Zoom Logo

Will Holmes's Personal Meeting Room - Shared screen with speaker view - Recording 2/2
Laurie DeWitt - Pure Light Images
01:52:12
I know Catherine!!!
Tracy Akinade
01:52:24
Look at that!
Laurie DeWitt - Pure Light Images
01:52:35
We worked Census together many years ago I believe
debbie
02:03:16
Debbie's Cuisine Catering, LLC B2B is a Basic Need before during and after the Pandemic
Ann Williams/R&A Movers, Inc.
02:21:16
That's the $54,000 dollar question for al owners
Laurie DeWitt - Pure Light Images
02:22:28
Thank you for validating!
Sonya
02:23:31
awesome yes cake for birthday or orange
debbie
02:24:29
Snickerdoodle Cupcakes
Tracy Akinade
02:25:05
Love it Chef Debbie! And Ms Sonya!
Laurie DeWitt - Pure Light Images
02:26:55
paid $4.21 a gallon today. Hint: go to BJs or Costco it's cheaper. YOu can get a Bjs card for $25 a year. Pays for itself
Tracy Akinade
02:27:30
Thanks for the tip Laurie!!
Laurie DeWitt - Pure Light Images
02:28:02
Or pay cash at the pump. Eagle stations are Russian owned though, so I am avoiding those.
Laurie DeWitt - Pure Light Images
02:28:13
some stations cheaper with cash payment
Ann Williams/R&A Movers, Inc.
02:39:50
should goals & metrics be measured by the competition ?
The Dotts
02:41:19
Is there a pricing formula that can be used also for pricing your product/service
Laurie DeWitt - Pure Light Images
02:42:00
I agree with that sentiment Will. Hard to quantify the costs of competitors, esp. when the scale could be different.
Laurie DeWitt - Pure Light Images
02:43:26
Also, for some of us, I suspect it isn't easy to 'see' what the competition is charging for same service. Goods can be priced online by comparing but so many service businesses do the 'want a quote? send us a message', so you can't easily see what the pricing is.
Sonya
02:44:44
There is someone for everyone. I like the knowing the industry not for comparison but to understand.
debbie
02:48:14
It hard to measure production time for meals because we are in a shared kitchen. Sometimes we have to wait for the cooking equipment to become available for use. How do I solve this problem?
Tracy Akinade
02:49:24
Get a a base time in a reasonable and most desired scenario, then calculate the worst case scenario time to interchange
Rennard Brown
02:49:40
I'd suggest: think about the time to get the ingredients together, also how much time does it take once the kitchen is available.
Tracy Akinade
02:50:25
We will bring this to Q&A to get additional feedback from Will and you can decide Chef Debbie!
Rennard Brown
02:50:30
You could also factor in the wait time as a cost too - as Mr Holmes says, you may want to factor in that wait time in reinvestment - maybe use more than one facility
Laurie DeWitt - Pure Light Images
02:57:13
Dr. Rhonda, I think I missed your area of expertise? My screen cut out for a bit.
Laurie DeWitt - Pure Light Images
02:57:49
Wow!!!
debbie
03:01:20
Did Hogan waive this fee
Laurie DeWitt - Pure Light Images
03:01:34
can you provide a link to this Catherine? I feel like you don't have to file or pay if your inventory is under 10K?
Tameaka Shelton
03:01:55
Question for Catherine: I use Gusto to process payroll. Gusto told me that I am able to process pretax health insurance deductions as owner of my business although no one else on my team has insurance. When I was a individual LLC this was not something I could do. This changed when I was transitioned to an LLC/S-Corp. Recognizing they specialize in Payroll Processing and not Accounting, I wanted to check in on this.
Laurie DeWitt - Pure Light Images
03:02:02
is this necessary for sole props?
Laurie DeWitt - Pure Light Images
03:02:45
also, what if your office is a home office?
Sonya
03:05:31
Just to clarify as a non-profit you don't have a building right away so is the the personal is the office in their home?
Laurie DeWitt - Pure Light Images
03:07:25
https://dat.maryland.gov/businesses/Documents/21exempt.pdf
Laurie DeWitt - Pure Light Images
03:07:54
Check this to see if your business might be exempt from Personal Property Tax for 2021-22
Tameaka Shelton
03:08:19
If we find that something about the business is not sustainable or if we come to the realization that something we're doing doesn't best align with growth and scaling, will we learn how to make necessary adjustments in session or is that why we need to schedule individual calls with Will?
Ann Williams/R&A Movers, Inc.
03:08:23
Should a sustainable business create a non profit entity associated with their LLC or S Corp. to increase revenue streams.
Sonya
03:08:25
Thanks Laurie
Rennard Brown
03:15:22
Tameaka - I think that the answer is "both" - you will learn the tools throughout the sessions, set up time with Will to help clarify questions you may have. This teaches you how to fish, if that makes sense.
Sonya
03:15:45
Dr. Farrell is right but it truly has to be someone who has the passion. I love the Check points in there. the Listen and learning THank you so much!
Catherine Wright
03:15:47
S corps have funny little rules. if you are an S corporation, even if you have the insurance as pretax, insurance will be added back into your income when you complete the K1.
Catherine Wright
03:15:58
I want make sure you all understand that the link that Laurie shared only pertains to the tax of your county. the state will figure thatif you are exempt from tax when they process your form. The $300 fee is required except if you are a sole proprietor that meets the condition I discuss earlier
debbie
03:21:54
SOP's are not in place with my business. It overwhelms me to think about starting. I know it will fix many issues I currently have.
Rennard Brown
03:24:31
If you think about successful restaurants, like McDonald's, part of the reason that they are successful is consistency - the same burger at the same cost no matter where you go. SOPs help you to keep your vision consistent, every time.
Sonya
03:25:15
Yes that is good thanks Mr. Brown
debbie
03:27:01
What is the starting point in creating the SOP?
Rennard Brown
03:28:11
To make it easy, Chef Debbie: Think of creating an SOP just like you create a recipe.
debbie
03:28:45
Ok1 Thx Mr. Brown
Rennard Brown
03:29:29
Start with the end you want. Get your ingredients, figure out the time and resources you need,, etc.
Rennard Brown
03:29:50
SWOT - Strengths, Weaknesses, Opportunities, THreats
Laurie DeWitt - Pure Light Images
03:30:11
thx rennard
Tracy Akinade
03:30:54
Crucial Conversations is it!!
Laurie DeWitt - Pure Light Images
03:31:23
Did you mention a worksheet we can use for SWOT?
Laurie DeWitt - Pure Light Images
03:34:02
Debbie, and maybe if it happens with multiple ppl it might be where SOP is helpful, because they aren't understanding what they need to do or how.
Rennard Brown
03:34:09
Crucial Conversations Tools for Talking When Stakes Are High, Second Edition - Kerry Patterson
Tameaka Shelton
03:35:28
Everyone Communicates, Few Connect - John Maxwell
debbie
03:35:41
Laurie, you are correct.
Tracy Akinade
03:36:11
Thank you Tameaka! John Maxwell is a legend
Rennard Brown
03:36:56
Here is an article on SWOT - https://en.wikipedia.org/wiki/SWOT_analysis
Tameaka Shelton
03:39:19
https://www.irs.gov/newsroom/understanding-employee-vs-contractor-designation
Tameaka Shelton
03:40:06
https://www.dol.gov/agencies/whd/flsa/misclassification
Tameaka Shelton
03:41:22
The biggest trap I've seen small business owners fall into is thinking that the number of hours a person works determines whether or not they are an employee or contractor.
Laurie DeWitt - Pure Light Images
03:42:06
thx tameaka!
Rhonda Farrell
03:46:11
Dr. Rhonda Farrell, ceo@gblnnovstratllc.com, GIS
Rennard Brown
03:48:06
Please reach out to me via LinkedIn: https://www.linkedin.com/in/rennardbrown/ and all cohort members have my email also rabrown2010@gmail.com
Catherine Wright
03:49:16
Wright way tax solutions 410-383-9575. www.wrightwaytax.com. my office is in towson
Rennard Brown
03:49:30
The Seven Habits of Highly Effective People Dr. Stephen Covey