From 4th Grade ‘Help’ Desk to Entrepreneurship: Lessons Learned

In the landscape of childhood memories, those moments shine like stars, guiding us on our life’s journey. For me, it was a fourth-grade endeavor that laid the foundation for a future filled with innovation and problem-solving.


In the 70s, things were freewheeling in the teaching sector. Teachers were experimenting with new ideas, open classrooms (the classrooms were literally open to each other), and new ideas on how children learn. I, as a then 4th grader, saw an opportunity in this sea of change. Inspired by the character Lucy from Peanuts, I hatched a plan with my teacher (Mr. K) to set up a ‘help’ desk where fellow students could seek advice for a fee. It was a charming and innocent display of budding entrepreneurship.


Throughout the school year, the ‘help’ desk buzzed with activity. Classmates flocked to the desk, bringing their queries and seeking solutions to various predicaments. From homework woes to friendship dilemmas, the ‘help’ desk provided a safe space for discussions and advice. This initiative not only helped classmates find answers but also ignited a spark for me- I was an entrepreneur feeling the thrill of owning my first business..


As the school year came to an end, the ‘help’ desk had accomplished more than just answering questions. It had managed to generate earnings – a feat that only a true entrepreneur can appreciate. With the hard-earned funds, my teacher and I decided to treat the entire class to popsicles. It was a sweet ending to a project that had sparked a fire for me..


Years later, I reconnected with my 4th-grade teacher, Mr. K. We reminisced about our ‘help’ desk venture and had some good laughs. It became evident that this seemingly simple project held valuable lessons that would continue to shape my path.


Through my teacher’s support of my crazy idea, I learned the importance of exploration. Permission to think outside the box fostered a sense of creative thinking that would become integral to my entrepreneurial journey. I started a remote accounting firm before it was ‘cool’ to be remote. I was looking to change how accounting processes were done for small businesses, which required innovative thinking.


The ‘help’ desk provided a platform for problem-solving and discussions. This experience taught me the significance of creating a safe space for individuals to seek guidance and find solutions. When we talk with our clients, we never judge, as the entrepreneurial journey is not easy and rife with trials and tribulations.


Solving classmates’ problems brought a sense of fulfillment. Here, I discovered the profound satisfaction of helping others navigate challenges – a sentiment that would inspire me to work with entrepreneurs.


From a humble ‘help’ desk to a lifelong entrepreneurial spirit, my journey serves as a testament to the power of childhood experiences and the power of great teachers.


It reminds us that the seeds of entrepreneurship can be sown at the most unexpected times and places. Whether it’s offering advice to classmates or founding a startup, the lessons learned from that fourth-grade venture continue to resonate in every entrepreneurial endeavor I’ve undertaken.


Thanks Mr. K!

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5 Ways to Increase Cash Flow in Your Service-Based Business

By Alisa McCabe • May 2, 2025
Cash flow is the lifeblood of any business, but for service-based businesses, managing cash flow can be particularly challenging. With fluctuating client payments, project-based revenue, and ongoing expenses, maintaining a steady flow of cash is critical to sustaining and growing your company. In this white paper, we’ll outline five actionable strategies to improve your cash flow and ensure financial stability. 1. Optimize Your Invoicing Process One of the most common reasons for cash flow issues is delayed payments. To accelerate cash inflows: Use Automated Invoicing: Implement invoicing software like QuickBooks Online to send invoices promptly and track outstanding payments. Set Clear Payment Terms: Require upfront deposits or shorter payment terms (e.g., Net 15 instead of Net 30). Offer Multiple Payment Options: Make it easy for clients to pay via ACH, credit card, or online portals. 2. Improve Pricing and Packaging Many service businesses underprice their offerings, leading to tight margins and cash flow struggles. Consider: Bundling Services: Create packaged service offerings to encourage larger commitments from clients. Value-Based Pricing: Charge based on the value you provide rather than just hourly rates. Regular Pricing Reviews: Reassess your pricing annually to ensure profitability. 3. Implement a Recurring Revenue Model Recurring revenue provides predictable cash flow and reduces the pressure of constantly acquiring new clients. To transition to this model: Offer Subscription-Based Services: Create monthly retainers or ongoing support packages. Encourage Long-Term Contracts: Provide discounts for clients who commit to extended service agreements. Automate Payments: Use autopay systems to ensure consistent cash inflow. 4. Manage Expenses Strategically Reducing unnecessary expenses can free up cash and improve profitability. Some key actions include: Review Expenses Regularly: Identify non-essential costs and renegotiate vendor contracts. Use Technology to Streamline Operations: Invest in tools that automate administrative tasks and reduce manual labor. Outsource Strategically: Leverage outsourced bookkeeping or virtual assistants instead of hiring full-time staff. 5. Forecast and Plan for Cash Flow Gaps Proactively managing your cash flow ensures you can handle slow periods without financial strain. To stay ahead: Create a Cash Flow Forecast: Use financial software to predict cash inflows and outflows. Build a Cash Reserve: Set aside funds for emergencies or seasonal dips in revenue. Secure a Line of Credit: Establish credit before you need it, so you have access to funds when necessary. Improving cash flow isn’t just about cutting costs or chasing payments—it’s about implementing smart financial strategies that create stability and growth. By optimizing invoicing, refining pricing, adopting recurring revenue, controlling expenses, and forecasting cash needs, you can take control of your business’s financial health.  If you need help optimizing your financial systems and cash flow strategy, First Steps Financial is here to support you. Schedule a consultation today!

Outsourced Accounting vs. Fractional Accounting: What’s the Difference?

By Alisa McCabe • April 15, 2025
As a service-based business owner, managing finances effectively is key to growth and profitability. When looking for financial support, you may come across terms like "outsourced accounting" and "fractional accounting." While they may sound similar, they serve different purposes and offer unique benefits. Understanding the differences can help you decide which approach best suits your business needs. What is Outsourced Accounting? Outsourced accounting refers to hiring an external firm to handle bookkeeping and financial reporting tasks on an ongoing basis. This solution is ideal for businesses that need consistent, reliable financial management but don’t require a full-time, in-house accounting team. Key Benefits of Outsourced Accounting: Cost-Effective: More affordable than hiring an internal accounting department. Scalability: Services can be tailored to your business size and needs. Access to Expertise: Work with professionals who specialize in bookkeeping, payroll, and tax preparation. Technology-Driven: Many firms use cloud-based software like QuickBooks Online for efficiency and real-time reporting. What is Fractional Accounting? A fractional accounting firm provides higher-level financial strategy and decision-making support, often acting as a part-time CFO or controller. This approach is best for businesses that need more than basic bookkeeping but don’t yet require a full-time financial executive. Key Benefits of Fractional Accounting: Strategic Financial Oversight: Helps with budgeting, forecasting, and financial planning. Higher-Level Expertise: A fractional CFO or controller can provide insights beyond day-to-day transactions. Customizable Support: Businesses can engage a fractional firm for a few hours a week or month based on their needs. Growth-Focused: Ideal for scaling companies needing financial strategy without the full-time cost of an in-house CFO. Which One is Right for Your Business? The choice between outsourced and fractional accounting depends on your business size, complexity, and financial goals. Choose Outsourced Accounting if: You need reliable bookkeeping, payroll management, and financial reporting but don’t require deep financial strategy. Choose Fractional Accounting if: Your business is growing, and you need financial leadership, cash flow management, and strategic planning without the cost of a full-time CFO. The Best of Both Worlds Some firms, like First Steps Financial, offer both outsourced accounting and fractional CFO services. This allows businesses to start with outsourced accounting and scale up to fractional services as they grow, ensuring they always have the right financial support. Both outsourced accounting and fractional accounting firms can play a crucial role in your business’s success. The key is understanding where your business stands today and what level of financial expertise will help you achieve your long-term goals. If you’re unsure which option is best for you, First Steps Financial can help! Contact us today to discuss your needs and find the right financial solution for your business.

Train, Trust, and Let Go: How Great Leaders Build Confident Teams

By Alisa McCabe • April 4, 2025
Don’t overinspect or oversupervise. Allow your leaders to make mistakes in training, so they can profit from the errors and not make them in combat. -Col. Glover Johns We had just hit the jackpot. A Chinese submarine crossed our path in an area where no one expected it to be. This should have been a massive win for U.S. intelligence, our ship, and us as SONAR technicians. But there was one problem: no one made the call. The submarine was only discovered in post-analysis days later. What should have been a career-defining success became a failure for our SONAR team due to hesitation and lack of confidence. One of my teammates saw the submarine—its frequencies matched, it behaved like a submarine, and all the indicators were there. But he didn’t speak up. He was afraid of being wrong. When this failure came to light, our team had a meeting to figure out what went wrong. The teammate who had seen it was devastated. He felt like he had failed the entire crew. Our immediate supervisor didn’t help—he picked apart every mistake, repeatedly asking, “How could you miss this? I’ve shown you this a million times!” After a few minutes of this, his boss stepped in. He asked how we were being trained. The answer was obvious to all of us. Our supervisor was a doer, not a teacher. He couldn’t stand to see mistakes, so instead of letting us learn, he micromanaged and took over. The result? We lacked the confidence and knowledge to make decisions because we had never been trusted to. At this point, you might think, “What a terrible leader!” And you’d be right—at least in this instance. But what you might not realize is that even good leaders fall into this trap. And you’re not immune to it either. If you have kids, I guarantee you’ve stepped in and done something for them because they were taking too long. If you run a business, you’ve likely taken over a task because you didn’t trust an employee to do it right. It feels like the right move in the moment, but it’s not. It is the easy way out. The answer is simple: real leadership requires patience. It’s easier to take over than to teach. So how do we break this cycle? It takes discipline. Step one: provide the right training. No one becomes an expert overnight, but they need a foundation strong enough to work from. Encourage questions and never make people feel stupid for asking. If they’re afraid to ask, they’ll be afraid to act. Step two: let go. You have to trust the people you train. Set expectations clearly and then step back. Resist the urge to jump in. Step three: debrief. Go over the work. Point out successes and failures. Then, instead of just pointing out what went wrong, show them how to do better. Follow these steps, and I guarantee you’ll build a team that has the knowledge and confidence to make the call. Written by: Marc Chianese, CPA Candidate

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