customers using the FreeTextbooks app, The FreeTextbooks app saves students time and money on expensive course materials.
McCall’s first word of advice: when thinking of goals, pick it and stick. In our culture, we tend to change our minds quickly and avoid failure but you should measure a goal for at least 90 days. Also, everyone is tracking something but your company should focus on what metrics specifically benefit you. Know what to measure and why. Don’t focus on one metric just because other companies do so. Big goals should have an impact on every team members’ job. Without goals, people don’t feel successful.
“Don’t let competitors be your guide- be your own guide.”
We were extremely pleased with our second Business Breakthrough Session event! Hearing from a variety of business leaders gave us a wide range of information about revenue and profitability from very different industries. We’re excited for future events and would love your input about topics and Birmingham speakers you would enjoy hearing from. Check out our Facebook page (@workatforge) for information about future events!
Our next Business Breakthrough Session is planned for Thursday, February 15 from 7:30-9:00am. Follow this link to RSVP!
Instagram Marketing, Social Media |
Susan Gordon Pottery is a small batch pottery studio that started right here in Birmingham in 2013. But you can find Susan’s work in boutique retailers across the country. Susan’s team makes dinnerware, serving ware, decorative accents and handmade jewelry. Her work speaks for itself- just check out their Instagram account with over 10,000 followers! So we’re here to share Susan’s Instagram pro tips with you.
Do you have any advice on how to choose hashtags?
YES! I would do a few things: First, find accounts similar to yours and see what hashtags they use. Click to see what comes up and if it appeals to you, then most likely it will appeal to your followers. Second, keep your hashtags saved in your notes and copy and paste them on every single post. Third, only use hashtags that are relevant to your content. I have mine separated into “earring hashtags” “Dinnerware hashtags” etc. Fourth, keep your hashtags fresh…it’s good to stay abreast of what hashtags are trending. Fifth, try not to use ONLY the most simple or overly popular hashtags. You run the risk of getting your content lost in the mix. As you type your hashtags in the search box in Instagram, you can see how many posts are tagged with that hashtags. Don’t let all of yours be in the millions – use some that have been used a few thousand, a few hundred thousand, and so on.
How do you pick what time of day to post?
This is kind of a tough question. I don’t pretend to understand the Instagram algorithm that calculates which person sees what content. I can speak to my own experience and what I do know about audiences. When determining when to post I always ask myself: Who is my audience? Is my audience a college student? A mom of babies? A mom of older kids? It’s good to think about when they would most likely already be on their phones. For me, I’m a working mom of two babies. I’m usually “scrolling” on my phone first thing in the morning and at night after the babies go down. Generally Monday mornings after 8:00 aren’t the greatest. Most people are busy with work meetings or class; Friday nights and Saturday mornings tend to be good for me.
How often is too often to post on Instagram?
I try to post 3-5 times per week, sometimes more. I think once a day and then taking a breather one day a week is good practice for you and for your audience. I also try to let my stories relate back to my post. If I’m running a sale or promoting a local show, I will post twice in a day, but it’s fairly rare. That’s me. Others post more often and that works for them just fine! I think it’s best to be as authentic and organic as possible. You do you. If you are excited about a particular post and the content is time-sensitive, then go for it! Post twice in a day!
Do you partner with other Instagram accounts to cross promote? How often?
I haven’t done this a lot, but I would certainly do this for a giveaway or to promote a local art show or if a particular retailer or gallery just posted a pretty picture of their new SGP. I would limit this so that your feed remains true to who you are and what you desire to accomplish.
What’s one of your most popular posts and why do you think it was so successful?
I think the post with the most likes is one I posted not too long ago. It was one of my large vases with an arrangement of flowers sitting on my kitchen island. I think people like to see how my work can be used, in the context it was meant for (a kitchen). The roses were gorgeous, so that was a large part of it. I also think people like to see “you”. See your house, occasionally pictures of your dog or you, or your kids. Not all the time, but glimpses. It makes your audience feel connected to you and reminded that they’re following a real person and not just a feed of pretty pictures.
Here’s what we learned from Susan:
- Try to find hashtags that relate with your business but aren’t tagged millions or thousands of times!
- Think about what audience you’re targeting when posting and that can help you choose exactly what time to upload.
- Limit partnering with other accounts so you can stay true to your specific mission.
- Show your audience glimpses of your personal life!
Lunch & Learn |
Deon Gordon is passionate about Birmingham and its growth. He’s spent the last two years as Director of Business Development at REV and now he’s transitioning to TechBirmingham as the executive director. If you haven’t already heard of REV Birmingham, they are an economic development agency dedicated to revitalization and small business development in our city. With REV, he helped launch the Reveal Kitchen in the Pizitz Food Hall- an incubator for Birmingham chefs who are starting new restaurants.
Yesterday, Deon emphasized that we have to start telling Birmingham’s story in a better light. He said “we don’t often talk about Birmingham’s story through the lens of victory.” We have built a great foundation in Birmingham with an emerging tech scene and we all have high expectations for the future. Let’s tell those stories that inspire others to join us in building a better Birmingham.
“One of my biggest takeaways was that Birmingham is working hard to get on the cutting edge of the tech scene, especially when it comes to working with small businesses. The city has a lot of momentum right now and that is being fueled by multiple small business who have participated in Co.Starters, The Big Pitch, and other local programs that promote entrepreneurship.”
Russell Hooks, Forge Member
With several Costarters and The Big Pitch finalists in the crowd, Deon spoke about the mission of those organizations. “We’re not responsible for the success of those who come through our pipeline. But we give them the platform to be successful.” At REV, they do whatever they can to support The Big Pitch finalists and the Birmingham community certainly supports them as well.
Deon says Birmingham still has a long way to go. We’re still at pre-recession job numbers. And unfortunately we aren’t seeing the same growth in the suburbs and traditionally marginalized neighborhoods as we are in downtown Birmingham.
So what is missing that could help Birmingham really turn the corner?
Deon says the education system could definitely use improvement. We’re beginning to implement more computer science and coding in the classroom and this is immensely valuable to our students’ futures. As technology continues to grow in the marketplace of Birmingham, our city will continue to rise to the level of other major cities.
“Deon’s excitement for Birmingham is always evident and always contagious. Noting the many key organizations and talented people that are working towards the future of the Magic City, Deon brought it back to the boots on the ground: the entrepreneurs who put heart and talent into creating their vision, and we all benefit.”
Russell Douglas, Forge Member
Deon believes the opening of Railroad Park in 2010 spurred the change that downtown Birmingham really needed. It began the transformation of our city and the creation of the park was tangible evidence for the much needed change in Birmingham. Deon says we’re at a rare point where our city is seeing a series of wins. Let’s encourage one another to continue this growth!
