Eliminating Your Way to Growth, Packaging Services, & Pivoting Towards Success w/ Jessica Zoraida

Podcast

Summary

In this episode of Growing Your Firm, host David Cristello, founder, and CEO of Jetpack Workflow, welcomes Jessica Zoraida, a Latina entrepreneur and CEO of Big Picture Results. Jessica shares her journey of being self-taught, launching her firm, and navigating various pivots and transitions. 

Big Picture Results is an accounting and tax company dedicated to helping profitable, growing businesses, particularly those operated by marginalized populations, maximize their financial outcomes. Jessica discusses her mission to support women and other marginalized groups in the business world, highlighting the services her firm offers and the types of clients they serve. 

Tune in to learn more about Jessica’s inspiring path and the strategies she employs to help businesses thrive.

What you’ll learn

The listener will learn about how Big Picture Results focuses on bringing more to the bottom line for business owners, the importance of financial management, evolving packaging and pricing in financial advisory relationships, working with service providers with a good quality brand, having a qualified team for bookkeeping, regular meetings with the CFO and COO, eliminating unnecessary tasks, and maximizing returns for accounting firms and CPAs.

Guest Bio

Jessica Zoraida is a distinguished Latina entrepreneur and the CEO of Big Picture Results, a firm dedicated to helping profitable, growing companies maximize their financial potential while optimizing their time and resources. Her journey is a testament to resilience, self-education, and a relentless pursuit of excellence.

Career and Achievements

Jessica’s career began in the corporate banking sector, where she amassed over a decade of experience. She worked directly for senior management at a now-defunct investment bank, which provided her with an unparalleled education in entrepreneurship, strategy, and corporate finance. 

This experience laid the foundation for her future endeavors, equipping her with the skills and knowledge necessary to navigate the complex world of business finance.

In 2012, Jessica transitioned from the corporate world to entrepreneurship, launching Big Picture Results. Her firm stands out in the accounting and tax industry by not only providing essential services but also delving deeper into the drivers and levers of a business. 

Jessica and her team focus on workflows, processes, and ensuring that the right people are in the right seats, thereby enabling their clients to achieve more in less time.

Under Jessica’s leadership, Big Picture Results has grown to serve a diverse clientele, including marginalized populations and women-owned businesses. 

Her firm offers a range of services from basic accounting and tax preparation to comprehensive CFO advisory roles. This holistic approach has helped numerous businesses streamline their operations, improve profitability, and achieve strategic goals.

Philosophy and Ethos

Jessica’s philosophy is rooted in the belief that financial management should be proactive rather than reactive. She emphasizes the importance of management reporting in dictating management behavior and focuses on creating customized metrics and scorecards for her clients. 

This approach allows business owners to pivot mid-month if necessary, ensuring they stay on track to meet their financial goals.

A strong advocate for recurring revenue models, Jessica has successfully transitioned her firm to a subscription-based service, providing stability and predictability for both her business and her clients. She also champions value pricing, recognizing the immense knowledge and partnership her firm brings to the table.

Jessica’s ethos extends beyond business. She is deeply committed to personal growth and self-care, understanding that a grounded and joyful leader is essential for a thriving business. Her mantra of “eliminate, automate, delegate” reflects her dedication to efficiency and effectiveness, both professionally and personally.

Community and Impact

Jessica’s impact is not limited to her clients. She is a vocal supporter of women, people of color, and small businesses, particularly those without financial backing. Her firm offers accessible platforms for startups, ensuring that even the smallest businesses can benefit from professional financial management.

Her commitment to community and ethical business practices is evident in her extensive network of vetted professionals. This network allows her to provide comprehensive solutions to her clients, even in areas outside her firm’s direct expertise, such as marketing and HR consulting.

Detailed Synopsis

Implementing a Recurring Revenue Model and Value Pricing for Stability and Customization

In this episode, Jessica Zoraida, CEO of Big Picture Results, discusses the significant advantages of implementing a recurring revenue model and value pricing for accounting and advisory firms. These strategies not only provide a stable income base but also allow for the delivery of customized advisory services tailored to meet the specific needs of clients.

Recurring Revenue Model

Jessica emphasizes the importance of a recurring revenue model, particularly for firms that are just starting out. She recalls that when she first launched her business, she often had to negotiate rates and worked on an hourly basis, leading to a lot of accounts receivable (AR) and uncertainty about payment timelines. 

Over time, she transitioned to a model where at least 90% of the firm’s monthly income is recurring. This shift has provided several benefits:

1. Stability: Recurring revenue ensures a predictable income stream, crucial for financial planning and stability.
2. Client Retention : Offering recurring services helps build long-term relationships with clients, ensuring ongoing business.
3. Efficiency : A recurring model allows firms to streamline operations and focus on delivering consistent value to clients.

Jessica notes that their recurring services range from basic financial updates for startups to comprehensive accounting functions for larger organizations. This tiered approach allows them to cater to a wide range of clients while maintaining a steady income base.

Value Pricing

In addition to recurring revenue, Jessica advocates for value pricing, especially for advisory services. Value pricing involves setting prices based on the perceived value to the client rather than the time spent on the service. This approach has several advantages:

1. Alignment with Client Goals : Value pricing allows firms to align their fees with the outcomes and benefits delivered to the client, making it easier to justify higher fees for high-impact services.
2. Flexibility : Firms can offer a range of services, from basic compliance work to high-level strategic advisory, and price them according to the value they provide.
3. Enhanced Client Relationships : By focusing on value, firms can position themselves as partners and collaborators rather than just service providers.

Jessica explains that their firm offers various a la carte options and custom-tailored advisory services, depending on the client’s needs. 

For example, they might help a business owner prepare for taking on a partner or exiting the business by normalizing financials and providing a quick valuation. These project-specific engagements are priced based on the value they deliver, often using a CFO rate as a benchmark.

Practical Implementation

To implement these models effectively, Jessica suggests the following steps:

1. Start Small : For new firms or those transitioning from hourly billing, start by offering basic recurring services and gradually expand to more comprehensive packages.
2. Educate Clients : Help clients understand the value of recurring services and advisory work. Show them how these services can lead to better financial outcomes and business growth.
3. Use Technology : Leverage project management tools and financial software to track leads, manage recurring tasks, and automate processes. This not only improves efficiency but also ensures that clients receive timely and accurate services.
4. Customize Offerings : Tailor services to meet the specific needs of different clients. For example, startups might need basic financial updates, while larger firms might require detailed cash flow projections and strategic advisory.

By adopting a recurring revenue model and value pricing, firms can achieve financial stability, build stronger client relationships, and deliver customized services that drive business success. As Jessica’s experience with Big Picture Results demonstrates, these strategies can transform the way firms operate and provide lasting value to their clients.

Regularly Updating and Reviewing a Scorecard with Key Metrics

Regularly updating and reviewing a scorecard with key metrics is a crucial practice for businesses aiming to stay on track and make necessary adjustments in real-time. 

This approach is highlighted in the podcast episode featuring Jessica Zoraida, CEO of Big Picture Results, who emphasizes the importance of a well-maintained scorecard in driving business success.

Key Benefits of a Regularly Updated Scorecard

1. Real-Time Visibility:
   • A scorecard provides real-time visibility into the business’s performance. Jessica mentions that a scorecard should take about 15 minutes to update, allowing for quick and efficient tracking of key metrics.
   • By regularly updating the scorecard, businesses can monitor their progress and identify any deviations from their goals promptly.
2. Proactive Management:
   • Regular reviews of the scorecard enable proactive management. Jessica explains that financials are inherently reactive, but a scorecard allows businesses to pivot mid-month if they notice they are not on track to meet their budget goals.
   • This proactive approach helps in making timely decisions, such as reallocating resources or focusing on sales efforts to ensure targets are met.
3. Customized Metrics:
   • The scorecard should be customized to fit the specific needs of the business. Jessica highlights that the metrics on the scorecard should be tailored to the business’s stage, whether it’s a startup focusing on lead generation or an established business concentrating on processes and customer satisfaction.
   • Customization ensures that the scorecard reflects the most relevant and impactful metrics for the business.
4. Accountability and Focus:
   • A well-maintained scorecard fosters accountability and focus within the organization. Jessica mentions that management reporting should dictate management behavior, guiding efforts towards the most profitable customers and lines of business.
   • By regularly reviewing the scorecard, managers and teams can stay aligned with the business’s strategic goals and ensure that their actions are contributing to overall success.
5. Elimination of Unnecessary Tasks:
   • Regularly updating the scorecard also helps in identifying and eliminating unnecessary tasks. Jessica discusses the importance of eliminating superfluous activities that do not add value, allowing the business to focus on what truly matters.
   • This practice not only streamlines operations but also enables the business to offer more competitive pricing tiers, especially for startup clients.

Practical Implementation

• Weekly and Monthly Reviews :
• Jessica’s firm conducts both weekly and monthly scorecard reviews. The weekly scorecard includes metrics such as recurring billings, pipeline status, and marketing leads, providing a snapshot of the business’s current performance.
• The monthly scorecard offers a broader view, helping to track longer-term trends and make strategic adjustments.
• Collaborative Approach :
• The scorecard is used as a collaborative tool within the organization. Jessica mentions that her team meets weekly to discuss the scorecard, ensuring that everyone is on the same page and can contribute to problem-solving and decision-making.
• Technology Integration :
• Leveraging technology is key to maintaining an efficient scorecard. Jessica’s firm uses a project management tool to track and update metrics, making the process seamless and reducing the administrative burden.

Regularly updating and reviewing a scorecard with key metrics is an essential practice for businesses to stay on track and make necessary adjustments in real-time. 

By providing real-time visibility, enabling proactive management, and fostering accountability, a well-maintained scorecard can significantly enhance a business’s ability to achieve its goals and drive growth.

Eliminating Unnecessary Tasks and Automating Processes for Business Growth

Jessica also emphasizes the importance of eliminating unnecessary tasks and automating processes to free up time and resources. This approach allows business leaders to focus on growth and strategic initiatives, ultimately driving the success of their organizations.

Personal and Professional Elimination

Jessica shares her personal experience during the COVID-19 pandemic, where she realized the value of eliminating non-essential activities. For instance, she cut down on unnecessary coffee meetings, which were time-consuming and often unproductive. By being more selective about the meetings she attended, Jessica was able to focus on more meaningful connections that could lead to community building and business growth.

Email Management

Another significant area of elimination Jessica discusses is email management. She highlights the importance of not attaching mental energy to junk emails or those that do not provide a return on investment (ROI). By simply deleting these emails, business leaders can save time and mental bandwidth, allowing them to concentrate on more critical tasks.

Client Services

Jessica also applies the principle of elimination to client services at Big Picture Results. She mentions that startup clients often do not need an extraordinary level of detail in their reports. By eliminating superfluous information, the firm can offer a lower pricing tier that is more manageable for startups. This approach not only engages clients sooner but also ensures that the services provided are aligned with their actual needs.

Automation

Automation is another key strategy discussed in the episode. Jessica and her team at Big Picture Results leverage technology to automate various processes, thereby increasing efficiency and accuracy. For example, they use a project management tool to track salient issues and ensure that tasks are completed in a timely manner. This tool helps them avoid the inefficiencies of firing off ideas in emails and instead allows them to address major issues during their weekly C-suite meetings.

Delegation

Delegation is the final piece of the puzzle. Jessica stresses the importance of delegating tasks to the right team members. At Big Picture Results, duties are segregated in such a way that each team member focuses on what they are good at, ensuring that tasks are done efficiently and accurately. This not only frees up Jessica’s time but also ensures that the firm operates seamlessly, even when key team members are unavailable.

Conclusion

By eliminating unnecessary tasks, automating processes, and delegating effectively, business leaders can free up valuable time and resources. This allows them to focus on strategic initiatives and growth, ultimately driving the success of their organizations. 

Timestamps

[00:01:02] Helping profitable growing companies

[00:06:11] Value proposition for big picture.

[00:09:04] Value prop to our clientele.

[00:12:28] Organizing accounting workflows efficiently.

[00:15:55] Eliminate, Automate, Delegate

[00:20:59] Launched firm as stay-at-home mom.

[00:23:32] Building muscle memory