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The Mind Behind Leadership

Thursday, September 10, 2020
10
Sep
The Mind Behind Leadership

Tricia Taitt is a sought after speaker & commentator on financial management and sustainability both in the US and abroad – we’re lucky to have her join us! Tricia also holds the prestigious position of treasurer of the National Association of Women Business Owners NYC (NAWBO NYC). This means that she is uniquely placed to understand how women entrepreneurs and leaders potentially have a different relationship with business finances than their male counterparts and crucially, how this can be used as a source to empowering growth Having launched the PowerHER Financial$ community, Tricia’s mission is to ‘educate, engage, and empower women entrepreneurs and executives about their financials so we grow to $1 million and beyond.’ We’ll also be exploring what it really means to grow or scale a business and what’s the difference along with how to have that resilience that all businesses need in the current climate.

Posted by Talking Alternative Broadcasting on Thursday, September 10, 2020

2020/09/10 - Educate, Engage, & Empower!

[NEW EPISODE] Educate, Engage, & Empower

Tricia Taitt is a sought after speaker & commentator on financial management and sustainability both in the US and abroad – we’re lucky to have her join us!

Tricia also holds the prestigious position of treasurer of the National Association of Women Business Owners NYC (NAWBO NYC). This means that she is uniquely placed to understand how women entrepreneurs and leaders potentially have a different relationship with business finances than their male counterparts and crucially, how this can be used as a source to empowering growth

Having launched the PowerHER Financial$ community, Tricia’s mission is to ‘educate, engage, and empower women entrepreneurs and executives about their financials so we grow to $1 million and beyond.’

We’ll also be exploring what it really means to grow or scale a business and what’s the difference along with how to have that resilience that all businesses need in the current climate.

Tune in for this insightful conversation at TalkRadio.nyc or watch the Facebook Livestream by clicking here.


Show Notes

Segment 1

Graham Dobbin is excited to have guest Tricia Taitt, Founder PowerHER Financail$ community, CEO or Art of Money Maters and treasurer of the National Association of Women Business Owners NYC (NAWBO NYC)

 

They discuss what brought Tricia into finance which entailed Tricia attending Wharton and making her way into Wall Street.  She learned at a young age from her parents how to be fiscally responsible and is very strategic to this day about being mindful and thoughtful when spending money.

 

They further talk about how new business owners need to work on flipping certain mindsets when going from corporate to entrepreneurship and wrap up with Tricia’s move into being an entrepreneur and her professional hobby of dancing which also led her to being in a Broadway musical.


Segment 2

Graham asks Tricia how corporate America helped her transition and prepared her skill set to being an entrepreneur. 

 

They also dive into the culture differences Tricia sees in small businesses and the pros and cons of the personal connection between owners and staff in small businesses.  

 

Tricia provides her motivation behind starting PowerHer and how the organization helps empower women entrepreneurs to the next level through programs and education.


Segment 3

Graham and Tricia discuss why only 2% of women business owners achieve $1mm in their business and some of the internal and external forces which may be causing this.  Some of this includes lack of access to capital and information.  

 

When do leaders make the choice of hiring and bringing someone into the business?  Some of the barriers include establishing the duties, finding the right people, and if they can afford them.  

 

Graham asks Tricia about her use of the word resilience which he has seen on her social media platforms and what it further means for leaders and business owners. 


Segment 4

In the last segment Tricia talks about the difference between growth and scaling a business.  Scaling may involve more patience and more up front cost than growth.  

 

Can money blind a business owner from making the right decision?  Tricia discusses the way society wants everything so fast and no one talks about the journey.  

 

They wrap up the show with tips business owners can take to speed up recovery which includes being open minded and knowing what is going on in your industry along with making sure you have the right financial minds part of your business. 



Transcript

00:00:31.740 --> 00:00:39.330 Graham Dobbin: Welcome. It's Thursday night live on talk radio dot NYC you're listening to. I grim Dobbin we're at the mind behind leadership.

00:00:39.750 --> 00:00:50.670 Graham Dobbin: Now we just come from, what sort of industries and background and experience and what we do here is really talk about their insights we want to get to know what happens in the real world.

00:00:51.210 --> 00:00:57.150 Graham Dobbin: And leaders kind of influence in lots and lots of different ways it could be in large companies and organizations teams.

00:00:57.630 --> 00:01:09.270 Graham Dobbin: And it could be building your own a small businesses as many of us have done and it can also be bringing other businesses together as maybe membership organizations or professional associations.

00:01:09.900 --> 00:01:21.240 Graham Dobbin: I'm really delighted because tonight. We've got somebody who's been involved in all three. Our guest is Tricia Tate. She is the founder of the power her financials initiative.

00:01:21.780 --> 00:01:31.560 Graham Dobbin: She's a watered undergrad and you can be an, a former Wall Street professional who spent the past 10 years helping CEOs improve the profitability.

00:01:31.860 --> 00:01:53.130 Graham Dobbin: Cash Flow and operations in preparation for fast growth or a sale of the business. She is also the CEO of The Art of money matters. And if that's not enough. She's also the treasurer on the NYC board of novel, which is the National Association of Women business owners I Trisha. Good evening.

00:01:53.730 --> 00:01:55.860 Tricia Taitt: Good evening. How are you, can you hear me.

00:01:56.070 --> 00:01:59.070 Graham Dobbin: I'm good. We can hear you loud and clear. Thank you.

00:01:59.100 --> 00:01:59.910 Tricia Taitt: Okay, awesome.

00:02:00.330 --> 00:02:07.710 Graham Dobbin: Questions. You know what I've asked. I've asked other people this question, how many hours a day. Do you have given all these things that you get involved with

00:02:09.810 --> 00:02:10.620 Tricia Taitt: Not many.

00:02:10.800 --> 00:02:11.880 Graham Dobbin: Don't maybe know. I know.

00:02:11.910 --> 00:02:13.140 Tricia Taitt: That for myself. No.

00:02:13.770 --> 00:02:21.960 Graham Dobbin: I'm Tricia good right away. I'm you're involved in finance or drew you into that to begin with my finance.

00:02:23.040 --> 00:02:27.360 Tricia Taitt: I'm, I'm a self proclaimed math nerd and like all good math nerd.

00:02:28.470 --> 00:02:44.970 Tricia Taitt: We try to figure out what career makes sense. And so business finance, accounting that all made sense. And so I followed the path to an undergraduate program at University of Pennsylvania, which happens to be at the Wharton School and

00:02:46.170 --> 00:02:57.930 Tricia Taitt: After four grueling years and finance. I went to work on on Wall Street. Now, my, my dad is also CP any work on Wall Street, but that wasn't my intention.

00:02:59.130 --> 00:03:00.600 Tricia Taitt: Call him. I'm sorry.

00:03:00.810 --> 00:03:01.920 Graham Dobbin: Did you

00:03:02.700 --> 00:03:14.250 Tricia Taitt: Know, actually, that was not the intention and I mean that wasn't the intention i i'm also, you know, a first generation American. And so for many of those who are fresh generation of Americans out there.

00:03:14.580 --> 00:03:28.410 Tricia Taitt: Your parents want you to do something responsible with your life like be a doctor or a lawyer engineer a business person, and so i guess i i aligned with all of those things and and I made made that decision. Yeah.

00:03:29.280 --> 00:03:32.820 Graham Dobbin: So I assume your parents are happy with that decision then

00:03:34.020 --> 00:03:38.010 Tricia Taitt: They are happy with that they are happy with that decision. I would also say just

00:03:38.850 --> 00:03:44.160 Tricia Taitt: In general, I also like learn by osmosis. When I dialed back into people always like

00:03:44.400 --> 00:03:55.170 Tricia Taitt: What is your story and what got you into doing what. There must have been some like either traumatic thing that happened or something from your childhood that impacted your life. And when I really think about

00:03:55.980 --> 00:04:06.210 Tricia Taitt: What maybe I absorbed from childhood. Is that my maternal grandmother mother was probably the first bookkeeper I ever knew. I

00:04:06.840 --> 00:04:19.020 Tricia Taitt: She had seven children or husband works. She didn't work, but she had this ledger. This is what I heard family stories had this ledger where she'd write down everything and account for everything. And she's always taught her daughter his or her children's

00:04:20.070 --> 00:04:26.550 Tricia Taitt: Moment is one of seven. I always tell her children when you make $1 you save 60 cents and you use 40 cents.

00:04:28.350 --> 00:04:37.200 Tricia Taitt: And from that they were really responsible and savvy with money and build their own wealth and my mother, like I was I was signing a check at 13 no one size checks anymore.

00:04:37.650 --> 00:04:50.310 Tricia Taitt: But when I went to boarding school. I had to manage my own bank account and a credit card. And so, like all those moments of being fiscally responsible also added to like why I'm in the field admin.

00:04:50.850 --> 00:04:54.030 Graham Dobbin: So how does that show up in your personal life nowadays thing.

00:04:54.930 --> 00:05:01.920 Tricia Taitt: Haha, I am teacher Eric around money and like, and I find it fun to like at the top of the year.

00:05:02.340 --> 00:05:09.900 Tricia Taitt: I'm always checking on my like my credit score and to see what's going with my credit profile and I go to Credit Karma calm and

00:05:10.620 --> 00:05:17.580 Tricia Taitt: I just, I'm just always on top of things and planning and trying to be strategic with my money so that I'm never

00:05:18.090 --> 00:05:32.790 Tricia Taitt: living paycheck to paycheck, or as he would say in the Caribbean living hand to mouth like I don't I don't love that feeling. I didn't grow up with that feeling. And so I'm always being mindful and thoughtful about that and I bring that kind of that kind of mine.

00:05:33.960 --> 00:05:35.580 Tricia Taitt: Mindset to my clients.

00:05:37.920 --> 00:05:48.480 Graham Dobbin: Um, what does that do for you, knowing that you've kind of got that security and where do you see clients may be going wrong on the personal so we'll get into business than a little while.

00:05:49.200 --> 00:05:49.560 Tricia Taitt: Yeah.

00:05:50.160 --> 00:05:55.260 Graham Dobbin: You know, they say always influences the business side. That's something I've always obvious. Fine.

00:05:55.830 --> 00:05:56.250 Graham Dobbin: Yeah.

00:05:56.790 --> 00:05:57.630 Graham Dobbin: How do you see that

00:05:58.980 --> 00:05:59.700 Tricia Taitt: Um,

00:06:00.840 --> 00:06:02.940 Tricia Taitt: Well, it's really interesting when I

00:06:04.440 --> 00:06:13.650 Tricia Taitt: I wouldn't. I'm a fractional CFO and I wouldn't consider myself like a mindset coach or or financial coach or a personal but however

00:06:15.120 --> 00:06:29.730 Tricia Taitt: When I dig into like a business owners mind a lot of their ways of handling their monies has to do with some sort of a generational or some generational thing or something that that they developed in childhood. So, for example,

00:06:32.070 --> 00:06:41.670 Tricia Taitt: Someone I know really well. It's just a multi million dollar business multimillion dollar business but she remember her parents being entrepreneurs and they're always her dad always being in struggle.

00:06:42.450 --> 00:06:48.750 Tricia Taitt: So her first thought about entrepreneurship was struggle, like you have to struggle. Right. And there was a financial struggle.

00:06:49.200 --> 00:06:57.540 Tricia Taitt: So sometimes that's like in your subconscious and prevents you from getting to a certain revenue level, whether it's personally or professionally.

00:06:58.140 --> 00:07:07.170 Tricia Taitt: A second thing that I also see that I also experienced I worked in corporate America for about eight years and

00:07:07.680 --> 00:07:15.780 Tricia Taitt: When 2009 recession hit and I lost my job. It was also an opportunity for you to move into entrepreneurship or there's something that

00:07:16.260 --> 00:07:20.520 Tricia Taitt: A lot of people in corporate want to do because they have a passionate about something. Want to impact the world.

00:07:21.510 --> 00:07:29.070 Tricia Taitt: Where you don't realize is the mindset shift that you need to have when you're in corporate because a lot of your first goals.

00:07:29.490 --> 00:07:35.880 Tricia Taitt: A lot of your target revenue goals in the first year is to validate yourself by making as much as you mean

00:07:36.540 --> 00:07:43.980 Tricia Taitt: When you just left the job. So if you met if you look if you left a place making six figures. You want to know that you at least hit that revenue goal.

00:07:44.910 --> 00:07:52.410 Tricia Taitt: Now getting beyond that. A lot of people don't imagine themselves in that place. It's like wearing. It's like wearing clothes.

00:07:52.830 --> 00:08:02.220 Tricia Taitt: That you want to for but you can't afford and you don't know how you're going to feel in it. So you want to be. People want to be a million dollar business but they didn't imagine themselves there. So like

00:08:03.150 --> 00:08:13.440 Tricia Taitt: Flipping that mindset is also a challenge for people that that go from corporate to to being a small business owner entrepreneur.

00:08:14.580 --> 00:08:24.750 Graham Dobbin: Um, that's, that's an interesting point because I've seen I've been there myself as well where you you know you move from security you move into into your own business, you want to make at least

00:08:25.200 --> 00:08:40.590 Graham Dobbin: And there's not that many people can do it and in year one. Very few. And how does that does that. Do you think that changes their attitude towards a business that you've seen or whether or the finances. When the not quite getting to the point that they want to really early on.

00:08:42.240 --> 00:08:43.410 Tricia Taitt: We will get stressed out.

00:08:44.790 --> 00:08:45.360 Tricia Taitt: You know,

00:08:46.470 --> 00:08:58.530 Tricia Taitt: I was trying to, you know, in building the Bota course this year for women entrepreneurs and and trying to figure out, like, what was the messaging, what, what do I say, What do I what do I feel like

00:08:59.880 --> 00:09:09.480 Tricia Taitt: Women in my world in my network where they need the word freedom like comes up and I just jotted that word down. And I was like, well, what does freedom allow you

00:09:09.930 --> 00:09:22.800 Tricia Taitt: And or or what are the different kinds of freedom. Right. It's like mental freedom emotional freedom financial freedom if you can't pay a bill or you can't make enough to support your family, you're not thinking about what you are passionate about.

00:09:23.880 --> 00:09:38.370 Tricia Taitt: Like stops you in your track it prevents creativity prevents innovation, you're not thinking about anything else. That's the same thing with someone who's working a nine to five. I mean, I'm making enough money to support your family. I'll make an impact in the world.

00:09:39.450 --> 00:09:43.050 Tricia Taitt: Like your mental space is taken up with that stress to

00:09:43.110 --> 00:09:51.210 Graham Dobbin: suit your movement in entrepreneurship was do you feel that was forced or was that just retirement just kind of things coming together.

00:09:52.050 --> 00:09:54.540 Tricia Taitt: You know, it was great timing, um,

00:09:56.460 --> 00:10:05.190 Tricia Taitt: What's interesting is to I, you know, I must. I'm a math nerd turn finance corporate finance professional my professional hobby is dance.

00:10:06.270 --> 00:10:25.560 Tricia Taitt: Right, something like totally, totally different. And there was a time and my corporate experience why I started to I was trying to figure out how do I bring together my creative self and my financial corporate self and I, there was no book on it. There was no path. There was no

00:10:27.300 --> 00:10:38.340 Tricia Taitt: No one really to follow. And so I was like, how do I make my day flexible enough that I can go to dance classes and audition for Broadway shows

00:10:38.790 --> 00:10:54.930 Tricia Taitt: I was like, well, I have to be an entrepreneur and no one in my family is entrepreneurs, so like it wasn't like I was following a generational course. It was just a matter of how do I make my life flexible and the recession hit when the recession hit and I lost

00:10:56.610 --> 00:11:06.210 Tricia Taitt: My second wall street job I was I was devastated. At first, right, because I didn't know what it was like to live without a paycheck. And then I thought to myself, well, what can I do

00:11:07.230 --> 00:11:11.580 Tricia Taitt: And I have a skill set and finance and I have a skill set in accounting and I started

00:11:12.660 --> 00:11:24.120 Tricia Taitt: Working with small businesses in the performing arts industry and nonprofit. I started out helping. There was a program that was sponsored by Mayor Bloomberg to help

00:11:25.440 --> 00:11:34.140 Tricia Taitt: Bankers and brother broker dealers that lost their job during the recession and partnered them with small businesses and startups and nonprofits.

00:11:34.620 --> 00:11:40.260 Tricia Taitt: So I was part of that program and it opened up my eyes to small business. And then I realized

00:11:40.740 --> 00:11:48.180 Tricia Taitt: There aren't many finance professionals in the small business market. There's your CPA is your classic CPA and then

00:11:48.630 --> 00:11:56.280 Tricia Taitt: And then some people may hire a bookkeeper but there's no one giving that like high level strategic financial insight for decision making.

00:11:56.880 --> 00:12:09.570 Tricia Taitt: And so I found, I found my niche. It took a few years I found my niche and it also allow me the flexibility to take dance classes and audition, a lot of stuff I'm

00:12:09.990 --> 00:12:10.890 Graham Dobbin: Listening for probably

00:12:11.610 --> 00:12:18.030 Tricia Taitt: I was auditioning for Broadway. I was on a Broadway show. Actually I eventually got my other goal in life.

00:12:18.540 --> 00:12:27.180 Graham Dobbin: Okay, well you know these things going to go and kind of normally get to gold at the end of the things we've done know you've mentioned it. But were you in. We want to know what

00:12:27.840 --> 00:12:39.810 Tricia Taitt: I was in the Broadway musical fella I it came out in 2008 2009 and I was on tour with the show in 2013

00:12:40.290 --> 00:12:43.110 Graham Dobbin: Wow, did you cool the system to us so

00:12:43.350 --> 00:12:45.120 Tricia Taitt: Yeah, it was US national tour.

00:12:46.200 --> 00:12:51.570 Tricia Taitt: So that's when I joined. I joined it while it wasn't like third or fourth year

00:12:52.620 --> 00:13:03.540 Graham Dobbin: Now I'm looking back to that list. I read the things that you do at the moment with my guesses is dance for the down the list now than it used to be.

00:13:04.740 --> 00:13:09.570 Tricia Taitt: A well it is because you know I feel young. But the body ages. It can't.

00:13:10.800 --> 00:13:20.460 Tricia Taitt: It can't do the same things. I'm still part of a dance company movement is still a critical part of my life creativity informs who I am.

00:13:21.570 --> 00:13:39.060 Tricia Taitt: And if I'm not moving. I'm not a happy person. I let you know I learned that the hard way. So, you know, there are some people who run marathons. Some people the Tour de France. Some people are radio disc jockey. And some people like their hobbies, to be dead.

00:13:40.620 --> 00:13:42.180 Graham Dobbin: Well, I know what you mean about age of

00:13:43.350 --> 00:13:48.870 Graham Dobbin: Almost, almost given up there. I'll ever be a professional football player and

00:13:49.980 --> 00:13:55.770 Graham Dobbin: We're going to take a break just in the moment when we come back, I'm really want to understand how many corporate america helped

00:13:56.280 --> 00:13:59.520 Graham Dobbin: And I know you've got a couple of initiatives, one of them being the power her

00:13:59.850 --> 00:14:06.630 Graham Dobbin: Want to really dig into that. And what was the purpose behind that, that your thoughts, your ideas. And what was the drive to to to do that.

00:14:06.930 --> 00:14:16.080 Graham Dobbin: And you're listening to the mind behind leadership. We're here with Patricia take my name is Greg from Dublin and you're on talk radio dot NYC. We'll be right back after these

00:16:25.080 --> 00:16:41.820 Graham Dobbin: Welcome back, you're listening to the mind behind leadership, we're speaking with Tricia Tate this evening actually show corporate america that prepare you for going into business and your own. What did you see that work that didn't work. What did you want to change.

00:16:43.830 --> 00:16:48.810 Tricia Taitt: Hmm. Um, I like okay, what

00:16:55.080 --> 00:17:15.330 Tricia Taitt: What is definitely a skill set. So sharpening my my financial and accounting skill set and what also helps is I worked with CEOs of different businesses and a large corporation. And so I got to see how they think and how they analyze and how they break down things, um,

00:17:17.640 --> 00:17:23.490 Tricia Taitt: What I also saw of course is just how a bit of how an organization.

00:17:24.900 --> 00:17:33.960 Tricia Taitt: Should be done in terms of like personnel, like how you manage different people's talents and skill sets to achieve your work or tinkle

00:17:35.460 --> 00:17:45.750 Tricia Taitt: And at the very base of it. It gave me credibility, right, because a lot of people want to know where you came from. And, you know, even though I

00:17:46.560 --> 00:17:53.040 Tricia Taitt: I don't look my age at all. I often have to you know put on makeup and put on glasses and people are like,

00:17:53.670 --> 00:18:04.020 Tricia Taitt: How long have you been a finance professional. Why should I be listening to you and then it is great for me to say like I wasn't will shoot for 10 years and I looked at these two different places, like is it gives credibility.

00:18:06.480 --> 00:18:10.620 Graham Dobbin: I again, we're talking about age. I'm doing exactly the same. I'm older than I look.

00:18:13.230 --> 00:18:17.970 Graham Dobbin: So it's really interesting. We were talking about corporate america we talked about Wall Street.

00:18:18.480 --> 00:18:31.200 Graham Dobbin: My first mind goes you know my first thoughts go on to the process, as you say, analyzing things people breaking it down and being Jewish studios numbers, the personnel people people matter a lot there.

00:18:33.480 --> 00:18:51.960 Graham Dobbin: What's the difference do you see in in an environment like that when you go to wall street and you see maybe smaller businesses who the teams are maybe potentially and in my eyes, more important to the business and they contribute. Do you see a different approach to you.

00:18:52.530 --> 00:19:06.900 Tricia Taitt: Yeah i mean it's it's it's way different. I think the hugest difference is the flatness of organization. Right. You can walk into a CEOs office and a small business.

00:19:07.800 --> 00:19:16.800 Tricia Taitt: I have the air of the CEO. I love that. And I love that I can help them make a decision and then see the impact of the decision in the organization.

00:19:17.490 --> 00:19:26.490 Tricia Taitt: Um, I also. So, so I also think that their culture becomes more important in a small business because

00:19:27.000 --> 00:19:43.230 Tricia Taitt: If you've had a business with 1015 years and you've had employees for a significant portion of that time to become like family. So if you see that you're going to run out of money or you didn't make a deal that makes it so that you can't make payroll, it hits the business owner differently.

00:19:44.310 --> 00:19:51.660 Tricia Taitt: They feel like a bigger failure if they can't help a family member who don't quote bank.

00:19:52.650 --> 00:20:03.270 Tricia Taitt: Survive and support their family and it's even harder decision to let someone go the downside to that is that I think business owners keep certain people too long.

00:20:03.780 --> 00:20:08.010 Tricia Taitt: They outgrow the personnel that they have that they grew up with that are like family.

00:20:08.490 --> 00:20:18.660 Tricia Taitt: And then it's harder for people to meet like me to come into a business because they're like, Yeah, I got that covered. I've had this financial person with me for 510 years. And when I go into the business.

00:20:19.440 --> 00:20:27.780 Tricia Taitt: The financial situation is a mess, the accounting system is a mess. And I'm like, How are you keeping this person, this entire time. And that's because there's a personal connection.

00:20:28.770 --> 00:20:44.010 Tricia Taitt: And a family's like connection with employees between employee and owner. So that's, that's, for me, the biggest difference is that culture and and the level of impact you can have and how quickly you can see impact reflected in the business.

00:20:45.330 --> 00:20:55.260 Graham Dobbin: That's interesting. You know, I work with teams on a regular basis. And we know we're working with all different sizes sizes of organizations and that seems to be polarized at the moment.

00:20:55.740 --> 00:21:09.930 Graham Dobbin: People are trying to protect each other. And the one thing that they regularly come through from leadership and small businesses is the look after other people before they look after themselves and would have a loyalty. Is that something you find

00:21:10.770 --> 00:21:12.600 Tricia Taitt: Yeah, absolutely. I mean,

00:21:14.010 --> 00:21:19.050 Tricia Taitt: A lot of solo printers of businesses who are starting out or before they have you know

00:21:20.130 --> 00:21:28.170 Tricia Taitt: As they grow people's questions or like I have these people, we can afford to pay myself. And in my mind, I'm like you haven't thought about paying yourself.

00:21:29.580 --> 00:21:39.960 Tricia Taitt: Are you kidding me, like, that's part that's part of the business. But as businesses to support yourself and so that you know that's the issue that I see with a lot of like solo printers or

00:21:41.040 --> 00:21:41.850 Tricia Taitt: smaller size.

00:21:44.010 --> 00:21:53.970 Graham Dobbin: On the part of advice is the old cliche put you on your own mask. First, if you don't look outside yourself. You can look out for the business. You can't work out that everyone else that's around you.

00:21:54.510 --> 00:22:04.590 Graham Dobbin: If that's if that's the ultimate if that's what business sort of wants to do and tell me a little bit more about power her, what was the motivation to start that. What is it,

00:22:05.610 --> 00:22:06.390 Graham Dobbin: What you're touching

00:22:06.960 --> 00:22:10.740 Tricia Taitt: So, um, it's a bit. It's a bit of a long story. So

00:22:12.210 --> 00:22:32.940 Tricia Taitt: For the first five years of my business. I just wanted to help business owners and the businesses that tend to need a fractional CFO are seven figure businesses. Once you get to a certain size or complexity, then you need more than your CPA your bookkeeper can provide you

00:22:34.560 --> 00:22:45.300 Tricia Taitt: Last year I became TREASURER OF NATIONAL ASSOCIATION OF WOMEN BUSINESS OWNERS in New York City. And so, naturally, I was surrounded by more women and having more conversations with women.

00:22:45.720 --> 00:22:55.980 Tricia Taitt: And I started to q into what they were saying. And how how they were talking about their financials from a personal and a business perspective and

00:22:57.090 --> 00:23:03.060 Tricia Taitt: I started key into the words and I'm like okay this is different. And at the same time I was also thinking about, like,

00:23:03.570 --> 00:23:15.240 Tricia Taitt: How do I shift my marketing and my branding and sales and you don't really, it takes a while, of being in business, unless you are creative marketing and sales to really get into what it means to speak like your customer, like I didn't

00:23:15.450 --> 00:23:23.160 Tricia Taitt: I didn't really get them understand what that meant, but I started to Cuba into what they were saying. And I was like, oh, there are similar words, there's a pattern here.

00:23:23.520 --> 00:23:33.810 Tricia Taitt: And then at the end of somewhere in the middle of the year. I read American express's annual state of the women owned business report that mentioned that

00:23:35.040 --> 00:23:45.570 Tricia Taitt: There are 40% of all US businesses are women, older women majority but less than 2% of us get to a million dollars in revenue.

00:23:46.620 --> 00:23:53.850 Tricia Taitt: And I thought that that was absolutely ridiculous and that can't be true, but it's American Express putting out the reports of course there's some validity and I started to think

00:23:54.270 --> 00:24:07.320 Tricia Taitt: How can. I'm a woman entrepreneur. So how can I help my fellow ladies and my intention in 2020 was to test out this idea of coming up with something for women entrepreneurs and I started with a conference.

00:24:07.860 --> 00:24:16.170 Tricia Taitt: I play in the conference to be live the pandemic happen I you know month I had to shift it to being a virtual conference like April, I had no idea what

00:24:18.930 --> 00:24:33.780 Tricia Taitt: It was, I had a great team. It was very successful and from there I was like, well, I should build some sort of programming courses something because these women are smaller than I tend to work with.

00:24:34.680 --> 00:24:44.880 Tricia Taitt: What they have the same issues. And I felt like I knew them and I understood them. So I came up with a six week course called financial

00:24:45.990 --> 00:24:49.860 Tricia Taitt: Financial essential for women entrepreneurs. This is a six week program.

00:24:50.340 --> 00:25:01.170 Tricia Taitt: And I've run it a couple of times this year and it's been really, it's basically me taking some of the strategies that I use with the seven figure businesses.

00:25:01.740 --> 00:25:10.890 Tricia Taitt: And bringing it to smaller businesses and business owners that are like kind of managing figure it all out by themselves. So it's a way for them to access me

00:25:11.460 --> 00:25:21.300 Tricia Taitt: Their weekly calls and wait for them to get answers to some of their very difficult questions but also a way for me to show them how they can do it when I'm not there.

00:25:22.500 --> 00:25:30.150 Graham Dobbin: And you mentioned that the language and what was being said was different, how was it different from what you've written what you're hearing elsewhere.

00:25:31.260 --> 00:25:31.890 Tricia Taitt: Um,

00:25:33.720 --> 00:25:36.690 Tricia Taitt: Well, the words. The words. I mean, I've heard a lot of

00:25:38.580 --> 00:25:46.170 Tricia Taitt: I know my business. Very well. And they're proud and where we're type A and we want to get this right, but

00:25:46.710 --> 00:25:59.670 Tricia Taitt: What it feels messy this part of my life is messy. I don't want to figure it out. I want somebody to come in handle it helped me make decisions. Tell me the consequences and then make help me make the right decision and implement it. That's what I want you to do, you know, like it's

00:26:00.840 --> 00:26:15.420 Tricia Taitt: It's ambitious women that want to accomplish a thing and feel the responsibility of being an owner and therefore being a good financial steward of their business, but they were like this area is disorganized.

00:26:15.870 --> 00:26:29.310 Tricia Taitt: It's messy. I don't feel like I have control of it. I don't feel confident. I feel like I need to go back to business school to understand this, but I don't have time to do it. So there's a lot of the words and things and phrases that I was hearing

00:26:30.420 --> 00:26:35.880 Tricia Taitt: And so I started to hear it wants us to key. And I was like, Okay, well where's need

00:26:36.420 --> 00:26:43.740 Graham Dobbin: I need this is this is something you you fell on your hearing more from women than in other types of business orders.

00:26:44.790 --> 00:26:46.350 Tricia Taitt: Yeah, you know, um,

00:26:47.460 --> 00:27:01.110 Tricia Taitt: I i'm not you know so men and women are different. Right. Um, I, I'm not a proponent of any one particular gender. However, I noticed that male counterparts. They stick it out.

00:27:02.070 --> 00:27:15.990 Tricia Taitt: Like they might they might have $1 in the bank, but the level of confidence and I can do this. And I don't need your help comes out more. So from a guy than it does from a woman.

00:27:17.220 --> 00:27:17.880 Tricia Taitt: So,

00:27:19.530 --> 00:27:19.980 Graham Dobbin: Wicked.

00:27:22.320 --> 00:27:32.070 Tricia Taitt: You have a different way of going about it and I've dealt with a lot of I've dealt with like $10 million businesses run by men and

00:27:32.880 --> 00:27:46.320 Tricia Taitt: I see that like I could figure this out. I've done it before, you know, what are you going to show me. But then I but I ended up breaking them down. And they're like, wait, what do you mean that like like something I share with them might be like

00:27:48.060 --> 00:27:52.530 Tricia Taitt: Tell me more. Right. And they soak it up. I mean, I have a way I have

00:27:53.610 --> 00:28:10.080 Tricia Taitt: I have a lot of emotional intelligence and compassion as a function of being a deal thing with one of the most sensitive parts of people's business where they don't want to be found out that they're not doing well.

00:28:12.000 --> 00:28:19.470 Tricia Taitt: So I have a great knack for making people feel comfortable with letting me know that they don't really know what

00:28:21.300 --> 00:28:32.640 Graham Dobbin: I'm just gonna jump in. Now, we're good. We're talking about emotions and sensitivity, we're talking about finance and we've only got a couple of minutes to go before the break. But I you be so sensitive about finances.

00:28:33.690 --> 00:28:35.760 Graham Dobbin: Because we are personally as well as business.

00:28:37.230 --> 00:28:40.380 Tricia Taitt: Um, because there's some things that define people

00:28:41.760 --> 00:28:49.320 Tricia Taitt: And so, you know, a lot of people define themselves by money or by status or by what they have.

00:28:51.300 --> 00:29:02.310 Tricia Taitt: And a lot of people if they if you don't, if they can't afford to or they can't provide a lot of people feel less than money is a really strong.

00:29:03.750 --> 00:29:18.510 Tricia Taitt: Really strong force, it has really strong energy and you have to be able to direct the energy or change your mindset around it. So I look at money like with tools of resource you can look at like that you can look at it like water, it flows in and the flows out

00:29:19.800 --> 00:29:30.390 Tricia Taitt: You control that you can either let it control itself or you as the business owner, take control the flow of money to you or not.

00:29:30.540 --> 00:29:40.320 Graham Dobbin: It's a good one. It was difficult questions and sales, the one that people always always stick on is asking about the budget or how much money. Someone else has gone and we do a clumsily

00:29:40.950 --> 00:29:47.850 Graham Dobbin: And then I see. So how would you feel if somebody asks you how much you've learned. And so, why be offended. So this kind of this this real

00:29:48.360 --> 00:30:01.980 Graham Dobbin: Thing where we were either do it really, really, really badly or be avoided in most instances. So when we talk about that a little bit. After the break, we'll get I'm just a little bit more than to the power her and the novel and also why

00:30:03.390 --> 00:30:19.680 Graham Dobbin: I do you think there's only 2% of women get to businesses that are a million or more you're listening to the main leadership on talk radio dot NYC. I'm delighted this evening that we're speaking with Tricia Tate's and we'll be back right after these messages.

00:32:38.910 --> 00:32:42.750 Graham Dobbin: Oh, you're done to be caught. You're dancing to the theme to you like that 1 billion.

00:32:45.510 --> 00:33:04.350 Graham Dobbin: Now my bike literature, we're speaking with Tricia Tate's I'm one of the stats that I wrote down over the stones me only 2% of women businesses get to a women owned businesses get to over a million in wrapping you push your source for us, then

00:33:06.180 --> 00:33:06.780 Tricia Taitt: I'm

00:33:07.830 --> 00:33:09.750 Tricia Taitt: Have any thoughts about that. I mean,

00:33:10.800 --> 00:33:27.930 Tricia Taitt: A lot of what is already documented is lack of access to capital for those businesses that are ready to grow or scale. Um, when I say lack of access to capital I also mean access to investors and venture capital private equity, which tend to be mostly

00:33:28.980 --> 00:33:34.830 Tricia Taitt: male dominated. I mean, the statistics are out there in terms of who invests in what types of businesses.

00:33:36.390 --> 00:33:52.440 Tricia Taitt: Women usually get more or less likely to be invested than men, and even more specifically, people of color, usually get a very small percentage of investment. So in terms of the opportunity to scale there is that

00:33:54.750 --> 00:33:58.800 Tricia Taitt: In terms of access to capital. I mean, you know, I think.

00:34:01.200 --> 00:34:12.270 Tricia Taitt: The past few months, and the whole PPP ideal Saga has also revealed that there is lack of access to information.

00:34:14.070 --> 00:34:18.420 Tricia Taitt: In many areas and in many communities so that is a huge issue.

00:34:19.740 --> 00:34:31.410 Tricia Taitt: If I were just to look at myself as a woman, and women who are like me. I think the things that personally might deter us from moving past a million.

00:34:32.520 --> 00:34:41.130 Tricia Taitt: Some of the conversations around worth and pricing and pricing your worth and asking for your worth. Right. We might be a matter of

00:34:41.580 --> 00:34:52.080 Tricia Taitt: Increasing your pricing or web and pricing that gets you to half a million or a million dollars. So there's that conversation. So there's a bunch of mind Minecraft around that.

00:34:52.590 --> 00:35:10.020 Tricia Taitt: Um, I think there was also the the what and the need to to be proud of doing everything so you can't grow a business by yourself. Always and you need a team of people whose contractors or employees and a lot of people

00:35:12.570 --> 00:35:12.990 Tricia Taitt: You know,

00:35:14.220 --> 00:35:23.070 Tricia Taitt: Want to be proud of. Like I did this. My name is on this. I have this stamp of approval. And so there's this wanting to have pride and be prideful.

00:35:24.210 --> 00:35:35.370 Tricia Taitt: And I, and I I raised my hand to that one as well. And something else. I have also seen with a lot of women entrepreneurs is that you need you need capital to grow a lot of time.

00:35:36.240 --> 00:35:44.070 Tricia Taitt: And a lot of people are like, I don't want to owe anybody money as long as you're responsible with your credit and building your credit

00:35:44.550 --> 00:36:03.780 Tricia Taitt: Then it's it's access that allows you to move to the next step in the next level, um, for people who do not have it right now. So I think that there are some definitely some external factors that play into it and internal factors that play into it.

00:36:05.100 --> 00:36:14.580 Graham Dobbin: I mean it's, it goes against logic, if someone's got a good business idea and the passionate about the can make money, how to play with someone not invest. I mean,

00:36:15.270 --> 00:36:23.940 Tricia Taitt: I feel that about my business. Yeah, that's not always the case. I put out a lot of content. A lot of interesting information people like what I'm saying. But

00:36:24.450 --> 00:36:43.170 Tricia Taitt: But sometimes, sometimes it's like sometimes it's what you say and how you say it. It took me a very long time to figure out, like to go from this very technical heavy way of describing what I do to to layman's terms, where people could feel like, oh my god, I need you.

00:36:44.640 --> 00:36:46.140 Tricia Taitt: Guys took me a long time to figure out

00:36:47.130 --> 00:36:52.080 Graham Dobbin: And if I'm being honest. I'm really pleased about that because that's the kind of stuff that keeps me in work.

00:36:52.980 --> 00:37:03.390 Graham Dobbin: It's being able to people. I'm getting a message out there and being able just to turn around and talking and the logical way of this is what I do. This is the value I bring

00:37:04.080 --> 00:37:10.740 Graham Dobbin: Because something else. You said there. Sometimes it's just about putting your price up that will get you to the million. And so right.

00:37:11.460 --> 00:37:21.930 Graham Dobbin: So once again, we talked a lot about how do we sell more. How do we get more orders. How to Be a motivate people to do more, rather than our be valuing what we do right now.

00:37:22.590 --> 00:37:30.030 Graham Dobbin: Right. The first question is, you've only got 24 hours in a day. How do we use them, you know, everybody.

00:37:30.090 --> 00:37:31.800 Tricia Taitt: Had to hire other people. Right.

00:37:33.660 --> 00:37:41.400 Tricia Taitt: Everything. And if you have a family again kids, I think, you know, I think people who have kids have figured it out quicker and faster than people

00:37:43.320 --> 00:37:49.230 Tricia Taitt: Just as a as a function of needing to separate the targeting family business.

00:37:49.890 --> 00:37:55.890 Graham Dobbin: I'm, I'm curious about when people when business owners, because again, this comes into leadership.

00:37:56.910 --> 00:38:17.010 Graham Dobbin: And business owners can ignore when to bring help it now having I think 2008 was was a was a pivotal moment where in the UK, as well as here where people came out of corporate light yourself came a really good job like myself and kind of set up consultancies and use a fractional advisor.

00:38:18.360 --> 00:38:27.090 Graham Dobbin: I'm when you think how the leaders make that make that choice of I do need to bring someone in. Oh, man.

00:38:27.750 --> 00:38:31.860 Tricia Taitt: I think it's a very difficult one, especially if it's your first person that you're bringing in

00:38:33.330 --> 00:38:36.000 Tricia Taitt: Because you may think, like, what do I give him to do.

00:38:37.020 --> 00:38:52.050 Tricia Taitt: And if you don't take the time to write down the list of tasks you do for each part of the operations, then you would never figure it out because you just you just won't you won't take the time to do it. I think when people start to get burnt out.

00:38:53.280 --> 00:38:55.440 Tricia Taitt: That's in there like, I need help. They just don't know.

00:38:57.150 --> 00:39:08.190 Tricia Taitt: Who they are so know how to offload the things that they that they need to get done and they need help with the other thing is finding good people.

00:39:09.450 --> 00:39:10.380 Tricia Taitt: And the other thing.

00:39:11.520 --> 00:39:17.340 Tricia Taitt: The other very important thing that I get a question on is can I afford to hire another person.

00:39:18.810 --> 00:39:22.680 Tricia Taitt: And then the third thing is, once I had this person.

00:39:23.640 --> 00:39:35.970 Tricia Taitt: Are they not just a quality person, but it's like, do I have to spend more time helping them get to the answer that I need, then if I just did it myself. And there is a bit of that like learning curve.

00:39:36.330 --> 00:39:46.890 Tricia Taitt: For a little while, while I'm while the person is getting up to speed. I have an amazing marketing associate right now and I swear to goodness. She

00:39:47.940 --> 00:39:55.980 Tricia Taitt: She, she does one graphic design and I don't probably need to revise it once or twice, but she get quality people like that it's hard for you to turn back.

00:39:57.300 --> 00:40:09.660 Graham Dobbin: On again let's stick with the money then um this is something that I've done as well. I you know I could be doing without that can't afford it. How do we, how do we change that kind of mindset.

00:40:10.800 --> 00:40:25.260 Tricia Taitt: Oh man, he has to figure out how to. So I think people need to figure out what they need and what is the market price of what they need, like, what's the range of the market price and

00:40:26.130 --> 00:40:39.390 Tricia Taitt: By that way you have a number in your mind you're like, I have. I have. I need to spend 250 a week, I need to spend 1000 a month, like once you start to have a number and this is why not this is

00:40:40.950 --> 00:40:44.910 Tricia Taitt: Once you have a number in your mind, then you're then you come back into

00:40:45.360 --> 00:40:56.430 Tricia Taitt: How much more sales. Do I need to bring in or, you know, do I need to have a new product or do I need to get cash and really quickly, or do I need to pull from my savings.

00:40:56.880 --> 00:41:02.910 Tricia Taitt: What do I need to do to get this person to free up my mind space. So I can even bring in more money.

00:41:03.720 --> 00:41:17.640 Tricia Taitt: So I think it's a analysis. It's a very tricky thing when you starting out when you're when you're starting to hire like your first or even your second person I'm finding a person as multi disciplinary is great.

00:41:19.440 --> 00:41:22.530 Tricia Taitt: So I've been looking for a VA, but I'm looking for someone who's also text.

00:41:22.980 --> 00:41:31.080 Tricia Taitt: Me, they can help me with other tools and other and that has a little Hilton marketing sensibilities looking help me with other things. So it's early on in your business.

00:41:31.410 --> 00:41:41.880 Tricia Taitt: Do it that way. I think when it's later in your business, you're at your fifth employee and you're like, we're busting at the seams and we need to hire the 6% or 7% of all financial decision.

00:41:42.240 --> 00:41:57.180 Tricia Taitt: And if you're bringing people on to payroll, um, you're bringing out to people into payroll and benefits, then you have to like bump up the salary in your mind by like 1.2 1.3 to really factor in the financial impact of that person.

00:41:58.470 --> 00:41:59.910 Tricia Taitt: That's a little rule of thumb.

00:42:00.060 --> 00:42:01.350 Graham Dobbin: Yeah, um,

00:42:02.370 --> 00:42:06.930 Graham Dobbin: You're obviously working with a lot of small businesses at the moment you're hearing a lot of

00:42:08.100 --> 00:42:12.690 Graham Dobbin: You're getting a lot of feedback you've got you, you know, you've got your, your conference coming up.

00:42:13.170 --> 00:42:29.340 Graham Dobbin: What are the words that keeps on coming up to me and I've seen you posting on LinkedIn is about resilience about people being resilient and creating a resilient business. Um, what does that mean, cuz I know, I know what I think resilience mean for for for, do you mean by that.

00:42:31.140 --> 00:42:31.560 Tricia Taitt: Um,

00:42:33.030 --> 00:42:43.050 Tricia Taitt: I think built into the word resilience is agility flexibility. I'm adapt business. I'm

00:42:49.080 --> 00:42:51.690 Tricia Taitt: Kind of things I would say. I would say preparedness, but that

00:42:51.720 --> 00:42:52.410 Tricia Taitt: That's not in

00:42:53.970 --> 00:43:03.390 Tricia Taitt: New York is resilient. You cannot cut down as many times as possible as many times as you can and she comes out with something new and she comes with swagger.

00:43:03.780 --> 00:43:12.480 Tricia Taitt: I think, in order for business owner to be resilient. They have to be agile, they have to be creative, innovative things out of the box. It has to be

00:43:12.870 --> 00:43:25.530 Tricia Taitt: Open to change and open their mindset to change. And in order to support resilience. You have to have your mind, your body, your spirit. Right.

00:43:26.280 --> 00:43:36.390 Tricia Taitt: Because especially during this pandemic. I don't know how many business owners I've spoken to who whether the business has been doing well or it's kind of flat line or

00:43:37.050 --> 00:43:55.380 Tricia Taitt: teetering on the point of dying, that it was it's important for them to either workout or yoga or meditation or prayer or find community or spend time with family in order to power them up to be resilient leaders, I'm

00:43:56.670 --> 00:44:07.170 Tricia Taitt: Like I said, creativity, a lot of people are pivoting pivot comes in different forms or shapes to be pivoting to a new customer having a new product or service because scrap your business.

00:44:08.280 --> 00:44:18.120 Tricia Taitt: Entirely and start something new. I think, I think people have a awesome opportunity we have an awesome opportunity to completely shift and change what we've been doing before.

00:44:19.710 --> 00:44:26.430 Graham Dobbin: It essentially is good, you took that opportunity when we change was forced upon you. It happened to me as well.

00:44:26.970 --> 00:44:32.220 Graham Dobbin: The change was was was forced and we we regularly think we've not had the paycheck.

00:44:33.060 --> 00:44:40.050 Graham Dobbin: But that's not guaranteed anymore. You can we can't, we, you know, so we're we're better being out there and creating it for ourselves.

00:44:40.410 --> 00:44:51.900 Graham Dobbin: When we come back, one thing I do, just in the final section. I do want to discuss with you the difference between growth and scaling a business and I'm going to really put you on the spot. I'm not. I'm giving you time

00:44:51.930 --> 00:44:54.570 Tricia Taitt: I have a blog post about that. Anyway, so I'm ready for you.

00:44:57.240 --> 00:45:07.260 Graham Dobbin: I was going to be in a sport by will. I'm going to give you time to think. Just kind of watched what are the three traits that you think a good business or a good leader must have it. We might just touched on some of those already

00:45:07.590 --> 00:45:08.310 Graham Dobbin: Will be speaking at

00:45:08.430 --> 00:45:19.770 Graham Dobbin: Various will be back after these short messages you're listening to grim Dobbin is the main behind leadership here live on talk radio dot NYC. We're live from New York. And we're speaking to Trisha Tate

00:47:16.680 --> 00:47:22.170 Graham Dobbin: Welcome back, you're listening to mind behind leadership, we're speaking with Tricia Tate, um,

00:47:23.040 --> 00:47:35.160 Graham Dobbin: We kind of spoke about this a little bit earlier where people talk. I hear regularly about business owners and leaders and say we need to sell more we want more authors. We want more clients with more and more, more.

00:47:37.140 --> 00:47:48.150 Graham Dobbin: And everybody talks about growth. Every time you open any piece of social media is about growing a business, you talk about growing a business or scaling a business. What's the difference

00:47:50.160 --> 00:47:58.080 Tricia Taitt: There's a significant difference. And in fact, I hear this word so often and there was such confusion.

00:47:58.440 --> 00:48:02.820 Tricia Taitt: Around the difference between growth and scale that I had to write a blog post about it.

00:48:03.150 --> 00:48:19.020 Tricia Taitt: So if anybody's listening, go to art of money matters art of money matters.com and go to blog and there was an entire blog about it because scale is a sexy word everybody watched Shark Tank and everybody thinks that they can get investors.

00:48:19.500 --> 00:48:29.730 Tricia Taitt: Because they have a fancy idea. There's no new ideas out there and scale requires much more investment, much more creativity than growth and growth is fine.

00:48:30.630 --> 00:48:42.570 Tricia Taitt: I remember doing the course that I was talking about the six week program for for women entrepreneurs and I was helping I was teaching them women about

00:48:43.230 --> 00:48:47.790 Tricia Taitt: How you sort of play with sales in order to get to a certain revenue goal.

00:48:48.390 --> 00:48:57.810 Tricia Taitt: And I guess I was playing with it. I guess incrementally. So I grew some sales of a product by like 20 or 100 and a woman in the course said

00:48:58.440 --> 00:49:15.060 Tricia Taitt: How do I, how do I create projections for getting for selling 1000 or 10,000 employees. And I said, that's a whole different conversation. You're talking about scale, to be more specific to more specifically, answer your question.

00:49:16.110 --> 00:49:32.790 Tricia Taitt: When you talk about scale. Scale requires revenue increasing exponentially, not just at 5% or 10% but it also requires that your operational costs kind of remain the same. And the best way that you achieve scale is by

00:49:33.480 --> 00:49:41.310 Tricia Taitt: automating all of your processes and your operations and then creating something some sort of service or some kind of product.

00:49:41.670 --> 00:49:55.590 Tricia Taitt: That people can buy at a faster rate. And you still maintain your costs. So there's a lot that goes into it requires a lot of upfront costs and patience. Then, then growth does

00:49:56.880 --> 00:50:05.490 Tricia Taitt: It also requires decentralizing power. And this is something that people sort of like don't think about business owners that are not prepared for scale.

00:50:05.790 --> 00:50:14.430 Tricia Taitt: kind of lose their minds because if you're growing, you still have a lot of hands on in influence and how a product move how it's about how you get to the customer.

00:50:14.910 --> 00:50:20.220 Tricia Taitt: Once you're at scale, you're far removed from the customer and you have to put teams in place.

00:50:20.820 --> 00:50:26.460 Tricia Taitt: To make sure that like there's quality control and that things are getting to the customers and that you're you're

00:50:27.090 --> 00:50:38.730 Tricia Taitt: you're accomplishing what you promised to the customer. So you're more of a visionary when you're scaling. And then when you're growing. So there are a lot of different components and you really have to be prepared for scale. So, you know,

00:50:39.090 --> 00:50:55.320 Tricia Taitt: My, my little piece of advice to startups that are watching shark tank like watch it with a grain of salt scale is not the end all be all, it sucks cash and growth is fine. It just depends on what your goal and your vision is like everybody can't be an overnight Google

00:50:56.100 --> 00:51:11.190 Graham Dobbin: It takes a certain different type of mindset and forth from a leadership point of view as well. Being able to kind of get that all give up a lot of power and that those touch points with customers really really difficult for somebody

00:51:11.760 --> 00:51:19.200 Tricia Taitt: And that person that woman that I told you about that was in a program that asked me the question like, how can I, I want to see the cash stack.

00:51:19.410 --> 00:51:28.740 Tricia Taitt: That, you know, that was sort of her comment I want to see the cash stock and I just want to make a lot of money and how can I get to sell you know 10 X my sales.

00:51:29.070 --> 00:51:47.250 Tricia Taitt: And her mindset was still that the product needed to be made by her. There's no way she can scale the business. If only she knows the formulas and make the product that needs to be mass produced and mass Avila which which is part of the decentralization of power that I was talking about.

00:51:47.550 --> 00:51:54.240 Graham Dobbin: Do you think, do you think talking to finance person. I'm not. You are. Do you think there's sometimes money Blaine's

00:51:56.730 --> 00:52:08.250 Graham Dobbin: Good strategy within a business people kind of see the dollar signs and thing. I'm going to go for that and they're either reckless on it or we just don't make the right decisions because of focused on that alone.

00:52:09.090 --> 00:52:18.720 Tricia Taitt: Is the sex appeal. Everybody's trying to get money get cash and get it fast and do the least amount of work in the least amount of time, everyone wants to retire at 40 or 45

00:52:19.290 --> 00:52:37.590 Tricia Taitt: Everybody wants to be from a, from a garage to the C suite overnight. You know that that's the, that's where we are as a society and the thing is not many people spend time talking about the journey.

00:52:39.030 --> 00:52:49.890 Tricia Taitt: That many of the CEOs talk about the journey in the you know the the the grit that came before the reward. And so it just makes it very flashy and

00:52:50.610 --> 00:53:03.240 Tricia Taitt: Make it seem like you know it's very easy to do. But it's not they're used to. And I actually wish there were more podcasts articles or TV shows about the gritty side of growing, growing your business.

00:53:03.540 --> 00:53:09.030 Graham Dobbin: You know what, it's, it's exactly the same as his professional sports people I'm against dancers.

00:53:09.330 --> 00:53:20.250 Graham Dobbin: You can you see the performance. You see, you see what they do. You don't see what they're doing on a Monday morning at five o'clock in the morning to get to that point. And how many years they've been putting in this example. Yeah.

00:53:21.150 --> 00:53:39.210 Tricia Taitt: Yeah, I mean, I'm Michael Jordan laughs dances on and you know he would talk about, like, what, what do you have to do to be to be a goat and basketball. Like, are you willing to commit that amount of time and energy and then and then probably. Yeah.

00:53:40.320 --> 00:53:41.550 Graham Dobbin: Um, that makes sense to you.

00:53:43.290 --> 00:53:54.570 Graham Dobbin: Kind of come into the last bits of the show just a couple of quick thing. What kind of steps do you think we spoke about the pandemic and how people are pivoting and being creative. Is there anything that you think, just a quick couple of tips.

00:53:55.410 --> 00:53:58.830 Graham Dobbin: Or know the business owners can take to speed up recovery.

00:54:01.200 --> 00:54:01.770 Tricia Taitt: Um,

00:54:02.820 --> 00:54:17.490 Tricia Taitt: I think definitely be creative and open minded, you know, look at what's really going on in your industry if you don't think that your industry. I was having a conversation with a printer a print broker.

00:54:19.230 --> 00:54:25.050 Tricia Taitt: Who prints pamphlets and things for trade shows and flyers and business cards and

00:54:26.160 --> 00:54:35.850 Tricia Taitt: Where we exchange a business card. We're going to be a trade show and a conference. I mean, people are creating math, but no one's taking charge here.

00:54:36.480 --> 00:54:47.310 Tricia Taitt: Like, really think about your business and industry and what are the things that determine and and if you think that it's not going to come back at least in a year. You got to find something else. You got to think about something else.

00:54:48.330 --> 00:54:55.530 Tricia Taitt: I also think is critically important, not just because of the finance person for you to have a financial person on your team.

00:54:55.920 --> 00:55:02.730 Tricia Taitt: To help you figure out how to survive, day to day if that is the situation. Some businesses are doing fine and do well. And even if they're doing fine.

00:55:03.150 --> 00:55:11.100 Tricia Taitt: How do they make sure that they get to the revenue goal that they had for 2020 you know that or how do they increase their profit margin, so

00:55:12.330 --> 00:55:16.110 Tricia Taitt: Every decision has a financial impact.

00:55:17.610 --> 00:55:30.060 Tricia Taitt: If you do not have a financial person on your team, you are doing your business, a disservice. And people don't realize these things until there was crisis. Why was it so crazy.

00:55:30.390 --> 00:55:41.130 Tricia Taitt: In March and April around these PPP, and he ideal loans. That's because a lot of people did not have someone on their team that would, that can show them.

00:55:41.580 --> 00:55:47.520 Tricia Taitt: How to think strategically about their money, how to save three, six months in case there's an issue.

00:55:48.090 --> 00:55:52.980 Tricia Taitt: People were like, trying to get all of this information and if they had a financial person the clients that I had

00:55:53.550 --> 00:56:01.380 Tricia Taitt: They knew the information when the banks knew the information about PPP bones because I have those relationships I have those resources.

00:56:01.710 --> 00:56:14.820 Tricia Taitt: And I know how to interpret the information that was coming to some technical jargon that was coming out, you need to have that person that was team of people and not just rented CPA.

00:56:17.610 --> 00:56:23.370 Tricia Taitt: Everyone who only have a CPA was going to their CPA and in fact CP CBS feel like felt like

00:56:24.300 --> 00:56:33.480 Tricia Taitt: A lot of times they felt like they were doing more work and they got paid for, because they typically do tax reporting and maybe see you on a quarterly basis and now they're never getting hundreds of emails and calls

00:56:33.960 --> 00:56:44.160 Tricia Taitt: So, you know, the also to alleviate alleviate some of the pressures that some of the CPS feel it's, it's important to have a financial person on your team. Now we figure those things out.

00:56:45.240 --> 00:56:50.370 Graham Dobbin: Trisha, thank you for that we've come to the end of the show we will get your three traits next time.

00:56:51.240 --> 00:57:06.360 Graham Dobbin: Absolutely. Next, I'm going to put you on the spot when when you come back because it will be, and you'll be listening to the mind behind leadership live on talk radio dot NYC. My name is Graham top and we've been speaking with Tricia, take this evening. See you next time. Thanks for listening.

00:57:07.530 --> 00:57:12.300 Tricia Taitt: Thank you go to art of money matters.com if you want to reach me and find out more information.


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