Zane Stevens, Author at Protea Financial

5 Tips for Improving Your Small Business’s Financial Health

by Zane Stevens | Mar 23, 2023 | Business, Financial Services, Wine Industry

Are you a small business owner struggling to keep your finances in check? Do you constantly worry about cash flow, expenses, and profits? You’re not alone. The financial health of a small business is crucial for its survival and growth.

Here at Protea Financial, we have come up with five essential tips that can help improve your small business’s financial health. From managing and tracking expenses to investing in growing your business to increase revenue, these tips are easy to implement and will help you achieve financial stability in no time! So, let’s dive right in!

Track All Business Expenses

It’s important to track all your business expenses to see where your money is going and adjust as needed. This can be done by setting up a simple spreadsheet or using accounting software. Make sure to include all expenses, both big and small, to get an accurate picture of your spending.

Once you have started tracking your expenses, reviewing them regularly is important. This will help you find places within your business where saving money may be possible. It’s also a good idea to compare your current expenses to those from previous months or years to see if there have been any changes in your spending patterns. It also helps you see where money may be wasted if you pay for products or services your business no longer needs.

Spend Some Money on Investments That Will Help You Grow

If you’re not investing in your business, you’re not giving it a chance to grow. Investing in marketing, product or service development, and employee training can seem risky. Still, it will eventually stagnate if you don’t put any money into growing your business.

Consider what investments will help you reach your goals, and then plan to invest some money each month or quarter. You may wait to see results, but over time, these investments will help you build a stronger, more successful business, which leads to increased revenue.

Set Realistic Goals

If your small business is in financial trouble, setting realistic goals for improving your financial health is important. Otherwise, you could take on more debt than you can handle or make unrealistic cuts that hurt your business in the long run.

Here are some tips for setting realistic goals when trying to improve your small business’s financial health:

Make a list of all your expenses and income sources. This will give you a clear picture of where your money is going and coming from.
Determine how much you can realistically cut from your expenses without hurting your business. You may need to make tough choices, but being realistic about what you can live without is important.
Create a budget and stick to it. Once you know where your money is going, you can set aside funds for specific purposes. Ensure to include a buffer for unexpected expenses so you don’t get overwhelmed if something happens.
Make a plan for paying off any debts you have. This may involve getting a consolidation loan or working out a payment plan with creditors. Whatever you do, ensure you can stick to the plan so you don’t end up deeper in debt.
Set aside money each month to build up an emergency fund. This will help you cover unexpected expenses without using credit cards or loans.
Finally, review your progress regularly and adjust your goals as needed. Your financial plans should change as your business grows and evolves.

By following these steps, you can set realistic goals that will help you improve your small business’s financial health.

Regularly Update Your Cash Flow Forecast

Like most small business owners, you don’t have much extra money. That’s why keeping a close eye on your cash flow is important.

One of the best ways to do this is to update your cash flow forecast regularly. This will help you anticipate when you’ll need additional funding and identify potential problems before they become too big to handle.

Here are a few tips for updating your cash flow forecast:

Make sure you have accurate financial statements. This includes your income statement, balance sheet, and statement of cash flows. These documents will provide the foundation for your forecast.
Use a spreadsheet or accounting software to create your forecast. This will make it easier to track your progress and make changes as needed.
Know your historical cash flow patterns. This will help you anticipate future needs and make more accurate projections.
Update your forecast regularly. This will ensure that it stays accurate and helps you identify potential problems early on.

Take the time to review this often. You want a solid idea of where your money is, where it is going, where it will be coming from, and how that will impact the future of your business. If you need to look at where your cash flow comes from or how it changes throughout the year, you may miss opportunities to invest more in your business or forget to save money for slower times.

Let Protea Financial Help Improve the Financial Health of Your Small Business

Small business financial health is an important part of success and one that should not be overlooked. Taking the time to review your finances, create a budget, track your spending, and look for opportunities to save and invest money can help ensure that you are in good financial shape.

Hopefully, you always feel like your small business finances are simple enough to understand. Let the team of professionals here at Protea Financial break down the documents and numbers you need to know. Contact Protea Financial today and let us help you improve the financial health of your small business!

Protea Financial Can Help Improve the Financial Health of Your Business

Take the time to learn how to improve the financial health of you small business with the experts here at Protea Financial. We can show you tips and tricks that can improve your bottom line!

Contact Protea Financial to Learn How

Protea Conversations: Jeremy Little

by Zane Stevens | Mar 16, 2023 | Business, Protea Conversations

Protea Financial was founded in 2014 to provide high-quality outsourced accounting at an affordable price. Given Protea’s flexible work environment, the Company especially appealed to accountants who wanted to re-enter the workforce after taking time off to start a family. This allowed Protea to attract extremely talented individuals who were previously overlooked. Protea strives to represent people from all backgrounds and provide an environment for them to grow and succeed in a setting that provides the flexibility and acceptance of who they are as people.

We selected the name Protea because is the national flower of South Africa and is a symbol of our connection. The Protea flower has become an ornamental flower because of this striking beauty and is included in arrangements and bouquets as a symbol of courage or daring to be better or a sign of positive transformation.

Protea Conversations in 2023 will focus on positive transformation and representation from all backgrounds. We are broadening our Conversations with the hope that these conversations will continue to create a forum to discuss the experiences, opportunities, and challenges leaders face, and how we can build a more diverse, inclusive, and successful environment for everyone.

In March 2023 we spend time with Jeremy Little Partner at CMPR Attorneys. Jeremy practices in the firm’s Food and Alcoholic Beverage Group with an emphasis on business formation, business growth, the purchase and sale of companies, and alcoholic beverage compliance. In his work, he counsels various companies, including many in the food, beer, wine, cider, and spirits sector. He assists in developing plans for growth, re-organization, and purchase and acquisition of other businesses or land. Jeremy has helped both start-ups and seasoned companies raise capital to start operations or increase production and sales as well as navigate the regulations imposed by the ABC and TTB.

Prior to joining CMPR, Jeremy practiced law in Sonoma County for 3 years, and before pursuing his career in law, taught high school for eight years. He also taught sea kayaking, leading guided tours in Southern Maine. As an amateur winemaker and brewer, Jeremy has a keen awareness of the happenings in the alcoholic beverage industry, and of all processes involved.

Tell us a little more about your decision to become an attorney and your journey to become partner a CMPR?

Being an attorney was always a possibility coming out of college. Still, I decided to follow a different path – and became a teacher. After 10 years as an educator in various settings, I decided to make a switch and started law school. I enjoyed teaching and coaching, but staying in that world was challenging for the long haul.

The journey to partnership took just as long and, in many ways, was more challenging. Breaking into the local business community for someone not from California – let alone the North Bay – took significant time and energy. It takes a concerted effort for the decision makers to know, like, and trust you.

What has been the biggest challenge you have experienced in reaching your current success (personally and professionally)?

Time. Work/life balance. Entering the legal profession at the same time my two sons were born was a strain. I fully jumped into both roles and didn’t reduce time in one area to the detriment of the other. To ensure a balance is like juggling chainsaws. I found a way to be intentional with both my time for my children and my investment in creating a viable book of business professionally.

Professionally – our community is fantastic, and people from here rarely leave, so you have generations and people that have grown up here and already have a network and strong relationships. The challenge for me was the time needed to be known as a reliable, sophisticated, practical business advisor.

What are your short-term goals of your career and yourself?

CMPR has opened two offices in the last 3 months. Therefore, my main goal is to maintain the success and great culture of CMPR while integrating and successfully transitioning these new offices and 7 new employees. We stand for excellence, teamwork, and caring – ensuring our culture stays intact across our distributed workforce.

My sons are now in high school and very competitive athletically and academically. I continue to support and cheer them on and be there with them through graduation.

What is the best piece of advice you have ever received that has helped you in your success?

I am trying to remember ever receiving advice. I’ve gleaned different pieces from mentors and others I’ve admired as I’ve worked professionally for the last 30 years. One important element is to see the tree AND the forest. Every little detail matters and is important, but you must maintain sight of the end goal. While I am working on an M&A deal, it is always with the intent to close successfully. You have to care for and attend to thousands of small and extremely important details to do so. Every tiny detail is a step toward a successful closing. Likewise, every client has important needs, and one is not more significant than another as I built a book of business.

What is the piece of advice that you wished you had gotten when you were starting out?

Initially, the focus is on learning as much as possible about the legal profession and the nuances of different businesses – to become a partner (an owner of a firm). Rarely do people discuss the business of running your business – the focus is more on the business of your clients. The two are very different, and understanding the differences is an essential distinction for those moving through their law career.

What advice you give to others to help them be better leaders?

Listen. Participate. Engage. Be thoughtful about all of it. Most people can see right through fake sincerity. To be a good leader, you need to be authentic and provide opportunities for everyone to succeed.

Can you share something interesting about yourself that will provide insight into who you are outside of the professional space?

I took a circuitous route to where I am now. I was raised in Maine – my parents are still there, and I return every summer. Maine (and its culture) is a big part of who I am and how people know me. Part of my educational journey led me to live in the woods of North Carolina for 2 ½ years with at-risk youth. It was one of those “toughest jobs that you’ll ever love” kind of experience. It was very intense and very rewarding. Last – is my love (obsession) for Boston sports teams. I raised my sons correctly, and they continue ardently support the Celtics, Bruins, Patriots, and Red Sox!

This is a question about the foundation of someone’s success. We are influenced by early learning, and we all have something that sticks with us and helps us define who we are and what we want out of our careers.

As a thank you to our interview and Protea’s commitment to more diverse and inclusive leaders, Protea will donate to Canine Companions (https://canine.org/). Canine Companions is leading the service dog industry so their clients and their dogs can live with greater independence. They provide service dogs to adults, children and veterans with disabilities and facility dogs to professionals working in healthcare, criminal justice and educational settings. Since our founding in 1975, our dogs and all follow-up services are provided at no cost to our clients.

Independence shouldn’t be limited to those who look or live a certain way. Disability reaches all races, classes and backgrounds, and Canine Companions will too. Clients come to Canine Companions because of our reputation, the quality of our dogs, the experience of our training staff and the desire to lead life with greater independence. We are committed to providing services to all qualified clients.

Protea Conversations Shares Advice from Within Our Network

Join the Protea Financial network. Contact us now and let’s see how we can partner together and help each other!

Contact Protea Financial Today

Bookkeeping 101: Understanding the Basics

by Zane Stevens | Mar 2, 2023 | Accounting, Bookkeeping, Business, Financial Services, Outsourced Accounting, Wine Industry

Bookkeeping can be a daunting prospect for the uninitiated. Even for seasoned business owners, it’s easy to get overwhelmed with the various terms and concepts around bookkeeping. This is especially true when you consider the number of regulations, laws, and taxes that must be considered.

However, understanding bookkeeping basics doesn’t have to be complicated or intimidating. Here at Protea Financial, we will discuss what bookkeeping is, how it works, why it’s essential, and how you can start your bookkeeping today.

What is Bookkeeping?

Bookkeeping is the process of tracking and recording financial transactions. This information is used to produce financial statements and reports, which can be used by businesses like yours to make decisions about where to allocate their resources.

Bookkeeping is an integral part of any business, as it provides a clear record of what has been spent and earned over time. This information can be used to make informed decisions about where to allocate resources in the future.

Bookkeepers ensure that financial records are kept accurate, up-to-date, and in line with accepted accounting principles. Bookkeeping is often done using computer software, but there are still many businesses that rely on manual bookkeeping techniques.

What Are the Elements of Bookkeeping All Business Owners Need to Know?

As a business owner, it is important to have a strong understanding of the basics of bookkeeping. The elements of bookkeeping include:

Income: This is money your business brings in, such as sales or services rendered.
Expenses: This is money that your business spends, such as on inventory, rent, utilities, or payroll.
Assets: This is anything of value your business owns, such as cash, equipment, or real estate.
Liabilities: This is any debt or financial obligation that your business owes, such as loans or credit card balances.
Accounting Principles: This is the set of rules and regulations that guide your bookkeeping.
Financial Statements: These are regular reports that show the financial position of your business, such as balance sheets, income statements, and cash flow statements.
Tax Requirements: This includes federal and state taxes that your business must pay or report annually.
Auditing: This is an independent review of your bookkeeping records to verify accuracy and compliance with industry standards.

The Different Types of Bookkeeping

There are three different types of bookkeeping: single-entry, double-entry, and triple-entry. Here is an overview of each:

Single-entry bookkeeping is the most straightforward type, and it involves recording financial transactions in a single ledger, where each transaction is listed only once without balancing. This type of bookkeeping is suitable for small businesses that don’t require complex financial tracking.

Double-entry bookkeeping requires more effort and time to maintain but is more accurate than single-entry bookkeeping. Double-entry bookkeeping involves recording financial transactions in two ledgers, called the “debit” and “credit” sides. Each transaction must be recorded on both ledgers so that any changes made to one ledger will be reflected in the other. This helps maintain accuracy and ensure that all transactions are balanced correctly.

Triple-entry bookkeeping is the most complex type of bookkeeping, and it requires three ledgers or books to keep track of financial transactions. In triple-entry bookkeeping, each transaction is recorded in three separate ledgers: debit, credit, and third-party ledger. This helps provide an additional layer of security by requiring an independent third party to verify all transactions before they can be considered complete. Triple-entry bookkeeping can be used for large companies

The Benefits of Bookkeeping

Bookkeeping is an important part of any business, and it can offer several benefits to both the business owner and the employees. With proper bookkeeping, businesses can keep track of their income and expenses, which can help them make better financial decisions.

Additionally, bookkeeping can help businesses identify areas where they may be overspending or underspending, and it can also provide valuable information for tax purposes. Furthermore, well-kept books can be valuable if a business is ever audited by the IRS or state tax authorities.

Lastly, good bookkeeping practices can help businesses avoid penalties and interest charges on late payments. This simple practice can help businesses save money over time.

How to Get Started with Bookkeeping

To get started with bookkeeping, you’ll need to set up a system for tracking your financial transactions. This can be as simple as creating a spreadsheet or using specialized bookkeeping software. Once you have a system in place, you’ll need to start recording all your income and expenses. This may seem like a daunting task, but it’s important to keep track of your finances so that you can make sound business decisions.

If you need help figuring out where to start, plenty of resources are available to help you get started with bookkeeping. You can find books, online courses, and even software that will walk you through the process step-by-step. However, the best approach if you are unsure where to start or what information to track is hiring an in-house or outsourcing to a virtual bookkeeper. Virtual bookkeepers are typically more affordable than in-house bookkeepers and usually know just as much, so your business finances are still safely being tracked.

Tips for Staying Organized

Assuming you’re starting from scratch, you first need to create a system for organizing your finances. This can be as simple as setting up folders in your email inbox or computer desktop or using a physical filing system. Whatever system you choose, ensure it’s one you can stick with.

Once you have a system in place, start by creating folders for your income sources and expenses. If you have multiple bank accounts, credit cards, or loans, set up a folder for each. Then, start sorting your transactions into the appropriate folders. As you do this, you may want to create sub-folders to organize your finances further. For example, you could create a folder for “Utilities” and then sub-folders for “Gas,” “Electricity,” and “Water.”

As you organize your finances, remember that some items may span multiple categories. For instance, your mortgage payment will likely include principal and interest payments, which could go into separate folders. Similarly, if a business expense is used for personal purposes (like a home office), track both aspects.

By staying organized from the start, you’ll save yourself many headaches down the road. Not only will it be easier to find information when needed, but you’ll also be less likely to overlook important details.

Let Protea Financial Help You Understand Bookkeeping Basics or Track Your Expenses For You

Bookkeeping is essential to managing your finances and running a successful business. With the help of the Protea Financial experts, you can better understand bookkeeping basics.

Whether you choose to do it yourself or outsource the work to a professional, having accurate records will help you make better decisions and maximize profits. If you are serious about succeeding in business, take some time to learn more about bookkeeping and understand how it can benefit your organization. For more information on hiring a bookkeeper, contact Protea Financial!

Protea Financial Is Here to Help with Bookkeeping Basics and More!

Reach out to the experienced professionals here at Protea Financial today and let us help you with anything from understanding bookkeeping basics to hiring us as your company’s bookkeeper!

Call Protea Financial Today!

Maximizing Profits in the Wine Industry through Financial Planning

by Zane Stevens | Feb 23, 2023 | Accounting, Bookkeeping, Business, Financial Services, Outsourced Accounting, Wine Industry

The wine industry is a complex and competitive market where businesses must constantly innovate and optimize their operations to stay ahead. Effective financial planning is a crucial element for the success of any wine business.

As with any business, financial planning is critical for success, but it’s necessary for the wine industry, where production cost, distribution, and marketing can be significant. Proper financial planning can help wineries increase revenue, reduce costs, and improve profitability.

Here at Protea Financial, we understand the importance of financial planning for the wine industry and provide our customers with actionable tips to optimize their financial strategies. By implementing sound financial planning practices, wine businesses increase profits while improving overall business operations.

Effective Cost Management

Wine producers can create a budget that considers the costs associated with grape production, winemaking, packaging, and distribution. This budget can help identify areas where costs can be reduced without sacrificing quality, such as optimizing supply chain processes or negotiating better deals with suppliers.

By keeping a close eye on expenses, wine producers can allocate resources to high-margin products and streamline operations. Moreover, investing in innovative techniques can improve efficiency and reduce costs over the long term. In addition, financial planning helps wine producers to forecast sales and manage cash flow.

Therefore, ensuring they have sufficient funds to cover expenses and invest in future growth opportunities. Ultimately, effective cost management can help wine producers increase their profitability and remain competitive in a crowded market.

Developing A Strong Brand

It involves understanding the financial aspects of the business, including revenue streams, costs, and cash flow. This information is vital for making informed decisions about pricing, marketing, and branding strategies to increase profitability.

Effective brand building involves planning to identify the preferences and characteristics of the target market. By utilizing this information, it is possible to devise a marketing strategy customized to meet the specific requirements of the intended audience.

By investing in the ideal marketing channels, such as social media or wine festivals, a brand can reach a wider audience and increase brand awareness. Financial planning can also help to identify areas where costs can be reduced without compromising quality to increase profitability.

Additionally, you can identify new opportunities for growth, such as expanding into new markets or launching new products. With a comprehensive financial plan, a wine company can develop a strong brand that resonates with consumers and maximizes profits.

Diversification

Diversification is important because it helps to spread investment risk across multiple assets, reducing the potential impact of any one asset performing poorly. This could mean investing in multiple vineyards with different grape varieties or producing still and sparkling wines.

Investors may choose to invest in a mix of wine-producing companies, wine futures, and vineyard properties to spread their risk across different industry segments. A well-designed financial plan can help identify the right mix of assets to invest in. All while considering factors such as market conditions, consumer preferences, and production costs.

Through investment diversification, wineries can increase their profitability while protecting against downside risk. Financial planning can also help wineries manage cash flow, control expenses, and optimize pricing strategies, contributing to better financial performance.

Improving Distribution

When aiming at increasing sales and profitability, it is essential to ensure that the product is available in the right places at the right time. This can involve analyzing the current distribution channels and identifying areas for improvement, such as expanding the network of distributors or retailers or optimizing inventory management.

By improving the distribution channels, wineries can reach a vast customer base, expand their market share, and increase sales revenue. This can be achieved through various methods, such as partnering with distributors, developing e-commerce platforms, and creating an active online presence through social media and digital marketing.

By ensuring that the wine is easily accessible to consumers, businesses can increase their sales and revenue while reducing the risk of overstocking or understocking. Moreover, effective distribution can help wineries manage inventory levels, reduce storage costs, and maintain optimal pricing strategies. By incorporating distribution improvement strategies, wineries can achieve greater profitability and long-term success.

Forecasting And Planning

Accurate forecasting of demand, supply, and market trends allows wineries to make informed decisions about production levels, pricing, and sales strategies. Accurate forecasting of market trends, demand for different types of wine, and pricing fluctuations are essential for the success of any wine business.

A robust planning process can identify cost-saving measures, optimize cash flow, and allocate resources effectively. In the wine industry, planning must account for seasonal variations, quality fluctuations, and inventory management.

Furthermore, financial planning in the wine industry can support the evaluation of investment opportunities, such as expansion, equipment upgrades, or marketing campaigns, by projecting their potential impact on the financial performance of the winery. Ultimately, by utilizing forecasting and planning, wineries can make informed decisions to maximize profits and maintain long-term sustainability in a competitive industry.

Managing Cash Flow

The wine industry has unique cash flow challenges, such as long production cycles, high upfront costs, and seasonality in demand. Cash flow management involves monitoring the inflow and outflow of cash. Moreover, identifying potential cash shortfalls and developing strategies to address them.

This includes forecasting cash flow needs, managing expenses, and monitoring accounts receivable and payable. By effectively managing cash flow, a winery can ensure that it has enough funds to cover its expenses during production cycles and avoid running into cash shortages.

Additionally, it can leverage surplus cash to invest in growth opportunities that can increase profitability, such as expanding production capacity or entering new markets. Managing cash flow can help wineries maximize profits by ensuring they have the resources they need to sustain and grow their operations.

Analyze Customer Demand

Understanding consumer preferences, behaviors, and trends can help wine businesses make informed decisions about their product offerings, pricing, marketing, and distribution strategies. By collecting and analyzing data on customer demand, businesses can identify which products and price points appeal most to their target market and adjust their operations accordingly.

This can include developing new products or product lines, adjusting pricing to meet consumer expectations, and targeting specific customer segments with tailored marketing campaigns. A thorough analysis of customer demand can help wine businesses optimize their operations, increase sales, and maximize profits.

Monitor Inventory Levels

Keeping track of inventory levels helps businesses to know how much stock they have on hand and when to reorder to avoid stockouts or overstocking. Overstocking ties up cash that could be used for other investments, while stockouts can lead to lost sales and dissatisfied customers.

Effective inventory management also allows wine producers to make informed decisions about production, purchasing, and pricing strategies, which can help maximize profitability. Moreover, monitoring inventory levels can also help identify slow-moving products or areas of high demand, which can inform the winery’s marketing and sales strategies, ultimately increasing profits.

Marketing And Promotion

Effective marketing strategies can help wineries establish brand awareness, target their ideal customers, and increase sales. By understanding customer preferences and behaviors, wineries can create marketing campaigns that resonate with their target audience and ultimately increase their market share.

On the other hand, promotion can include various tactics such as discounts, sales, and events that encourage customers to purchase. By combining effective marketing and promotion strategies with sound financial planning, wineries can optimize their profits by maximizing revenue while controlling costs.

This includes setting prices that reflect the product value, controlling inventory levels, and managing production costs. By integrating marketing and promotion into financial planning, wineries can achieve sustainable profitability and long-term success in the wine industry.

Investing In Technology

Investing in technology can maximize profits by improving efficiency and productivity in various business segments. For example, with technology, you can monitor and optimize the production process, from vineyard management to bottling and packaging.

Automated systems can also streamline inventory management and reduce waste. Additionally, technology improves sales and marketing efforts through e-commerce platforms and digital marketing campaigns.

Furthermore, investing in precision viticulture technologies, such as drones and sensors, can help optimize vineyard management, leading to higher-quality grapes and, ultimately, higher-quality wine. By investing in the right technology solutions, wine businesses can reduce costs, increase revenue, and ultimately maximize their profits.

When your business stays up-to-date with technological advancements, you can gain a competitive advantage and improve your bottom line. However, it’s essential to balance technology investments with other financial considerations, such as managing cash flow and maintaining a credible balance sheet.

Let the Experts at Protea Financial Help You Maximize Your Profits!

In conclusion, maximizing profits in the wine industry requires careful financial planning and strategy. The industry is highly competitive, and companies must stay ahead of the curve to succeed.

Contact Protea Financial because we understand the unique challenges of the wine industry and can help you develop comprehensive financial plans to achieve your goals. By partnering with us, wineries can access various financial planning tools and expertise to increase their profitability and achieve long-term success.

Protea Financial Can Help with Financial Planning

Protea Financial is here to help with your financial planning, and help your winery thrive. Call us today to find out how!

Call Protea Financial Now!

Protea Conversations: The Protea Family

by Zane Stevens | Feb 16, 2023 | Business, Protea Conversations

Protea Financial was founded in 2014 to provide high-quality outsourced accounting at an affordable price. Given Protea’s flexible work environment, the Company especially appealed to accountants who wanted to re-enter the workforce after taking time off to start a family. This allowed Protea to attract extremely talented individuals who were previously overlooked. Protea strives to represent people from all backgrounds and provide an environment for them to grow and succeed in a setting that provides the flexibility and acceptance of who they are as people.

We selected the name Protea because is the national flower of South Africa and is a symbol of our connection. The Protea flower has become an ornamental flower because of this striking beauty and is included in arrangements and bouquets as a symbol of courage or daring to be better or a sign of positive transformation.

Protea Conversations in 2023 will focus on positive transformation and representation from all backgrounds. We are broadening our Conversations with the hope that these conversations will continue to create a forum to discuss the experiences, opportunities, and challenges leaders face, and how we can build a more diverse, inclusive, and successful environment for everyone.

In February 2023 we reached out to members of The Protea Family, specifically the Account Managers at Protea Financial, to get their feedback on one of the most important leadership questions we ask.

The spotlight question for this month is “What is the best piece of advice you have ever received that has helped you in your success?”

This is a question about the foundation of someone’s success. We are influenced by early learning, and we all have something that sticks with us and helps us define who we are and what we want out of our careers.

Some Members of The Protea Family

Ashley Kniffin

“The work will still be there tomorrow.” I was new to the work-from-home gig and was so focused on getting through everything on my plate each day and was stressing about it if I didn’t. So, learning when to ‘put the pencil down’ has molded me to become the most efficient worker during the day and focused on family time in the evenings. Resting and returning to give your best tends to produce the best results.

Candice Stevens

No good deed goes unpunished.

This might sound negative, and yes it is a sardonic commentary that focus on how kindness can back fire, but strip it away from that and understand that your time is precious. Being more deliberate with your time and focusing your key tasks where you can add value is way more important to your growth and the growth of those around you. Learn to delegate. Learn to say no. Learn to set boundaries.

Putting value on your own time will set you up for success.

Megan Nelms

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell

Being prepared and working hard has set me up for success. Putting the effort and working wisely will always lead to good things.

Brendan Lane

The best advice I’ve received is that there is no substitute for hard work and putting in the time to get better at anything you do. It related to my career in basketball and has translated to everything else in life.

Hard work has allowed me to continue to be successful in my post basketball career.

Jennifer Sahouria

Don’t look at a mistake as a downfall, look at it as growth, no one grows from easy.

Everyone is going to make mistakes, but true strength is shown by the way you react to these mistakes. Bounce back stronger than before and your career will move on the upwards trajectory you are hoping for.

Jose Portillo

The best advice I received was to be honest with yourself. This piece of advice is good advice for all aspects of your life. I find if I am coming up short on certain task, the only way for me to improve is firstly admitting that this is a short fall. Once you admit the truth to yourself you can then work on a plan to improve and set out a process to progress. It can be tough to tell yourself you need to be better, but once you do it, you are providing yourself with permission to be better.

Wylie Warner

The best advice I received was from my dad. Whenever things were going particularly poorly in life or work, dad would say ‘World one, Wylie zero’. I don’t know what he thought it meant, but to me, I was reminded the short-term problem was not the end, but just the current score. With that I could refocus on the future rather than the present which seemed unfair, a problem, or failure. It seemed to lessen the present difficulty knowing it would not be this way forever. A strange thing, I don’t even know if it was intended to be advice but it helps me keep moving forward and keep improving.

As a thank you to our interview and Protea’s commitment to more diverse and inclusive leaders, Protea will donate to Canine Companions (https://canine.org/). Canine Companions is leading the service dog industry so their clients and their dogs can live with greater independence. They provide service dogs to adults, children and veterans with disabilities and facility dogs to professionals working in healthcare, criminal justice and educational settings. Since our founding in 1975, our dogs and all follow-up services are provided at no cost to our clients.