With the economic fallout from the COVID-19 pandemic taking its toll, how can small and mid-sized businesses become financially empowered using financial strategy, cost-cutting measures, and other financial tools to help run a business that is stable from a CFO’s perspective?
On the next episode of "Employment Law Today", my guest is Tricia M. Taitt, MBA, outsourced CFO and Founder of The Art of Money Matters. Join us as Tricia and I discuss the strategies and tools you'll want to have in your arsenal as a business owner, as we endure this ongoing pandemic. Tune in and take control of your financial empowerment!
Tune in for this informative conversation at TalkRadio.nyc or watch the Facebook Livestream by clicking here.
Eric Sarver introduces his guest Tricia M. Taitt. She is a financial consultant and the founder of The Art of Money Matters. After eight years on Wall Street, Tricia decided to use her skills and offer financial consulting services to small and midsized businesses. She believed that this line of work had a more personally rewarding impact While she has been a finance professional for 20 years, Tricia also has a passion for dance. Pandemic has affected business owned by women, particularly women of color more so than men. It has been Tricia’s goal to be of service and empower small and mid sized businesses. Tricia lists some of the mistakes that she has seen while assisting businesses of all sizes. These mistakes ranged from the mismanagement of money, a lack of an employee handbook or HR policies, and not making the valuable resources they have accessible to members of the team.
The problems that Tricia has identified in businesses have been persistent even before the pandemic, the recent state of the world has only exacerbated them. Tricia has always encouraged scenario analysis but not all business owners have been interested because they assume that things will be rosey. The pandemic has made it clear that a backup plan is needed and many are beginning to shift their values. Tricia will put together an emergency playbook and cash flow planning. It’s always more expensive to take care of a problem after the fact so reassessing is key for the longevity of a company.
Tricia did not always dream of being an entrepreneur. It was the last recession that provided Tricia with an opportunity to reflect on what her career aspirations were. She considered a career in the arts but chose to launch a business and was sure to have the right expertise around her. Despite the recession she had the funds because Tricia often saves up to three months worth of savings to manage expenses. Tricia notes that many businesses don’t have money saved, which is one of many things that harms them during emergencies.
To start a business, you will need many professionals on your team to help you prepare your business for anything. Tricia lists the various roles that you need to fill prior to launch. Eric notes it’s harmful to believe you must control every aspect of your startup, it is necessary to get help. In order to contact Tricia for her services she can be reached on Linkedin or you can visit her site, artofmoneymatters.com.
00:00:10.050 --> 00:00:12.690 Eric Sarver, Esq.: Good evening. Welcome to
00:00:12.809 --> 00:00:15.929 Eric Sarver, Esq.: This TUESDAY NIGHT SHOW of employment law today.
00:00:16.199 --> 00:00:27.930 Eric Sarver, Esq.: I'm Eric soccer host of the show on here on talk radio NYC. And I'm joined tonight by my guest personal guys, a friend, a colleague of mine, Miss Patricia to
00:00:28.980 --> 00:00:30.960 Eric Sarver, Esq.: Trish. Welcome to the show it same
00:00:35.310 --> 00:00:36.780 Eric Sarver, Esq.: Thing you have to unmute your
00:00:38.460 --> 00:00:39.510 Eric Sarver, Esq.: There for a moment.
00:00:40.500 --> 00:00:41.220 Tricia Taitt: Hi. Hi.
00:00:41.730 --> 00:00:43.200 Eric Sarver, Esq.: Hi. Good to see you. Welcome.
00:00:43.410 --> 00:00:46.530 Tricia Taitt: Okay, great. You can hear me. Of course, didn't miss world of
00:00:47.430 --> 00:00:50.880 Tricia Taitt: Your zoom call sometimes technology doesn't always
00:00:51.690 --> 00:00:57.690 Eric Sarver, Esq.: Yes, I'm here now. You sound great. So I thought before I introduce you. I take a moment just to
00:00:58.650 --> 00:01:06.510 Eric Sarver, Esq.: Just going to take a moment for those that may be joining us now once you once again, welcome everyone to the show. My name is Eric solder.
00:01:07.260 --> 00:01:18.600 Eric Sarver, Esq.: For my business law employment laws for any my practices, the Law Offices of Eric. I'm solver. And I also host this weekly radio show at 5pm on the station talk radio dot NYC.
00:01:19.560 --> 00:01:26.760 Eric Sarver, Esq.: Before introducing Tricia to the show for those that might be watching or joining for the very first time I thought I would perhaps just give a little
00:01:27.240 --> 00:01:38.610 Eric Sarver, Esq.: Intro that what the shows about and mainly the show came to mind for me when I saw clients mind small midsize business owners who were really struggling with coven 19
00:01:39.030 --> 00:01:49.410 Eric Sarver, Esq.: You know, they're all the different new Labor and Employment Guidelines laws different regulations long standing employment laws that are now even more crucial to pay attention to.
00:01:49.770 --> 00:01:58.620 Eric Sarver, Esq.: combining that with issues on furloughing employees are paid time off for coronavirus it can seem overwhelming. So my goal is to educate people through
00:01:59.190 --> 00:02:05.910 Eric Sarver, Esq.: Speaking with other employment law experts on employment law topics. Number two, my goal is to inspire and motivate people by having
00:02:06.480 --> 00:02:23.340 Eric Sarver, Esq.: guests on the show. And these gifts of mine, our colleagues to specialize in other areas that business owners might really benefit from such as help with their marketing or cyber security or their financial planning or even their outsourced CFO type of
00:02:24.480 --> 00:02:34.890 Eric Sarver, Esq.: Issues. And so with that backdrop, I thought I would bring my colleague, Tricia Tate onto the show and I just want to read if I'm a little summary of
00:02:35.940 --> 00:02:42.990 Eric Sarver, Esq.: Fishes background and her sort of road to where she is today, if I may, Trisha that jump in there.
00:02:45.930 --> 00:02:55.380 Eric Sarver, Esq.: Okay, so, Tricia Tate MBA is a virtual CFO and a financial consultant. She is the founder and principal the art of money matters.
00:02:55.950 --> 00:03:05.430 Eric Sarver, Esq.: Which is an outsourced CFO financial consulting firm for businesses after spending eight years on Wall Street as an equity market sales specialist. If I got that right.
00:03:05.910 --> 00:03:11.340 Eric Sarver, Esq.: And corporate finance manager at industry powerhouses such as Merrill Lynch and Citigroup
00:03:11.730 --> 00:03:26.880 Eric Sarver, Esq.: Trisha decided to use her core finance and accounting skills to provide outsourced CFO services and financial consulting services to small and midsize businesses, she believes she can make a big difference there. And we're having more personally rewarding impact.
00:03:27.990 --> 00:03:38.280 Eric Sarver, Esq.: Trisha founded a company called The Art of money matters and outsourced CFO firm that offers offers excuse me growth minded small to mid sized businesses.
00:03:38.790 --> 00:03:47.430 Eric Sarver, Esq.: The financial expertise in the big picture perspective that help drive profitability improve cash flow assess the financial health of their business.
00:03:47.820 --> 00:03:53.250 Eric Sarver, Esq.: Uncover opportunities to increase their profit margin and develop tactics to fund growth.
00:03:53.640 --> 00:04:03.060 Eric Sarver, Esq.: misstatements further an advocate speaker and driving force behind support for women owned businesses and it's provided invaluable support to women and small business, including
00:04:03.360 --> 00:04:12.270 Eric Sarver, Esq.: Organizing and participating and conferences and we needed events. So with that backdrop Trisha, once again, welcome to the show.
00:04:13.980 --> 00:04:15.690 Tricia Taitt: Hi. Thank you for having me.
00:04:17.130 --> 00:04:27.870 Tricia Taitt: I really appreciate it. I think this is a good time to talk numbers. Well, it's always a good time to talk numbers in my book, but it's a good, it's a good time, I think, to talk about it. Well, thank you for having me.
00:04:28.260 --> 00:04:34.860 Eric Sarver, Esq.: Sure. Pleasure to have you on the show. Well, so Trish, I thought I would, perhaps, open up the
00:04:36.030 --> 00:04:48.330 Eric Sarver, Esq.: The conversation tonight. I mean, I gave some background about your past, but tell us about yourself, if I may ask, you know, anything you want to add, and then he any aspect. Anything you'd like to share with our listeners this evening.
00:04:49.410 --> 00:04:55.470 Tricia Taitt: Well, you've covered most of it. There's a lot of tech technical aspects, I think.
00:04:56.610 --> 00:05:05.670 Tricia Taitt: Some of the things that may surprise people about me is that while I've been a finance professional for 20 years I have a passion and
00:05:06.150 --> 00:05:26.430 Tricia Taitt: And a heart for dance and the performing arts and so I'm very much a left brain and right brain person and the two things sort of connect in some some wonderful way but I need the creative juices and my creative life in order to inform the financial life so
00:05:27.450 --> 00:05:47.280 Tricia Taitt: That's one thing. And then the second thing is this year, my, my business has not taken a full detour, but sort of focused itself on dealing with issues that women entrepreneurs are facing. And I think the triple pandemic has
00:05:48.540 --> 00:05:59.760 Tricia Taitt: Has helped us realize that, unfortunately, sometimes we are disproportionately affected by economic recessions, or any sort of downturn, so
00:06:00.420 --> 00:06:11.430 Tricia Taitt: There's a lot of support in the way of access to capital and in the way of financial education and empowerment that's needed for women entrepreneurs. So those are two things I would add
00:06:12.420 --> 00:06:19.980 Eric Sarver, Esq.: Absolutely. I'm not. It's interesting to hear about how the left right brain action. How to passionately your creativity.
00:06:20.370 --> 00:06:32.460 Eric Sarver, Esq.: And that talent can inform the outside the box thinking that I think goes along with CFO services and further they mentioned ventricle pandemic. I think it's so crucial to mention that that
00:06:32.880 --> 00:06:37.860 Eric Sarver, Esq.: Besides the fact is endemic has impacted a lot of small midsize businesses that
00:06:38.520 --> 00:06:46.440 Eric Sarver, Esq.: Everything that I've read, statistically, an anecdotal ages from good friends and colleagues, I now have confirmed that this epidemic has indeed hit
00:06:46.860 --> 00:07:01.860 Eric Sarver, Esq.: Women owned businesses and minority businesses and women during businesses, a lot harder than his own bye bye bye men take it by white men. So I think that's an important point, not to anyway gloss over
00:07:03.270 --> 00:07:13.290 Eric Sarver, Esq.: The fact that I know you've done some work in that area. I've seen some of your webinars me or presentations online. So it's inspiring to see somebody wants to
00:07:14.730 --> 00:07:20.640 Eric Sarver, Esq.: Be a you recognize that and be, can you give to the community licensing. It's really an admirable
00:07:23.190 --> 00:07:34.410 Tricia Taitt: I mean, when I think I think this this pandemic has given me an opportunity, even though I'm I've been working with small midsize businesses for 10 years a variety of businesses.
00:07:35.340 --> 00:07:47.670 Tricia Taitt: And I started focusing on our outsourced CFO services in the past five years, when I initially even thought of being an entrepreneur. I wanted my. Why was to
00:07:48.000 --> 00:08:02.370 Tricia Taitt: Empower business owners around their numbers. And so the epidemic has helped me reconnect to my y which is to to give value to be of service and empowerment
00:08:04.740 --> 00:08:17.400 Eric Sarver, Esq.: And I remember that you and I had done some combined virtual town halls and webinars back in the spring. And I remember very distinctly conversation I had with you. I'd asked you to come on board and include
00:08:18.120 --> 00:08:28.110 Eric Sarver, Esq.: Sort of panel discussion and we talked about the whole giving being service and finding purpose and how the pandemic in a way it's slow people down and forced many people to
00:08:29.250 --> 00:08:37.710 Eric Sarver, Esq.: I would even say resistance, but sort of to accept what's happening to me see what our values on and that's the big and important point, and might be a good segue into
00:08:38.850 --> 00:08:51.330 Eric Sarver, Esq.: The first question maybe for you regarding what you've seen what small bite sized businesses curious, what are some of the most common mistakes that you may have seen small business owners me during the different phases and then
00:08:52.740 --> 00:08:59.220 Tricia Taitt: Um, I think, Well, definitely this pandemic has eliminated some of like the
00:09:00.720 --> 00:09:09.900 Tricia Taitt: The five. They're like five typical financial mistakes that I see small businesses make and dependent because just exacerbated those situations.
00:09:10.350 --> 00:09:20.490 Tricia Taitt: Um, so the first one, which is a huge one, which I talked about all the time in my blog posts and my social commentary is about managing cash flow.
00:09:20.910 --> 00:09:27.480 Tricia Taitt: You know, poor, poor cash flow management. And so now everyone is really particular about giving each dollar a job.
00:09:27.960 --> 00:09:37.230 Tricia Taitt: And being very vigilant around how they manage cash either bringing caching or vigilant about either cost cutting or renegotiating
00:09:37.890 --> 00:09:48.300 Tricia Taitt: Expenses and things like that. So hopefully people are are really focusing on ways to manage and be savvy and agile in managing their cash.
00:09:49.140 --> 00:10:00.210 Tricia Taitt: The second mistake that I typically see that you know is not tracking performance. So a lot of business owners, surprisingly, you know, when we when they had to apply for the PPP loan or
00:10:00.840 --> 00:10:14.280 Tricia Taitt: Loan were not able to take advantage of these opportunities quickly because they didn't have the books, they didn't have like their 2019 tax returns, or or any of their financial statements ready in order to apply.
00:10:14.490 --> 00:10:16.140 Tricia Taitt: And be responsive and so
00:10:16.440 --> 00:10:27.690 Tricia Taitt: You know, unfortunately, the PPP loan was closed out pretty pretty quickly. And thank God, the SBA reopen it, but what I hear from a lot of business owners, especially those who weren't tracking their financials.
00:10:27.960 --> 00:10:33.690 Tricia Taitt: Is that they wish they had and like this pandemic has helped them realize that is how important it is
00:10:34.710 --> 00:10:45.540 Tricia Taitt: Number three is about operating without the right like systems and policies and procedures in place. And I'm also hearing from business owners, because there is quote unquote downtime.
00:10:45.900 --> 00:10:58.380 Tricia Taitt: They've been meaning to put an employee handbook together. I'll put an operations manual together or like streamline the process or automate things right. So this is giving them an opportunity to do that.
00:10:58.890 --> 00:11:08.160 Tricia Taitt: Um, I would say. Number four is poor future planning every in within my process of discovery process of getting to know a business owner
00:11:08.880 --> 00:11:14.400 Tricia Taitt: I typically ask them. I never leave without asking, where would you want to be in six months to a year.
00:11:15.060 --> 00:11:22.920 Tricia Taitt: And everyone always has like an answer of where they want to be in. And I go, how you plan to get there and there's not much of a plan.
00:11:23.730 --> 00:11:33.690 Tricia Taitt: So there what because of the background. I come from, um, I'm always helping business owners on my clients plan for their future budget project.
00:11:33.960 --> 00:11:41.100 Tricia Taitt: I'm always I'm always like, stress, stress testing the thing that they want to do, because everything is always super optimistic.
00:11:41.370 --> 00:11:49.740 Tricia Taitt: But I'm always asking additional questions and qualifying questions to figure out if like their plan is realistic and right and if you're setting SMART goals and
00:11:50.280 --> 00:12:05.100 Tricia Taitt: A number of us know what the like smart acronym means that there's specific, measurable attainable reasonable and then within a time frame right and then like the fifth mistake that I typically see business owners.
00:12:06.180 --> 00:12:11.820 Tricia Taitt: Make is that they don't have the right accounting or financial team or expertise accessible.
00:12:12.450 --> 00:12:16.410 Tricia Taitt: Or in place, even if they don't have it in place. But they can't afford everyone that they need.
00:12:16.860 --> 00:12:26.130 Tricia Taitt: It's not accessible everyone starts their business and they start with a CPA, because of course you have to pay Uncle Sam and you have to do your tax returns, and who likes doing taxes in the first place.
00:12:28.050 --> 00:12:35.730 Tricia Taitt: But along the way. As your business grows. It's important to like outsource the things that maybe is not your strong suit. And so
00:12:36.060 --> 00:12:48.270 Tricia Taitt: You know having a having a bookkeeper, you know, do your financial record keeping. And then as you even expand and grow further having like a CFO somebody with a strategic financial
00:12:48.570 --> 00:12:56.340 Tricia Taitt: Thinking Cap on to help you analyze your numbers and figure out how you can plan for the future. That's what a CFO will do
00:12:56.640 --> 00:13:04.500 Tricia Taitt: And even if you can hire one full time, you can get a part time and, you know, get a part time CFO. So it's important to have the right people.
00:13:05.370 --> 00:13:15.510 Tricia Taitt: Either x on your team or accessible, especially during times like this. I was doing scenario analysis for
00:13:16.050 --> 00:13:28.680 Tricia Taitt: For business owners because they were like, Well, what if I only make 50% of my revenue this year. What if you know what, what would it look like if I don't make any sales. What if it looks, what would it look like if I shut down for three months.
00:13:29.040 --> 00:13:29.550 Eric Sarver, Esq.: You know,
00:13:29.610 --> 00:13:30.840 Tricia Taitt: Doing that kind of like
00:13:31.860 --> 00:13:43.470 Tricia Taitt: Forecasting and scenario planning is what you would do with like a CFO on your team. So it just depends on what stage you're in who you need, what accounting or financial person you need on a team that those are like
00:13:44.160 --> 00:13:53.190 Tricia Taitt: The main mistakes that I see whether you're like a $250,000 business for $10 million business. I see the same mistakes, but I'm very level.
00:13:54.060 --> 00:14:04.230 Eric Sarver, Esq.: Right. You know, he said, a lot of great things, and I'd love to delve into a couple of other points that thing that struck me, we do have to take a commercial break. So either way, it's perfect timing that
00:14:05.190 --> 00:14:16.380 Eric Sarver, Esq.: Concluded those major five points when you did. So we're gonna take a quick commercial break. We'll still be recording live here. So everyone could just stick around we'll be back shortly. Again, this is Eric solver.
00:14:16.890 --> 00:14:29.070 Eric Sarver, Esq.: From employment law today on talk radio. Am I see here with my special guest tonight. Miss Patricia Tate outsourced CFO financial consultant and principal of the art of money matters. We'll be right back. Stick around.
00:14:36.210 --> 00:14:37.260 Now broadcasting.
00:16:46.410 --> 00:16:51.150 Eric Sarver, Esq.: Welcome back to employment law today here with my guest Trisha t
00:16:51.780 --> 00:16:57.570 Eric Sarver, Esq.: outsourced CFO and principal and founder of The Art of money matters and outsourced CFO consulting firm.
00:16:57.900 --> 00:17:05.280 Eric Sarver, Esq.: Trish. It's great to hear your last where those last five points when I asked you about the most common financial mistakes you've seen small business owners make
00:17:05.700 --> 00:17:18.840 Eric Sarver, Esq.: Sure the different phases of the pandemic and what I heard from you. Was it sounded like a lot of these points are mistakes. I should say our mistakes that businesses have made even pre pandemic. Am I right, even
00:17:20.610 --> 00:17:25.920 Eric Sarver, Esq.: I brought them to light or exacerbated them. The people are lacking a plan, it's hurting the more
00:17:26.970 --> 00:17:35.100 Eric Sarver, Esq.: I was just a little. Yeah. Yeah, I was just going to identify by way of relating from the Employment Law business law perspective.
00:17:35.970 --> 00:17:41.070 Eric Sarver, Esq.: The to the points to ensure that jumped out at me. I'll just kind of relate to it with my clients has to do with
00:17:41.940 --> 00:17:49.890 Eric Sarver, Esq.: Definitely the lack of policies and procedures in place. I mean, you mentioned an employee handbook. I had a big smile and maybe grant has holding back because
00:17:50.370 --> 00:17:56.550 Eric Sarver, Esq.: I always stress the importance of a small business having a viable employee handbook and operating
00:17:57.270 --> 00:18:13.650 Eric Sarver, Esq.: Policies that have to do with everything from complying with social media policies for example or wage and hour overtime loss to paid sick leave and there's a lot out there and having an outdated employee handbook is it's like having a an iPhone for, you know, it just
00:18:14.670 --> 00:18:14.880 Eric Sarver, Esq.: You know,
00:18:16.200 --> 00:18:20.760 Eric Sarver, Esq.: And if you try now it'll break you know frustrating, but I've had clients who
00:18:21.090 --> 00:18:30.090 Eric Sarver, Esq.: I always recommend outdated because each year, a new laws and pass and regarding discrimination. So I just wanted to. There's no question pending here just sort of in a way of identifying with what I found.
00:18:30.480 --> 00:18:39.000 Eric Sarver, Esq.: And what I would impart to our listeners out there folks in the audience, thinking about what they can take away from this tonight. Clearly, the importance of having a
00:18:39.420 --> 00:18:47.160 Eric Sarver, Esq.: policies in place around money and cash flow and operating. But I think, for sure. Employee handbooks HR policies very crucial.
00:18:47.580 --> 00:18:56.550 Eric Sarver, Esq.: And then the other point. You mentioned that just kind of that struck me as interesting about planning for the future, something that we do and Pamela proactively when we're trying to
00:18:57.750 --> 00:19:06.180 Eric Sarver, Esq.: Predict the possible areas where there might be a lawsuit and then take actions to cut that off. Cut off it in advance. I guess what I wondered here is
00:19:07.320 --> 00:19:08.790 Eric Sarver, Esq.: Do you have a
00:19:09.840 --> 00:19:23.850 Eric Sarver, Esq.: Your clients rather do have you said it's like a plan. And then a backup plan a contingency plan. I think this last six months of show maybe the, the need for that if you ask them what they're doing for the next six months back in December, they might have said, oh well here my plans for
00:19:23.970 --> 00:19:24.960 Tricia Taitt: January through July.
00:19:25.260 --> 00:19:30.180 Eric Sarver, Esq.: So there's your backup plan to that you do when you're hired by a company
00:19:30.630 --> 00:19:39.120 Tricia Taitt: So I'm always I'm always persuading them to do some scenario analysis, but usually business owners aren't interested because they think everything is going to be rosy.
00:19:40.140 --> 00:19:47.940 Tricia Taitt: I think what what has changed with the pandemic is people know that they need some, like, in case of emergency planning.
00:19:48.870 --> 00:20:03.060 Tricia Taitt: So there's a like I i idealistically want to get here at the end of the year, but we need to stress test if 50% of sales don't come in or 25 or we only get 25% of sales, you know,
00:20:04.530 --> 00:20:13.470 Tricia Taitt: I think, you know, I'm all of these things that I've identified as mistakes. All of the thing all the suggestions that I'm making are not new.
00:20:14.280 --> 00:20:22.230 Tricia Taitt: It's just the value that business owners put on it and the normal course of running their business.
00:20:22.620 --> 00:20:39.210 Tricia Taitt: Has changed, people don't. A lot of people don't think of these things or don't invest in the expertise or the time or the resources to put these financial systems and processes or even people in place to help them.
00:20:39.660 --> 00:20:41.310 Tricia Taitt: Until they're get in trouble.
00:20:41.940 --> 00:20:52.080 Tricia Taitt: I can't tell you how many clients. I mean, when they already have cash flow issues, there's a reason that they got there, there was there was something else that was happening before they got there.
00:20:53.130 --> 00:20:58.170 Tricia Taitt: I've met business owners and again this is pre pandemic, but now you know many people are
00:20:58.560 --> 00:21:08.250 Tricia Taitt: In trouble. I met business owners that have tax liens and judgments. I met business owners that have back payroll taxes because they didn't have a payroll service provider or somebody
00:21:08.580 --> 00:21:19.350 Tricia Taitt: That had knowledge of what you're supposed to be doing with payroll handling it properly. So it's not until people get into real. I just had a call a couple of days ago with
00:21:20.520 --> 00:21:26.910 Tricia Taitt: A multi million, a million multi million dollar business owner, who I told him we met December 2018
00:21:27.630 --> 00:21:41.970 Tricia Taitt: And I said, You need to start your books from fresh have someone set it up properly so that you could get the information that you need. It's not until the IRS knocked on his door and said, um, I don't think you paid sales tax for like two years.
00:21:42.030 --> 00:21:54.330 Tricia Taitt: And they had to do a full on audit and he was like QuickBooks should give me this information, but it wasn't being done properly, and he didn't have the right bookkeeper so now he's like at the end of itself. And he's like, I'm ready to go.
00:21:54.720 --> 00:22:05.220 Tricia Taitt: Mm hmm. You know, so a lot of these things, like I said, they're not new issues. It's just a pandemic has brought the dirt to the light and everyone is seeing the light so
00:22:05.790 --> 00:22:07.140 Tricia Taitt: Hmm, yeah.
00:22:08.070 --> 00:22:18.300 Eric Sarver, Esq.: can really hear what you're saying. And I think you and I may have met some perhaps similar type of clientele. You know, I get the ones and knock on the door or come to me they've stayed met me perhaps
00:22:18.660 --> 00:22:25.020 Eric Sarver, Esq.: Maybe I was giving a seminar two years earlier. And then they come through the question I recommend taking certain action, but then they
00:22:25.860 --> 00:22:32.850 Eric Sarver, Esq.: They sort of, you know, they go about their business, things get kind of hectic, they come back at your half later with the Department of Labor, a hearing notice or
00:22:33.480 --> 00:22:38.760 Eric Sarver, Esq.: Worse than termination that they violated the your label awesome it. I hear what you're saying about
00:22:39.360 --> 00:22:46.350 Eric Sarver, Esq.: Businesses tendencies to to wait until the problem to comply. And so what I hear is interesting about that.
00:22:46.830 --> 00:22:57.090 Eric Sarver, Esq.: I hear the the points about the pandemic pushing a lot of problems to the surface quicker and more imminently and right there in front of someone's face so it's hard to, to, let's say,
00:22:57.420 --> 00:23:11.730 Eric Sarver, Esq.: Ignore various amounts and paperwork or just, you know, sort of Barry one's head in the sand. Not to sound harsh, but that's kind of what happens and then just point to some high profits that are coming in or yo good cash flow and think everything's all fine and dandy.
00:23:13.200 --> 00:23:15.240 Eric Sarver, Esq.: What the answer this. What kind of
00:23:16.350 --> 00:23:31.350 Eric Sarver, Esq.: Say proactive measures do you take any order money matters like can you give us some examples of now with it when the pandemics and practice measures that you'll have a plan to do like a stress test. Can you maybe walk us through one of those what I look like.
00:23:32.430 --> 00:23:41.130 Tricia Taitt: I'm so I'm always looking at their financial statements and most people go to the income statement.
00:23:41.610 --> 00:23:48.090 Tricia Taitt: Where you have your revenues your cost of goods sold and your expenses. And it identifies your profits right and so
00:23:48.690 --> 00:24:05.070 Tricia Taitt: We're always review. When we work with clients will always reviewing that at least on a monthly basis to see the trends to see where the business is still doing well. Because there's always a story behind the numbers and to see where there are areas of improvement.
00:24:06.090 --> 00:24:08.310 Tricia Taitt: What you can do with this.
00:24:09.630 --> 00:24:19.680 Tricia Taitt: Income statement and look at it as a starting point and then we can think, okay, we can imagine with a business owner, what do you want say what it to look like in six months.
00:24:20.160 --> 00:24:25.290 Tricia Taitt: And given where they want it to look in six months, what's the path to get there. What, uh,
00:24:25.650 --> 00:24:35.610 Tricia Taitt: What are the tools you need resources people. How much is it going to cost. So like we're doing all of that sort of planning out with them. And then how many clients do you think that you're going to get the
00:24:36.510 --> 00:24:39.720 Tricia Taitt: Deal in place. Is this fresh lead generation.
00:24:40.080 --> 00:24:48.150 Tricia Taitt: Is this referral marketing, like what distribution channels what. So a lot of every decision has financial impact.
00:24:48.330 --> 00:24:55.860 Tricia Taitt: And these conversations, always, always drive what they're going to do from like a sales perspective what they're going to do from a hiring perspective, it drives other parts.
00:24:56.160 --> 00:25:00.450 Tricia Taitt: Of their business operations. Again, no matter what size, the business.
00:25:00.840 --> 00:25:08.400 Tricia Taitt: So once we've like thought about or imagine the future. And then we thought about steps of how we're going to get there. So now,
00:25:08.700 --> 00:25:20.070 Tricia Taitt: Now you've built something like a for a bit of a forecast and then with that forecast. There is the, you know, optimistic, everything goes exactly how we wanted to go
00:25:20.790 --> 00:25:34.980 Tricia Taitt: It was probably like 2016 2017 and there is like, you know, what if we don't get half of this cash coming in the door. And then there's the scenario of like doomsday which you never think you're going to get to. But, you know, like
00:25:35.430 --> 00:25:36.300 Eric Sarver, Esq.: Here we are right.
00:25:38.280 --> 00:25:44.940 Tricia Taitt: But here we are. And it doesn't have to be a doomsday so it's like if you're doing in case of emergency planning, then
00:25:45.540 --> 00:25:51.780 Tricia Taitt: It gives an opportunity before it happens to brainstorm on what would happen. How would you access capital.
00:25:51.990 --> 00:26:03.090 Tricia Taitt: How would you pivot. What other you know services or products, we can bring online depending on what's going on. How can we meet the customers new means you never know what the customers needs are going to be, but you
00:26:03.360 --> 00:26:11.430 Tricia Taitt: You started to at least have a brainstorm session and sort of document that somewhere. So it's like the in case of emergency playbook.
00:26:11.850 --> 00:26:15.690 Tricia Taitt: Which which is an E book coming to theaters near you.
00:26:17.130 --> 00:26:17.550 Tricia Taitt: So,
00:26:18.960 --> 00:26:26.820 Tricia Taitt: Um, so yeah, so that's like that that's an example of one thing and another thing that we do is
00:26:27.450 --> 00:26:34.440 Tricia Taitt: Absolutely. Cash Flow Planning. So it's always about. Yeah, it's always about like looking out, you know,
00:26:34.980 --> 00:26:48.990 Tricia Taitt: A couple of weeks 612 weeks, whether by by month or weekly or daily. I had one we had one client where we're headed. And we had a capsule tool that was daily because that's how tight. That's how cash strapped for business was
00:26:50.130 --> 00:27:02.310 Tricia Taitt: And so it's important to sort of like reassess every so often like what are your, what are the way it's cash is going to flow in and we're always going to flow out and sort of play. Play around with it. So lots of scenario planning right
00:27:03.030 --> 00:27:08.640 Eric Sarver, Esq.: I think that's great. And in terms of I think having a plan, having also clarity around numbers.
00:27:09.120 --> 00:27:17.310 Eric Sarver, Esq.: Is so empowering. I think so. Often, people might find it tedious, or they might find that even intimidating graph to begin to look at their numbers.
00:27:17.730 --> 00:27:27.870 Eric Sarver, Esq.: Look where they need to save and save the bottom line. They're making my pass be little fear phone, but it seems like it sounds like by having that plan in place.
00:27:28.350 --> 00:27:36.630 Eric Sarver, Esq.: They're actually in a more empowered position because they have to have more awareness of what choices they can and can't make so maybe seven they would have chosen to do
00:27:37.050 --> 00:27:45.060 Eric Sarver, Esq.: Now that they see that same example, the stress test of different scenarios. Okay, I'm not going to spend this money say pursuing this Avenue my business because
00:27:45.540 --> 00:27:53.700 Eric Sarver, Esq.: If we don't get a super rosy picture. Is this a quarter of this year, I might be in some kind of trouble. So it just strikes me as everything you're saying
00:27:54.750 --> 00:28:03.060 Eric Sarver, Esq.: It again to try to do something. I tell my clients to see which is the more you have a plan in place is a it's very empowering and being
00:28:03.510 --> 00:28:15.480 Eric Sarver, Esq.: You may think it's costing you a lot of time and a big word. We don't have time for this. But I find that observation from my clients that we have a plan in place and we're working on compliance and a regular basis.
00:28:16.020 --> 00:28:23.070 Eric Sarver, Esq.: In our situation in my situation that's clients with employment legal issues we're actually saving time and money in the long run.
00:28:23.550 --> 00:28:27.300 Eric Sarver, Esq.: And mercial break them down. But I thought I'd ask you about that in terms of
00:28:27.690 --> 00:28:33.900 Eric Sarver, Esq.: You know how much time people devices and how much time and actually like see them on the other side of this
00:28:35.790 --> 00:28:39.090 Eric Sarver, Esq.: Scale, but you can put your scale there we've got to take
00:28:39.510 --> 00:28:43.680 Tricia Taitt: Always it's always more expensive to take care of a problem after the fact, always
00:28:43.710 --> 00:28:51.270 Eric Sarver, Esq.: Urgent and I there's a perhaps more time consuming. Also, right, whether it's the legal problems and upon them a tax problem.
00:28:52.380 --> 00:29:05.700 Eric Sarver, Esq.: I think, you know, Atlanta that guests on the show and I asked them, you know, to go into that is an important point. And I think we have got the grocery coming up in less than that immediately good time to break and then come back to that too. So
00:29:06.420 --> 00:29:08.550 Eric Sarver, Esq.: I saw that question again in a moment.
00:29:09.150 --> 00:29:10.200 Eric Sarver, Esq.: If everyone can just
00:29:11.280 --> 00:29:21.720 Eric Sarver, Esq.: Stay tuned here and tune in and stay tuned in and Eric solver from the water again savoured also host on this weekly show employment law today.
00:29:22.170 --> 00:29:34.590 Eric Sarver, Esq.: Tuesdays 5pm to 6pm eastern time and Madrid side by my guest Miss Patricia P outsourced CFO financial consultant and principal and founder of The Art of money matters right back.
00:29:36.120 --> 00:29:38.520 Eric Sarver, Esq.: You're listening to talk radio
00:31:59.340 --> 00:32:08.220 Eric Sarver, Esq.: Welcome back to employment law today here on talk radio dot NYC. I'm here live with my guest tonight. Miss Patricia Tate, if you're joining us
00:32:08.700 --> 00:32:17.880 Eric Sarver, Esq.: Just now mistakes as an MBA. She's also be outsourced CFO financial consultant and principal and founder of The Art of money matters.
00:32:18.840 --> 00:32:22.530 Eric Sarver, Esq.: Trisha. Interesting point before the break just for those that may be joining us now recap.
00:32:23.100 --> 00:32:36.150 Eric Sarver, Esq.: Regarding to see the importance and value of planning and how the what I heard you say was that planning for financial situations planning for scenarios, having clarity on your numbers actually can save you time and money.
00:32:37.020 --> 00:32:42.660 Eric Sarver, Esq.: Where I think it's important point because a lot of people think, I don't have time for this type of type of, you know, planning, and so forth.
00:32:43.920 --> 00:32:58.920 Eric Sarver, Esq.: I did want to ask you when you were starting say the art of money matters. How did you apply some of these strategies towards your own company to build it any interesting stories you want to share with us as a as an audience.
00:33:00.270 --> 00:33:03.690 Tricia Taitt: Well, the interesting thing is I
00:33:05.130 --> 00:33:08.730 Tricia Taitt: You know, saw some people dream about entrepreneurship. I didn't really have
00:33:10.200 --> 00:33:17.520 Tricia Taitt: That dream or that bone initially I'm first generation American and my family came here and
00:33:18.540 --> 00:33:26.850 Tricia Taitt: Got college and masters educated and worked at a place for 2030 plus years. We don't necessarily do that in our generation.
00:33:28.080 --> 00:33:35.190 Tricia Taitt: And one seven I had been working on Wall Street for four years at Merrill Lynch. And then I went to business school.
00:33:36.480 --> 00:33:55.200 Tricia Taitt: And then I came out. The intention was not to go back to Wall Street. The intention was to find another way to apply my finance and accounting background. And so I took the easy way out. I had an internship at Citigroup and took the full time offer, but the last recession provided an opportunity
00:33:56.220 --> 00:34:07.350 Tricia Taitt: So when when I was laid off in like 2009 in my mind I had already thought for at least a year or two. Like there's gotta be something else. Different in life.
00:34:08.190 --> 00:34:14.220 Tricia Taitt: Besides, besides just, you know, working on corporate and feeling like a pianist got to be some other way.
00:34:14.610 --> 00:34:30.300 Tricia Taitt: And at the time I thought the answer would be the avenue. And so maybe I pursue the performing arts, which I did even more heavily or maybe I'd support a dance companies or performing arts presenters and things like that so
00:34:31.380 --> 00:34:49.410 Tricia Taitt: To get like back to your back to your exact question when I started my business. I already had a lot of savings. There was a there was an emergency fund already ready to launch it didn't take much money to launch, but I've always operated with
00:34:50.310 --> 00:34:59.340 Tricia Taitt: At least three months. Where the cash at least three, four months where the cash, even now in the pandemic. So even if there is a hit and sales or
00:35:00.360 --> 00:35:10.380 Tricia Taitt: A few down months I noticed like somewhere in the summer, people aren't necessarily looking for my services, but at the top of the year, it's critical. And at the end of the year, it's critical, um,
00:35:10.890 --> 00:35:23.730 Tricia Taitt: So even if there's seasonality or anything like that. I never, I never grew up with this sort of like going down to the wire in terms of in terms of dollars so cash flow management was always
00:35:24.840 --> 00:35:25.950 Tricia Taitt: A critical thing.
00:35:27.330 --> 00:35:36.150 Tricia Taitt: In my, in my book, and then having, you know, one of the things I talk about is people don't have the right expertise around them the right will financial and accounting expertise.
00:35:36.570 --> 00:35:48.930 Tricia Taitt: I have that background, but I am very clear on what I don't know. Well, now it may have taken a while for me to hire the right people, because like i overanalyze I want to get it right. Right. But
00:35:51.690 --> 00:35:52.050 Tricia Taitt: What I
00:35:52.140 --> 00:35:58.740 Eric Sarver, Esq.: Was thinking about when we start out how many of us don't do that as well, or analyze hiring the wrong foods and then but sorry you were saying. Yeah.
00:35:59.220 --> 00:36:08.910 Tricia Taitt: Yeah, I didn't have any. I didn't have any ego about I'm the entrepreneur I call myself CEOs. So therefore, I need to know everything. I never had.
00:36:09.180 --> 00:36:15.660 Tricia Taitt: Like I never had that ego. It was just about like, at what point do I need this person and then who is the right person.
00:36:15.990 --> 00:36:24.750 Tricia Taitt: Because I want to make sure that you want to make sure they have the same values. They're in alignment, you know, in those things, right. So, um, you know, having
00:36:25.320 --> 00:36:35.610 Tricia Taitt: That that whole thing about having the right expertise around was definitely something that you know I always look for incorporated in my business. So there's a there's a lot of
00:36:36.750 --> 00:36:42.240 Tricia Taitt: Components out of the five things that I talked about, like, you know, I'm a financial person. So I'm tracking performance. I'm
00:36:42.240 --> 00:36:43.020 Tricia Taitt: tracking my numbers.
00:36:43.230 --> 00:36:56.400 Tricia Taitt: I never like the PPP was announced, and only half of my company I call my business banker because you should have a great relationship with your business banker, I call them like the weekend after it was announced.
00:36:56.460 --> 00:36:56.970 Eric Sarver, Esq.: And I said,
00:36:57.180 --> 00:36:58.200 Tricia Taitt: Where is the link
00:36:58.950 --> 00:37:07.560 Tricia Taitt: We were and we were ready to apply like that first week I was we were in there. And so I couldn't fathom how people miss the boat like
00:37:08.490 --> 00:37:27.930 Tricia Taitt: How are you not ready to apply, don't you have your numbers together. And again, it's like another another reminder about how how important it is to have your financials like ticked tied understood ready to go so that like you can jump on these opportunities, but
00:37:27.960 --> 00:37:34.170 Tricia Taitt: Yeah. So those are the. Those are some of the things that we've applied into out of money matters.
00:37:34.800 --> 00:37:40.830 Eric Sarver, Esq.: Hmm, interesting, you know, a couple of things you mentioned, there are some observations that I may mean for, first of all, that the importance of
00:37:41.310 --> 00:37:48.960 Eric Sarver, Esq.: Having your numbers, clear as I mentioned earlier, you know, I hear a lot of that. And again, how you ready to go with the with the PvP loan when
00:37:49.260 --> 00:37:58.170 Eric Sarver, Esq.: That time came, and people I know we're still scrambling to get clarity about what their payroll costs more expensive car was eligible costs. You know what, etc.
00:37:59.010 --> 00:38:08.400 Eric Sarver, Esq.: So really good to hear that, you know, being applied. And also, you know, sharing a theme to how you mentioned the recession and then that kind of prompted to say
00:38:08.760 --> 00:38:15.030 Eric Sarver, Esq.: What am I doing with my life and myself and to pivot and I hope that you know people listening tonight can take
00:38:15.600 --> 00:38:22.380 Eric Sarver, Esq.: Inspiration from that in and be inspired. Because again, part of the show. Beside educating and informing is to motivate inspire and so
00:38:22.710 --> 00:38:30.570 Eric Sarver, Esq.: You know if anyone out there listening to the show and not that say doing well with the revenue or their restaurant. It's just been
00:38:30.870 --> 00:38:36.840 Eric Sarver, Esq.: Struggling or even a small business and and feel that taking a hit, just to know that sometimes from a
00:38:37.260 --> 00:38:45.240 Eric Sarver, Esq.: From a negative challenge come to positive and Tricia mentioned the recession of oh nine, you know, sparking this I know my personal experiences that
00:38:46.080 --> 00:39:03.990 Eric Sarver, Esq.: I like you. It did not plan the business myself, for my own practice. My thought was to go to labor and employment law firm, you're the kind of study there, and perhaps climb to a midsize firm their partner call handling employment law business or that I always enjoy it even law school.
00:39:05.460 --> 00:39:15.810 Eric Sarver, Esq.: And your experiences, you know, wisdom, small firms some positive some negative really forced me to re examine. So something that I thought was actually a negative
00:39:16.440 --> 00:39:27.120 Eric Sarver, Esq.: Became a positive. You know, I think that, you know, if you're out there struggling and having trouble. This might be a great time and say to reach out to, like, Trisha data house for CFO and say, hey,
00:39:27.510 --> 00:39:34.170 Eric Sarver, Esq.: Let me get my numbers clear or maybe it's time to explore, you know, other any other ways your business can pivot.
00:39:34.590 --> 00:39:42.810 Eric Sarver, Esq.: And if that's a possibility. Again, is it a realistic possibility. So let's go back to me is it legally liable.
00:39:43.110 --> 00:39:52.020 Eric Sarver, Esq.: Our needs. For example, certain licenses to do so is it financially viable. Can you say temperature should take money out and find out you know what you
00:39:52.470 --> 00:39:59.370 Eric Sarver, Esq.: See is interesting, just navigation mind what I appreciate you pointing out these sort of silver linings if you will just and dark.
00:40:00.030 --> 00:40:11.250 Eric Sarver, Esq.: Dark might be in well maybe accurate term but you know it's a mindful to the Knights of our conversation. You know how and again we reference to when you know for years ago this evening.
00:40:12.420 --> 00:40:19.410 Eric Sarver, Esq.: Well, before the internet was feeling kind of get a good mood and then by the end of the evening, not so much and kind of shell shocked.
00:40:20.610 --> 00:40:26.130 Eric Sarver, Esq.: But, you know, in terms of just just good to hear your, your process and also how you apply it to your company.
00:40:27.150 --> 00:40:38.130 Eric Sarver, Esq.: You mentioned something when I asked your question about, you said you had you had three months worth of savings, was it before going is that, so my question to you is, is there a certain metric of
00:40:39.030 --> 00:40:51.240 Eric Sarver, Esq.: Take a business should have X number of months of revenue save say before hiring employees. Other. Is there any like metrics very recommend
00:40:52.950 --> 00:40:54.000 Tricia Taitt: So, I mean,
00:40:55.230 --> 00:41:05.520 Tricia Taitt: This is probably difficult to do if you hadn't done it before, but you know like we never time always nothing lasts forever, right. So time always
00:41:06.720 --> 00:41:07.950 Tricia Taitt: heals all wounds, so
00:41:09.120 --> 00:41:12.390 Tricia Taitt: I think it minimum business owner should have three months worth of cash.
00:41:13.620 --> 00:41:22.830 Tricia Taitt: Saved. Now the statistic is that on average. Most business owners don't even have $400 not even $1,000 in their savings account.
00:41:23.430 --> 00:41:37.440 Tricia Taitt: And that's a state is that that's a sad, sad state of affairs, I hope that the pandemic has eliminated the fact that, you know, when things are moving flowing better in this new normal that they will
00:41:38.640 --> 00:41:53.520 Tricia Taitt: You know, they will try to reserve some cash and have it like saved up somewhere. And I would say like three months is a good metric. But even if you have emergency funding like six months is probably, you know, ideal, but three months, at least to start there.
00:41:55.320 --> 00:42:07.740 Eric Sarver, Esq.: And if your company comes to you and so they don't have the month. The only I would say a month or three weeks. We're barely a fine line. Are there certain other tools that you then emphasize the US to help them maybe get to that.
00:42:08.220 --> 00:42:09.240 Eric Sarver, Esq.: three month savings point
00:42:10.740 --> 00:42:19.320 Tricia Taitt: Um, well, it's the conversation will be well i would have first thing that I would do is I would dig into their expenses and see if there's any places to
00:42:20.640 --> 00:42:28.230 Tricia Taitt: cut costs or or managed or manage cash flowing out. That's the initial thing that you can control, but that's not always the saving grace.
00:42:29.610 --> 00:42:38.820 Tricia Taitt: And then the second thing is, of course, how do we generate the the right amount amount of sales and sales is broken down into two things that site revenue.
00:42:39.060 --> 00:42:47.700 Tricia Taitt: How can we generate more more revenue and revenue was broken down into two things. It's controlled by the amount of demand the sales that you have and it's controlled by price.
00:42:47.940 --> 00:43:01.590 Tricia Taitt: And sometimes people are underpricing themselves just like does it even if you just look at their competitors. They're underpricing themselves, right. So, so then, so then we go into that conversation of, how can we boost, these, these two things.
00:43:02.640 --> 00:43:13.560 Tricia Taitt: So those are like the initial sometimes it's a little more complicated. Sometimes, it requires like managing like your longer, longer liabilities. Sometimes it's about
00:43:14.430 --> 00:43:24.060 Tricia Taitt: Identifying getting access to capital, you might have the opportunity to access capital I remembers working with an event production company and
00:43:24.450 --> 00:43:37.590 Tricia Taitt: They, they already had a couple of lines of credit, but on the the document. So one of the financial statements that all banks, look at, which is really important is your balance sheet, which shows like the net worth.
00:43:38.130 --> 00:43:47.220 Tricia Taitt: Of your business and what wasn't communicated on on the balance sheet was that they had an entire warehouse of equipment that had value.
00:43:48.270 --> 00:43:57.960 Tricia Taitt: And if a bank knows that you have assets or equipment or you know something of value that can be used as collateral. Maybe they will issue a loan against it.
00:43:58.410 --> 00:44:03.120 Tricia Taitt: But if that's not communicated on the documents that you send them, then they will never know.
00:44:04.020 --> 00:44:21.750 Tricia Taitt: So you know I identified it identified that for for the client and then he had his, his ops person or his warehouse person like get to identifying the cost of the equipment, the or the or the or the value of the equipment that they had
00:44:21.870 --> 00:44:25.380 Tricia Taitt: So that they can appropriately, put it on their financial statements. So
00:44:25.950 --> 00:44:42.480 Tricia Taitt: So, you know, sometimes it could be like simple simple process, but they're probably multiple ways to forget. Some people have unpaid invoices. I can't tell you how many businesses, I go into and they're afraid they're afraid to call clients and ask for money that they earned already
00:44:43.110 --> 00:44:54.990 Eric Sarver, Esq.: Right, that's your money you're going to work hard for it. It's like if you walk into a store and was walking out with a merchandiser product, you'd expect to be stopped the door. Excuse me, Sarah Michelle.
00:44:55.980 --> 00:44:57.150 Eric Sarver, Esq.: You know, I'm all for
00:44:58.020 --> 00:45:00.240 Eric Sarver, Esq.: That as well when when clients of mine.
00:45:01.230 --> 00:45:09.690 Eric Sarver, Esq.: are hesitant due to click on their on their invoices that they have with their clients and I can see from the issues you mentioned there are definitely some really something.
00:45:11.070 --> 00:45:21.510 Tricia Taitt: I mean, so that's some of that some of that is some and I get it right because like you don't want to play bad cop with the same people that you want to give you more money.
00:45:22.530 --> 00:45:28.770 Tricia Taitt: Boys sales. Like, you don't want to destroy the relationship. So in those cases I come in and I was like, definitely. I'll play back
00:45:29.280 --> 00:45:32.160 Tricia Taitt: You can play good cop, bad cop right
00:45:32.730 --> 00:45:33.780 Eric Sarver, Esq.: Like the x, the hammer
00:45:35.100 --> 00:45:36.930 Eric Sarver, Esq.: Read the green
00:45:37.020 --> 00:45:44.370 Eric Sarver, Esq.: I think EARLIER QUESTION TO YOU REALLY yours. Eric conversation, I should say, folks, we take a commercial break. If you stick around, though.
00:45:44.820 --> 00:45:53.040 Eric Sarver, Esq.: And you're a small midsize business. I hope you are getting some value out of this conversation today. I'm Eric sovereign employment law business lottery.
00:45:53.640 --> 00:46:09.390 Eric Sarver, Esq.: With lost, Eric. I'm sorry, and they have a hat I were on Tuesday nights is a hit radio talk show host you decide to hip or not, but their radio talkshow thought say within one a lot today here on the station talk radio that NYC will be back.
00:46:13.980 --> 00:46:14.250 Radio
00:46:17.820 --> 00:46:18.000 And
00:48:31.650 --> 00:48:44.850 Eric Sarver, Esq.: We're back. Welcome back, everyone. I'm Eric solder hosted the show and planner lot today continuing my conversation with Tricia to outsourced CFO financial consultant and
00:48:45.450 --> 00:48:52.620 Eric Sarver, Esq.: Principal of the art of money matters and founder as well. Trisha. Thank you. Are we have some time. So, but I want to thank you once again for
00:48:53.100 --> 00:49:03.840 Eric Sarver, Esq.: All the great information you've given to our audience today in terms so far in terms of just the five main points around saving money and
00:49:04.500 --> 00:49:18.900 Eric Sarver, Esq.: Having the right team in place and use a lot of different issues and then gave with your story as well. It's really interesting. I'm wondering if we can visit the topic of having a good team in place because you mentioned that a few times or so.
00:49:20.250 --> 00:49:38.370 Eric Sarver, Esq.: Besides having a CFO like yourself. Let's take a small business, same however you might define that. And let's say they have you know anywhere between 1050 employees. What kind of team of experts might they need in their corner.
00:49:39.750 --> 00:49:41.190 Eric Sarver, Esq.: To help them to thrive.
00:49:42.870 --> 00:49:45.660 Tricia Taitt: Um, so 10 to 15 employees.
00:49:46.380 --> 00:49:46.770 Eric Sarver, Esq.: I'm sorry.
00:49:46.830 --> 00:49:50.190 Tricia Taitt: 10 to 55 00 okay
00:49:51.480 --> 00:49:51.750 Eric Sarver, Esq.: Boss.
00:49:52.200 --> 00:49:54.180 Eric Sarver, Esq.: Identically I just curious. Yeah.
00:49:54.960 --> 00:50:12.420 Tricia Taitt: Alright, so again on your team or accessible right so we're going to use that word interchangeably. So hopefully when you even started business you have a good lawyer. A good CPA and insurance person right because because you need those things.
00:50:13.830 --> 00:50:23.910 Tricia Taitt: And then as you grow in terms of your financial team. It's important to have, you know, somebody doing some bookkeeping or financial record keeping.
00:50:25.800 --> 00:50:34.350 Tricia Taitt: I think once you start to get into having a lot of contractors or contractors beside a border on being employees.
00:50:35.340 --> 00:50:46.740 Tricia Taitt: At least have someone accessible that's familiar with how to manage HR issues and how to manage employment issues, right. So you definitely need some like workers comp
00:50:47.640 --> 00:50:53.040 Tricia Taitt: Insurance on hand, especially if you're in construction and manufacturing and you got people coming in and out of your
00:50:53.370 --> 00:51:05.940 Tricia Taitt: Of your place, um, whether they are full time part time or contractor. Like, you want to make sure that you're you're covered. So of course the insurance person and then payroll service provider like
00:51:07.020 --> 00:51:15.720 Tricia Taitt: I work with a company that had that payroll tax returns were wrong. They didn't pay the right payroll taxes, like, Don't screw with that sort of stuff.
00:51:15.750 --> 00:51:25.470 Tricia Taitt: Like get a payrolls. A lot of people start off with their CPA doing the payroll tax returns. It's really seamless. If you have like QuickBooks Online to
00:51:26.010 --> 00:51:36.510 Tricia Taitt: Bring on just use the service QuickBooks payroll or use gusto, or something like that. Again, I'm not getting any money from any of these brands but like this is what first to me. So having a payroll service provider.
00:51:37.980 --> 00:51:42.060 Tricia Taitt: integrating that into your business. Once you, you know, start to have some employees.
00:51:42.480 --> 00:51:59.820 Tricia Taitt: Um, well hopefully you've had a good executive assistant, you said professional services on your personal side, hopefully you have some sort of like financial advisor also right because and somebody that's always thinking about your succession planning and your, you know, like your own
00:52:00.960 --> 00:52:07.110 Tricia Taitt: retirement account or things like that. So always have a personal financial person. And then, of course, as you add more employees.
00:52:07.380 --> 00:52:15.540 Tricia Taitt: Than the potential for employment issues become greater and HR issues become greater. So either you have an outsourced HR person, um,
00:52:15.990 --> 00:52:28.920 Tricia Taitt: employment attorney like yourself or you start to bring bring in someone that's a that's an HR professional. I would also say along the way, it's important to have a marketing person and maybe marketing and sales person but
00:52:29.520 --> 00:52:43.890 Tricia Taitt: Definitely a marketing person that's helped me to get your name out there. It's just some of those some of the service. Oh, yes. And because we are virtual and we may say virtual A GOOD. IT person.
00:52:45.180 --> 00:52:46.470 Tricia Taitt: That you could call when
00:52:46.470 --> 00:52:53.820 Tricia Taitt: Something trips bleeps blanks falls apart cyber security issues of cybersecurity insurance.
00:52:54.030 --> 00:53:05.160 Tricia Taitt: Cyber security issues like someone who could fix it because like that could be you could be shut down for a day trying to do this deal with like it crap.
00:53:06.540 --> 00:53:18.330 Eric Sarver, Esq.: That's imagine the cost. You can incur that same. I mean I had shown a rock from combs. The company is cyber security, cyber liability consulting expert on the show talking about that as well. The, the cost there.
00:53:18.990 --> 00:53:21.780 Tricia Taitt: Every my there my insurance agent people well
00:53:21.840 --> 00:53:23.730 Eric Sarver, Esq.: Yeah, they're, they're great. They do a solid job.
00:53:24.810 --> 00:53:34.110 Eric Sarver, Esq.: Everyone you said they're just is on my list to when I because when I talk to clients I try to advise them about the employment issues coming up HR related issues as well.
00:53:34.620 --> 00:53:41.370 Eric Sarver, Esq.: Around hiring, firing, you know, managing or terminating employees and in that in those conversations they often ask, well, what is your
00:53:42.090 --> 00:53:50.220 Eric Sarver, Esq.: CPA say about this situation. What does your bookkeeper have, you know, to show you. Or for example there. Let's say if there's a question of
00:53:50.850 --> 00:53:58.200 Eric Sarver, Esq.: Independent contractors. Well, who you who you hire people to do marketing and often I think I'm surprised. Often I think people
00:53:58.770 --> 00:54:08.400 Eric Sarver, Esq.: Believe think that if they can't afford a full time in house person, they just don't hire someone, I think it's important to identify a point, I heard you say is that
00:54:08.760 --> 00:54:15.030 Eric Sarver, Esq.: It's great to have the people on your team does not mean you have to wait until you can afford a full time in house salaried
00:54:15.570 --> 00:54:24.660 Eric Sarver, Esq.: HR person full time salary. You know, you know, as counsel or CPA. That's the takeaway that I got there that you know you can have certain the outsourced
00:54:25.140 --> 00:54:32.400 Eric Sarver, Esq.: People you know I have clients that come to me on a periodic basis, but I'm their employment lawyer their go to person when it comes to management or
00:54:33.270 --> 00:54:47.130 Eric Sarver, Esq.: Termination issues. And then I have people that have met a regular retainer every month. So, you know, you have to think, look at what you can afford and also what your needs are so interesting to have that you know perspective about the importance of a team. I think it's right.
00:54:47.340 --> 00:54:49.140 Tricia Taitt: I think I mean I think I mentioned
00:54:49.140 --> 00:54:52.920 Tricia Taitt: I mentioned this earlier, but it was his birthday reiterating
00:54:53.220 --> 00:55:01.350 Tricia Taitt: Especially when you have a business that's like 10 to 50 employees at that point. Hopefully you're thinking strategically about your financials like hopefully
00:55:01.620 --> 00:55:07.260 Tricia Taitt: There is someone more than the bookkeeper more than the CPA that's touching your financials on a monthly basis. Am I doing
00:55:07.530 --> 00:55:14.700 Tricia Taitt: An analysis of where are you from a health perspective and how you've been a plan for the future. So I think at that point. I mean, I'd be remiss to reiterate
00:55:15.210 --> 00:55:30.480 Tricia Taitt: The importance of a CFO. Once you get to a certain stage in your business. And if you're focusing on the client that has 10 to 50 employees. I think at that point. They're sizable enough that they should have that person either on your team or accessible.
00:55:32.100 --> 00:55:35.490 Eric Sarver, Esq.: You know absolutely church, and I would say this before commercial break. I'd say that
00:55:35.910 --> 00:55:42.000 Eric Sarver, Esq.: You know, if you're looking at the themes of tonight. One thing I'm hearing that I hope our listeners might take away as well is that
00:55:42.390 --> 00:55:50.190 Eric Sarver, Esq.: The myth that I remember growing up with about this sort of the honor great the entrepreneur who has to do everything themselves.
00:55:51.180 --> 00:55:58.050 Eric Sarver, Esq.: It's just that, you know, it's a myth. And I think two takeaways that I come away with from the show here. Number one,
00:55:58.620 --> 00:56:10.080 Eric Sarver, Esq.: You don't in fact it's actually harmful, it can be detrimental to tread think you have to control your whole startup, you know, like, it's like, say, you know, your maybe your range. Alex, you don't allow people to assist you.
00:56:11.250 --> 00:56:15.900 Eric Sarver, Esq.: And then number two, of course, just the idea that, you know, by you can afford people in in different
00:56:16.650 --> 00:56:28.830 Eric Sarver, Esq.: You know, different time in your in your stage of business. We have been a minute left. So I want to just, you know, seed that all to you if you would like to say they leave our listeners with how they can contact you.
00:56:29.850 --> 00:56:32.220 Eric Sarver, Esq.: You know the your website, your phone number.
00:56:32.490 --> 00:56:35.760 Eric Sarver, Esq.: Anything along those lines, you'd like to leave with our listeners today.
00:56:36.300 --> 00:56:46.500 Tricia Taitt: Yeah. Um, so the last sort of thing that came to mind as you were talking, is that, you know, people are concerned, like, how am I going to find all of these people and how can I find the people that I trust.
00:56:46.920 --> 00:56:54.360 Tricia Taitt: And so if you have some of these people in your wheelhouse, ask for referrals from them. If you have a CPA ask for referrals to a good employment lawyer.
00:56:54.840 --> 00:57:03.120 Tricia Taitt: Out there, networking, make sure your networking and getting the service professionals and have at least two or three that you can always potentially call on and sort of bet.
00:57:03.870 --> 00:57:10.920 Tricia Taitt: This is as a CFO, because I'm touching on a bunch of different service professionals and likely have to bring them into my client.
00:57:11.280 --> 00:57:12.240 Tricia Taitt: I always have
00:57:12.270 --> 00:57:19.920 Tricia Taitt: Like a cadre of, like, you know, CPA is a bookkeepers or insurance providers or HR related people that I can always refer in
00:57:20.130 --> 00:57:27.510 Tricia Taitt: So, you know, you're one of those people that I can refer into a situation. So I just wanted to say, you know, to just put people at ease and calm.
00:57:28.080 --> 00:57:36.450 Tricia Taitt: The way that you can find people that you can trust is, you know, start with the one for service professional, but always be networking to have at least two or three service professionals, so
00:57:36.630 --> 00:57:45.090 Tricia Taitt: If anyone wants to contact me or to get at me. I am on LinkedIn under Tricia em tapes. That's TA ITT the
00:57:47.430 --> 00:57:58.110 Tricia Taitt: Art of money matters. You can go to art of money matters.com. We're also on Instagram at art of money matters. I'm not really on Twitter. But if you're a Twitter person. Sometimes we put out a tweet.
00:57:59.130 --> 00:58:10.440 Tricia Taitt: at Twitter where art money matters. There's no of in the middle of it. Those are the ways that you can get in, get in touch with us get engaged. Look at our blog post receive our information.
00:58:10.740 --> 00:58:13.860 Tricia Taitt: And then be invited to other workshops and webinars that we have
00:58:14.610 --> 00:58:29.670 Tricia Taitt: Happening, especially as we transition into 2021 like, like I said, planning is critical planning is important. So I'll be talking about a lot of different topics over the next few weeks that have to do with planning and starting out 2020 stronger.
00:58:30.300 --> 00:58:40.560 Eric Sarver, Esq.: Wonderful Trisha, we're at the end of our show. It went so quickly, because it was so interesting. Thank you so much for being here on the show the site. Once again, folks. Fisher Tate, as you mentioned, you could go to LinkedIn and type in Trisha.
00:58:40.890 --> 00:58:46.980 Eric Sarver, Esq.: Take TA ITT or go to www dot the art of money matters is that correct calm.
00:58:48.480 --> 00:58:49.560 Tricia Taitt: Just art of money.
00:58:50.250 --> 00:58:52.800 Eric Sarver, Esq.: We do W art of money matters COM
00:58:53.820 --> 00:59:09.630 Eric Sarver, Esq.: Thank you everyone for joining us tonight if one be be healthy and safe and well and we'll be back next week. Tune in Tuesday night at 5pm to 6pm I'm Eric solver from the lobster. I'm sorry. Employment Law business law attorney and host of the show employment law today.
00:59:10.740 --> 00:59:11.970 Eric Sarver, Esq.: Thanks, everyone. And Tricia
00:59:12.060 --> 00:59:17.430 Tricia Taitt: And if you have it. Thank you very much for this moment. And if you haven't voted, get out there and vote.
00:59:17.490 --> 00:59:23.940 Eric Sarver, Esq.: Yes. Yes, exactly. Very, very well said. I voted ready and I hope everyone does get out there and vote.
00:59:25.080 --> 00:59:36.990 Eric Sarver, Esq.: And we'll see what happens. So, but we do have to the think we're right at the end of our time. So I don't want us to disappear into the ether. So thank you so much for being here and Tricia, have a great night.
00:59:37.560 --> 00:59:39.420 Tricia Taitt: You too. Thank you.