Alright – so today we’ve got the honor of introducing you to Anita O’Neal. We think you’ll enjoy our conversation, we’ve shared it below.

Grow revenue or cut costs – what matters more? What do you spend more of your time on?

I’m truly passionate about this question, probably more than I should be! Many small business owners concentrate on revenue growth as a measure of success. However, I believe in the principle that it’s not just how much you make, but how much you keep that counts. Consider two businesses: Business A with a revenue of $200,000 and Business B with $400,000. At a glance, Business B appears more successful. But let’s delve deeper. After expenses, Business A retains $100,000, while Business B only keeps $20,000. Suddenly, the narrative changes. When you consider that the industry standard is a 25% profit margin, Business A is excelling, demonstrating efficient management over its resources, whereas Business B might be struggling with cost control.

That’s why revenue figures alone don’t excite me. My first question is always about retention: “How much did you keep?” While both revenue growth and cost management are crucial, depending on your business objectives, mastering cost control ensures stability. It means even in low revenue years, your business remains sustainable. That’s the key to long-term success.

For folks who may not have read about you before, can you please tell our readers about yourself, how you got into your industry / business / discipline / craft etc, what type of products/services/creative works you provide, what problems you solve for your clients and/or what you think sets you apart from others. What are you most proud of and what are the main things you want potential clients/followers/fans to know about you/your brand/your work/ etc.

Absolutely! I’m originally from Atlanta, GA, and I began my journey in financial planning at the University of Michigan, where I founded Powerful People Plan. Inspired by the financial struggles of my fellow first-generation college students, I started offering basic budgeting services for just $5. This initiative evolved in obtaining my credentials as a Certified Public Accountant (CPA) and Certified Financial Planner® and being thoughtful about who I wanted to serve.

A defining moment that solidified my commitment to helping small business owners came from observing my father’s challenges with his local convenience store. Despite his hard work and dedication, the store struggled financially for seven years. It never turned a profit, merely covering the bank loan he had fought three years to secure. Eventually, health challenges, including a heart attack and subsequent triple bypass surgery, forced him to close the store, cutting short his dreams of entrepreneurial success. This deeply personal experience fueled my mission to prevent other business owners from facing similar financial hardships without adequate support.

Today, Powerful People Plan provides professional budgeting and money management services tailored to small business owners. We offer the Calculated Cost Academy, a six-week program that educates them on how to effectively manage budgets, cash flow, and financial reports. Additionally, we provide personalized one-on-one support to answer crucial questions like, “Can I afford to pay myself more?”, “Is hiring another staff member financially feasible?”, or “When will I run out of money?”

I’m particularly proud of how we demystify financial management for small business owners. There’s no need for them to earn a degree in accounting or finance. Our goal is to teach what is necessary, instill effective financial practices and habits, and boost their confidence to lead their teams in alignment with their vision. This support framework is designed to not only preserve but enhance the financial health and strategic direction of their businesses.

Are there any books, videos, essays or other resources that have significantly impacted your management and entrepreneurial thinking and philosophy?

I’ve drawn inspiration and insight from a variety of sources. One pivotal resource has been Sistahbiz, a community dedicated to supporting black female founders, who represent the fastest-growing group of entrepreneurs. Sistahbiz offers education, coaching, and other vital support that has been instrumental in shaping my approach to business.

A book that profoundly impacted my understanding of time and resource management is Buy Back Your Time by Dan Martell. It offers practical advice on balancing the trade-off between money and time, helping entrepreneurs to navigate and manage these critical resources efficiently.

Additionally, the Built to Sell podcast by John Warrillow has been transformative. It not only encourages me to dream about selling my business but also provides invaluable lessons from other leaders who have successfully navigated this journey. These resources have been cornerstone in developing my management style and entrepreneurial outlook.

Can you share the story of a time when you had to pivot (in business, career or life).

One of the most pivotal moments came when I decided to pursue my budget consulting firm full-time. I had just left a stable corporate job of nearly seven years to join a startup, only to be laid off within three months. With four young children at home, two of whom were under two years old, this created a significant upheaval in my life. My husband and I faced a tough decision: try to return to the corporate world or take a leap of faith on my stagnant firm. We chose to bet on God and my potential to build a sustainable business.

The challenge was daunting. Despite my best efforts over the previous three years, my firm had only generated about $25,000 annually. I was not merely dabbling in the business; I was genuinely striving to grow it but somehow couldn’t break through. The fear and pressure were immense, as I needed to substantially increase my income to support my family.

This challenge led me to the Sistahbiz organization. There, I met Makisha Boothe, Head Business Coach whose guidance proved transformative. Under her mentorship, I not only met but exceeded my business goals, significantly boosting my firm’s revenue and client base. This experience underscored a crucial lesson: to achieve growth, I needed to continuously invest in myself and my support team, evolving as a leader and fostering the talents that would push and inspire me. This pivot wasn’t just about changing my business strategy; it was about transforming my approach to leadership and personal development.

Contact Info:

• Website: https://powerfulpeopleplan.com
• Instagram: https://instagram.com/PowerfulPeoplePlan
• Facebook: https://www.facebook.com/PowerfulPeoplePlan/
• Linkedin: https://www.linkedin.com/in/anita-oneal
• Youtube: https://www.youtube.com/channel/UCtYhK3Wi1xS-fFdCchHyy2w/
• Other: https://linktr.ee/powerfulpeopleplan