by Sharai Lavoie | Nov 5, 2024 | Financial Planning & Forecasting, Healthcare, Technology
HealthTech is one of the most dynamic and rapidly evolving industries. Financial planning plays a crucial role in helping companies not only survive but thrive in this complex landscape.
Because HealthTech companies face a wide range of challenges and opportunities, they require customized financial strategies to manage their growth, comply with regulations, and sustain innovation.
Understanding the HealthTech Landscape
HealthTech is experiencing unprecedented growth for several reasons: technological advances, an increased demand for personalized care, and a greater focus on preventive health.
Meanwhile, trends like telemedicine, wearable devices, and AI-powered diagnostics are creating new opportunitiesโand challengesโfor companies. HealthTech companies can remain competitive and innovative by staying on top of current trends.
Regulatory Considerations
Healthcare regulations are constantly changing, and between HIPAA, international standards, and FDA approval requirements, keeping on top of these regulations is more than a full-time job.
HealthTech companies must be proactive. Understanding regulatory requirements and staying on top of changes will help companies design products and services that are legally compliant from the outset, reducing the risk of delays and cost overruns.
Funding Environment
The landscape for HealthTech financing is robust. These companies often receive investments from venture capitalists, angel investors, and strategic partners who want to be on the ground floor of the next smartwatch EKG or AI diagnostic tool.
But securing funding isnโt always easy. It requires a solid business plan, a demonstrable value proposition, and clear pathways to profitability. Understanding each investorโs preferences and criteria can help you tailor pitches and improve your chances of securing funding.
Key Components of Strategic Financial Planning
Budgeting and Forecasting
Itโs essential for any business to accurately budget and forecastโbut the stakes are far higher in competitive industries like HealthTech. Companies must account for regulatory costs, R&D expenses, and market expansion.
This means you need dynamic forecasting models that adjust to both outside market conditions and your internal company performance. This helps leaders make time-sensitive strategic decisions while enabling your company to adapt to whatever the future has in store.
Lavoie CPA can help with your HealthTech financial planning needs. Weโre a direct implementer of Sage Intacct, a leading cloud-based financial management software. Our outsourced accounting services let you seamlessly integrate Sage Intacct into your management software. Youโre able to see nearly limitless perspectives of your companyโs finances with just a few clicks.
Cash Flow Management
Effective cash flow management is the lifeblood of HealthTech companies. It ensures these companies can meet their financial obligations while also investing in growth opportunities.
This means meticulously tracking revenues and expenses and doing what you can to reduce operational costs. Youโll also need to maintain enough liquidity to weather any unexpected financial challenges. Two essential practices to avoid running into liquidity crises are (1) implementing cash flow forecasts and (2) setting up emergency funds.
Capital Allocation
Strategic decisions on a companyโs capital allocation will determine its long-term success. HealthTech companies need to prioritize their investments in high-impact areas like R&D, technology infrastructure, and market expansion. These sectors are the most likely ones to drive sustainable growth.
Companies should also regularly review their capital allocation decisions to ensure resources are directed toward the most promising opportunities. These decisions should be regularly reviewed and adjusted as the company’s strategy evolves.
Risk Assessment and Mitigation
Identifying and mitigating financial risks is crucial. HealthTech companies face unique risks from frequent regulatory changes, technological obsolescence, and market competition.
Developing robust risk management frameworks can help mitigate these risks and safeguard a companyโs financial stability. This framework includes conducting regular risk assessments, implementing internal controls, and developing and testing contingency plans.
Funding Strategies for HealthTech Companies
HealthTech companies can acquire funding from a variety of sources. Thereโs no one-size-fits-all approach hereโfrom venture capital to government grants, the right approach for your business will depend on your needs and goals.
Venture Capital
One of the main sources of funding for HealthTech startups is venture capital (VC). And not only do VCs provide capital, but they can also lend their industry expertise and help companies make valuable connections.
But securing VC funding requires a compelling business model and clear growth trajectory. Company leaders should continually work on building strong relationships with venture capitalists and understanding their expectations. By knowing your target audience, youโll be able to adjust your pitch and enhance the chances of securing an investment.
Angel Investors
Angel investors can provide early-stage funding and mentorship to HealthTech startups.
Building these relationships, especially with angel investors who have HealthTech experience, can help your company gain early traction and navigate initial market challenges. Angel investors often offer more flexible terms than VCs. They can also be crucial for bridging the gap between the seed stage and larger funding rounds.
Government Grants and Incentives
Many federal and state governments offer grants and incentives to support HealthTech innovation.
Itโs important for companies to explore opportunities for non-dilutive funding, which can reduce financial pressure and support critical R&D activities. Keeping track of the grants available and understanding the application processes can help you boost your companyโs balance sheet without diluting ownership.
Strategic Partnerships
Companies that form strategic partnerships with established healthcare organizations can gain access to capital, industry knowledge, and market channels. These partnerships can accelerate a new companyโs growth and enhance its credibility in the market. Strategic partnerships and collaborations can also lead to shared resources, co-development opportunities, and access to new customer bases.
Financial Metrics and KPIs for HealthTech
Being able to calculate key performance indicators can give you an instant snapshot of your companyโs health. Some of the measures you can track using Sage Intacct include:
Customer Acquisition Cost (CAC)
As the name implies, CAC measures the cost of acquiring a new customer. The lower a companyโs CAC, the betterโand of course, keeping current customers is generally cheaper than acquiring new ones.
By optimizing marketing and sales strategies, HealthTech companies can lower their CAC and improve their profitability. Using platforms like Sage Intacct can help you analyze the effectiveness of different acquisition channels. This will let you allocate your companyโs marketing budgets as efficiently as possible.
Lifetime Value (LTV)
LTV estimates the total revenue generated from a customer over their engagement period. A companyโs long-term success relies on maximizing LTV through excellent customer service and continuous innovation. Implementing customer retention strategies and offering value-added services can also increase LTV.
Burn Rate
Burn rate measures the rate at which a company spends its capital. HealthTech companies must monitor their burn rate closely to secure enough runway to achieve key milestones and get additional funding.
Understanding your companyโs burn rate to cash reserve ratio can prevent you from running into any unexpected financial crises. It will also ensure sustainable growth.
Regulatory Compliance Costs
Complying with healthcare regulations is necessary but expensive.
And because non-compliance can land you in legal hot water and rack up hefty fines, itโs essential to track these expenses closely. You can mitigate your risk of non-compliance by allocating enough resources for all necessary compliance activities and staying updated with regulatory changes.
Balancing Innovation and Financial Stability
Thereโs never enough funding to do everything; a companyโs innovations and investments must be balanced with their need for financial stability.
R&D Investment Strategies
Companies should prioritize projects that have the highest potential for market impact and return on investment. Developing a structured R&D process and regularly reviewing your project portfolio can help you make informed investment decisions.
Scaling Operations Efficiently
Companies must optimize their operational processes to ensure their infrastructure can support growth without compromising quality. Always strive to optimize by implementing lean management practices and regularly reviewing and improving your processes.
Managing Intellectual Property
Protecting intellectual property (IP) is another crucial task. HealthTech companies must invest in robust IP management strategies to safeguard their innovations and stay competitive. This includes securing patents, trademarks, and copyrights and tracking potential infringements.
Exit Strategies and Long-Term Planning
Once your company has begun to enjoy some success, itโs time to make an exit plan. Even if youโd like to stick with this company for a while, itโs always good to have options at your disposal.
An initial public offering (IPO) can give HealthTech companies both capital and visibility. Preparing for an IPO involves rigorous financial planning, regulatory compliance, and strategic positioning. Companies must ensure their financial statements are audit-ready and their governance structures are robust enough to meet the marketโs expectations.
Meanwhile, long-term sustainability requires a focus on continuous innovation, financial prudence, and market adaptation. Regularly reviewing and updating your companyโs strategic plan will ensure it remains agile and can adapt to changing market conditions.
In Closing
Effective financial planning is the cornerstone of success in HealthTech, and having an expert by your side is one of the best ways to keep track of your financial metrics. At Lavoie CPA, we understand the unique challenges and opportunities in HealthTech, making us a go-to financial partner for companies at all stages of growth.
As this sector continues to evolve, companies that prioritize robust financial planning will be well-positioned to capitalize on emerging opportunities and drive industry innovation. Give Lavoie CPA a call or contact us to start the conversation.
by Sharai Lavoie | Apr 14, 2023 | Entrepreneurs, Lavoie
We are excited to share with you a transcript from a recent podcast episode in which our founder, Sharai Lavoie, was interviewed by Julie Bee on her show “They Don’t Teach This in Business School.” In this insightful and inspiring conversation, Sharai shares her experiences in powering through burnout, the transformation in how she defines success, and the importance of her team at Lavoie CPA PLLC. We believe you will find valuable insights and advice from Sharai’s journey as a business owner, visionary, and community leader. Visit this link to listen.
In this podcast episode, we talked about:
- Powering through burnout
- Transformation in defining success
- Importance of a strong team
- Monetizing passions and interests
- Community involvement and charitable efforts
- Balancing visionary work with daily operations
- The value of key employees
- Resilience and dedication of the team
- Managing workload and personal growth
- Coping with burnout through spirituality and determination
Transcript
[00:00:00] Julie Bee โ Host: On todayโs episode, I talk with Sharai Lavoie about powering through burnout, the transformation, and how she defined it. And the importance of her team. Iโm Julie B, and they donโt teach this in business school.
[00:00:16] Midroll Spot: Every week, Julie sends out big ideas and easy actions that help elevate your business. She also shares some awesomeness happening in the business community.
Make sure to subscribe to the Be Awesome brief@bjulieb.com.
[00:00:34] Julie Bee โ Host: Hey there, Iโm Julie B, and this is, They Donโt Teach This In Business School. On this podcast, we discussed the behind-the-scenes of being a business owner. Today Iโm really excited to interview Sharai Lavoie, the CEO of Lavoie, CPA. And Iโm really looking forward to this because I know weโre gonna have some really fun conversations and also learn a lot about being a business owner.
So Sharai, thanks for being here. And yeah, [00:01:00] why donโt you just, letโs start off with telling me about your business and your role in the business.
[00:01:04] Sharai Lavoie โ Guest: So weโve been around for over 13 years now, going on 14 years. And we are a financial operations management firm. We donโt do taxes, and we donโt do an audit. We do partner with different firms on that side of things, depending on the size of the company or client that weโre working with.
But we focus on outsourced accounting. We lovingly call it accounting as a service. Sorry. , you may see our branding that says AAS or Get Your AAS in Gear. Mm-hmm. So thatโs a A A S on that side. But we also sell and implement technology, and we have a consulting side where we do project work, system selection, process improvement, due diligence work, and quality of earnings work on that side of things.
So itโs a lot going on, but it all intertwines into each other. I thoroughly enjoy it. So Iโm responsible for the direction, the [00:02:00] business development, the pivots that happen all the time. Mm-hmm. , staffing, and everything, and I have an absolutely fabulous team. That helps.
[00:02:10] Julie Bee โ Host: So Thatโs awesome. So what is your favorite part about being a business owner?
[00:02:16] Sharai Lavoie โ Guest: You know what, itโs because my favorite part of being a business owner is that I get to monetize what I love to do. I love to help people. I love to clean stuff up. I love to see things get going, and I love to see reimagine life. What could be, whatโs the, whatโs the next level, what could be, and I love all that stuff.
And being a business owner and what we do allows me to do that in multiple places and with multiple people. And apply lessons learned. So that part of it I love. And I also love being able to use our organization for community [00:03:00] good and charitable purposes too, because I, thatโs a big part of me in this.
I think having that extension of the business is really good too.
[00:03:09] Julie Bee โ Host: So I wanna ask you a question about the work that you described. I, I would put into the class the visionary elements of being a business owner. How do you make sure that you have the time, the space, and the capacity to actually do that work?
Because I know for a lot of business owners, thatโs so often the stuff that gets put aside or put on the back burner, even though itโs probably the most important work we can do. How do you make sure that you have the capacity to do those things?
[00:03:38] Sharai Lavoie โ Guest: If weโre talking about for me. Mm-hmm. Yeah, for the company, thatโs an ongoing thing.
Sometimes that happens on Saturdays, but honestly, it happens all the time. And so Iโve tried to get into a habit of writing those things down instead of thinking that I have to have focus time because those visionary things are [00:04:00] things I get to do with my clients. Mm-hmm. But when it comes to it, itโs kinda like the carpenterโs house, right?
Mm-hmm. , when it comes to your own, You kind of ignore it sometimes, but it always comes back when you step on that nail, and youโre like, I gotta get that done. Mm-hmm. So for that, I think about it all the time. I doubt if thereโs a time that Iโm not thinking about it. Mm-hmm. , because I always tell the staff, like, Iโm already over there.
Iโm just trying to get things done so that you guys can get over there with me, and so Iโm usually always thinking about those things. Theyโre always in the back of my mind. Itโs just that I donโt necessarily say Iโm gonna block two hours to. Think about this today, which I probably should, but I donโt.
[00:04:46] Julie Bee โ Host: Whatever works as long as weโre getting to it. I think that thatโs the main thing. I think, you know, thereโs a lot of systems and processes out there, and donโt get me wrong, I love a good system and a good process, but I think you have to find, you know, you find pieces and parts of whatโs offered out [00:05:00] there and make it work for you, and you kind of create your own process along the way.
So I think as long as youโre doing the work you love to do and getting to be that visionary, thatโs what really.
[00:05:09] Sharai Lavoie โ Guest: Yeah, I would agree with that.
[00:05:11] Julie Bee โ Host: Totally. Youโve mentioned your team several times, and would you talk a little bit about how important your key employees are to you and maybe also some moments that youโre particularly proud of that theyโve, that theyโve done over the past year or so?
[00:05:27] Sharai Lavoie โ Guest: I take my team very seriously. I guess I could say theyโre extremely important cause thereโs no way you. The firm would be where it is right now. I would be where I am right, right now without them. Mm-hmm. , and you know, we do have some very key employees, but everybody plays a part. I always try to make sure everybody understands that no matter what youโre doing, youโre playing a huge part in a much bigger picture.
And so to take that as seriously as you possibly can [00:06:00] is what we should do. And I would have to say that, you know, Matt Dewal has been instrumental. Mm-hmm. in a lot of that too. And he has just really, we play off each other very well. Be it, him being part of the team has just made a huge difference and allowed us to do some really good springboarding on that side. And we always have these aha moments where weโre texting each other back and forth about the next thing to do. So they have been, theyโre kind of everything, and I, I let them know that I really do care about them and I care about their development and. Being at OI isnโt whatโs the best thing for them.
I wanna see whatโs best for them. And so I donโt take that part personally because I actually care about the individual, and I want whatโs best for the individual.
[00:06:55] Julie Bee โ Host: Is there anything that you can think of off the top of your head that youโre particularly proud of [00:07:00] your team?
[00:07:01] Sharai Lavoie โ Guest: Theyโre resilient.
I would say I am so proud of their resilience and, actually, their service. If thereโs anything community-wise, or client-wise, it doesnโt matter what it is; they are willing to jump in. And help out in any way. And itโs like 800 times outside of the scope of our work, but they will still jump in to help.
And that is, I think that says a lot about them, but theyโre extremely proud of that.
[00:07:36] Midroll Spot: Julie has spoken to countless organizations for 13 years on topics including leadership, management, employee engagement, and. Workplace culture, small business ownership, and entrepreneurship. If youโd like it, an engaging, relatable, and inspiring speaker for your next event.
Book Julie to speak to your group for more details@thejulieb.com. [00:08:00]
[00:08:00] Julie Bee โ Host: Hey, this is Julie Bee, and youโre listening to They Donโt Teach This and Business School. Iโm here today with Sharai Lavoie. Hopefully, I said that right. This time Iโm getting closer. , we were laughing. Yes. Before we were laughing before. Because I, Iโve known you for many years, and Iโve been mispronouncing your name, and itโs, I feel bad, but you know, you, you, you live and learn.
But anyways, I wanted to ask you, you know, weโve talked about it.
[00:08:24] Sharai Lavoie โ Guest: That doesnโt mean I love you any less. Julie.
[00:08:26] Julie Bee โ Host: I love you too, and Iโm so glad I finally asked you to pronounce your name for me. You know, I think we, we, I canโt remember exactly where we met. I think we met through a networking event, and then we did 10 K s B.
You know, weโve both gone through the 10k, the Goldman Sachs 10,000 Small Businesses program, and weโve talked several times, but Iโve never asked you to say your name for me. I always just knew your name, and so I would come in thinking, I, thinking I knew how to say your name. So anyway, itโs just these funny little things in business.
After 14 years, you think, I know, think you would have it figured out. [00:09:00] Sharai, I wanted to ask you, you know, we talked about some of the fun stuff about being a business owner, but I wanted to make sure to ask you if you have any, any experience with going through burnout as a business owner, and if youโd be willing to share any of those stories.
Iโd
[00:09:13] Sharai Lavoie โ Guest: I probably go through a regular cycle of burnout, but burnout is what then pushes me to the next level of things because one thing that I did determine When I get to burnout and I donโt address it, I will probably be in therapy every two seconds along that side. So I finally decided that you know what?
I have got to put my big girl panties on and get through this on that side. I am a spiritual person, believe it or not, and so Iโm like, you know what, guys got me this far. Heโs gonna get me through the rest. I can have me. Pity party if thatโs what I wanna do because thatโs the selfishness of what I wanna do.
But at the same [00:10:00] time, I should always have a plan A, B, and C. Mm-hmm. And so if A doesnโt work, I go to B. If B doesnโt work, I go to C. And if C doesnโt work, I go back. I. Always stay in prayer, but I go to prayer. Mm-hmm. , and then, you know, a comes back up again. So burnout is something I think, as a business owner, you will always experience just because of all the things that are on your shoulders.
Right. Iโve just come to the conclusion that I have to; I can sit in it for a minute, but thatโs all I have is a minute. I donโt have any longer than that because I donโt want it to paralyze me. Mm-hmm. Personally and mentally, I donโt want it to paralyze the business, so I have to figure out a way to get out of that.
Mm-hmm. And for me, itโs more on a spiritual level because itโs more of, you have to get this. If the quickest way to get me to do something is to tell me, I canโt. And so [00:11:00] motivation. Yep. Great. Yeah. If you tell me, no, thatโs not suited for you, or no, you canโt mm-hmm. , I will put it in your face every time. So that is the quickest way to get me to do something.
But, so because that drives me, and that sense of things is my own internal overachievement wanting to accomplish. Burnout becomes something that I know is gonna happen. Mm-hmm. , but I also have started conditioning myself as to how to push through it. And I hope that answers your question.
[00:11:34] Julie Bee โ Host: I have a couple of follow-up questions, but that is pretty much the summary of what I hope business owners see after they read the book that Iโve written about burnout when it comes out next year.
But it sounds like you have accepted that burnout is going to be part of your life. Usually, on the other side of getting through burnout, you might have a breakthrough in the business of some sort. Is that fair? Are those fair statements? That is very
[00:11:58] Sharai Lavoie โ Guest: fair. Yeah. [00:12:00] Very fair.
[00:12:00] Julie Bee โ Host: How do you recognize that youโre in burnout?
Like, what, what is going on in your, you know, in your, just in your mind or in your, in your body or whatever? Like how do you know youโre
[00:12:09] Sharai Lavoie โ Guest: in burnout? I know Iโm in burnout when everything is irritating. I am very much a person who, if you canโt have fun doing it, you shouldnโt be doing it. Mm-hmm. At all. I mean, nothing should feel like work.
It shouldnโt feel like work. And if it feels like work, you probably need to do something else. And when it starts feeling like work and things are irritating me. I know Iโm getting to that place of burnout because Iโm not already iterating on the next thing so that it doesnโt irritate me. Mm-hmm. And so thatโs how I know that Iโm getting there.
Mm-hmm. And I know, okay, I need to take a moment. And get this together, even if thatโs staying here at the office after everyone is left so I can have my little pity cry [00:13:00] party and then go home to my family whole mm-hmm. , then thatโs what I need to do. But thatโs, those are the triggers that. I know that when itโs coming.
I know itโs coming.
[00:13:11] Julie Bee โ Host: You know, you also said something really important there, Sherry, about if you know itโs coming, but you might stay at the office and work late. And I think the reason I wanna highlight that very particular point is Iโve had a burnout thatโs put me into that I, that I went to the emergency room for because I thought I had a heart attack.
Ha. It was a panic attack. And the cardiologist I saw basically said, do less. You know, take a vacation, take a break, take it, take it a little easier. Which is not bad advice, right? Itโs not bad advice. And telling a business owner that is like just. Pouring gasoline on a fire. Itโs so important to recognize that in yourself that if you know, working through whatever the problem [00:14:00] is, or spending a little bit more time at work might be the way that you actually get on the other side of burnout is so.
Crucial. I just wanted to the point that out because I think thatโs very important. I
[00:14:10] Sharai Lavoie โ Guest: I agree with you because I love what you said about it; itโs like pouring gasoline on the fire. Mm-hmm. Because if you tell me if I know Iโm at that point and youโre like, okay, you just need to disconnect. Well, when I disconnect and go on vacation, guess what Iโm thinking about the whole time?
Every single. The thing that I know is gonna be there when I get back. And if I can just carve out 15 minutes, I can get this part done. I can address this. Whereas if you just come up with a plan to get yourself to a good point and then go on vacation, then you can breathe. Mm-hmm. And when people tell you to disconnect and do all these things, itโs easy to say it.
It. A hundred percent harder to do when you know that youโve left strings loose. And also [00:15:00] when you know that. Your team isnโt at their peak where they, you know, itโs covered like when you get back. Itโs not gonna be if you disconnect; I find it very hard to completely disconnect. But if you do disconnect when you come back, that itโs not gonna be a tsunami, right.
Of things that are coming at you. Because, for me, that creates anxiety. Like that part. So for me, just powering through it, getting to a good point, and then I can not let that be a worry in my mind and lose sleep over it. And then
[00:15:33] Julie Bee โ Host: you could actually start recovering from burnout,
[00:15:35] Sharai Lavoie โ Guest: basically. Exactly. Yeah.
Yeah.
[00:15:37] Midroll Spot: Each and every week, Julie sends out big ideas and easy actions that help elevate yours. Sheโll also share some awesomeness happening in the business community. Donโt miss out. Subscribe to the B awesome breed@djulieb.com.
[00:15:55] Julie Bee โ Host: Youโre listening to They Donโt Teach This in Business School, and Iโm the host, Julie Bee, I [00:16:00] wanted to ask you, so we just talked about some deep stuff about burnout, and I wanted to ask you something that, that hopefully is a little bit lighter.
How do you define it?
[00:16:13] Sharai Lavoie โ Guest: It is an ongoing conversation.
[00:16:16] Julie Bee โ Host: I asked the deep questions here. Thatโs what I do.
[00:16:18] Sharai Lavoie โ Guest: You do? That is like an ongoing conversation. You know what? Iโm here, and Iโm still standing, and that should be successful enough, really, honestly. But I will admit, honestly, for me, itโs not mm-hmm. , but it should be.
Mm-hmm. and that is something that I have to. Keep grounded in that, my level of success and my picture of success. Who I know I am and who I wanna be may not be someone elseโs. Mm-hmm. , um, just because of who I am. Honestly, I reiterate success all the time because I think itโs its levels to it.
Mm-hmm. And. When youโre at [00:17:00] different points in your life, success looks different. Mm-hmm. for you? In my thirties, it looked different. Iโm still in my thirties. Mm-hmm.
Thatโs awesome. I just perpetually stay in my thirties. Yeah, thatโs right. Thatโs how you do it. But it just looks, it looks different all the time for me. I donโt hang my hat anymore on. A revenue number. I donโt hang my hat anymore on a number of employees or anything like that because success is way more encompassing in my total self versus just what I do, which is one question I hate when people ask what I do.
Iโm more than just that.
[00:17:46] Julie Bee โ Host: Oh, yeah. No, I hear you. Iโm, Iโve, Iโm, yes,. Iโm going through that struggle right now, trying to figure out and tell people what I actually do these days. It sounded like there was a time when revenue, a number, number of employees was. [00:18:00] The definition of success and a transition has happened.
Can you talk a little bit about that transition or that transformation?
[00:18:07] Sharai Lavoie โ Guest: It was more around; I think that transformation happened when you observed. So Iโm a big people, watcher, observer kind of person. Mm-hmm. And have always been, but I found it very interesting, the people that I observed where they had.
What I wouldโve considered a success at that time. Mm-hmm. Like, oh my God, I gotta get there. Mm-hmm. But then you look at the fallout, and you look at everything around it, and you look at it, at least for me, I looked at it in the sense of, is that really where I wanna be? And if it means that having that means all the other things, I donโt.
Like thereโs a, thereโs a sense of core self that, like, I donโt want it, like Iโve fought very hard to just really. [00:19:00] Pivot me to just being comfortable with just being myself and not what other people expect me to be on that side. And so it just kind of became, do I wanna give up that sense of myself for that?
And do I have to? Because a lot of times you donโt have to. It just means that itโs gonna be a lot slower for you, and thatโs okay. And Iโm okay with that, so, but I donโt ever want to. Lose myself and lose my grounding in the pursuit of something that once I have it, you just kind of have all these other things that I regret.
Mm-hmm. or you think about constantly of things you wouldโve done differently.
[00:19:42] Julie Bee โ Host: Boy, thatโs an excellent answer. I, I went through that whole thing too, and I think most business owners do, whereas, oh, you.
[00:19:48] Sharai Lavoie โ Guest: do get to, โcause, in your head, youโre Martin Zuckerberg.
[00:19:51] Julie Bee โ Host: Yeah. Get into X number of revenue or X number of employees.
And then what really, and I actually just had this transition last year [00:20:00] where I, I finally realized that the achievement of a goal does not define if Iโm successful or not, because as soon as I achieve a. Iโm like, okay, whatโs next? Like, I, I, you know, I might celebrate like this, this much, but it, itโs almost like the next day Iโm thinking to myself, okay, whatโs the next goal?
Like, whatโs the next step in this process? So I spent a lot of time last year redefining what success looks like for me outside of any goal. So, itโs, you know, laughing and being happy and being able to be me and doing things that I love because I, I, I feel for people whose only definition of success is external goals.
Because I feel like they never, they probably never feel successful because theyโre always trying to get to the next thing.
[00:20:46] Sharai Lavoie โ Guest: I found success when I learned how to train myself to make a really good pound cake, so that was a success for me too. ,
[00:20:55] Julie Bee โ Host: I could make a Turkey. Oh my gosh, my Turkey is, my [00:21:00] Turkey is really, really, really requested on all the major holidays, said, Iโm like, that is the kind of stuff that makes me feel successful as a human being.
There
[00:21:10] Sharai Lavoie โ Guest: you go. Like the joy in everything out that, right? That
[00:21:15] Julie Bee โ Host: is where it is. Oh, man. This has been such a good conversation, but I just have one more question I wanna ask you today. If you were asked to teach a class about being a business owner to future business owners and future entrepreneurs, what is the one thing that you would want them to learn from your class?
That is
[00:21:35] Sharai Lavoie โ Guest: such a loaded question, Julie. If you
[00:21:37] Julie Bee โ Host: have maybe two, two or three things, thatโs fine
[00:21:39] Sharai Lavoie โ Guest: too. That is crazy because I donโt know that you can teach it. Honestly, I, I honestly donโt know that you could teach it. The only thing that I would say that would be a takeaway from. Class I taught on it, so to speak, would be to make sure youโre comfortable with asking for help.
Hmm. [00:22:00] A lot of times, as business owners, we think we can do everything. We know everything. We donโt need to listen to anybody because we got it figured out, and then crisis mode hits. Be comfortable asking for help and ask for help before you need it. That is very key. And also learn how to give yourself.
Youโre gonna ha youโre gonna make mistakes. Youโre gonna have oops moments. Youโre gonna have times when youโre like, I probably should have done that differently, that kind of thing. But allow yourself some grace with that because youโre not perfect. And even though someone may be looking to you to be that youโre not.
Yeah. And you gotta, you gotta own that. Mm-hmm. Off. and if you own that off top, itโll make your life so much easier.
[00:22:50] Julie Bee โ Host: Wow. Well, yeah, I think we are going to wrap it up right there, Sohar. I have really enjoyed this conversation so much. Iโm so glad we finally got it. Got it on [00:23:00] here. Got it recorded. Yes,. I know the, uh, business owners that will listen to this will enjoy it as well.
I really want to thank you for being on the show.
[00:23:09] Sharai Lavoie โ Guest: Well, thank you for having me, and thank you for picking, putting up with my crazy schedule to get this done. So I truly appreciate you for that. You
[00:23:18] Julie Bee โ Host: you are welcome. And that is it for this episode, but stay tuned because Iโll be back with more lessons learned on the business ownerโs journey.
Iโm Julie Bee, and they donโt teach this in business school.
In Closing
We hope you enjoyed this insightful conversation between Sharai Lavoie and Julie Bee on “They Don’t Teach This in Business School.” Sharai’s experiences in overcoming burnout, redefining success, and the importance of teamwork serve as a testament to the resilience and dedication that has made Lavoie CPA PLLC the successful firm it is today. If you’d like to learn more about our services or get in touch with our team, please visit our website. As always, we are committed to helping businesses and individuals achieve their financial goals and look forward to serving you.