Learning to read the numbers with Staci Millard | Ep. 11 Content Magic with Lindsay Smith

In this episode of Content Magic, I'm chatting with my friend Staci Millard, a fractional CFO and accountant for small businesses. Her zone of genius is helping businesses grow their income sustainably by looking at the numbers and making important decisions and next steps. 


00:00 Stable job in accounting led to entrepreneurship.

04:30 Podcast discusses taboo of having part-time work.

09:14 CFOs focus on strategy, numbers, and tracking.

11:58 Creativity and profit go hand in hand.

14:12 Stay in your lane and focus.

16:58 I refer people without asking for payment.

20:31 Expresses gratitude, asks for engagement, hints rewards.


CONNECT WITH STACI!
Instagram: Staci Millard
Website: stacimillard.com
Freebie: The Profit Playbook
Podcast: The School for Small Business

Lindsay [00:00:03]:
If you have an online business, you're creating content. And the way you create content is more important than ever. It's really noisy out there, and learning to stand out is the only way. Hey, I'm Lindsay, and I'm the host of the content Magic podcast, all about being an entrepreneur and creating kick ass content to market yourself and your business.

Staci [00:00:24]:
Hi.

Lindsay [00:00:25]:
Have a not so secret superpower for copywriting, marketing and content. And I've helped hundreds of folks just like you show up with a ton of confidence in the online space. I've been doing this content thing for 20 years, and I believe the real magic is a combo of intuition, creativity, and strategy. You can create content for your business without losing your mind, I promise. So, tune in every week for tangible content, tips, inspiring guests, and some real spicy opinions. Probably mine. Ready to dive in?

Lindsay [00:00:57]:
Let's go. Hey, guys. Welcome back to the podcast. And this is episode not sure, and I'm excited to welcome another guest, my friend Stacey. Hi, Stacey. Welcome.

Staci [00:01:11]:
Hi, Lindsay. Hi. Thank you.

Lindsay [00:01:14]:
And at the time of this recording, we have not met in person. But in a week from today, we are going to meet in person, which is rare. I feel in online business that you meet people in real life with real pants on.

Staci [00:01:28]:
We were in the same room earlier this year, I fancy.

Lindsay [00:01:32]:
Oh, yeah, that's right.

Staci [00:01:32]:
We didn't get to talk, though, so it feels like we haven't met.

Lindsay [00:01:35]:
Okay, that's now. Okay. Anyways, can you tell the people who you are and where you are and what you do and who you help?

Staci [00:01:43]:
Yeah. My name is Stacey Millard. I'm a fractional CFO and accountant for small businesses. We're doing things differently where we really focus on helping businesses grow. Of course, we check the tax boxes and all that kind of jazz, but we're really focused on using our superpowers with those numbers to help you have success. We focus on canadian companies. I'm located in Alberta, but we help everybody across Canada. And, yeah, that's a little bit about me.

Staci [00:02:09]:
I come from the prairies.

Lindsay [00:02:10]:
Amazing.

Staci [00:02:11]:
The small Town girl with no dreams that kind of fell into entrepreneurship like most people.

Lindsay [00:02:17]:
Really?

Staci [00:02:17]:
No dreams? I had no dream. I was like, did you ever play life as a kid?

Lindsay [00:02:23]:
Yes.

Staci [00:02:23]:
I wanted the job that was stable in security. My parents both had large business or government jobs, and I was like, okay, I just need to make a good amount of money to feel safe. And I was like, I'm going to be an accountant. Everybody needs their taxes done. And eventually it felt like I was working so many hours for somebody that just didn't care. And I'm like, there's so much potential, and look at these businesses. And I saw how they impacted the world and just very much became inspired by what small businesses do, and then felt a little bit inspired to do my own entrepreneurship thing. So we ran that road.

Staci [00:02:58]:
And course, nobody in my family is an entrepreneur, so decided to go first.

Lindsay [00:03:04]:
Interesting. Okay, so tell me the road to entrepreneurship. So, did you work full time as an accountant?

Staci [00:03:12]:
Yeah, I've worked for a few different accounting firms. Definitely small businesses. I loved it. I worked a very short period of time for a large corporation and found that you're like, one piece of the puzzle. You're just kind of this cog or this number on this big mission. And I loved working for small firms. I got to do everything and see everything and feel like I had impact. But there was a point, like I mentioned, where I was like, I'm working all these hours, and I feel like these clients aren't taken care of and the employees aren't taken care of.

Staci [00:03:42]:
I'm like, this is nonsense. So my husband and I took a leap. We moved, and I was like, okay, I'm going to try this entrepreneurship thing. I had a contract. So this is one thing I love, giving entrepreneurs advice. Is that a lot of the time for, like, I would say 90% of people, if they try to jump right in without having that safety net or having some form of income, it's too much. Money is safety to our nervous system. So instantly, we're, like, shut down.

Staci [00:04:09]:
We become panic, we become fearful, and that is not a good way to do business. So, for me, I had the safety net, I had a contract to do some work, and then I did the entrepreneurship on the side. I love giving people that advice of, like, most people are not the jump all in kind of people. It sounds sexy, and it is not when you get into it is not.

Lindsay [00:04:30]:
Yes, I agree. I just recently launched a podcast episode about how there's this weird pressure to, unless you're all in and you don't have a part time job or your entrepreneurship thing is not like a side gig to your full time job, there's, like, some weird, like, it's like, taboo, like, you can't talk about it. And I'm like, why is. Know, why can't you work at the Starbucks, like, three days a week or whatever it, like, whatever your part time job is, why can't we talk about that? Because, yes, I agree. Money does affect our nervous system, and there's been times when I've launched something like some program, and I had this weird, desperate energy around it because I was like, I just need the five people to pay my car payment or whatever, and you don't want to transmit that energy to your potential clients.

Staci [00:05:32]:
Yeah. And what I'll say is, for myself, when I sort of titrated in or took those stairsteps into it, I came at it purely from service. And when you see businesses do well, it is because that's what they get to do. I focused on talking to my clients. Like, if you're talking about copywriting, it came naturally for me to be like, this is how I can help you. This is how I make your life easier. And that was where my success came from. But I wouldn't have been able to do that if I was like, oh, my God, I just need you to sign because I have to pay my bills this month.

Staci [00:06:01]:
And I think there's even more shame for the people who bought into that marketing message that some uneducated person is telling you, like, you need to go all in as like, no, you really don't. Going all in is more of a concept of committing to the business, not being wavering about it, committing to it, finding time for it, putting in the effort. But going all in doesn't mean you can't have something else on the go because you still parent, you still do all sorts of other things in life. You eat, you exercise, you do all this stuff. So it's not just live and breathe business.

Lindsay [00:06:35]:
Yes, agreed. Totally. And more and more, and I think from a lot of my guests and a lot of my community, and I talk about this all the time, how I'm, like, anti hustle culture, but I still get sucked into it myself. And it's just me. This is the business right here. I mean, I have other people that help, obviously, but I still get sucked into the weird hustle thing. Like the butt in the seat, right. For example, my kids went back to school this morning, and I was like, oh, I got to get to my desk.

Lindsay [00:07:11]:
But for what? It was like 820, and I didn't have a meeting till 09:00 a.m. Why do I have to sit here? Why can't I, I don't know, doodle or drink my coffee? This idea, right? It's ingrained in us.

Staci [00:07:28]:
Yeah. And I think it's an interesting concept because, one, I think that we are wired to progress and move on. So that act of doing the work, even if it's not maybe netting the results, feels good. I'm actually starting this book called dopamine detox, and it explains at the start that dopamine isn't a feel good drug. It's like a progress drug. Right. So every time we're starting something or we're putting in the action, that's what makes us feel good. So we're actually wired to do some work.

Staci [00:07:59]:
But I think it's a constant balancing of reminding ourselves what is just like, this dopamine fiend. Like, I need more. I need more. That's unhealthy. And then what is effort. And effort feels good. Having a purpose feels good, because without a purpose, we feel very lost, and it's also the opposite. So we have to consciously manage the fact that our brains and our bodies want that dopamine.

Staci [00:08:24]:
And the more that we get, it's like, almost. It wants more and more with, like, okay, we can't do nothing, so we have to manage ourselves. Right. I don't think it's ever going to be this, like, oh, I've learned how to handle it. It's always going to be checking.

Lindsay [00:08:38]:
Yes. Oh, I like that. Constantly checking yourself. Yes. Switching gears a little bit. So tell me what a fractional CFO does. Yeah.

Staci [00:08:49]:
The way that I like to put this to people is that bookkeepers put some data into a system. It pulls a bunch of reports, but they don't really tell you what those reports mean or how they affect your business. Accountants are focused on compliance. We want to file the taxes. We, again, put some reports together. A fractional CFO. The fractional piece just means that we're not working full time for you. You don't have to pay full time prices.

Staci [00:09:14]:
But the CFO piece is like, the magic, especially working with us, our focus is on entrepreneurship. I've been an entrepreneur multiple times. I get what it's like to be in your shoes. And then we use those numbers that the accountants and the bookkeepers prepare to help skyrocket your business. So we come at it from, like, what is your mission? What are your values? How do you want to do business? What's important to you, that's also unique. And then looking at, how do you make money? So we start looking at things like cutting costs, increasing revenue. The strategy behind it, and usually where a lot of people fall short, is that they look at it at the surface level, but we go ten layers deep to make sure that the strategies that we're putting out are going to have the effects that they want. And the other magic behind a CFO is that we're testing and tracking it over time, because I find with a lot of entrepreneurs, they make decisions that are very quick and shoot from the hip.

Staci [00:10:09]:
They're like, okay, I need more revenue. I'm just going to throw this out there. And then it doesn't work. Or maybe it does, but they don't know why. So it's like they can't repeat it if it doesn't work. They don't know why it didn't work. Maybe it's just like, actually a little tweak and now all of a sudden you could have some success from it, but then they're on to the next thing, and so they're just constantly on this, not quite there. Maybe it's a struggle bus, or maybe it's just not quite there bus.

Staci [00:10:33]:
And they can't put their finger on why things aren't working well. And that's what we use numbers to do, is really have you feel the success from your business.

Lindsay [00:10:40]:
I love that. And so it's more like you're looking at sustainability, right, rather than just like a quick win cash injection, and you have to sort of look at the long term. Yes. And I love that because as someone who's purely creative, and I'm very good at winging it for the longest time, I've been doing this technically for, like, ten years. Right? In the early days when I was freelancing as a copywriter, I just would be like, sure, e transfer me this much money. Okay, sure. I didn't even have a website until like, six years later because it was like I had babies and I was breastfeeding and I was just taking on random clients. And still, when I sort of made things even more official over the past three years, still, I just was like, okay, I'm going to put this out here.

Lindsay [00:11:35]:
Put this out here. I only opened a business account, like, a year ago. I was like, oh, that seems like a good idea. So I feel like there's people like me who are super good at the creative part and not so great at the sort of, well, what you do, obviously. So I feel like there's more people that need you.

Staci [00:11:58]:
And I think in the creative world, there's like, this resistance because they think like, oh, if I look at the numbers, I'm going to lose all the creativity. But that's actually not the case. First of all, we still keep the heart of the business. So they think, like, if I'm worried about money, then I lose my desire to help my client and the passion behind it. But what we do is we keep the passion, because if you're not earning and profiting what a reasonable amount is for your efforts and what you feel is a reasonable amount, you're going to give up, you're going to quit, or you're going to get stressed out and you're going to lose the creativity anyways. So how we show up is in a way that basically reports to you. We act like we're a part of your business and we are like, okay, hey, we see this mission. We know how you like to work, and this is some of the ideas that we have.

Staci [00:12:43]:
Here's some next steps. How do those work for you? If you're like, no, we go back to the drawing board, right? It's a very collaborative process, but it is like, we report on all the things that you just don't like working on. It's like, go do the work and just report to me. Just tell me what I need to know so I don't have to pay attention to the details.

Lindsay [00:13:01]:
Oh, that's amazing. So basically, you're, like, taking a chunk of stuff off of people's plate and being like, let me handle this. So you focus on the part that you're good at.

Staci [00:13:13]:
Yeah, absolutely. And to be honest, the other thing is, if you look at what you're good at, I could never do a website. I'm not an expert in copywriting. I could not do many of those things because I haven't been educated in it. I haven't invested the time learning it and then put in the reps to get good at it. So I wouldn't expect you to do what I do. I've spent 17 years doing this, and so I basically do what would take you days and days and days. You wouldn't get the results that I get because I put in reps, I can lift heavier weights.

Staci [00:13:47]:
Right. So we use that skill to kind of complement what you do. And then I hire people for marketing. Nice, right? Because I'm not good at that stuff. We hire out what we're not good at. That's actually the ultimate flex in business, is admitting where you're not strong. Like when. Where you've got a weakness or you lack strength and complimenting it.

Lindsay [00:14:07]:
Well, I totally agree.

Lindsay [00:14:11]:
And I think.

Lindsay [00:14:12]:
What you just said is also a testament to just stay in your own lane. Like, this is what you're good at. Just keep doing that. Right? Like you said, you put the reps in, you've got 17 years of experience. Nobody's going to come to you, be like, Stacey, my toilet is broken. Can you help me? Do you know what I mean? And I think that's where people get mixed up, is that they want to be everything to everyone because they don't want to leave anybody out, especially people who are just starting. But I think the opposite is true. If you focus on the thing that you're really good at, like for me is obviously copywriting and content, and for you it's numbers and making money.

Lindsay [00:15:00]:
Just focus on that. So if somebody asks me about Facebook ads, I can be like, I don't know, go talk to somebody else. I'm not going to pretend. Yeah, sure, I could figure it out. I could google it, but I'm not going to pretend I know anything about Facebook ads because I don't. So I'm going to send you to someone else who's like an expert at it. So I think people get mixed up when they're trying to talk to everyone. And it's like choosing a restaurant for twelve people.

Lindsay [00:15:26]:
Like, no, just choose the one thing.

Staci [00:15:30]:
I think there comes a level of fear with that, too. The people that I see making that decision of like, oh, well, I took a master class or I was at a webinar one time for ads, so I'm going to start doing ads. It definitely comes from this fear mindset of like, I need to make money back to that. How do I make money? And you're focused on that because if you really came at those decisions from a service mindset, you know, you are not doing that client the best service for their investment.

Lindsay [00:16:02]:
Really? Yeah. I totally agree. Yeah. And I think it's up to us to like, I was just thinking about this in the shower because shower thoughts are the best. Shower thoughts are like dog walking thoughts. I just was thinking, I'm like, there's so many things that we apologize for that we don't need to. And one of them is like saying no to somebody or referring them out. You can't be an expert in everything.

Lindsay [00:16:31]:
You can't possibly know everything about everything. And I agree. I remember in the early days I would take on copywriting clients that I just was like, this is not a good fit, but you don't know any better. And I think with experience, you're kind of like, this client is not like, this doesn't match my expertise. I'm sorry, but I can't help you with this.

Staci [00:16:58]:
I've been in business long enough that I know what my lane is. I think sometimes maybe we don't, but I know what my lane is. So I like to just refer people. I don't ask for a fee, I just refer people. And I hope to do business that same way because I grew up in a very traditional business. Like, I grew up with my business and that's what we just did. We sent referrals to lawyers and insurance agents and all these people, and we never expected a payment back that the online world kind of creates. But what I will say is, if you are looking at it from a business perspective and you're like, I am referring to this person all the time, there's actually ways to incorporate that in your business.

Staci [00:17:32]:
Maybe you white label an agency where you're like, hey, I'm not going to learn how to do ads, but my clients are asking for it all the time. So I'm going to bring in an aspect where I basically have this team that looks like they're my team, but that's not my team. And I can provide that service to my clients. I make a bit of money from it. Maybe you do have some affiliate or referral fees that go back and forth. There's ways to incorporate it and potentially profit from it. But what I really don't like is when people almost advertise that they can do something that they're really not good at.

Lindsay [00:18:04]:
I agree. Totally agree. Stacey, you're lovely.

Staci [00:18:11]:
Likewise. I love chatting with you.

Lindsay [00:18:13]:
I feel like we do this all the time. Tell me I'm not using the video, but if you could see me now, you'd see I'm using my daughter's headphones because mine are not charged. So, yeah, it's a good time today. Tell the people where they can find you and how they can work with you.

Staci [00:18:37]:
Yeah, so I'm Stacey, S-T-A-C-I Millard on Instagram or LinkedIn. You could also follow the accounting firm, which is thrive accounting on Instagram. We put out a ton of content in terms of giving advice and things like that. And then also small business school, which you've been on, so you can follow the podcast.

Lindsay [00:18:56]:
And what are you working on right now?

Staci [00:19:00]:
Me? A couple of things. One, because we just reopened the accounting firm, a little bit of history is I built an accounting firm, sold it, and I'm rebuilding it the way that I think really serves people well. So we are working with new clients and growth there. And then we also have the business breakthrough masterminds as a way of helping people. So we're focused on growth.

Lindsay [00:19:21]:
Tell me a little bit more about the mastermind. I don't think it's open anymore, but if there's a next cohort. Tell us about it.

Staci [00:19:30]:
Yeah. So they're one day events, and they are absolute magic. Every single person gets time, the front of the room focused on their business. Having a room full of other people, their perspectives, experiences come together to help you either get unstuck from where you are or really work faster towards that goal. And then we also have three coaches who are very experienced, ideally many steps ahead that we can help propel you faster. But my absolute favorite way, it's just this one day, super potent, and then you get to go do the work. So our next event will be in April.

Lindsay [00:20:08]:
Where is that taking place?

Staci [00:20:09]:
In Burlington, Ontario.

Lindsay [00:20:11]:
Such a glamorous location. Yeah.

Staci [00:20:15]:
The Pearl Hotel.

Lindsay [00:20:20]:
That's the last time we saw each other, but not really. Okay, we'll put all that in the show notes. Thank you for coming.

Staci [00:20:27]:
Thank you so much for your time.

Lindsay [00:20:29]:
Of course. Toodleoo.

Lindsay [00:20:31]:
Thank you so much for listening. If you loved what you heard, don't forget to subscribe, leave a review, or share this episode on social media. And don't forget to tag me on Instagram at Lindsay Smith Creative. And if you do all three, I'll be your best friend forever and invite you to all my birthday parties. That's it for today, and I'll see you next time.