Laura Credico needed some behind-the-scenes help with her company’s money flow.
As founder and principal designer of Interiors by Laura, she was the face of her company. Her projects offered the chance for her to flex her creative muscles.
But she knew she needed some guidance to build her business, especially when trying to conquer money flow. When I spoke at a meeting Laura attended, she realized we were a perfect fit.
When we started working together more than eight years ago, we focused on the financial side of the business. Since then, we’ve discussed every business-related issue under the sun: from developing a support team to systematizing tasks and everything in between.
Now, Laura calls me her “person” in regard to her business — a trusted problem-solver that complements her creative skills.
How Conquering Money Flow Impacts Every Aspect of Business
When we started working together, our first priority was examining Laura’s finances. Laura began paying herself first and using the additional money to fund her business. She also learned how to examine her expenses and profits in order to understand how her business was faring financially.
Conquering money flow lays the foundation for the rest of your business. It gave Laura peace of mind. She was able to spend less time in the weeds running her business and more time making decisions that allowed her company to prosper.
Identifying the Type of Support Team You Need
Laura knew she needed support as her business grew, but wasn’t sure which tasks to hand off or where to find team members. I helped Laura identify the things that only she could do and that she liked to do.
Then, we hired support for as many tasks as we could. For many small business owners, this requires a combination of full-time help and partnerships with independent contractors. I helped Laura determine the right mix for her business. Now, she has enough support to manage her business as it grows and the skills to expand her team correctly in the future.
How Systemizing Saves Time and Money
Laura was able to build an effective team because we had spent time systematizing many aspects of her business. We used technology when possible to automate contracts and invoices. We also systematized processes like building mood boards.
As a home stager and designer, Laura uses mood boards for many of her projects. We determined she could streamline this process and hand it off to her assistant, which saves Laura about 10 hours per project. Handing off mood boards and other systematized tasks allows Laura to handle consultations and land new design jobs.
How Conquering Money Flow Makes a Business “Bulletproof”
Laura and I have worked on every aspect of her business over the years. Now, she’s focusing on making her company “bulletproof” in case she wants to sell or liquidate her business in the future. Laura and her husband are empty-nesters after sending their kids off to college and starting to consider what’s next.
If that perfect exit strategy comes and the time is right, she’ll be ready to reap the rewards of her hard work building Interiors by Laura.