Whether you are a business transitioning to an in-person, hybrid, or fully remote workforce, it is vital to have sound financial strategies, cost-cutting measures, and plans for revenue flow for your business.
What does a hybrid or remote workforce mean for your company’s budget and spending? How has the pandemic changed the company’s finances from a CFO’s perspective?
On Tuesday, December 14 at 5 pm (EST), join me and my guest, outsourced CFO Tricia Taitt (CEO / Founder, The Art of Money Matters), as we discuss the above issues in another engaging episode of Employment Law Today!
About Tricia Taitt:
3:11 – 17:56 – Tricia Taitt returns to Employment Law Today! Tricia is the founder and CEO of The Art of Money Matters, a firm that offers consulting and support for small businesses. Tonight’s topic deals with financial strategies and tools for the new workplace today, whether it’s hybrid, remote or in person. Tricia says that she did not intend to get into entrepreneurship. She actually wanted to find a way to keep practicing math and finance. Tricia also has a passion for performing arts and at one point was in a broadway show. She entered entrepreneurship to empower and educate business owners, especially businesswomen. Tricia also talks a bit about some key steps with helping a business financially. She says that she would sit down with the business owner and leadership team to walk through their plans for the next 12-18 months ahead. What costs are going to be impacted as well as revenue are part of what she looks at with clients.
20:14 – 33:35 – Eric and Tricia continue their conversation about establishing a solid budget with businesses. Some examples of what Tricia does with her clients is also booking at for instance, how much of the businesses’ products will be sold in the upcoming months ahead. Eric and Tricia also talk about the decision for business to go remote. With this, Tricia says that a business owner should speak with a CFO or consultant as well as speak with their employees. They should also look at the cost cutting measures or benefits. Many business owners may be looking for great talent that they had to let go because of Covid. The costs here are not only the salary negotiations, but also the cost for training the employee as well. Other cost measures to look at are the cost for ink, computer, tech support and other hardware if employees are working remotely. Tricia also advises that when one is thinking about their expenses and income, to look at it as a cash flow analysis, a best guess estimate and it can help you better understand where your money is going.
35:43 – 47:50 – Coming back from the break, Eric asks Tricia about what a business plan should entail moving forward and post Covid. Tricia mentions something that she currently hears about more which is retirement. Some immediate costs that come up or some things to think about when thinking about retirement as a business owner is who will succeed them and what kind of management team they would want to have. There are also factors to look at that deal with “cleaning up” or making everything look suitable for whoever will want to take over, whether that is customer service or your departments. It takes up more time and planning than one may think. In this segment, Eric also asks Tricia about what differentiates her from her company or from other CFOs. She mentions that she is planning on changing her company’s name to FinCore in alignment with what she believes in. The same way a dancer has to strengthen their core, the same goes for business and women business owners. What differs is their approach. She gives her clients “tough love”, meaning she wants to make sure she gives her clients the answers they’re looking for and help them reach their goals.
49:51 – 59:46 – In the segment, Eric brings up Tricia’s upcoming book. She’s still in the process of writing a book. She started the process back in April/May of this year. The name of her book is called “Dancing with Numbers”, thinking about business owners who want to have a better relationship with their “numbers”. She uses the metaphor about dancing because it takes a moment to get into a groove sometimes. She hopes that with her book, she can help businesses flow with their numbers and by taking steps, reaching their financial goals. You can pre order her book by connecting with her Instagram @artofmoneymatters and click on the link in her bio. Tricia thanks Eric for giving her this platform to talk about her passion and tips as well as her company. She also gives a great message for business owners out there to keep moving forward and be consistent. You can connect with Tricia Taitt on Instagram and her website artofmoneymatters.com. Eric and Tricia wish everyone a good evening and happy holidays!
About Employment Law Today
Helping Business With Employment Law Issues.
For many business owners, it can be overwhelming to keep up and comply with the federal and state labor and employment laws that govern how they run their business. With the COVID-19 pandemic, there are new laws and regulations regarding hiring, firing, and workplace practices and protocols — all of which can increase business owners’ anxieties about regaining traction or thriving again. On my weekly show, we will be discussing the most common employment law related questions and challenges that business owners have been facing in these uncertain times.
The show will have three main goals: (1) to inform businesses about employment law updates, (2) to inspire businesses by giving them the tools to move forward, and (3) to demonstrate how some business owners have overcome their employment law problems, walked through the challenges imposed by this pandemic, and have taken steps to regain traction during the reopening phases of this pandemic.
Our guests will include professionals who advise businesses from an H.R., legal, and financial perspective, along with thriving business owners who will share their experiences and insights into running a successful company while complying with labor and employment law mandates during COVID-19.