The Profit Playbook: Strategies for Entrepreneurs to Enhance Financial Literacy

Ask Brien Show

In this episode of the Ask Brien Podcast, hosts Peter and Traci delve into the essentials of business success, focusing on financial management and strategic planning with Michele Williams the Founder and CEO of Scarlet Thread Consulting. Michele shares her journey from financial software development to entrepreneurship. She discusses the creation of a financial dashboard to aid business owners, particularly in the creative industry, in understanding their financial health. The conversation covers hiring strategies, the importance of a strategic plan, and the role of podcasting in marketing. Michele emphasizes financial literacy and adaptability, offering practical advice for navigating economic challenges.

IN THIS EPISODE:

• [5:11] Michele shares her journey in financial software development and her motivation to create a financial dashboard for business owners to understand their finances.
• [8:04] Michele shares her approach to using SaaS or Software as a Service
• [15:26] Michele explains how her user-friendly software complements existing financial software like QuickBooks.
• [20:03] Entrepreneurs should focus their hiring efforts on business development that align with their strategic goals over administrative roles.
• [23:04] Exploration of how podcasting serves as a crucial marketing element for the business and various ways that content can be repurposed into different marketing materials for different platforms.
• [28:02] Advice on managing cash flow and adapting to economic fluctuations in business.

KEY TAKEAWAYS:

• Software development can be expensive, so make sure you have a strategic plan that you can build from to create exactly what you are aiming to create.
• It is essential that software is user friendly. If it is not, clients will choose a platform that is easier to use and understand.
• Having a financial dashboard for your business readily available and easy to understand can be extremely beneficial when making important financial decisions for your business.

LINKS MENTIONED:

Scarlet Thread Consulting Website

Profit is a Choice Podcast

Michele Williams LinkedIn

Email: [email protected]

BIO

Michele Williams is a serial entrepreneur and speaker on a mission to close the financial literacy gap for small businesses.

Through her two companies, Scarlet Thread Consulting, a client-facing coaching program, and Metrique Solutions, a robust financial software platform, she supports entrepreneurs to understand their numbers confidently.

Michele is a champion for creative entrepreneurs (designers, event planners, photographers, etc.), serving as a change agent to facilitate building scalable and profitable businesses. Michele’s empowering work has been applauded by The Business of Home, My Doma Studios, and The American Society of Interior Designers.

Connect with me today and I will send you details of how to build a scalable Interior Design Business.