April 25, 2025 • 36 mins
In this episode of Peace Luv Biz, Steve and Mary dive into a common trap for entrepreneurs chasing every new idea, tool or opportunity in the name of growth. While it might feel like progress it often leads to burnout scattered results and lost profits.
We’ll show you how to pause, refocus and identify your most profitable services using clear financial insights. Learn how to evaluate what’s really working in your business, double down on what drives revenue and apply strategic tax and CFO tactics to scale sustainably.
By the end of this episode you’ll have the tools and mindset to say no to distractions and yes to growth with intention.
Visit our website at www.peaceluvbiz.com for a free consultation to help you assess your service profitability and plan your next steps with clarity.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
Hey guys, Steve Higgins your host of Peace Love Biz here for another fantastic amazingepisode and I'm glad to have you all here today with Mary who is surviving barely but
we're clinging on to the seat of our pants with I guess the back end of tax season whichwill be a tax season but how are you Mary?
(00:26):
I'm doing okay.
Yeah, I'm just getting there, taking a day at a time.
Taking my own advice.
I'm taking my own advice, which is hard to do, because I like to just work, but my body isnot into it right now.
My body is really like, lady, we need a break.
(00:47):
Well, it's ironic that we did last week's episode on how do you rest while working andthen all of the immense pressure has just kind of fallen on top of us.
And it's like, my gosh.
It's a good way to put it, too.
Yeah.
Like it just collapsed on top of us, both of us were just...
(01:09):
Physically, I'm physically ill from being so exhausted, so...
Yeah, and I'm just stupid because I was sick yesterday and then I decided to go and playbasketball because, you I'm a sadist apparently.
I mean, but I think the first thing we really want to dive into and today's topic istalking about shiny objects and shiny object syndrome and how detrimental it can be.
(01:40):
and how do you refocus but the first kind of PSA that we wanted to broadcast is aboutpeople coming to us and saying hey where is my stuff it's likely it's already there you're
just not looking for it little common sense goes a really long way and we don't need thatnegative energy on us so please go and try and find it yourself or ask
(02:10):
you know, in a nice way, not a...
accusatory way of saying where is my stuff.
Yeah.
em So, you know, if you've got monthly reporting, for example, and you don't know where itis, just ask.
Don't say, hey, I can't find this, you haven't done it.
(02:32):
Then, well, it was done nearly two weeks ago, so, you know.
Mm-hmm.
But yeah, that's a little PSA for everybody.
We still have a week to go in Floridian tax season.
(02:53):
If you guys still need help with taxes like my friend did last night when I blocked andfouled him on the basketball court, which was funny, then you guys can just go to
peacelovebiz.com.
Peace, L-U-V-B-I-Z.com.
send us a message, we'll take care of you and it's never too late.
(03:13):
Well, it kind of is too late sometimes to file taxes, but you just be in trouble at thatpoint.
So yeah, get with us and we can help you basically.
ah
Mary?
No, I said absolutely.
Sorry.
I'm just, I'm this, oh, I'm this tired.
(03:36):
Like I think anybody listening or watching is gonna be like, what is wrong with her?
This is me exhausted.
We're still doing it because you you gotta show up and do what you gotta do, but anexhausted style.
there's no crying in baseball, Mary.
Oh, gosh.
(04:01):
OK.
And which is ironic, again, I keep saying that a lot lately.
I need to figure that out.
I was talking today to somebody about hitting singles and doubles and not aiming for homeruns because you've got to work on the technique and doing going through the process.
Hmm
And that's really all we can do is just do things one thing at a time, take it task bytask, and that's the only way you can get through it.
(04:29):
Which leads us nicely onto shiny object syndrome, as I'm calling it.
Because we often, in our business, have projects that we think of, and it's like, oh, thisis going to be amazing, this is going to be great.
And what we have done between you and me, Mary, is figured out, this is going to have towait until X date because of resources, time, money, whatever it is.
(04:59):
And we've got that in our heads.
We know what we're doing with that.
So but other people in our experience, and I'm thinking about one one person inparticular.
sees the next project as the next big thing and they focus so much energy and time intothat that it is detrimental to their bottom line because what they were doing that works
(05:28):
is put on the back burner.
Uh
So, you've not to say that you're older, but you're older than me.
You've seen more of this in business.
So, is there anything that you've seen with us or with another company where you'verealized that they were chasing too many ideas at once?
(05:54):
And you've seen like a massive, massive impact to their business?
that we can think of.
I...
There is...
It's usually people that just want to be able to have things they can't afford live beyondtheir means.
(06:19):
So they're constantly creating other ways to bring in revenue.
And they think that's the answer.
And it's not like in business, you need strategic growth.
need, know, we have
You and I don't live any crazy lifestyle.
(06:41):
We live within our means, but we want to do these things because we see how it can helpgrow our company and grow our clients companies with what we come up with.
These other people come up with stuff really that I've seen in my.
(07:02):
My 15 years as being self employed was my own company.
30 years working is that people are usually coming up with it because they're trying toafford a lifestyle that they can't afford.
Yeah.
I didn't even think about that.
That was wild.
(07:23):
I've come up with this topic and I'm like, my God, I didn't even think of that part.
But that's so right.
goes back to like every episode we constantly say, do what you love.
mean, do what you love.
Yeah.
Like even our, even with our different ideas that we have in our pipeline, it's still allcome back to, to us having the right people in those places that do it.
(07:52):
It's not like I'm going to be doing that stuff.
I'm still going to be doing accounting.
That's it.
Like,
You know, yeah, it's ours and it'll be our idea and our product or our, you know, revenuestream.
But it's not to afford some, it's not so that we can eat out three times a day or evenonce a day.
It's, it's, you know, that's the, that's a really big, big pet peeve of mine is peoplejust not cooking at home, like needing to go out every day and eat like that in and of
(08:24):
itself.
It's like,
And the food is so bad for you.
It's like, there's nothing healthy about any of it.
I told you what I did last week with my DoorDash situation.
was exhausted and was looking at DoorDash and they were charging me an extra $40 for a $20meal.
(08:46):
It was coming out to $60 for one person.
I'm like, yeah, we are not doing that.
And yeah, that was...
I mean people get away with it because they are lazy and they do want to not do what'sbest.
Bye.
you you want them.
(09:06):
they can't afford and, you know, do this.
I they're just live within your means, like...
Well, to that end though, if somebody is running a successful business, how, how, and youknow, say they've got multiple arms and multiple services that they offer, like how would,
(09:31):
how would they go about identifying?
And I have, I've been talking to a lot of people about this this week.
How do they identify what service is actually the most profitable and
makes them the most revenue.
And what I've been kind of looking at is how do they get those either clients or how dothey get that stream of income.
(09:57):
Because you really want to pour gas or it's in people in the UK that ever listens to thisor they want to put petrol on what works because that's what's on fire.
You want the biggest fire possible.
Right.
They've got to know, like they've, can't just be dumping everything into sales.
(10:22):
If they have multiple arms, they should be, they should be, you know, having theaccounting services, um categorizing that accordingly.
So if you have a location and, you know, Tampa and then one in DC and one in Las Vegas andone in New York for us, for example, then we're, we have five different locations.
(10:46):
We're looking at those five different areas.
We're looking at, you know, you're looking at all that stuff and then you're alsoexpensing according to it.
So you can see which is more cost effective.
You know, I remember in college when I was doing account when we were studying accountingwith marketing.
(11:09):
Marketing is a huge part of this and you know this because this is what you do is that.
Now this is way back when I don't know any more food prices because they're insane in theUS.
But once upon a time, ah ketchup, mayonnaise, mustard, those were super cheap to make.
(11:30):
But you made the margin up for not making as much in beef by selling the condiments.
Um, and hotels and hotels, most hotels in the ones I worked in, the restaurant and barscome either close to breaking even and sometimes losing money.
(11:55):
Like the very high end restaurants normally lose money.
Well, why do they do that?
Well, they provide it in the hotel and they make it up on the room end.
So.
The rooms, I I worked at Ritz-Carlton.
The rooms can go for easily a grand a night.
It doesn't cost the Ritz-Carlton a grand a night for each room.
(12:17):
The cost is like, I'm making up a number now, but let's say it's 200 bucks.
You know, when you take all the fixed invariable costs against that, so you know you'remaking all the money up in all the rooms.
That's a great example.
um
it may cost you to have a small location.
That small location may be costing you, but it may be just the only reason why you'remaking money in another place so much, because you have the availability of both.
(12:50):
So long as one is compensating for it, great.
But if it's literally not helping you grow, then there's your mistake.
Yeah.
And that's great point because you want to put your energy into the stuff that's going tohelp you grow.
And if it is that you're allocating resources to the wrong area, you're just going tostunt your growth.
(13:18):
There's no other way of putting it, really.
I did it.
Before you came along, I did it.
I didn't have, and I didn't realize it.
That's the worst part.
I needed more, I needed you, obviously, but I needed more people that I could train to bemore like me as well.
And when we did that switch on everything, boom, everything started to turn around.
(13:44):
Yeah.
I would say you were a lot less stressed, then tax season hit.
yeah.
Cause, cause really you, were, you were a different person.
Um, because of that shift in resource and, and yeah, we, found what I would call mini Maryalmost.
(14:07):
Um, but okay.
So we've identified.
that people need to focus on what works the best.
how financially can you figure out, you mentioned about the accountant categorizing andallocating that in the right way from a revenue perspective.
(14:33):
What kind of, how would people assess the profitability like revenue versus margin, know,retention and, you know, aligning it with long-term business goals.
Well, I mean, you need to start with reviewing your financials, knowing where they'relocated.
That helps.
(14:58):
know, listen to me, we let people know, listen, you're doing you're not on point with thisor this is not effective or, you know, um when we review the financials, listen to us, we
kind of know what we're doing.
You know, I think that's really important.
(15:19):
They want to be looking at the other thing is we for whatever reason, this is popping inmy head, but you have well, OK, so we have a lot of food foodies on our clients.
We also have a lot of spa med spa stuff and the med spa, of course, salons, uh thedermatology, all that they.
(15:42):
But lifts, they sell product as well.
So they sell lotions and they sell vitamins and they sell those products.
This time more than ever, people need to be aware of what's going on.
Tariffs, people, tariffs.
Let me explain tariffs really simply.
(16:03):
We are paying tariffs every time President Trump says, well, now the tariffs going to be145%.
and then China goes, well, yours is going to be 175%.
When China says we're paying more, you are paying more.
You, the American consumer business person, when you're ordering your product from othercountries and you receive it, that product now has 175 % tax on it.
(16:37):
It is literally killing small businesses right now.
So that's where this is super important on really knowing what's working because thingsare not gonna be cheap unless it turns around.
Yeah, I know, okay, we're not gonna tax this.
Now we are gonna tax this.
We're not gonna tax this.
(16:58):
Now we're gonna tax some, listen.
ah
tariffs do not solve the problem.
I literally paused a minute because in my head I was saying it Spanish and then I realizedthat I couldn't say it in Spanish because nobody would understand.
Well, not everybody, but most people would be like, what is she talking about?
(17:21):
So yeah, but I mean, that's one thing with there was a there was a guy in New York City.
I don't even know what it was, but he bought something and when he received it, he
he basically is gonna end up going out of business.
Because of when he ordered it, there was no tariffs.
When he got it.
(17:43):
when they received it at the dock because they're shipping it.
So freight, got to take into freight.
You know, all that.
to 8 weeks to get over the Pacific and into the port.
by the time he got it, like it was triple the amount that he originally was quoting, wasquoted because taxes.
(18:06):
that point, you can't exactly turn it away.
He's gotta eat it, unfortunately.
Yeah, because I mean, depending on their terms, most of them is freight on board atShipPoint.
And if you're freight on board at ShipPoint, that means you own the product once it leavesthe port.
And if you own the product once it leaves the port, you've got to pay for it.
(18:31):
Yep.
Well, and you touched on it a little bit earlier.
But what role does a CFO play in helping companies to shift the focus?
Like you said, reviewing financials and we've talked to people about cost of goods sold.
We've talked about, you know, retention, employees estimates, all the different processes.
(18:55):
Like what role do you play in that that type of thing?
Well, I mean, pretty significant.
you it's because and you do too, I think because we sit and we meet with our clients, wemet with one client um this past month, and it was, you know, she's concerned because of
(19:15):
the spending is down, people are taking longer times to make appointments at the salon,stretching out.
And so we, we sat down and we just, it was more than just financials.
And I think that's
That is, don't think I know that's a key difference with how we approach this is we sitdown and we go.
(19:36):
What's your dream?
What's your dream?
We did it this past week with uh a new person.
What's your dream?
Where do you want to see it?
And we sit down and we start mapping it out, building out.
OK, so this is what this looks like.
And then you start bringing in the finances because then you go, OK.
(19:56):
Well, then you have this.
You have a retail space.
This part is service.
This part is retail.
This part is other vendors.
And you start mapping it out and you can start seeing the vision come together.
But then you can also start seeing all the revenue potential.
(20:17):
And that's what makes a difference is we don't just go, well, you need to know where yourfinancials are.
Look at your financials the way I look at your financials, but also let's meet andstrategize on what's working and what's not and where do you want to end up?
And if you want to end up three miles from here and you're still here in spot A, startwalking.
(20:40):
Yeah.
Well, and the realization for that person, the first one you were talking about of, wow, Ican look at opening a space, having people work under me and sell product and all of that,
the light bulb went off and yes, there's a lot of work to do, but it's more within reachthan she realized.
(21:02):
And that was, that was like a heartwarming moment for me.
I'm like, this is why we do this.
Like.
Yep.
When we get there, obviously, if we get there, because there's a lot to do, but it's notall doom and gloom with numbers and that's why I love what we do.
(21:22):
I tell people every day that I get to be really creative in what I do, which seems to beunique for an accounting firm.
you
But what's scary is I feel like this should be the norm.
It's not just black and white.
you have literally said this to people.
(21:45):
If you're looking for a transactional relationship, that's fine.
It's just not with us.
We do not do transactional relationships.
We just don't.
You and I are just not those people.
I think I like talking too much.
I know you don't, but...
I don't like talking.
I don't...
It's funny.
I mean...
(22:05):
m
This is the most I talk at all, is like this, but I don't like talking in general.
you're really good with the people that you know and you learn to love.
And honestly, you talk quite a lot with our clients.
You know, when you get to know them, they basically become part of our extended family.
(22:27):
So you do end up talking with them a lot.
But to the outside world, yeah, you...
I've been told that I'm an outgoing introvert, which is kind of funny.
of people think I'm an extrovert.
I thought I was an extrovert.
I'm not.
I'm a total introvert.
Total introvert.
(22:49):
I think I have to be an extrovert, but I also know when I need my time to kind of stepback and go.
But that's a really good point that we look at and that's why we call ourselves theholistic accounting firm because we do look at the entire picture for the business.
(23:09):
It's not just the accounting.
em So once you've once we've discussed once we've.
You know strategized well I guess that's the next part is how do we strategize what typeof things are we looking at?
To me we're looking at time, we're looking at do we have to expand the team, do we needdifferent marketing, and we've just done it ourselves.
(23:36):
We were looking at some different avenues and I finally got a Kayla, so I'm really excitedabout that.
I might start growing my hair again, I don't know.
But Kayla's gonna be taking care of a lot of my marketing tasks that I don't.
(23:56):
quite frankly have time for that's probably taking away from honestly business growth yeahso evaluating the cost of the salary and the time of training and all the the mental
(24:16):
resources that we're gonna have to do to put into bringing on on Kayla it's gonna be worthit because now I can go and
Talk to more clients, meet more people, develop better relationships.
And that's some of the strategizing that you have to do.
Sometimes you have to do it before you're not ready.
(24:40):
I was talking to somebody this week.
They brought on a sales rep.
We don't know if it's...
I say we don't know if it's working, I'm trying to be kind there.
We don't think it's working.
It's not working.
Look at me trying to give somebody the benefit of the doubt, who knew?
(25:03):
But essentially it was, okay, do you want to do A, B or C?
And when he looked at the overall picture, it was like, okay, I've got this coming up.
So I'm gonna have to truly think about the impact of keeping this unproductive salespersonon staff.
(25:26):
And that's the harsh reality of it.
uh
The thing is, in business and personal life, it's hard making those, it is very hard ingeneral for people to make hard decisions.
But do you want an easy life or do you want a hard life?
(25:50):
Because making hard decisions will give you an easy life.
Yeah.
Absolutely.
It will give you an easy life.
Like, I am stressed because of some things going on, but I'd rather feel sick for a coupledays than be miserable for six months.
(26:12):
So what?
mean, the same thing.
Would you rather entertain this person because you like them?
Dude, if you die tomorrow, they don't fucking care.
That sounds person does not care if you drop dead tomorrow.
So why would you entertain employing somebody who's not doing the job?
(26:36):
To me, I agree.
The other thing is...
People delay these decisions because they are too emotionally invested.
They sometimes need that outside perspective to say, dude, it is not working, you gottacut the rope.
And yes, you can give somebody enough rope to hang themselves, and that can be a goodthing because it just proves that, yes, it's a bad decision, you gotta cut ties.
(27:05):
But you're just delaying the inevitable.
Like to be scared to make that decision, get a set of balls.
Get a set.
That's ridiculous.
To me, you're just being a coward.
You're being a coward.
Show up.
Show up.
Do better.
Do what you gotta do.
I think that's a little harsh.
(27:27):
Personally, I agree that they've just got to do it.
But to me, the emotional part of it of...
caring too much about the people to the detriment.
I know that that's me.
But I've also...
I also know that and you've seen me just completely execute and cut the cord.
(27:49):
I did it last year or the year before.
I've done it previously and it's like...
You can...
different than when I first met you as far as tolerance.
And I'm not saying fire a client.
I'm saying if our clients have employees that aren't working, you've got to get rid ofthem.
And if you don't want to, I'll be more than happy to.
(28:12):
I have no problem firing people.
I once, a manager, fired...
I had to tell a guy he had horrible body odor and he worked at the front desk and hestunk.
And I just pulled him aside and I went...
(28:33):
Person X, I don't remember his last name, but I definitely remember his first name.
I was like, dude, so I don't know what's going on.
I hope you're showering every day and I hope you're bathing yourself, but you havehorrible body odor.
And I can't have you working at the front desk because you stink.
And that's the reality of it.
(28:54):
Does everybody like that I'm so straightforward?
No.
But you know what?
My life is a whole lot easier being so straightforward.
How many people in the last two months have thanked you and me for Arkanda?
Like, being straight up and honest with them, like, my god I needed that.
And sometimes they do need that harsh wake up, but...
(29:15):
Yeah.
yeah!
not a lot of, there's not a ton of people that see it, but I can be super soft when I wantto be.
And when, when the situation asks for it, that's important.
Like read the room.
You know, one, one thing is I always hear about, okay.
(29:38):
Pope Francis died.
Yes, Pope Francis died.
It is a sad day.
Somebody died.
He was 88.
You had a full innings.
You had a full innings.
yeah, he got all the innings.
Like, please stop.
But if somebody went, hey, Mary, I can't work today because their sister died, whateverhappened, I would have empathy for that.
(30:03):
Total empathy for that.
Is my little story, I don't compare my story, but I also don't want to hear everybodyaround the world crying and losing their minds because an 88 year old man died.
Holy how!
And that goes for, it's not just Pope Francis.
God, that's my dad.
(30:24):
When my dad died, I didn't shut his ear.
It's like...
I think I shed one or two tears.
Cause I was like, dude, she was 86.
Yeah, she...
Well, yeah, I had to drive to Miami and nearly killed myself doing it.
For a passport.
But yeah, obviously I was sad.
was...
Yeah, I...
(30:44):
No, I...
Yeah.
Mary, keep me awake.
Oh no, I'm drifting.
But yeah, mean, yes, those things are sad, but read the room.
yeah, somebody, you know, a kid passes away, obviously I'm the first person to haveempathy for that.
But I mean, it applies to any scenario.
(31:06):
So if somebody's having a hell of a week and they're letting you know that
Maybe not rip into them.
Be kind to them.
But for the love of God, sometimes you just gotta be honest with it.
And if it's costing your business money, and that's a big thing for me, if you are beingkind and it's costing you money because you don't wanna be directing, you don't wanna make
(31:34):
that decision, you are a detriment to your own business.
So then guess what?
You make sure somebody like me is involved, and I'll do it.
I have no problem doing the hard stuff.
The CFO, the fractional CFO, whoever it is, the controller will quite, if they have thatright, if they're the right person for the job, they will tell that business owner, this
(31:59):
is what you've got to do because these are the facts.
Like that is where it is black and white.
And that's a nice transition because I know we're wrapping up, but realistically,
If you know there's a problem, if you do have another project, you have that financialperson.
(32:27):
Go get that opinion.
Go get that second opinion from somebody.
Because the last thing you want to do is go take out a loan, take out financing, go buy ahouse.
Go start a new project that you can't afford.
And then you're, well, you mentioned the tariff guy.
It's the same kind of thing, obviously that guy couldn't help it, but you know, you don'twant to be blindsided and that's where having a fractional CFO or you know, that kind of
(32:57):
person in that role can really save a business.
um
Some CEOs and some business owners are so narcissistic and in their own head.
Sometimes they have to be because it does take that personality a lot of the time.
But they have to get out of their own way.
(33:18):
And that's where Mary comes in a lot of the time.
And that's where I come in and we strategize.
If you guys are interested in getting your own kind of blueprint and getting some clarity.
instead of chaos, then reach out to us, go to the website, schedule a meeting, we'llhappily talk through the situation and try and get you to where you want to be.
(33:45):
You guys have dreams and stuff out there, we're just here to give you the train tracks.
So, yeah.
Couldn't have said it better.
Yeah.
Last thing I want to ask people is take a look at what you're doing right now and askyourselves what is really making me money?
(34:06):
What is most profitable?
What are you putting too much time into a certain service area that detracts from yourrevenue generation?
Or are you doing something that you just physically feel sick over and hate?
that in a reflection.
(34:29):
take that minute also to think, do I like what I'm doing?
If you don't change it up, figure it out.
Take a minute.
Think about what you really want to do and talk with us.
We'll figure out a way to make, have you make money from it.
My last thing then, I always said to people, I hate sales, but I'm really good at it.
(34:53):
And what I literally just realized is that I'm no longer doing sales, even though my maingoal is revenue generation, because I'm developing relationships.
am finding people that want to work with us and I'm not selling.
People come and buy from us now, essentially, because
(35:15):
of what I'm doing I don't I no longer hate what I do in having to go and chase and harryand which you know you have to do occasionally but like I no longer feel sick when I get
up in the morning because of what I've got to do and that's massive so any final thoughtsMary
(35:37):
No, people take my, I'm taking my own advice.
Start listening to yourself when your body needs a break, take a break.
Yeah, or go and play basketball and make yourself feel worse.
Me and my claw hand are gonna go and wave everybody goodbye.
(35:57):
I hurt my...
Somebody blocked a shot and busted my fingers.
But it didn't stop me from shooting again.
That's the main thing.
Till next time guys.
Have a wonderful, peaceful week.
(36:18):
and go share us, go talk to other people about this.
You don't have to talk to us, just talk to somebody about it.
until the next time guys, have a great week.
Thank you.
Hey guys, Steve Higgins your host of Peace Love Biz here for another fantastic amazingepisode and I'm glad to have you all here today with Mary who is surviving barely but
we're clinging on to the seat of our pants with I guess the back end of tax season whichwill be a tax season but how are you Mary?
(00:26):
I'm doing okay.
Yeah, I'm just getting there, taking a day at a time.
Taking my own advice.
I'm taking my own advice, which is hard to do, because I like to just work, but my body isnot into it right now.
My body is really like, lady, we need a break.
(00:47):
Well, it's ironic that we did last week's episode on how do you rest while working andthen all of the immense pressure has just kind of fallen on top of us.
And it's like, my gosh.
It's a good way to put it, too.
Yeah.
Like it just collapsed on top of us, both of us were just...
(01:09):
Physically, I'm physically ill from being so exhausted, so...
Yeah, and I'm just stupid because I was sick yesterday and then I decided to go and playbasketball because, you I'm a sadist apparently.
I mean, but I think the first thing we really want to dive into and today's topic istalking about shiny objects and shiny object syndrome and how detrimental it can be.
(01:40):
and how do you refocus but the first kind of PSA that we wanted to broadcast is aboutpeople coming to us and saying hey where is my stuff it's likely it's already there you're
just not looking for it little common sense goes a really long way and we don't need thatnegative energy on us so please go and try and find it yourself or ask
(02:10):
you know, in a nice way, not a...
accusatory way of saying where is my stuff.
Yeah.
em So, you know, if you've got monthly reporting, for example, and you don't know where itis, just ask.
Don't say, hey, I can't find this, you haven't done it.
(02:32):
Then, well, it was done nearly two weeks ago, so, you know.
Mm-hmm.
But yeah, that's a little PSA for everybody.
We still have a week to go in Floridian tax season.
(02:53):
If you guys still need help with taxes like my friend did last night when I blocked andfouled him on the basketball court, which was funny, then you guys can just go to
peacelovebiz.com.
Peace, L-U-V-B-I-Z.com.
send us a message, we'll take care of you and it's never too late.
(03:13):
Well, it kind of is too late sometimes to file taxes, but you just be in trouble at thatpoint.
So yeah, get with us and we can help you basically.
ah
Mary?
No, I said absolutely.
Sorry.
I'm just, I'm this, oh, I'm this tired.
(03:36):
Like I think anybody listening or watching is gonna be like, what is wrong with her?
This is me exhausted.
We're still doing it because you you gotta show up and do what you gotta do, but anexhausted style.
there's no crying in baseball, Mary.
Oh, gosh.
(04:01):
OK.
And which is ironic, again, I keep saying that a lot lately.
I need to figure that out.
I was talking today to somebody about hitting singles and doubles and not aiming for homeruns because you've got to work on the technique and doing going through the process.
Hmm
And that's really all we can do is just do things one thing at a time, take it task bytask, and that's the only way you can get through it.
(04:29):
Which leads us nicely onto shiny object syndrome, as I'm calling it.
Because we often, in our business, have projects that we think of, and it's like, oh, thisis going to be amazing, this is going to be great.
And what we have done between you and me, Mary, is figured out, this is going to have towait until X date because of resources, time, money, whatever it is.
(04:59):
And we've got that in our heads.
We know what we're doing with that.
So but other people in our experience, and I'm thinking about one one person inparticular.
sees the next project as the next big thing and they focus so much energy and time intothat that it is detrimental to their bottom line because what they were doing that works
(05:28):
is put on the back burner.
Uh
So, you've not to say that you're older, but you're older than me.
You've seen more of this in business.
So, is there anything that you've seen with us or with another company where you'verealized that they were chasing too many ideas at once?
(05:54):
And you've seen like a massive, massive impact to their business?
that we can think of.
I...
There is...
It's usually people that just want to be able to have things they can't afford live beyondtheir means.
(06:19):
So they're constantly creating other ways to bring in revenue.
And they think that's the answer.
And it's not like in business, you need strategic growth.
need, know, we have
You and I don't live any crazy lifestyle.
(06:41):
We live within our means, but we want to do these things because we see how it can helpgrow our company and grow our clients companies with what we come up with.
These other people come up with stuff really that I've seen in my.
(07:02):
My 15 years as being self employed was my own company.
30 years working is that people are usually coming up with it because they're trying toafford a lifestyle that they can't afford.
Yeah.
I didn't even think about that.
That was wild.
(07:23):
I've come up with this topic and I'm like, my God, I didn't even think of that part.
But that's so right.
goes back to like every episode we constantly say, do what you love.
mean, do what you love.
Yeah.
Like even our, even with our different ideas that we have in our pipeline, it's still allcome back to, to us having the right people in those places that do it.
(07:52):
It's not like I'm going to be doing that stuff.
I'm still going to be doing accounting.
That's it.
Like,
You know, yeah, it's ours and it'll be our idea and our product or our, you know, revenuestream.
But it's not to afford some, it's not so that we can eat out three times a day or evenonce a day.
It's, it's, you know, that's the, that's a really big, big pet peeve of mine is peoplejust not cooking at home, like needing to go out every day and eat like that in and of
(08:24):
itself.
It's like,
And the food is so bad for you.
It's like, there's nothing healthy about any of it.
I told you what I did last week with my DoorDash situation.
was exhausted and was looking at DoorDash and they were charging me an extra $40 for a $20meal.
(08:46):
It was coming out to $60 for one person.
I'm like, yeah, we are not doing that.
And yeah, that was...
I mean people get away with it because they are lazy and they do want to not do what'sbest.
Bye.
you you want them.
(09:06):
they can't afford and, you know, do this.
I they're just live within your means, like...
Well, to that end though, if somebody is running a successful business, how, how, and youknow, say they've got multiple arms and multiple services that they offer, like how would,
(09:31):
how would they go about identifying?
And I have, I've been talking to a lot of people about this this week.
How do they identify what service is actually the most profitable and
makes them the most revenue.
And what I've been kind of looking at is how do they get those either clients or how dothey get that stream of income.
(09:57):
Because you really want to pour gas or it's in people in the UK that ever listens to thisor they want to put petrol on what works because that's what's on fire.
You want the biggest fire possible.
Right.
They've got to know, like they've, can't just be dumping everything into sales.
(10:22):
If they have multiple arms, they should be, they should be, you know, having theaccounting services, um categorizing that accordingly.
So if you have a location and, you know, Tampa and then one in DC and one in Las Vegas andone in New York for us, for example, then we're, we have five different locations.
(10:46):
We're looking at those five different areas.
We're looking at, you know, you're looking at all that stuff and then you're alsoexpensing according to it.
So you can see which is more cost effective.
You know, I remember in college when I was doing account when we were studying accountingwith marketing.
(11:09):
Marketing is a huge part of this and you know this because this is what you do is that.
Now this is way back when I don't know any more food prices because they're insane in theUS.
But once upon a time, ah ketchup, mayonnaise, mustard, those were super cheap to make.
(11:30):
But you made the margin up for not making as much in beef by selling the condiments.
Um, and hotels and hotels, most hotels in the ones I worked in, the restaurant and barscome either close to breaking even and sometimes losing money.
(11:55):
Like the very high end restaurants normally lose money.
Well, why do they do that?
Well, they provide it in the hotel and they make it up on the room end.
So.
The rooms, I I worked at Ritz-Carlton.
The rooms can go for easily a grand a night.
It doesn't cost the Ritz-Carlton a grand a night for each room.
(12:17):
The cost is like, I'm making up a number now, but let's say it's 200 bucks.
You know, when you take all the fixed invariable costs against that, so you know you'remaking all the money up in all the rooms.
That's a great example.
um
it may cost you to have a small location.
That small location may be costing you, but it may be just the only reason why you'remaking money in another place so much, because you have the availability of both.
(12:50):
So long as one is compensating for it, great.
But if it's literally not helping you grow, then there's your mistake.
Yeah.
And that's great point because you want to put your energy into the stuff that's going tohelp you grow.
And if it is that you're allocating resources to the wrong area, you're just going tostunt your growth.
(13:18):
There's no other way of putting it, really.
I did it.
Before you came along, I did it.
I didn't have, and I didn't realize it.
That's the worst part.
I needed more, I needed you, obviously, but I needed more people that I could train to bemore like me as well.
And when we did that switch on everything, boom, everything started to turn around.
(13:44):
Yeah.
I would say you were a lot less stressed, then tax season hit.
yeah.
Cause, cause really you, were, you were a different person.
Um, because of that shift in resource and, and yeah, we, found what I would call mini Maryalmost.
(14:07):
Um, but okay.
So we've identified.
that people need to focus on what works the best.
how financially can you figure out, you mentioned about the accountant categorizing andallocating that in the right way from a revenue perspective.
(14:33):
What kind of, how would people assess the profitability like revenue versus margin, know,retention and, you know, aligning it with long-term business goals.
Well, I mean, you need to start with reviewing your financials, knowing where they'relocated.
That helps.
(14:58):
know, listen to me, we let people know, listen, you're doing you're not on point with thisor this is not effective or, you know, um when we review the financials, listen to us, we
kind of know what we're doing.
You know, I think that's really important.
(15:19):
They want to be looking at the other thing is we for whatever reason, this is popping inmy head, but you have well, OK, so we have a lot of food foodies on our clients.
We also have a lot of spa med spa stuff and the med spa, of course, salons, uh thedermatology, all that they.
(15:42):
But lifts, they sell product as well.
So they sell lotions and they sell vitamins and they sell those products.
This time more than ever, people need to be aware of what's going on.
Tariffs, people, tariffs.
Let me explain tariffs really simply.
(16:03):
We are paying tariffs every time President Trump says, well, now the tariffs going to be145%.
and then China goes, well, yours is going to be 175%.
When China says we're paying more, you are paying more.
You, the American consumer business person, when you're ordering your product from othercountries and you receive it, that product now has 175 % tax on it.
(16:37):
It is literally killing small businesses right now.
So that's where this is super important on really knowing what's working because thingsare not gonna be cheap unless it turns around.
Yeah, I know, okay, we're not gonna tax this.
Now we are gonna tax this.
We're not gonna tax this.
(16:58):
Now we're gonna tax some, listen.
ah
tariffs do not solve the problem.
I literally paused a minute because in my head I was saying it Spanish and then I realizedthat I couldn't say it in Spanish because nobody would understand.
Well, not everybody, but most people would be like, what is she talking about?
(17:21):
So yeah, but I mean, that's one thing with there was a there was a guy in New York City.
I don't even know what it was, but he bought something and when he received it, he
he basically is gonna end up going out of business.
Because of when he ordered it, there was no tariffs.
When he got it.
(17:43):
when they received it at the dock because they're shipping it.
So freight, got to take into freight.
You know, all that.
to 8 weeks to get over the Pacific and into the port.
by the time he got it, like it was triple the amount that he originally was quoting, wasquoted because taxes.
(18:06):
that point, you can't exactly turn it away.
He's gotta eat it, unfortunately.
Yeah, because I mean, depending on their terms, most of them is freight on board atShipPoint.
And if you're freight on board at ShipPoint, that means you own the product once it leavesthe port.
And if you own the product once it leaves the port, you've got to pay for it.
(18:31):
Yep.
Well, and you touched on it a little bit earlier.
But what role does a CFO play in helping companies to shift the focus?
Like you said, reviewing financials and we've talked to people about cost of goods sold.
We've talked about, you know, retention, employees estimates, all the different processes.
(18:55):
Like what role do you play in that that type of thing?
Well, I mean, pretty significant.
you it's because and you do too, I think because we sit and we meet with our clients, wemet with one client um this past month, and it was, you know, she's concerned because of
(19:15):
the spending is down, people are taking longer times to make appointments at the salon,stretching out.
And so we, we sat down and we just, it was more than just financials.
And I think that's
That is, don't think I know that's a key difference with how we approach this is we sitdown and we go.
(19:36):
What's your dream?
What's your dream?
We did it this past week with uh a new person.
What's your dream?
Where do you want to see it?
And we sit down and we start mapping it out, building out.
OK, so this is what this looks like.
And then you start bringing in the finances because then you go, OK.
(19:56):
Well, then you have this.
You have a retail space.
This part is service.
This part is retail.
This part is other vendors.
And you start mapping it out and you can start seeing the vision come together.
But then you can also start seeing all the revenue potential.
(20:17):
And that's what makes a difference is we don't just go, well, you need to know where yourfinancials are.
Look at your financials the way I look at your financials, but also let's meet andstrategize on what's working and what's not and where do you want to end up?
And if you want to end up three miles from here and you're still here in spot A, startwalking.
(20:40):
Yeah.
Well, and the realization for that person, the first one you were talking about of, wow, Ican look at opening a space, having people work under me and sell product and all of that,
the light bulb went off and yes, there's a lot of work to do, but it's more within reachthan she realized.
(21:02):
And that was, that was like a heartwarming moment for me.
I'm like, this is why we do this.
Like.
Yep.
When we get there, obviously, if we get there, because there's a lot to do, but it's notall doom and gloom with numbers and that's why I love what we do.
(21:22):
I tell people every day that I get to be really creative in what I do, which seems to beunique for an accounting firm.
you
But what's scary is I feel like this should be the norm.
It's not just black and white.
you have literally said this to people.
(21:45):
If you're looking for a transactional relationship, that's fine.
It's just not with us.
We do not do transactional relationships.
We just don't.
You and I are just not those people.
I think I like talking too much.
I know you don't, but...
I don't like talking.
I don't...
It's funny.
I mean...
(22:05):
m
This is the most I talk at all, is like this, but I don't like talking in general.
you're really good with the people that you know and you learn to love.
And honestly, you talk quite a lot with our clients.
You know, when you get to know them, they basically become part of our extended family.
(22:27):
So you do end up talking with them a lot.
But to the outside world, yeah, you...
I've been told that I'm an outgoing introvert, which is kind of funny.
of people think I'm an extrovert.
I thought I was an extrovert.
I'm not.
I'm a total introvert.
Total introvert.
(22:49):
I think I have to be an extrovert, but I also know when I need my time to kind of stepback and go.
But that's a really good point that we look at and that's why we call ourselves theholistic accounting firm because we do look at the entire picture for the business.
(23:09):
It's not just the accounting.
em So once you've once we've discussed once we've.
You know strategized well I guess that's the next part is how do we strategize what typeof things are we looking at?
To me we're looking at time, we're looking at do we have to expand the team, do we needdifferent marketing, and we've just done it ourselves.
(23:36):
We were looking at some different avenues and I finally got a Kayla, so I'm really excitedabout that.
I might start growing my hair again, I don't know.
But Kayla's gonna be taking care of a lot of my marketing tasks that I don't.
(23:56):
quite frankly have time for that's probably taking away from honestly business growth yeahso evaluating the cost of the salary and the time of training and all the the mental
(24:16):
resources that we're gonna have to do to put into bringing on on Kayla it's gonna be worthit because now I can go and
Talk to more clients, meet more people, develop better relationships.
And that's some of the strategizing that you have to do.
Sometimes you have to do it before you're not ready.
(24:40):
I was talking to somebody this week.
They brought on a sales rep.
We don't know if it's...
I say we don't know if it's working, I'm trying to be kind there.
We don't think it's working.
It's not working.
Look at me trying to give somebody the benefit of the doubt, who knew?
(25:03):
But essentially it was, okay, do you want to do A, B or C?
And when he looked at the overall picture, it was like, okay, I've got this coming up.
So I'm gonna have to truly think about the impact of keeping this unproductive salespersonon staff.
(25:26):
And that's the harsh reality of it.
uh
The thing is, in business and personal life, it's hard making those, it is very hard ingeneral for people to make hard decisions.
But do you want an easy life or do you want a hard life?
(25:50):
Because making hard decisions will give you an easy life.
Yeah.
Absolutely.
It will give you an easy life.
Like, I am stressed because of some things going on, but I'd rather feel sick for a coupledays than be miserable for six months.
(26:12):
So what?
mean, the same thing.
Would you rather entertain this person because you like them?
Dude, if you die tomorrow, they don't fucking care.
That sounds person does not care if you drop dead tomorrow.
So why would you entertain employing somebody who's not doing the job?
(26:36):
To me, I agree.
The other thing is...
People delay these decisions because they are too emotionally invested.
They sometimes need that outside perspective to say, dude, it is not working, you gottacut the rope.
And yes, you can give somebody enough rope to hang themselves, and that can be a goodthing because it just proves that, yes, it's a bad decision, you gotta cut ties.
(27:05):
But you're just delaying the inevitable.
Like to be scared to make that decision, get a set of balls.
Get a set.
That's ridiculous.
To me, you're just being a coward.
You're being a coward.
Show up.
Show up.
Do better.
Do what you gotta do.
I think that's a little harsh.
(27:27):
Personally, I agree that they've just got to do it.
But to me, the emotional part of it of...
caring too much about the people to the detriment.
I know that that's me.
But I've also...
I also know that and you've seen me just completely execute and cut the cord.
(27:49):
I did it last year or the year before.
I've done it previously and it's like...
You can...
different than when I first met you as far as tolerance.
And I'm not saying fire a client.
I'm saying if our clients have employees that aren't working, you've got to get rid ofthem.
And if you don't want to, I'll be more than happy to.
(28:12):
I have no problem firing people.
I once, a manager, fired...
I had to tell a guy he had horrible body odor and he worked at the front desk and hestunk.
And I just pulled him aside and I went...
(28:33):
Person X, I don't remember his last name, but I definitely remember his first name.
I was like, dude, so I don't know what's going on.
I hope you're showering every day and I hope you're bathing yourself, but you havehorrible body odor.
And I can't have you working at the front desk because you stink.
And that's the reality of it.
(28:54):
Does everybody like that I'm so straightforward?
No.
But you know what?
My life is a whole lot easier being so straightforward.
How many people in the last two months have thanked you and me for Arkanda?
Like, being straight up and honest with them, like, my god I needed that.
And sometimes they do need that harsh wake up, but...
(29:15):
Yeah.
yeah!
not a lot of, there's not a ton of people that see it, but I can be super soft when I wantto be.
And when, when the situation asks for it, that's important.
Like read the room.
You know, one, one thing is I always hear about, okay.
(29:38):
Pope Francis died.
Yes, Pope Francis died.
It is a sad day.
Somebody died.
He was 88.
You had a full innings.
You had a full innings.
yeah, he got all the innings.
Like, please stop.
But if somebody went, hey, Mary, I can't work today because their sister died, whateverhappened, I would have empathy for that.
(30:03):
Total empathy for that.
Is my little story, I don't compare my story, but I also don't want to hear everybodyaround the world crying and losing their minds because an 88 year old man died.
Holy how!
And that goes for, it's not just Pope Francis.
God, that's my dad.
(30:24):
When my dad died, I didn't shut his ear.
It's like...
I think I shed one or two tears.
Cause I was like, dude, she was 86.
Yeah, she...
Well, yeah, I had to drive to Miami and nearly killed myself doing it.
For a passport.
But yeah, obviously I was sad.
was...
Yeah, I...
(30:44):
No, I...
Yeah.
Mary, keep me awake.
Oh no, I'm drifting.
But yeah, mean, yes, those things are sad, but read the room.
yeah, somebody, you know, a kid passes away, obviously I'm the first person to haveempathy for that.
But I mean, it applies to any scenario.
(31:06):
So if somebody's having a hell of a week and they're letting you know that
Maybe not rip into them.
Be kind to them.
But for the love of God, sometimes you just gotta be honest with it.
And if it's costing your business money, and that's a big thing for me, if you are beingkind and it's costing you money because you don't wanna be directing, you don't wanna make
(31:34):
that decision, you are a detriment to your own business.
So then guess what?
You make sure somebody like me is involved, and I'll do it.
I have no problem doing the hard stuff.
The CFO, the fractional CFO, whoever it is, the controller will quite, if they have thatright, if they're the right person for the job, they will tell that business owner, this
(31:59):
is what you've got to do because these are the facts.
Like that is where it is black and white.
And that's a nice transition because I know we're wrapping up, but realistically,
If you know there's a problem, if you do have another project, you have that financialperson.
(32:27):
Go get that opinion.
Go get that second opinion from somebody.
Because the last thing you want to do is go take out a loan, take out financing, go buy ahouse.
Go start a new project that you can't afford.
And then you're, well, you mentioned the tariff guy.
It's the same kind of thing, obviously that guy couldn't help it, but you know, you don'twant to be blindsided and that's where having a fractional CFO or you know, that kind of
(32:57):
person in that role can really save a business.
um
Some CEOs and some business owners are so narcissistic and in their own head.
Sometimes they have to be because it does take that personality a lot of the time.
But they have to get out of their own way.
(33:18):
And that's where Mary comes in a lot of the time.
And that's where I come in and we strategize.
If you guys are interested in getting your own kind of blueprint and getting some clarity.
instead of chaos, then reach out to us, go to the website, schedule a meeting, we'llhappily talk through the situation and try and get you to where you want to be.
(33:45):
You guys have dreams and stuff out there, we're just here to give you the train tracks.
So, yeah.
Couldn't have said it better.
Yeah.
Last thing I want to ask people is take a look at what you're doing right now and askyourselves what is really making me money?
(34:06):
What is most profitable?
What are you putting too much time into a certain service area that detracts from yourrevenue generation?
Or are you doing something that you just physically feel sick over and hate?
that in a reflection.
(34:29):
take that minute also to think, do I like what I'm doing?
If you don't change it up, figure it out.
Take a minute.
Think about what you really want to do and talk with us.
We'll figure out a way to make, have you make money from it.
My last thing then, I always said to people, I hate sales, but I'm really good at it.
(34:53):
And what I literally just realized is that I'm no longer doing sales, even though my maingoal is revenue generation, because I'm developing relationships.
am finding people that want to work with us and I'm not selling.
People come and buy from us now, essentially, because
(35:15):
of what I'm doing I don't I no longer hate what I do in having to go and chase and harryand which you know you have to do occasionally but like I no longer feel sick when I get
up in the morning because of what I've got to do and that's massive so any final thoughtsMary
(35:37):
No, people take my, I'm taking my own advice.
Start listening to yourself when your body needs a break, take a break.
Yeah, or go and play basketball and make yourself feel worse.
Me and my claw hand are gonna go and wave everybody goodbye.
(35:57):
I hurt my...
Somebody blocked a shot and busted my fingers.
But it didn't stop me from shooting again.
That's the main thing.
Till next time guys.
Have a wonderful, peaceful week.
(36:18):
and go share us, go talk to other people about this.
You don't have to talk to us, just talk to somebody about it.
until the next time guys, have a great week.
Thank you.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.