Financially Healthy Hiring with Dondrea Owens - joytolead.com

Podcast

Financially Healthy Hiring with Dondrea Owens

June 9, 2020

Dondrea Owens stops by the Joy to Lead Podcast to chat all about preparing our finances for hiring and to quell any fears we have with practical and actionable finance strategy advice.

Dondrea Owens is a Certified Public Accountant (CPA).  Through her business, The Creative’s CFO, she and her team empower creatives and small business owners through accurate bookkeeping and profit-boosting strategies to know their numbers, then watch them grow.

Dondrea Owens

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Dondrea’s Leadership Journey

From public accounting to her entrepreneurial journey, she’s learned how to lead a team by stepping out of the weeds as a “doer” and develop strategy and vision.

Her journey has included learning through courses and books and has even affected the way she leads in her own home with her children.

What do we need to have in place before investing in hiring?

Ironically enough, it has nothing to do with the numbers and everything to do with your time.

Time is money, so she recommends having the following in place:

  • Detailing clear expectations for how your hire will spend their time
  • Having their systems and processes mapped out to some degree
  • Ask, is this something I can outsource, automate, or is this an ongoing role?
  • Then, research the cost of the hire, automation or contractor

Powerful Quoteables from Dondrea

“There’s always opportunities to grow and develop your leadership, you just have to really see things for what they are and be really intentional about it.”

“It’s easy for us to go and find people we like online. It’s a huge space with a ton of talent out there, but as we know they’re all looking at each other and setting their prices based on that. So it’s important to take a step back and look at what exactly we need, who is that person, then go out and research that salary amount.”

“Be patient. It’s best to hire before the need is super present for you because you make a much better decision. Be patient, start early.”

What else do we talk about in this episode?

  • The hidden costs of hiring that we may not be accounting for
  • The various hiring avenues we can take to bring on support
  • Should we hire a contractor or an employee?
  • How to manage and prepare for taxes when hiring
  • How do we keep our finances healthy as we scale?
  • Hiring an accountant vs. a CFO – which one is best for us?

Resources mentioned in this episode

Gusto

Intuit Payroll

The Psychology of Winning

Connect with Dondrea Owens

Download your free Spending Plan for Creatives

Connect with Dondrea on Instagram

Visit her website, the Creative’s CFO

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