Importance of a Business Plan and Financial Strategy with Michelle Loretta

Jul 22, 2021

If you’re ready to get financially strategic in your business, tune in to find out some insider hacks from a seasoned professional.

 

Episode Introduction: 

Our guest today talks about her journey from being an accountant for a big firm to now owning her own consulting firm that specializes in business strategy for event professionals. 

 

Episode Summary: 

Michelle Loretta walks us through her professional pathway sharing fun anecdotes at every stop on the way. Having tried multiple positions at various big and small businesses, Michelle joins us today to share her wisdom about the importance of business strategy and a financial strategy. Like she says in the episode - “the numbers don’t lie”.

 

Main Takeaways:

• It is important to remember that your degree is not going anywhere, you don’t have to stay married to your job if it isn’t inspiring you.
• Most businesses start facing challenges when they’re two-three years in, as the business matures, it starts to tackle professional challenges.
• As a business owner, pick one to two platforms to run your business on. Do not try to be active on every platform as that’ll result in burnout.
• Make a list of twenty people who wholeheartedly support your business and constantly be in touch with them. Word of mouth is a great way to get new clients.
• The four elements of a business plan are:

1. Vision 
2. Marketing
3. Operations 
4. Finances

• Putting a business plan in place helps your vision get clarity.
• Your numbers speak a lot about your business’ profitability.
• Contracts made any business relationship a lot more functional, efficient, and systemized.

 

Fun Facts About Michelle Loretta:

• Her favorite books are Delivering Happiness by Tony Hsieh, Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear, and Americanah by Chimamanda Ngozi Adichie.

 

Find Michelle Loretta:

Website: https://besageconsulting.com/

Instagram: https://www.instagram.com/besagealways/

Facebook: https://www.facebook.com/BeSageConsulting/

Get the visual experience, watch the videocast for the episode here: https://youtu.be/crM46qNSAZI

 

Connect With Girija:

Website: https://www.gbplaw.com/

Instagram: https://www.instagram.com/gbplaw/

Facebook: https://www.facebook.com/GBPLaw/

 

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