<aside> đ Show Notes
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Accounting chose Nayo!
Sheâs an Enrolled Agent so she specializes in tax!
She wanted to be a corporate lawyer and she went to a high school that had a legal program.
Then she accidentally got placed in an accounting program and fell in love.
When she filed her own tax return and got some money back, she decided to do this for her friends - why not get them some money back too?
Went to Coppin State.
Had an internship at a black owned CPA firm - Abrams, Foster, Nole & Williams.
Worked in construction for a bit.
Then got a job in a hospital.
It was interesting to learn how the different departments in the hospital operated.
One of her âbossesâ was terminated and she followed him to his next job at a company that was about to go public.
During this experience Nayo realized she hated waking up early đđż đ´.
When the 2008 recession hit, layoffs were done in 2009.
Being black, young, and ambitious⌠she was let go.
Her husband (then boyfriend) supported her plan to go do taxes full time.
2010 was the first full tax season where she realized after April she needed to bring in some other income.
Nayo believes in MLM (Multi Level Marketing) so she started specializing in these kinds of companies.
When she does something she lets everyone know, because someone out there knows somebody who needs it.
She sent out a mailing in a âdifferentâ color (red) envelope so it would stand out.
This lead her to get clients.
Nayo also found herself wanting to help people âlike her.â She wanted to work with people from where she is from.
But they (eg) donât want to put their money in the bank because they donât trust the bank.
Financial literacy played a big role in what she wanted to do, to help black business owners and their businesses survive!
Bookkeeping is the foundation - SO important!
Nayo has an MBA in Information systems and database building. She remembers Access.
She wishes there was more in our education system that focused on these skills. Most people do not just have a W2. You have a side hustle, or some investments.
The Millionaire Next Door
Most small businesses have the same problem as individuals.
They donât live within their means.
Nayoâs book of the moment - We Should All Be Millionaires (by Rachel Rodgers)
Some people believe we can save our way, as opposed to looking at ways to increase income.
Why are you pulling money out of the bank?
Whatâs the goal? Are you trying to squirrel it away?
Guess what?
The IRS knows you have a bank account.
You canât hide it from them.
Cyber Security
Irrational fear
People play those dumb games on Facebook that actually get you to answer a lot of your security questions
Gender Bias
How can companies be so stupid? Just pay the same damn rate for the same job.
I pay my bookkeepers (both female) a % of the client revenues.
Value Pricing
I set up my compensation plan so that if I am charging flat rates I am also paying flat rates.
Then be honest.
I once told a client that I honestly had no idea what the value was. She said my honesty was refreshing and we pulled a number out of the âskyâ and agreed if it felt like it needed to be more we would discuss.
Why is your favorite client your favorite client?
Heâs responsive. He gets her what she wants and needs quickly.
He calls BEFORE making a major decision.
Communication is key. Get clear on language!
Most meetings should be 10 minutes.
Much more than that and youâre probably just repeating the same things.
Nayo is a fan of quicks videos.
She uses apps for this:
Nayo does a lot on her mobile device.
She loves talking to Siri and telling her to do things.
The way you can start something in Google Docs on the phone, and then pick it right up at her desktop.
I love my curved widescreen
Nayo was considering that, but she decided to hold off.
Nayo is a windows person (yay!)
I like my curved wide screen because I can dock 2 windows each on half of the screen. So itâs best of both worlds vs two monitors.
You should spend a lot of money on the equipment you use to generate income.
There needs to be more training on better strategies for managing businesses. Where the focus is on not trying to take petty deductions, and thinking big.
Branding - your trademark
Nayoâs eyewear is her trademark!
Favorite Muppet:
Animal.