ļ»æSierra Thomas : ALC ChangeMakers Podcast Interview
Audio Only - All Participants: [00:00:00] Hi, everyone. Welcome to the ALC Changemakers Podcast. I'm your host, Jennifer Sconyers, and today I'm excited to have Sierra Thomas. Sierra is with Touche Financial Solutions, and for listeners, she's also ALC's accountant.
And there's a reason why we work with Sierra. So Sierra, it's so wonderful to have you here. Welcome to the podcast. Thank you for having me. I am so excited to be here today. Yes, wonderful. So just for listeners, Sierra and I met at Haven Collective here in Columbus, Ohio. She, her office was right across the hall from mine when we met.
Yep, yep. And, and we were in a place at ALC of really wanting to find an accounting firm that could support our growth. And we'd gone through, I don't know, four or five accounting firms [00:01:00] before we met you, Sierra. So, um, we were looking for a firm, we wanted a firm that was woman-owned, Black woman-owned. Um, but more than that, it was supporting me as a founder so I could better understand and read our financials.
So that's how we know each other. That's what came to be. Um, Sierra, I would love listeners to hear your leadership journey in terms of how you got here and how you started your own business. Yeah. Well, it's been a f- you know, a very crazy journey, I'll say. So, um, I have always had the entrepreneurial spirit and background.
Um, my grandfather owned his own business, and so as a young girl from, I think I probably was about eight or nine years old, and I was doing secretarial work, uh, for him, creating pamphlets, and I just became inspired. So I, the entrepreneurial bug hit me early. You know, I had lemonade stands, and I just always wanted to do something where I, you know, just [00:02:00] kinda ran my own my, ran my own ship.
And so, um, of course, I got went to school, um, because my family, they're very, you know, their values and morals are all, are all about you need to go to school, get an education. And so, um, I actually started, I was gonna go to school to be a doctor. Um, started pre-med, and I got into my first biochemistry class, and I said, "Oh, no, I cannot do this."
Um, I am a numbers girl by heart. Um, I'm analytical. And so I met with, um, an advisor, and it just, it was, it just fit, um, that I should be taking a, you know, taking up something in the business world. And so I just kind of fell in love with accounting, honestly, um, from that moment. And, um, you know, I worked throughout college and, um, I worked in banking.
I worked in retail as a as- assistant and store manager. Um, and then I transitioned, of course, into corporate [00:03:00] accounting. Um, but throughout that journey, I've met so many business owners. Um, and I also just kinda, I've done, um, accounting work for, like, my church and just, you know, business owners in my family.
And it just, I mean, it was just like a no-brainer. And so just being in corporate, um- I c- just being in the corporate industry as a, um, young, um, a Black woman, I faced challenges where I was always hitting ceilings that I couldn't, you know, I just, I just felt like I couldn't break through. I couldn't, um, climb, or I could climb high, but it just took, you know, so much to get there.
And I said, you know, "I'm gonna make a, I'm gonna create my own destiny and, uh, own my own path." And so I just branched out while I was working, um, and created the small business on the side. Um, and it actually took off, um, when I moved to Columbus, um, 10 years ago. And, um, I just kinda, I got [00:04:00] I, I was just, you know, in between do I need to s- do, do I wanna stay and just continue to try to climb that corporate ladder, or do I wanna really just do this full time?
And so my husband actually gave me the push, and he said, "Go ahead." Like, you know, "Go ahead. You can jump full time, and, you know, it'll be okay." And that was probably the best decision. It was the best decision that I've made. So I've been, um, working for myself primarily for the last, um, 10 years. Nice. I love that.
You also d- have 10 years. Yeah, ALC just turned 10. Yeah. So that's, there's something about being around for a decade. Yeah. I mean, the journey. And actually, you know, um, you know, just the, in the last 10 years it's, we've experienced so much. You know- Yeah ... a global pandemic. You know, that's- Yeah ... I mean, that's a huge, uh- Yeah
huge time to run a business. And so it has, it has had its ebbs and flows, for sure. Yeah. Yeah. Well, I love that. And I'm hearing from you, [00:05:00] Sierra, you know, you, you talked about starting in y- your family and starting out pre-med and this journey in corporate accounting, and then really wanting to give yourself agency for your own destiny.
Um, tell me what's unique about Touche Financial Solutions. What's, what's really the vision and mission behind what you've built with Touche? Um, I, what's unique about Touche and what I've always, um, tried to pride myself on is creating those personal relationships. Um, and you know, this is no, you know, nothing against any other accounting firm, but, um, when you're working with us, it's working with family.
Um, I like to work directly with the business owners. I want to know what's going on and just create that personal, personable experience. Um, you know, I, I feel like, you know, once, when we're working together, if we're building that trust and that relationship, it's really easy for us to understand your, you know, just kinda get into the, you know, the weeds of your [00:06:00] finances.
Finances can be something that's very, very, um, you know, it's a touchy topic. A lot of people don't want- Yeah ... to expose their, s- themselves and be vulnerable with their finances. And so, um, just kinda creating that personal relationship where you feel the trust and you, you know, you have someone that is really, um, you know, just by your side and, um, just, you know, who has your back.
So I really- Yeah ... pride myself on that personal relationship. Yeah. And I'll just say, uh, as I said at the top of the, our discussion, we've had several accountants. They all have different types of expertise. Mm-hmm. Um, I think one of the things that's so important for me as a founder and business owner was, like I said- Having an accountant we could work with that could really hear our needs and support our growth.
So what are some, um, I don't know, strategies or tips you like to give small business owners who wanna grow, or I'll just even say for people where financials can feel scary and they, they don't actually wanna know their financials, right? It's, it's very emotional [00:07:00] for people, I think, to, to see their financials.
Yes. It is very, very emotional, but what I al- what I always tell all of my clients or just anyone who is a business owner, you have to know your numbers. You have to. You have to face your numbers head-on, because there's no way that you can operate a business successfully, there's no way that you can make those strategic decisions so that you can grow.
Um, you know, gr- you can grow your business. So you have to know your numbers. You have to have a foundation. Mm-hmm. So what are some initial things you do with a, with a typical client? I know I, I came to you already, because you were our sixth person, I had a sense of what I needed. Yes. Yes. But just someone out of the gate who's just looking for an accountant, what are, where do you start?
So I start with systems. What are you, how are you managing your finance, financials? Are you using a spreadsheet? Are you in, you know, do you have all your receipts in a shoebox or a trash bag? And believe it or not, there are some, and, you know, some people who just operate [00:08:00] that way. Yeah. So I t- we work with what you have, and we put that into a robust system.
So we use, of, of course, a major accounting software, um, where we link everything together, and that we, where we're able to get a true understanding of what's going on. So we'll create that system, um, create those workflows and those processes so that, um, we can get a true picture, and then from there we'll develop reporting around that so that- You can see, okay, this is, you know, this is how much your reven- revenue you're bringing in, this is your average revenue, this is your break even point.
Understanding those various, you know, those various, various KPI points that will support your business f- um, for, you know, whatever decision you're trying to make. Mm-hmm. Mm-hmm. And then what do you do with the business owner who just is, like, scared? You know, you know what I mean? Like, they're, they can be highly avoidant.
Mm. It's, it's just not, they started a business 'cause they're a creative person or whatever the passion is, but they are not a numbers person. Like, what's your approach for that person who's just avoidant when it comes to those [00:09:00] financials? And I, I mean, and many times I work with, you know, business owners like that and, you know, I, I have to take it a little slower.
But- Yeah ... you know, it's important that I educate them on the importance of why we have to kind of understand what's going on. Yeah. And I believe once they have that educational piece and they understand maybe the repercussions of why if they don't- Yeah ... have a system in order, um, then they, you know, tend to be a little bit more acceptable to, let's, okay, let's go ahead and- Yeah
get, get our finances together, let me take a look. Um, and then I just try to, you know, when I'm educating them or if I'm, you know, developing financial reports, I'm trying, I try to explain it to them, you know, at their level and- Yeah ... you know, at a level that they're able to receive it, they're able to understand it.
Yeah. Um, I don't wanna, you know, come off with all of the high accounting terms and they're like, "Well, okay, what is this?" But just being able to- Yeah ... you know, break it down, um, at a level that, so that they can understand it. Yeah. Well, I'll just [00:10:00] say for listeners, I think my experience of you with Touche and your team is that you all, you know what you're doing and you're also very empathetic, right?
Like this last, I mean, for some of us, some people's business are in boom. Many of us have had to adjust to this economy. Yeah. Right? And, and as, as founders, it can be very distressing- Yeah ... when you don't feel like you have your, like, finger on the pulse, you're trying to figure out what's going on with the market, you got tariffs, you got all this stuff going on.
Yeah. Um, I know we had a lot of conversations. F- from your perspective, Sierra, what is a way for business owners and founders to navigate now when it just, it kind of feels like, I don't know, every, every five minutes something shifts- Yeah ... that we have to adapt to. What, what are some best practices today just given the turbulence of this timeline?
So one is, especially if you're in a highly competitive market, not paying attention what your competitor is doing because that can create this, you know, [00:11:00] discouragement because you see it, you know, that, that, um, what do they call it? The, um- I can't think of the word, the term right now. Yeah. But just, um, not y- not looking at what your competitor is doing and basing that, basing your success off of that.
Um, so- Yeah ... I like to, you know, tell everyone, you know, think of just one idea and one, uh, core idea and work that idea. Yeah. You don't have to have a million and one, um, ideas to become successful or to- Yeah ... um, you know, just to kind of to pivot. What, what's one core idea that you can focus on, you do it well, and really, um, you know, really, really focus on that, um, and develop that.
So the, i- in this economy right now, because there's so many- Yeah ... different businesses and they're doing so many different things, and it's so easy to get discouraged. Yeah. And so easy- Yeah ... um, to try to mimic what others are doing because they appear to be- Yeah ... successful. Yeah. Well, I appreciate our conversation, [00:12:00] Sierra.
You know, we're very mission focused over here and, and there's values that we have that we wanna stand on. Yeah. And, and I know the conversations that we had were what I call very strategic financial conversations, right? Yeah. From an accounting perspective. Absolutely. So it was really talking through different growth opportunities- doing some forecasting opportunities and also, like, what's a timeline to experiment this opportunity, when do we let it go?
Yes, yes. Right? And, like, having, like, honest conversations about that while also forecasting basically b- based on what we knew, right? Right. And so I just remember, and I just want to aim for listeners working with Sierra, at no point, as, as frustrated as I was as a founder to, like, how do we navigate this timeframe, I will say I felt very supported in that and not, like, shame.
And I, and I say that 'cause I think that so many of us have, have different stories around financials. Some are [00:13:00] shame-based stories around financials. Oh, yeah. Yeah. Yeah. Well, I appreciate that. You know, I never want to make anyone, or I don't want to make anyone- Okay ... anyone to feel shame around their business, because we are in unchartered territory right now.
Yeah. Right? And so it's just, um, a weird time. Um- Yeah ... a difficult time for many business owners to operate their business. And so you definitely have to have those true, honest conversations on what, like, what does business look like. And just getting clear that business doesn't look like what it once did f- it may not look like what it once did for you.
Yeah. And so there is a pivot that may have to have to happen, but what does that pivot look like strategically? Um, I've worked with, you know, I've worked with several business owners, and they had to cut off, you know, lay off their entire team but be- Yeah ... still be able to, um, you know, still be able to run their business.
Or they may had, had to just kind of scale back in order to scale up. And so- Yeah ... those are things that you may have to do for sustaini- for sustainability and longevity. And not, you know- Yeah ... and not feeling shame around it. Yeah, for sure. [00:14:00] Are there any other best practices or things that you're seeing, Sierra, that either things that you've had to do in your business, you know, or things you would want to see people try as they navigate these tricky waters right now?
Absolutely. So just paying attention to those non-revenue generating expenses. Mm-hmm. Um, where is your business bleeding? Yeah. Because if you are experiencing, experiencing a slower time period, um, that may not affect your profitability. You still may be able to be profitable even though your revenue may have taken a decline.
So where, are there places that you can cut or reduce and eliminate so that you can still, so that you can still make a profit, you can still reinvest back into your business? Um, and so, you know, that goes back to really understanding your numbers. You have to understand the trends of your numbers and what's, you know, what's coming in, what's going out, what's expected to come in, um, or, a- and just being organized financially.
Yeah. For sure. For sure. Um, [00:15:00] where can people find you, Sierra? So people can find me, um, uh, we have our website at touchefinancialsolutions, um, .com. We are on, um, social media platforms at TouchƩ Financial Solutions on LinkedIn, um, Instagram, Facebook, and we do have our TikTok page, Balance Insights, which supports our podcast.
I love that. I love that. And then for listeners, you are physically based in Columbus, but you can work really anywhere, correct? And I work with business owners all over the United States, so I can work with anyone. I love that. I love that. Any other parting thoughts or words of wisdom as we close out our time?
Uh, well, I guess the only thing right now I would say is just, you know, if there, if you are a business owner and you're experiencing any type of, you know, uncertainty, difficulty, just remember, you know, just to stay the cour- stay the course. Um, and sometimes success just, it d- it may not look like, you know, you have this [00:16:00] booming business.
It could just be s- success is slowing down and just simplifying things. So just stay, stay the course and remember your why. I love that. Well, loved having you on the podcast. We'll have to have you back, Sierra. Absolutely. Um, yeah. And for listeners, we will have all of Sierra's information in the show notes.
So if you wanna learn more about TouchƩ Financial Solutions, you can look there for all of her handles and insights. All right. Thanks, Sierra. So much. Yeah, you're so welcome. Until next time.
