How to Scale with Workflow, M&A, & Niching Down w/ Tammy Little

Podcast

In this insightful episode of Growing Your Firm, host David Cristello, founder and CEO of Jetpack Workflow, welcomes Tammy D. Little, CEO and founder of the FTC Group. The discussion centers around Tammy’s journey from working as a controller/CFO for a large construction firm to launching her own firm, the FTC Group. 

Tammy shares her experiences in creating effective systems and processes for her business, as well as her strategies for team resourcing that includes both onshore and offshore components.

Listeners will learn about the tools and technologies that Tammy and her remote team utilize to manage tasks for clients, such as using Loom for video instructions and Jetpack Workflow for task management and recurring job assignments. 

Tammy also recounts how a request from a tax accountant to help clean up a client’s messy books led her to realize her passion for details and problem-solving, which ultimately sparked the beginning of her entrepreneurial journey.

Join us as we explore Tammy’s transition from full-time employment to entrepreneurship, her passion for fixing complex problems, and her commitment to developing a scalable, systemized approach to running a successful firm in the accounting and finance industry.

This episode is sponsored by LiveFlow.

LiveFlow empowers you with flexible, powerful reporting tools to create customized dashboards that meet your specific needs. Connect to all your clients’ QuickBooks accounts and import their financial reports from QuickBooks into Google Sheets in no time. Learn more and book your demo here.

What you’ll learn

You will learn about various strategies for managing and growing a business, particularly in a remote work environment. And you will hear about the personal and professional journeys of business owners, including transitioning to new industries, finding a niche, and the importance of work-life balance. 

The episode will discuss the use of tools like Loom, Jetpack Workflow, and others for task management, communication, and transcription, as well as insights into onshore and offshore staffing solutions. Additionally, the podcast will share experiences with outsourcing, the cannabis industry, and the development of standard operating procedures.

Detailed Synopsis

Incorporating video tools such as Loom for the creation of Standard Operating Procedures (SOPs) and training materials is an effective method for managing and training remote teams. 

This approach was highlighted in a podcast episode featuring Tammy D. Little, CEO and founder of the FTC Group.

Benefits of Using Video Tools for SOPs and Training:

1. Clarity in Communication:

• Videos offer a combined visual and auditory means of communication, surpassing the effectiveness of written instructions alone. This is particularly advantageous for complex tasks that require visual guidance.

2. Ease of Access and Reference:

• Videos can be stored and integrated into task management systems like Jetpack Workflow, providing team members with immediate access to training materials within the tasks they are executing.

3. Consistency in Training:

• Video-based instructions ensure uniformity in task execution across the team, which is essential for upholding quality standards throughout the firm.

4. Efficiency in Onboarding:

• New employees can learn at their own pace by watching videos multiple times if necessary, which is especially beneficial for offshore team members working in different time zones.

5. Flexibility in Learning:

• Videos accommodate various learning styles, particularly visual and auditory learners. As Tammy mentioned, providing transcriptions of videos also supports those who prefer reading, ensuring inclusivity in learning preferences.

6. Real-Time Updates and Scalability:

• As processes evolve, videos can be swiftly updated or re-recorded, allowing training materials to stay current and scalable.

7. Enhanced Problem-Solving:

• Team members can reference videos to independently resolve issues before seeking further assistance, promoting a self-reliant workforce.

8. Monitoring and Management:

• Managers can track task completion and staff progress, identifying potential bottlenecks and offering support when tasks take longer than anticipated.

Implementation in Remote Work:

Tammy describes how her firm has effectively implemented video SOPs for their remote workforce. By using Loom to create task-specific videos for each client, they have significantly improved their operational efficiency. 

Embedding these videos into Jetpack Workflow tasks ensures that any team member can access the necessary training instantly.

This method has been particularly impactful for their offshore employees. For instance, a new hire from India was almost entirely trained through these videos, showcasing the ability of video tools to bridge geographical and time zone differences.

In summary, video tools like Loom revolutionize remote team management and training by providing a dynamic, accessible, and consistent training medium. All team members, regardless of their location, can effectively perform their tasks.

A structured workflow management system like Jetpack Workflow is vital for firms, particularly those operating remotely, to effectively manage tasks and staff workloads. Jetpack Workflow offers a centralized platform where all client tasks are organized and can be assigned based on team members’ skills and availability.

Efficient Task Delegation

The system facilitates task reassignment, such as when a team member is on vacation, ensuring uninterrupted workflow.

Monitoring Workloads

Jetpack Workflow’s filtering system allows managers to oversee task progress and make necessary interventions to meet deadlines.

Communication and Accountability

The platform’s notes section enhances communication and accountability, keeping everyone informed about task statuses and plans for completion.

Training and SOPs

Loom videos for SOPs are embedded within Jetpack Workflow tasks, aiding in the rapid training of new hires, including offshore team members. Transcriptions of these videos cater to different learning styles, ensuring comprehensive access to information.

Conclusion

Jetpack Workflow is indispensable for streamlining processes, enhancing communication, and ensuring efficient workload management. It supports effective task monitoring, prevents work from slipping through the cracks, and enables productive task delegation for maximum team productivity and client satisfaction.

Niching Down for Better Client Service and Enjoyable Work

Tammy D. Little shares her insights on the benefits of specializing in specific industries. She reflects on the early days of her firm when she accepted any client, leading to rapid growth but also burnout. Recognizing the need for change, she adopted a niche-focused strategy with her new firm, the FTC Group.

The Problem with Saying “Yes” to Everyone

Tammy experienced burnout from taking on too many clients, which was unsustainable for her well-being.

The Benefits of Niching Down

By concentrating on industries that her team enjoyed and excelled in, Tammy’s firm could provide superior service and create a more enjoyable work environment.

The Result of Focusing on Preferred Industries

The FTC Group now operates two specialized companies, one for the cannabis industry and another for sectors like construction and real estate. This specialization has led to a more motivated and satisfied team.

Final Thoughts

Tammy D. Little’s experience underscores the importance of niching down in the accounting industry. Focusing on preferred sectors has enhanced the team’s quality of life and the service quality for clients, proving that selective client engagement can lead to a more successful and fulfilling practice.

Timestamps

[00:02:09] Starting a firm remotely.

[00:07:50] Cannabis Accounting Challenges.

[00:10:23] Automated financial consolidation.

[00:16:29] Remote training videos.

[00:23:37-00:23:48] Offshore team members.

[00:26:07] AI transcription tools.

[00:28:22] Scaling your firm.