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Behind-the-scenes of our virtual team retreat

by with No Comment Business DevelopmentCoachingFeatured BlogGoal SettingMindsetNonprofitSmall business

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It’s funny looking back on our 2020 goals because the world was so incredibly different just 11 short months ago.

Travel was a big priority for my family and me, I had at least half a dozen conferences in cities around the country planned, plus exciting trips to work in-person with clients. I also wanted to grow my team and bring them together at a beautiful AirBnb overlooking the ocean somewhere.

None of that happened in exactly the way I’d planned, but in some ways, it was better. I haven’t been on an airplane in over a year but our family discovered our new favorite road trip destination – coastal Maine. I presented at virtual conferences in front of thousands more people than would’ve been there in person. I grew my team beyond my wildest dreams and brought them together for a virtual retreat instead.

I shared the live updates on social media during our team retreat week but wanted to share more behind the scenes in a full blog post. So here’s how we planned our virtual team retreat. 

  • Determine goals. The very first thing that my Operations Director and I did was figure out what we actually wanted to get out of our time together. We’re all incredibly busy, so the top priority for me was to make our time worthwhile. My goals (incorporating ideas from the team) were:
  • Build relationships and establish norms for future collaboration
  • Begin putting together a 2021 plan for all facets of the business – client-facing and internal
  • Provide professional development for the whole team
  • Map out an agenda. Once we had our rough goals in place, we mapped them out on the calendar. Since we were virtual, I didn’t want everyone to get Zoom burnout, so we determined that five 2-hour sessions would comprise our entire retreat; three morning sessions and two afternoon sessions, from Wednesday through Friday. Here’s what our agenda looked like:
      1. Wednesday AM: Discuss 2020 wins and challenges, discuss 2021 goals
      2. Wednesday PM: Strengths Finder coaching session
      3. Thursday AM: Productivity expert presentation, mindset expert presentation
      4. Thursday PM: Team breakouts to plan 2021
      5. Friday AM: Team presentations and wrap-up with action items
  • Hire experts. One of our goals was to provide professional development for the whole team and since I’m not an expert on everything (shocker, I know!), we decided to bring in paid experts to teach our team. Here are the experts we decided on:
      1. I love personality tests and have recently been incredibly enlightened by Strengths Finder, so I paid for each team member to take the full assessment, then brought in an expert to analyze them and teach us how we can use that knowledge in our work and lives. 
      2. Productivity was one of the things our team expressed interest in, so our Operations Director did a great presentation with several dozen productivity hacks, from software tricks to ideas on setting boundaries. The team LOVED this session – we’re all busy women, so this was exciting.
      3. Self-care was another topic that our team expressed interest in (many of us are mamas, so self-care tends to be put aside often!), so I hired a mindset coach to help us examine how we can incorporate more self-care into our lives. It was incredibly enlightening!
  • Ask the team. Our team’s input both before and during the retreat was crucial. Our business is no longer The Stephanie Show, so it was important to me to make sure all voices were heard. We sent them a pre-retreat questionnaire, asking questions about both their wins and challenges, their personal and professional goals, and how we can grow and better support our clients. Our Operations Director compiled the results and this was the basis of our first session’s discussion. It gave us a great jumping off point for the week.
  • Make it special. My team knows I’m obsessed with curating and sending gifts and the retreat was the perfect opportunity to send each woman a little care package so our time together felt special and out of the ordinary. I put together gift boxes with cozy socks, an inspirational mug, a coaster from Nepal, a notebook, a handwritten note, and a Starbucks gift card so that everyone felt special and cozy!
  • Remove yourself. As the CEO of the organization, I wanted to give authority and ownership to the team and step out of their way, empowering them to brainstorm and come up with ideas without me. I’ve found that when the CEO is always in the room, people consciously and unconsciously tend to lean in their direction and I want to hear from others! So we had a breakout session where our CFO team and Marketing/Ops team brainstormed and began to build their 2021 plans, then they presented them to the whole team the next day. I loved seeing what they came up with!
  • Make it actionable. One of my pet peeves is walking away from a conference overwhelmed with information, but no clear action items. If we didn’t actually implement anything we learned, then what was the point?! So we spent our Friday session going around and sharing one thing we planned to incorporate into our daily lives and work now, and one goal we have for 2021. We are going to follow-up on these in future team meetings too.
  • Have fun! This was probably the toughest for me, as I’m not a dance party on Zoom kinda gal. But we kept it light, chatted before each session, and showed up to contribute and support. Here’s hoping an in-person experience, at a beautiful oceanfront home complete with dinners out and champagne toasts, is in our future!

 

What questions do you have? Have you ever hosted a virtual team retreat?

 

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One small action can make an impact

by with No Comment Featured BlogMindsetNonprofitSmall business

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One small action can make an impact.

Tomorrow is Election Day in the United States and millions of voters have already cast their ballots because of exactly that.

We know that our vote matters. Even though we are one in millions, our vote matters, this year more than ever before.

It got me thinking about how one small action I took, five years ago, has made an impact on my life and the lives of many, many others in a big way.

I took small, imperfect action, and sent emails to a carefully researched list of nonprofit leaders around the globe to see if they needed help with their financial management.

I’m pretty sure I had The Office on in the background and I’m definitely sure I asked my husband three hundred times Should I send it? Should I send it? Should I send it?

Spoiler alert: I took the small action. I sent the emails.

People responded.

I got one client, then four clients, and I had a business.

I’ll be the first to admit that if I could, I’d constantly be working on my business. I love the challenge of improving our client experience, the creativity of building and trying new things, and the freedom to do exactly what I want.

But sometimes it’s HARD. Launches have flopped. Clients have been unhappy. I’ve had to do things and have conversations that make me sick to my stomach. I’ve wanted to give up. I’ve wanted to turn and hibernate under a blanket and delete all of my emails.

Even though one small action can make an impact, it’s not always perfect. Here are my five biggest lessons from the past year:

  1. A flop is not a fail. Just because something doesn’t go the way you expected the first time, doesn’t mean it’s meant for the trash. Adjust and try again!
  2. Understand my strengths. Surprise – I’m not awesome at everything! Gallup’s Strengths Finder has been game-changing for our business and team to understand our work within our strengths.
  3. Simple to scale. You don’t need a business model with 15 different layers and revenue streams and goals. Simpler is always better.
  4. Hire people. Instead of trudging through work that’s outside of your Zone of Genius, hire amazing people to handle that work for you.
  5. Get nervous. If you don’t do things outside of your comfort zone, you will never experience the growth you want. I presented a new webinar this month that I was nervous about (but turned out so great!)

Thank you, for being a part of this amazing community of purpose-driven leaders. Your positive attitude, selflessness in service, and dedication of your life and work to helping other people is inspiring and humbling to me.

I’d love to know the biggest lesson you’ve learned as a leader this year! Comment below and let me know.

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Where did 100 Degrees come from?

by with No Comment Featured BlogMindsetNonprofitSmall business

 

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Rewind almost exactly seven years and I was laying in the pitch dark, on a thin pad on the floor of a cement room in rural Senegal. I had a mosquito net over me, but no sheets or blankets because I was sweating.

I checked my phone to see the time, hoping and praying it was almost morning so I could get up, splash some lukewarm water on my face, and just end the sleepless night, but it was only midnight. At least five more hours to go.

As if to torture myself, I opened the weather app on my phone to see how hot it was, and when I saw 100 degrees on that screen in the darkness, I cursed everything.

Why was I making myself so uncomfortable? Why wasn’t I home enjoying the summer with my husband in our air-conditioned home?

The next morning, after a few hours of sleep, I woke with a clear head and realized: The discomfort of 100 degrees was a direct path to impact and change.

I couldn’t go into these villages in Senegal to support primary school construction projects without the discomfort. I needed to push through the discomfort in order to bring about positive change in those children’s lives and create impact in my own life too.

When I founded the business five years ago and brainstormed names for my new company, 100 Degrees was the first thing that came to mind.

Why?

Because we help leaders push through their own discomfort around numbers to create greater impact and change in their lives and communities.

So next time you’re sweating through your monthly finance review, frustrated, hot, angry, and wondering why in the world you put yourself through this journey of leadership or entrepreneurship, think about 100 Degrees.

Your journey, even though it may be 100 degrees with no a/c, is the only one to impact and growth.

What’s been a “100 degrees moment” in your journey? Comment and share with me!

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Are you guilty of saying this?

by with One Comment Business DevelopmentFeatured BlogMindsetNonprofitSmall business

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“My business [or nonprofit] is my baby.”

Ever said that before? I have.

We love our work! We take pride in the change we’re making in the world and take things personally because we’ve poured so much heart and soul into what we do.

I also have a real life human baby. Noelle is 9 months old now and she is super amazing and fun. She’s starting to talk and when she says Mamamamama, my heart just explodes. She’s crawling everywhere, trying to stand by herself, and I’m constantly chasing after her. Her half gummy/half toothy grin could melt even the coldest of hearts.

But she’s still a baby.

As her mama, I meet her needs and am at her beck and call 24/7. I love her so much that helping her grow and supporting her brings me so much joy, and I wouldn’t trade that responsibility for the world.

Now, thinking back to my business…do I really want my BUSINESS to be my baby too?

Demanding. Needy. Full of responsibilities that ONLY I can fulfill.

That’s a hard NO.

So if our work isn’t our baby, what SHOULD it be?

How about a race car!

You learn how it works, what buttons to push, what features to add to make it go further and faster, and the right mechanics to make it all run smoothly. Then those people (your team) can operate the race car to help it cross the finish line.

It’s a team effort and you’re all in alignment towards the same goal, but you don’t do everything.

So, how do we shift our work from being a baby to a race car?

  1. Automate. Take stock of all of your software and make sure it talks to each other, and there are no redundancies or gaps. For example, are you invoicing clients or donors in Quickbooks AND Dubsado? Choose one and stick with it. Is your CRM like Salesforce talking to your project management system like Asana? Link those babies up!
  2. Hire the right people. Figure out what roles you need on your team and hire for the roles, not the people. Maybe you need financial analysis and strategy and are trying to force a square peg into a round hole by asking your bookkeeper to do that work. They’re different skill sets, so get the right people into the right seats.
  3. Create a routine. Surely there are tasks in your organization that need to happen weekly, monthly, quarterly, and annually. Take an hour and write it all down, then map it out on your calendar, spreadsheet, or project management system. Consistency is the only way to make progress on any of your goals, and getting it all in one place will help you stick to the routine.

What do you think? Is your business your (demanding, needy, yet lovable) baby? Or is it a well-oiled machine ready to cross the finish line to your world-changing goals?

PS – Did you see my Instagram post this week? Check it out and let me know what you think!

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I hate failing

by with No Comment Featured BlogFinancial ManagementNonprofitSmall business

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I have a true confession for you, bright and early today.

I hate failing.

I know, I know. Failure is part of success. Fail forward. Blah blah blah.

I don’t care. I hate it to my core. (#enneagram3 much?!)

A lot of times when we think we are failing, it’s only because we are measuring ourselves against someone else’s success.

Here’s what I mean:

Feeling like a failure because your sales numbers are way lower than that person on Instagram who has a similar business model

Feeling like a failure for only raising $75k at your virtual gala when you saw that another organization raised $250k

Feeling like a failure because you only have 10 clients and your business bestie has 35

The problem is, other people’s metrics are irrelevant. Insignificant. Frankly worthless.

The most important measuring stick to use is your own.

I get asked ALL. THE. TIME: What’s a good profit margin? How much should I be spending on my team? How much income do I need to bring in every month?

The people on the other end of those Zoom calls probably hate me but the answer first is always: It depends!

That’s the truth though. It depends on your business model. If you’re a nonprofit or small business. What your revenue streams are. How long you’ve been in operation. How much revenue you’re bringing in. It goes on!

I’ll never leave you hanging though!

The best way to assess your own business is by reviewing your own historical numbers and watching the trends.

If you want to know if your profit margin is “good”, start by calculating your profit margin every month for the last 12 months, side by side. Is the number generally going up? Is it going down?

You’ll likely have highs and lows but when you look at the trend line, we want to see it going up (But not too much! That could be a sign you need to reinvest in the biz).

If you want to know how much income you should be bringing in, start by looking at your average monthly expenses for the last 12 months. You need at least that much per month (plus say 20% for savings/profit).

So, if you were ever wondering if your numbers are “good”, you now have my official answer!

Here’s a quick list of metrics you should be looking at in your business or nonprofit:

  1. Profit margin
  2. Cash on hand
  3. Revenue diversity
  4. Burn rate (average monthly expenses)

PS – You can always grab our Profit Playbook here here to help you calculate these metrics and more.

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Three simple steps to your monthly routine

by with One Comment Featured BlogNonprofitProductivitySmall business
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I love the saying: Where your attention goes, energy flows.

We want to put our energy into the right things to get maximum results with minimum wasted time. No entrepreneurs (especially those with kiddos) can afford to be wasting a single second right now, ya know?!

Where are YOU spending the majority of your time and energy right now? Trying to keep your head above water while simultaneously running a household, growing a business, raising children, and not forgetting to feed yourself at least once a day?

Yup, me too! 

I don’t know about you, but I certainly didn’t expect to be mostly quarantined well into summer and it’s thrown a bit of a kink into my routine.

If you feel this way too, you can get back on track! Today I want to share with you three steps I’ve been following this summer to help you revamp your  routine and put your energy and attention back into your numbers:

Do your bookkeeping. This is as simple as coding all of your revenue and expenses accurately and comparing your bank statement to your accounting.

Review your financial statements. Check out your P&L compared to last month and see how you’re doing. Calculate your profit margin compared to last month (Profit Margin = Net Income / Revenue). See how much money is in the bank.

Update your forecast. You probably have a plan for the rest of the year and revenue and expenses mapped out monthly (If you don’t, reply to this email ASAP and I will hook you up with a template!). Come back to this plan, make any adjustments, and go forth and grow!

Simple, right?! Because what we focus on expands.

How are you going to get into your own monthly finance routine today? 

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It’s not autumn, but I’m talking pumpkins!

by with No Comment Featured BlogProductivitySmall business

Between our clients and new entrepreneur friends from the Creative @ Heart conference, I’ve had dozens of conversations in the last month about how to grow businesses. Some of these entrepreneurs are making just a couple thousand bucks a month and not even paying themselves yet, and others are bringing in several million dollars a year.

I’m in the same place with my business. I’ve primarily built the company with one-on-one client work and I’ve just added a coaching program, but when thinking a year or two down the road, I wonder how I can continue to grow without working a ton more hours.

All of our business models and stages are different but we all have the same challenges.

How do we grow and create more impact in the world without burning ourselves out or sacrificing our precious work-life balance?

Last weekend, I picked up a book that had been sitting on my shelf for months: The Pumpkin Plan by Mike Michalowicz (yup, the Profit First guy).

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One quote in the book hit home for me and gave me the clarity I needed to figure out exactly HOW to grow my business, and I think it will resonate with you too:

“Entrepreneurs identify the problems, discover the opportunities and then build processes to allow other people and other things to get it done.”

In other words, if your business relies on YOU to do all of the work, you will hit a ceiling of growth and potentially make difficult sacrifices along the way.

For my business, I mapped out the tasks I could and should confidently hand off to someone else. I had to ask myself why I was still doing the daily bookkeeping for a handful of clients instead of operating in my zone of genius. When it was all mapped out I realized it was enough for another entire team member! So now, the search is on because I’ve built processes to allow another person to get it done.

BOOM!

Add a comment below and tell me, what do those processes or people look like in your business?

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One of the first things the book suggests to do is map out your revenue goal for the year. If you haven’t done it yet, grab our Profit Playbook – it’s an easy template to help you map out your revenue goals.

We love sharing tons of free resources with our tribe and won’t send you any spam, ever! Unsubscribe at any time.

#process #smallbusiness #entrepreneur

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What You Must Know About CFOs

by with No Comment BudgetFeatured BlogFinancial ManagementFinancial StatementsNonprofitSmall business

I told someone the other day that I am a CFO and they giggled and asked, “Umm, what’s that?”

So I thought I would explain all of the ins and outs of exactly what a CFO – that’s CHIEF FINANCIAL OFFICER – is and does.

Don’t know if you need a CFO? Take our Finance Professional Quiz to find out if you need someone filling this CRITICAL role and then keep reading! >>

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WHO is a CFO?

Me! I’m a Chief Financial Officer. This means that I’m responsible for everything related to the numbers. Analysis and reporting, budgeting, strategic planning. Many times it also means HR, IT, and administrative operations. A bookkeeper or accountant enters your daily transactions and looks at the past, while your CFO uses that information and helps you look toward the future, or “see around the corner”, to make better decisions for your organization.

HOW do I know if I need one?

Do you know your numbers? Is your profit margin or net income where it should be? Do you have a budget that you use to track revenue and expenses each month? How’s your cash flow?

If you can’t answer each of these questions with absolute certainty based on the black and white numbers, you probably need a CFO.

A CFO will change your business and the way you think about numbers. If she is the only finance person at your organization, aside from a bookkeeper, she will be your second set of eyes on the numbers and will make sure revenue and expenses are categorized accurately, so you have solid financial statements. She’ll look for cost savings and generate efficiencies. Your CFO is basically your numbers fairy godmother.

BUT what if I can’t afford another full-time position?

Totally understandable, and unless your revenues are in the multi-millions, you probably don’t even need a full-time CFO.

So a part-time CFO is your solution. Lucky for you, the freelance workforce is exploding! Oh, and I can help you too. Part-time CFOs are cost effective and offer an outside perspective that delivers invaluable input and insight to strategic decisions.

WHAT can I expect from a part-time, virtual CFO?

The first thing they will do is ask for a ton of information and do a deep dive into your numbers – they’ll need access to the accounting system, recent financial reports, and contact with your CEO and bookkeeper. This will help your CFO understand your business inflows and outflows, and she’ll be able to use this information to help you make strategic decisions down the line.

They may work on an hourly basis or monthly retainer (we at 100 Degrees Consulting prefer retainer!) and will likely prefer to work together for a minimum of three months. You will get the most of your relationship once your CFO has had a chance to understand your business and get to know the team. Plus you’ll get the benefit of a full quarterly analysis.

Take our Finance Professional Quiz to find out if you need someone filling this CRITICAL role in your organization, then get on your way to better decision-making!

So what do you think? Are you in control of your numbers, or is it time to bring in the big guns and get an outsider’s expertise?