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 opportunities—and challenges—for 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 isn’t always easy. It requires a solid business plan, a demonstrable value proposition, and clear pathways to profitability. Understanding each investor’s preferences and criteria can help you tailor pitches and improve your chances of securing funding.
Key Components of Strategic Financial Planning
Budgeting and Forecasting
It’s essential for any business to accurately budget and forecast—but 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. We’re 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. You’re able to see nearly limitless perspectives of your company’s 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. You’ll 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 company’s 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 company’s 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. There’s no one-size-fits-all approach here—from 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, you’ll 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.
It’s 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 company’s 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 company’s 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 company’s 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 company’s CAC, the better—and 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 company’s marketing budgets as efficiently as possible.
Lifetime Value (LTV)
LTV estimates the total revenue generated from a customer over their engagement period. A company’s 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 company’s 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, it’s 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
There’s never enough funding to do everything; a company’s 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, it’s time to make an exit plan. Even if you’d like to stick with this company for a while, it’s 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 market’s expectations.
Meanwhile, long-term sustainability requires a focus on continuous innovation, financial prudence, and market adaptation. Regularly reviewing and updating your company’s 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.
Discover how Bespoke Sports & Entertainment leveraged strategic financial planning to become an award-winning powerhouse in just a few years. Learn actionable insights to scale your business effectively.
“It’s simple, Lavoie helped us create the infrastructure we needed. From setting up accounts payable and HR policies to recommending affordable technology, Sharai Lavoie and her team were there to give us the day to day insights we needed to keep cash flowing, flexibility to focus on sales, and proactive recommendations that enabled us to scale at the right pace.”
Mike Boykin, Bespoke’s CEO and Cofounder
Client
Bespoke Sports & Entertainment
Industry
Sports Marketing
In the high-stakes arena of sports and entertainment marketing, visionaries like Mike Boykin and Greg Busch of Bespoke Sports & Entertainment don’t just compete—they revolutionize. With over 50 years of combined industry experience and a roster of elite clients, Boykin and Busch knew that launching their Charlotte-based agency in 2014 would require more than just their proven expertise. To truly disrupt the market and compete with global giants, they needed a financial backbone as innovative as their marketing strategies. Enter Lavoie CPA, the catalyst that transformed Bespoke from a startup with potential into an award-winning powerhouse. This case study reveals how Lavoie’s tailored financial strategies became the hidden playmaker in Bespoke’s journey to the top of the sports marketing league.
The Client
Bespoke Sports & Entertainment, founded in 2014 in Charlotte, NC, is a sports and entertainment consulting and experiential marketing agency. They help brands select the right partnerships and maximize their sponsorship investment. With a collective of experienced marketers, Bespoke provides thoughtful senior-level counsel and custom marketing solutions tailored for individual brands.
The Challenges
As a new venture, Bespoke’s founders knew they needed more than just an accountant to supervise their financial stability. They required a financial strategist who could confidently run major investor meetings, take control of the company’s future, manage expenses, and augment human resource needs. To compete with some of the largest agencies in the world, they needed a foundation that included a roadmap for profitable growth while keeping the company’s vision and workforce top of mind.
The Solutions
Lavoie CPA stepped in to provide comprehensive financial support from day one. Their services covered a wide range of critical business functions, including supplementing fractional CFO duties and setting up essential financial processes like accounts payable and receivable. The Lavoie team took charge of human resource tasks such as onboarding new employees and running payroll, ensuring Bespoke could focus on their core business. Regular reporting on projections and cash flow provided valuable insights for decision-making, while operational technology recommendations and adoption streamlined processes. Perhaps most crucially, Lavoie CPA developed a living financial strategy critical for investor meetings, forecasting, and future loans, laying the groundwork for Bespoke’s continuous growth.
Successful Outcomes
With Lavoie CPA’s support, Bespoke was able to achieve significant milestones in their business development. They created the necessary infrastructure for growth, ensuring a solid foundation for their operations. The partnership enabled Bespoke to keep cash flowing effectively, maintaining the financial health of the company. This financial stability, combined with Lavoie’s handling of back-office tasks, allowed Bespoke’s team to maintain flexibility and focus on sales and client relationships. As a result, Bespoke was able to scale at the right pace, avoiding the pitfalls that often challenge new businesses. Moreover, the strategic financial roadmap developed by Lavoie provided a clear path for future growth, positioning Bespoke for long-term success in the competitive sports and entertainment marketing landscape.
In Summary
Bespoke Sports & Entertainment engaged Lavoie CPA to build a strong financial foundation from the ground up. This partnership allowed Bespoke’s founders to focus on their core business while Lavoie handled the critical financial and operational aspects necessary for success in the competitive sports and entertainment marketing landscape.
If you’d like to explore how Lavoie can help your business build a foundation for success, set up a consultation today.
Businesses struggle with numbers all the time, and for multiple-entity businesses, this struggle is complicated as there are lots of financial statements to consolidate. This article will serve as a guide to help you learn the challenges of multi-entity accounting, the benefits, and the best practices for outsourced multi-entity accounting.
Multi-entity accounting is defined as the consolidation of the financial statements of the different entities of a business. It involves analyzing the finances of every division or part of a business to produce a general statement that gives insights into the financial aspect of a business.
Multi-entity accounting is more than maintaining financial records which is similar to bookkeeping.
An example of a multi-entity business is Meta, owned by entrepreneur Mark Zuckerberg which comprises entities like Facebook and Instagram.
Another example of a multi-entity business is Microsoft as it has branches across America, Europe, Asia, and Africa. Each of the branches in these regions is an entity.
Importance of Multi-Entity Accounting for Organizations
Multi-entity accounting enables a business to focus on its core processes and be able to make informed decisions about them. This is because the accurate financial data of each entity helps businesses to streamline their financing and accounting operations as a whole to be able to expand and maximize profit.
Outsourcing multi-entity accounting simply involves allowing an experienced third-party firm to handle all multi-entity operations.
Benefits of Outsourced Multi-Entity Accounting
Access to Professional Accounting Services: outsourcing multi-entity accounting provides access to high-quality services since the team is usually comprised of subject matter professionals dedicated to balancing finances and helping a business grow.
Reduced Operational Costs Compared to Hiring In-house Accountants: This is a no-brainer as hiring an in-house team means more expenses for the business which can include remuneration, training, and equipment. Outsourcing accounting can save as much as 50% on accounting costs.
Scalable Accounting Solutions: Outsourcing accounting provides a business with the room to easily scale for expansion. This means the expansion of a business doesn’t affect the quality of service, unlike in-house where more team members will need to be hired to manage operations.
Enhanced Financial Reporting and Transparency: With outsourced multi-entity accounting, there’s more financial transparency as financial data is more consolidated and consistent. This means there are readily available multiple reports that can be compared side by side which are also readily available. It is essential to be able to show complete and accurate financial reports for transparency and enhanced quick decision-making, especially for investment opportunities that can help the business.
Streamlining Workflows and Processes: Outsourced multi-entity accounting helps a business streamline its work and be able to focus on other aspects of the business such as gaining more visibility, seeking expansion opportunities, and attracting and retaining customers They also find areas to improve internal controls during a financial audit or automate specific processes to be more streamlined.
Improved Government Compliance: Outsourced multi-entity accounting can identify non-compliance areas with Internal Revenue Service regulations. They can pinpoint exactly where compliance efforts are lacking which an internal team may not be privy to, thereby improving financial compliance with the government.
Fraud Prevention: outsourced multi accounting ensures a proper vetting of financial statements. The extensive examination and audits of the account by an experienced third party provide a common ground for assessing financial health and detecting fraud which prevents the business from taking a significant loss.
Challenges of Multi-Entity Accounting
Managing Financial Data for Multiple Entities: It can be difficult to manage financial data, especially for businesses that have a large number of entities. This is because each entity has to be treated as a separate legal establishment and the data has to be tracked. This can be hard for many businesses to manage.
Accurate Financial Information: The higher the number of entities the more difficult it becomes to report financial information accurately and consistently. This can cause errors and reduce the accuracy of the collected data which can hurt business finance.
Ensuring Compliance with Different Accounting Regulations: Multi-entity considerations require balance across the financial statements of the entities. Regulations such as different currencies, tax laws, and accounting standards especially for businesses with international or interstate entities can make compliance difficult to achieve.
Balancing Autonomy and Control of Entities: Multi-entity accounting can make it difficult for autonomy to be balanced as the entities are treated as separate businesses and independent of others. If this is not properly managed, it can cause a business to lose control of its entities and decline in team/work culture.
Best Practices for Outsourced Multi-Entity Accounting
Choosing a Reputable and Experienced Accounting Firm: It is important to choose a reputable firm to prevent data compromise and ensure top-notch service. To be able to choose a reputable firm, study their customer reviews, testimonials, and case studies to make sure you’re entrusting your business to safe hands. This accounting for start-ups guide details everything about partnering with an outsourced firm.
Establish Clear Communication Channels with the Accounting Provider: For any business relationship to thrive, there has to be clarity on goals, objectives, and mission. It is ideal to have similar values on business ethics as this ensures compliance with set rules. Establishing clear communication channels also saves time as both parties communicate on the required channels at required times removing unnecessary back and forth.
Developing a Customized Accounting Plan for Each Entity: Both the service provider and the company need to have a customized accounting plan as the foundation for all operations. This makes it easy to trace accounts and check for accuracy. If accounting plans are constantly being changed, it makes it difficult to monitor accounts and detect errors on time. Hence, it’s necessary to consider the flexibility of the firm to adjust to the customized plan and eliminate friction.
Regularly Reviewing and Analyzing Financial Reports: A single oversight can be detrimental to a business hence, reviews should be done as often as required. This is to incorporate changes and trends in the industry for keeping financial records up-to-date according to standards.
Leveraging Cloud-Based Technology and Tools: Modern-day accounting is constantly improving as it’s mostly software based. A good firm should have a good understanding of software competency as they have access to newer and more effective technology. The use of cutting-edge accounting software for operations improves accuracy and work quality.
Conclusion
It has become imperative for multi-entity accounting to be employed by medium-sized and large-scale businesses. Not just for improving workflows and promoting financial transparency, multi-entity accounting provides but for even more room for a growing business to expand.
Outsourcing multi-entity accounting helps to mitigate challenges such as the accuracy of financial reports and ensuring compliance. However, not just any outsourcing firm can be trusted to perform effectively. And following the best practices may simply not be enough to meet your desired target. Such a process should be left in the hands of specialists who understand the impact of business financial health.
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 – Host: On today’s episode, I talk with Sharai Lavoie about powering through burnout, the transformation, and how she defined it. And the importance of her team. I’m Julie B, and they don’t 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 – Host: Hey there, I’m Julie B, and this is, They Don’t Teach This In Business School. On this podcast, we discussed the behind-the-scenes of being a business owner. Today I’m really excited to interview Sharai Lavoie, the CEO of Lavoie, CPA. And I’m really looking forward to this because I know we’re 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 don’t you just, let’s start off with telling me about your business and your role in the business.
[00:01:04] Sharai Lavoie – Guest: So we’ve been around for over 13 years now, going on 14 years. And we are a financial operations management firm. We don’t do taxes, and we don’t do an audit. We do partner with different firms on that side of things, depending on the size of the company or client that we’re working with.
So it’s a lot going on, but it all intertwines into each other. I thoroughly enjoy it. So I’m 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 – Host: So That’s awesome. So what is your favorite part about being a business owner?[00:02:16] Sharai Lavoie – Guest: You know what, it’s 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, what’s the, what’s 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, that’s a big part of me in this.
I think having that extension of the business is really good too.
[00:03:09] Julie Bee – 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, that’s so often the stuff that gets put aside or put on the back burner, even though it’s 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 – Guest: If we’re talking about for me. Mm-hmm. Yeah, for the company, that’s an ongoing thing.
Sometimes that happens on Saturdays, but honestly, it happens all the time. And so I’ve 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, it’s kinda like the carpenter’s 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 you’re like, I gotta get that done. Mm-hmm. So for that, I think about it all the time. I doubt if there’s a time that I’m not thinking about it. Mm-hmm. , because I always tell the staff, like, I’m already over there.
I’m just trying to get things done so that you guys can get over there with me, and so I’m usually always thinking about those things. They’re always in the back of my mind. It’s just that I don’t necessarily say I’m gonna block two hours to. Think about this today, which I probably should, but I don’t.
[00:04:46] Julie Bee – Host: Whatever works as long as we’re getting to it. I think that that’s the main thing. I think, you know, there’s a lot of systems and processes out there, and don’t 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 what’s 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 you’re doing the work you love to do and getting to be that visionary, that’s what really.
[00:05:09] Sharai Lavoie – Guest: Yeah, I would agree with that.[00:05:11] Julie Bee – Host: Totally. You’ve 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 you’re particularly proud of that they’ve, that they’ve done over the past year or so?[00:05:27] Sharai Lavoie – Guest: I take my team very seriously. I guess I could say they’re extremely important cause there’s 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 you’re doing, you’re 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 we’re texting each other back and forth about the next thing to do. So they have been, they’re 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 isn’t what’s the best thing for them.
I wanna see what’s best for them. And so I don’t take that part personally because I actually care about the individual, and I want what’s best for the individual.
[00:06:55] Julie Bee – Host: Is there anything that you can think of off the top of your head that you’re particularly proud of [00:07:00] your team?[00:07:01] Sharai Lavoie – Guest: They’re resilient.
I would say I am so proud of their resilience and, actually, their service. If there’s anything community-wise, or client-wise, it doesn’t matter what it is; they are willing to jump in. And help out in any way. And it’s 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 they’re 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 you’d 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 – Host: Hey, this is Julie Bee, and you’re listening to They Don’t Teach This and Business School. I’m here today with Sharai Lavoie. Hopefully, I said that right. This time I’m getting closer. , we were laughing. Yes. Before we were laughing before. Because I, I’ve known you for many years, and I’ve been mispronouncing your name, and it’s, I feel bad, but you know, you, you, you live and learn.
But anyways, I wanted to ask you, you know, we’ve talked about it.
[00:08:24] Sharai Lavoie – Guest: That doesn’t mean I love you any less. Julie.[00:08:26] Julie Bee – Host: I love you too, and I’m so glad I finally asked you to pronounce your name for me. You know, I think we, we, I can’t remember exactly where we met. I think we met through a networking event, and then we did 10 K s B.
You know, we’ve both gone through the 10k, the Goldman Sachs 10,000 Small Businesses program, and we’ve talked several times, but I’ve 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, it’s 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 you’d be willing to share any of those stories.
I’d
[00:09:13] Sharai Lavoie – 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 don’t 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 I’m like, you know what, guys got me this far. He’s gonna get me through the rest. I can have me. Pity party if that’s what I wanna do because that’s 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 doesn’t work, I go to B. If B doesn’t work, I go to C. And if C doesn’t 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. I’ve just come to the conclusion that I have to; I can sit in it for a minute, but that’s all I have is a minute. I don’t have any longer than that because I don’t want it to paralyze me. Mm-hmm. Personally and mentally, I don’t want it to paralyze the business, so I have to figure out a way to get out of that.
Mm-hmm. And for me, it’s more on a spiritual level because it’s more of, you have to get this. If the quickest way to get me to do something is to tell me, I can’t. And so [00:11:00] motivation. Yep. Great. Yeah. If you tell me, no, that’s not suited for you, or no, you can’t 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 – 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 I’ve 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 – Guest: fair. Yeah. [00:12:00] Very fair.[00:12:00] Julie Bee – Host: How do you recognize that you’re 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 you’re
[00:12:09] Sharai Lavoie – Guest: in burnout? I know I’m in burnout when everything is irritating. I am very much a person who, if you can’t have fun doing it, you shouldn’t be doing it. Mm-hmm. At all. I mean, nothing should feel like work.
It shouldn’t 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 I’m getting to that place of burnout because I’m not already iterating on the next thing so that it doesn’t irritate me. Mm-hmm. And so that’s how I know that I’m getting there.
Mm-hmm. And I know, okay, I need to take a moment. And get this together, even if that’s 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 that’s what I need to do. But that’s, those are the triggers that. I know that when it’s coming.
I know it’s coming.
[00:13:11] Julie Bee – Host: You know, you also said something really important there, Sherry, about if you know it’s coming, but you might stay at the office and work late. And I think the reason I wanna highlight that very particular point is I’ve had a burnout that’s 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? It’s not bad advice. And telling a business owner that is like just. Pouring gasoline on a fire. It’s 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 that’s very important. I
[00:14:10] Sharai Lavoie – Guest: I agree with you because I love what you said about it; it’s like pouring gasoline on the fire. Mm-hmm. Because if you tell me if I know I’m at that point and you’re like, okay, you just need to disconnect. Well, when I disconnect and go on vacation, guess what I’m 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, it’s easy to say it.
It. A hundred percent harder to do when you know that you’ve left strings loose. And also [00:15:00] when you know that. Your team isn’t at their peak where they, you know, it’s covered like when you get back. It’s not gonna be if you disconnect; I find it very hard to completely disconnect. But if you do disconnect when you come back, that it’s 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 – Host: you could actually start recovering from burnout,[00:15:35] Sharai Lavoie – 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. She’ll also share some awesomeness happening in the business community. Don’t miss out. Subscribe to the B awesome breed@djulieb.com.[00:15:55] Julie Bee – Host: You’re listening to They Don’t Teach This in Business School, and I’m 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 – Guest: It is an ongoing conversation.[00:16:16] Julie Bee – Host: I asked the deep questions here. That’s what I do.[00:16:18] Sharai Lavoie – Guest: You do? That is like an ongoing conversation. You know what? I’m here, and I’m still standing, and that should be successful enough, really, honestly. But I will admit, honestly, for me, it’s 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 else’s. Mm-hmm. , um, just because of who I am. Honestly, I reiterate success all the time because I think it’s its levels to it.
Mm-hmm. And. When you’re at [00:17:00] different points in your life, success looks different. Mm-hmm. for you? In my thirties, it looked different. I’m still in my thirties. Mm-hmm.
That’s awesome. I just perpetually stay in my thirties. Yeah, that’s right. That’s how you do it. But it just looks, it looks different all the time for me. I don’t hang my hat anymore on. A revenue number. I don’t 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.
I’m more than just that.
[00:17:46] Julie Bee – Host: Oh, yeah. No, I hear you. I’m, I’ve, I’m, yes,. I’m 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 – Guest: It was more around; I think that transformation happened when you observed. So I’m 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 would’ve 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 don’t.
Like there’s a, there’s a sense of core self that, like, I don’t want it, like I’ve 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 don’t have to. It just means that it’s gonna be a lot slower for you, and that’s okay. And I’m okay with that, so, but I don’t 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 would’ve done differently.
[00:19:42] Julie Bee – Host: Boy, that’s 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 – Guest: do get to, ’cause, in your head, you’re Martin Zuckerberg.[00:19:51] Julie Bee – 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 I’m successful or not, because as soon as I achieve a. I’m like, okay, what’s next? Like, I, I, you know, I might celebrate like this, this much, but it, it’s almost like the next day I’m thinking to myself, okay, what’s the next goal?
Like, what’s 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, it’s, 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 they’re always trying to get to the next thing.
[00:20:46] Sharai Lavoie – 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 – 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, I’m like, that is the kind of stuff that makes me feel successful as a human being.
There
[00:21:10] Sharai Lavoie – Guest: you go. Like the joy in everything out that, right? That[00:21:15] Julie Bee – 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 – Guest: such a loaded question, Julie. If you[00:21:37] Julie Bee – Host: have maybe two, two or three things, that’s fine[00:21:39] Sharai Lavoie – Guest: too. That is crazy because I don’t know that you can teach it. Honestly, I, I honestly don’t 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 you’re 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 don’t 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.
You’re gonna ha you’re gonna make mistakes. You’re gonna have oops moments. You’re gonna have times when you’re like, I probably should have done that differently, that kind of thing. But allow yourself some grace with that because you’re not perfect. And even though someone may be looking to you to be that you’re not.
Yeah. And you gotta, you gotta own that. Mm-hmm. Off. and if you own that off top, it’ll make your life so much easier.
[00:22:50] Julie Bee – Host: Wow. Well, yeah, I think we are going to wrap it up right there, Sohar. I have really enjoyed this conversation so much. I’m 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 – 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 – Host: you are welcome. And that is it for this episode, but stay tuned because I’ll be back with more lessons learned on the business owner’s journey.
I’m Julie Bee, and they don’t 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.
“The real success was having that partner to talk through the tough times, to handle some of the adversity, and to identify and problem-solve together—some of the things that make running the business easier”
Brad Olecki, CEO and founder of Trenches Consulting
Client
Trenches Consulting
Industry
Sports Marketing
From supply chain delays to worker shortages, many businesses have been operating in survival mode since early 2020. But for consulting companies that require each marketing campaign to deliver a solid return on investment (ROI), the survival mode gains a new dimension.
In a recent Hubspot marketing survey, 28% of marketers cited ROI as their top challenge in 2021, while another 21% expect ROI concerns to be their biggest issue in 2022 and beyond. Marketing companies can’t afford to have even a single campaign fall flat. By partnering with a financial consultant, these companies regain the time and mental energy needed to strategize and implement successful promotions.
We recently caught up with Brad Olecki, CEO and founder of Trenches Consulting, who shared how Lavoie CPA provided some much-needed financial guidance for his sports marketing company. Olecki explained how Lavoie helped Trenches gain its financial bearings and made time for senior leadership to do what they do best—making connections between brands and fans.
The Client
Atlanta-based Trenches Sports & Entertainment focuses on consulting and sales for marketing, advertising, and sponsorships in the entertainment space. Trenches tracks down sponsorships that create value for its clients, delivers brand exposure through high-profile events, and prides itself on pairing the right brands with the right partners.
Trenches knows all too well the challenges marketers face today. With the value of sponsorships constantly changing, Trenches is always on the lookout for unique partnerships that can connect top brands to their target audience.
The Challenges
With the current state of fast-paced marketing strategies, it can be tough for consultants to isolate areas they need to develop for higher growth. What’s even more difficult is trying to strategize and attract key clients while also handling financial nuts and bolts–like invoicing, growth projection, and tax planning.
Like many startups, Trenches had been managing its own finances through Quickbooks. While it has its place for general bookkeeping, Quickbooks can’t handle the big-picture planning and projection that today’s marketing companies need. As Olecki explained, he was “just kind of bumbling my way through it, not really being effective,” when a business partner recommended Lavoie CPA. After connecting with Shari and the Lavoie team, Olecki realized how much a deep dive into Trenches’ finances would help shape the business. With Quickbooks, Olecki said, “there was no personality. There was no expert tied to it. It was limited to my knowledge and expertise,” he laughed, “which I’ve told Shari on multiple occasions I have none of when it comes to the financial space!”
Not only did Trenches need help chasing down outstanding invoices and receivables, but after spending two years in survivor mode during the pandemic, it was ready to start growing again. This meant getting a big-picture view of income and outflow, profitability, and ROI.
Lavoie helped Olecki and other Trenches leadership pursue some of the federal benefits available to businesses, including PPP loans and Employee Retention Credits (ERCs) under the CARES ACT. “These things weren’t necessarily on my radar,” said Olecki. “Lavoie provided me with the tools and the information in the background that I needed to grow and scale.”
The Solution
“A key component to the success we had working with Lavoie is that Shari understood the challenges we faced,” Olecki said. “She has an entrepreneurial spirit and approached things much like we do at Trenches, which is very, very important.” He continued, “the real success was having that partner to talk through the tough times, to handle some of the adversity, and to identify and problem-solve together—some of the things that make running the business easier.”
Along with PPP and CARES Act benefits, Trenches was able to improve its cash flow by following up on delinquent accounts while also collecting the data needed to assess its financial standing, tax liability, and other key metrics. Having this information made it far easier to run growth projections and get a better grasp on the company’s finances. And when it comes to the ROI of marketing campaigns, solid financials make it far easier to drill down into what works and what doesn’t.
“Partnering with Lavoie allowed me to do what I do best, which is run our key services and offerings,” said Olecki. “I rely on them to do a lot of that administrative work that would have fallen apart under my guys if I didn’t add it on.” Olecki noted that he “really loves the flexibility that came with Lavoie working to fit us, as opposed to us having to fit into a box they already had.”
When asked what’s next for Trenches, Olecki replied, “I think we want to continue to build and sustain… we now can enter into a little more of a growth model mindset.” From helping Trenches optimize its cash flow and develop an exit plan to strategizing new financial opportunities, the Lavoie team is glad to be along for the ride.
At Lavoie, we combine technology and strategic thinking to give you the full picture of your business—past, present, and future. Give us a call at (704) 481-6699 or fill out the contact form to talk about how Lavoie can help your growth strategies.
