Prosperity Magazine Vol.3(Q3_23)

Prosperity Prosperity

Conquering the Wave

Meet Rich Forelli, the owner of a multi-generational business that revolutionized to survive covid and thrive in a post pandemic world!

The

Photo Credit Samantha Wuestman

Planting Seeds

Dogs Day of Summer is a great opportunity for business owners!

Being in business for almost 25 years, I look at summertime as a period of reflection and opportunity for us. So I relish this time to take a step back and assess where the company has been, what we have achieved so far, and what needs to be done in order to achieve our goals.

Whether it's the peak season or a slower time for your business, every moment presents an opportunity for reflection and growth. It's essential to take a step back from the daily grind and assess both your personal and professional journey.

Reflection not only allows us to appreciate how far we ' ve come but also helps us identify areas that need improvement or change. This could be anything from revisiting your business strategies, reassessing your personal goals, or even strengthening relationships with family and friends.

Until next quarter, please enjoy the fruits of our labor!

Photo Credit Passera Fine Arts Portraits

The Empowered Entrepreneur: A Business Basics Deep Dive

By Darren Cioffi

Article Business Go Bag

The American Red Cross recommends that every household have a go-bag. A bag containing everything you would need in an emergency, a go-bag is vital to the protection and safety of your family. But what about your business? If something goes down, is your business prepared to weather the storm; even an economic one? As a business owner, it is imperative to be prepared for any and all emergency situations in order to protect your operations and ensure the long-term success of your business. Here are a few essential items for your Business GoBag:

We all know having the right insurance coverage is essential to ensuring financial security during natural disasters but, it is also vital for economic downturns. Taking the time to review policies regularly and update them accordingly can make all the difference when it comes to times of crisis.

It is also highly beneficial to have emergency funds available in case of unexpected personal losses related to a recession - this provides businesses with peace of mind knowing they still have capital that can be used during these difficult times.

Business Go Bag

In order for businesses to remain competitive during tough times, staying informed on industry trends and developments related to their sector or profession is absolutely vital. Knowing which technologies are being implemented, what software advancements are being made, and understanding upcoming market conditions will provide entrepreneurs with insight into opportunities for growth when economic conditions improve again. While staying abreast of industry news may take some extra effort initially, it pays off in spades in the long run by providing organizations with the ability to adjust their strategies accordingly based on changes in the market.

Finally, utilizing resources like My Prosperity Tree can help business owners maximize returns while minimizing risks associated with a recession or disaster situation. The platform provides comprehensive advice on structuring businesses for long-term success while also outlining steps individuals can take now before disaster strikes - from creating contingency plans and budgeting wisely to increasing cash reserves and reducing debtso that you always come out ahead regardless of whatever life throws at you.

Taking proactive steps towards preparing for any disasters or potential recessions increases your chances of success during difficult times in the near and distant future. Ensuring adequate insurance coverage; having emergency funds available; staying informed about industry trends; evaluating internal processes and procedures; and utilizing resources like My Prosperity Tree are all essential pieces of the puzzle that must come together for you to survive any storm intact while setting yourself up for future success

My Prosperity Tree Staff Highlight: Samantha Wuestman

Our team members are the backbone of our company. That's why every quarter we choose a team member to celebrate. This quarter we'd like you to meet Samantha Wuestman! Samantha

is our Marketing Coordinator.

How has working from home changed how you approach the work that you do?

Marketing requires constantly thinking outside the box. For a long time, I had trained myself to sit down and work and not get up until the work was done. With doing marketing work from home, I quickly realized that that strategy was not sustainable to keep the fresh ideas flowing. Now I get up from my desk to move my body and free up my mind momentarily. Activities like going for a walk or doing a small load of dishes are opportunities for me to either get a fresh start during my day or change my perspective so I can attack a problem from a different angle. Giving yourself space in your day to reset, regardless of your work situation, can improve your quality of work dramatically. the box. For a long time, I had trained myself to sit down and work and not get up until the work was done. With doing marketing work from home, I quickly realized that that strategy was not sustainable. myself to sit down and work and not get up until the work was done. With doing marketing work from home, I quickly realized that that strategy was not sustainable.

I ran into creative blocks over and over again. After almost two years in this position, I've found alternate solutions to keep the fresh ideas flowing. Now I get up from my desk to move my body and free up my mind momentarily. Activities like going for a walk or doing a small load of dishes are opportunities for me to either get a fresh start during my day or change my perspective so I can attack a problem from a different angle. Giving yourself space in your day to reset, regardless of your work situation, can improve your quality of work dramatically. Not only do you work from home but, you live in a different state than your direct supervisor. How have you and the company adjusted to this challenge?

Not only are we operating in different states, but we are also in different time zones! At first, it was really tough, I had to keep a clock on my desk with their time on display. Has it got easier for me to remember the time difference?

Absolutely not. Luckily we live in an age of automation and there are a lot of platforms that automatically set time zone differences. To keep meetings and events straight we use Microsoft Teams and Outlook. To make sure I publish social media posts at the right time I use Later to schedule our posts. I recommend business owners invest in automated platforms to help them with all aspects of their business.

What are the challenges of Marketing a consulting business?

Marketing any business is challenging. Being at the whim of the public, and vying for the consumer's attention in an industry of businesses selling similar products and services can be daunting. For a consulting service, it's about conveying to the consumer that the business owner is an expert in their field and that their system of management can attack the consumer's pain points. Building trust with consumers is important in marketing any business but with consultants, it's vital.

In your opinion, what are some of the most successful marketing tactics?

I've personally always been a fan of ad campaigns from the 1960s. They synonymized their brands with ideas of personal freedom and marketed around different identities. I think Campaigns that can get consumers to identify with a brand are extremely memorable. The user-generated content or "viral" campaigns that are created today often invoke these principles as well.

At My Prosperity Tree, we emphasize our commitment to improving the entrepreneur’s lifestyle. What is your idea of a well-balanced life or a perfectly balanced day?

A perfectly balanced day for me would be a day in which I get to do all the things that bring me joy. I would have time to be in nature, exploring the beautiful mountain trails of Colorado. I would also be able to make time for my creative pursuits such as my painting or my jewelry business.

The Journey Meeting of the Minds

By Darren Cioffi

In recent years, mastermind groups have become an increasingly popular way for entrepreneurs and professionals to collaborate, share ideas, and learn from each other. I was skeptical of the benefits of joining a mastermind group until I was introduced to the opportunity through my association with Profit First Professionals.

As a mastery-level member, I was presented the opportunity to join a group with other mastery-level Profit First Professionals a collection of like-minded individuals who come together on a regular basis to discuss their goals and provide feedback and support. I was told that the focus of the discussions can vary greatly but usually include topics such as business strategy, marketing tactics, and personal development techniques.

At first, I was very skeptical of whether joining a group like this could help me or my business. Besides, sharing detailed information about my business, let alone my personal life, was not something I was accustomed to. But I found there was something valuable to be gained by participating in a mastermind group

I took the leap in October of 2020; I am going to be honest it was not easy in the beginning to be fully open with the group. Then in May of 2021, Profit First Professionals held a mastery meetup at the Grand Canyon which gave us our first opportunity to meet in person, this was a game changer.

Being able to spend time other than just going through the agenda allowed us to understand each other better and create personal relationships that you can’t cultivate via virtual meetings. You see collaboration within a mastermind group has been key – without it nothing would get done! Understanding this, on addition to our monthly virtual meetings, we get together three times a year and typically spend two to three days together discussing all kinds of topics and most of all calling each other out on our BullS%*t. Keeping us honest about who we are and what is going on in our businesses.

The benefits of being part of this group have been numerous. For starters, I have access to fresh perspectives that prove invaluable when I am tackling difficult problems. Additionally, I am always learning about new trends in our industry which provide insight that wouldn't otherwise be available to me. Being surrounded by successful peers has also provided an additional layer of motivation to grow, and grow we have!

The collective knowledge and experience held within this group have often led me to generate some truly innovative ideas. A spark of an idea I had during a mastery group meeting became what is now My Prosperity Tree! Not to mention the ways it has inspired me to improve my operations and services overall.

Whether you're looking for advice from those with more experience or hoping to network with peers in your industry, participating in a mastermind group can help you reach your goals faster while providing valuable connections along the way. So, if you're serious about growing your business or advancing your career, then consider joining or starting one today! Take the leap – don't miss out on the opportunity to grow your network

I can honestly say that Venus Michael, Rachel Siegel, Wade Carpenter, and Kevin Simpson have become my closest trusted advisors to me and my business.

Photo Credit Darren Cioffi

Printing Money

By Samantha Wuestman

From forging his own path in advertising to becoming the CEO of a multi-generational business, Richard Forelli has ridden the wave of the rising tide of change. Mutual Engraving has been serving the Tri-State area of the east coast since 1945. Today they work side by side with Fortune 500 companies to create a memorable array of printed materials for business owners. We sat down with Rich to find out how he's been able to revolutionize his business and lead it through the highs and lows of the 21st Century.

Photo Credit Ready Set Studios

Tell me about your business. What services do you provide?

Established in 1945, Mutual Engraving Company, Inc. is a full-service Commercial Printing Company that specializes in highend corporate stationery and business cards with its roots based in elaborate wedding invitations and Announcements. Our main customer base is Fortune 500 companies based in the Tri-State area including an extensive roster of law firms, tech companies, and advertising firms.

We read that Mutual Engraving has been run by the same family for three generations. What was it like growing up in a family business?

Mutual Engraving has indeed been run by the same family for three generations although I wasn’t initially a participant. I moved over to the business in 1998 after spending some years after college working in the advertising field at Young & Rubicam. At the time, the industry was undergoing a historic shift with the growing popularity of the Internet, and I believed that my experience gained in the advertising industry would help Mutual Engraving emerge as a leading supplier of print in this vastly changing landscape.

new business?

I knew that the emergence of email, cell phones, and other rapidly advancing forms of electronic communication could severely impact the world of print communication, and I knew we had to re-assess our business practices to counteract the digital world. Our companies’ origins were based on my grandfather creating high-end pieces of engraved invitations and announcements. When the stock market crashed in 1988 most of our client base was looking to cut costs and one solution was to offer their employee base a lower-quality printed piece. This lower-cost alternative persisted into the ’90s. In 1998, when I came on board, my idea was to re-introduce the higher-end alternative. I believed that with all the “instantaneous” digital transfer of information, people would see an engraved, thick stock business card as something “new”.

With a company that has been in business for as long as you have, I am sure there have been many market changes to your industry including the inception of the Internet, what have you done differently to retain and attract

We already had the necessary equipment to create engraving, foil stamping, custom die cutting, and thermography. So as the economy recovered, and more and more companies regained a healthier bottom line this became an attractive alternative to the standard “flimsy” business card that was being used during very high dollar business transactions. By re-introducing an older technology, we were able to keep a vast majority of our client base and thrive during the internet boom.

The pandemic hit your industry hard, how did it affect your business and how did you overcome the challenges?

After three years our sales are not quite what they were pre-pandemic, although we have seen signs of slow consistent growth. One aspect of Mutual Engraving that I initially had great concern over became a bit of a blessing in disguise. My employee base was getting older, and I was having difficulty hiring more staff before the pandemic hit. But because of this, during COVID several of my employees decided to retire. This coupled with newer technologies offered me a chance to decrease my overhead but still manage to maintain production levels.

My expertise is in production and sales. Finance is not my forte. With the addition of My Prosperity Tree, I have been able to focus more on acquiring more accounts and finding more efficient ways to create my product without having to constantly focus on my balance sheet. My Prosperity Tree gave me peace of mind to know that the work I put in will be compensated accordingly and nothing will “slip through the cracks”.

Can you share any specific challenges you've faced in maintaining work-life balance as an entrepreneur, and how you have overcome them or adapted your approach?

I believe that work-life balance is different for each individual. As an owner, the success of your business is directly related to the amount of work you put into it. However, because of this, you are free to decide what your version of success is.

We’re all about improving the lifestyle of the business owner. How do you feel like your work/life balance has changed since you started working with My Prosperity Tree?

I can offer myself the flexibility to leave for a few hours to take in one of my daughters’ games or to take care of a family issue knowing I can come back to the office at any time to complete my work. If flexibility is an important part of your work-life balance, being an entrepreneur may be for you.

Tell us a little about your interests outside of building an entrepreneurial lifestyle.

One thing I will say about being an entrepreneur is that you should really have other interests and/or passions that are on par with your efforts in the success of your business. Being 100% focused on the business can rob you of having an enjoyable life after retirement. Try to carve out some time to indulge in these extracurricular activities from time to time. Although as an owner you may think that every hour outside of the business equates to lost revenue, the reality, as shocking as it may be, taking some time away can actually make you more productive by freeing you up for more progressive thoughts and ultimately translate to a more successful business.

the A D Space

Take a Trip Through Marketing History

Since the advent of mass media, advertising has played a pivotal role in shaping consumer behavior and driving economic growth. Advertising is a key tool for business owners. Without advertising your business will be invisible to clients. Over the years, the advertising industry has witnessed remarkable transformations, reflecting the cultural, technological, and societal changes of each era. From the creative genius of the 1950s Mad Men era to the digital revolution of today, let's take a trip through time and explore the fascinating journey of advertising trends from the 1950s to the present day.

The 1950s

marked the rise of television as the dominant medium for advertising. With the popularity of TV shows skyrocketing, advertisers recognized the potential of reaching a vast audience through captivating commercials. This era saw the emergence of iconic ad campaigns like the Marlboro Man and the Coca-Cola Santa Claus, which became cultural touchstones. Ads were much more straight forward during this time. Demonstrating the use of the product and its benefits directly to the consumer. The merit of the product sold itself!

The 1960s

As society underwent significant transformations in the 1960s and 1970s, advertising mirrored the changing cultural landscape. Advertisers started to experiment with more artistic and abstract approaches, embracing vibrant colors, and psychedelic visuals. This era witnessed campaigns promoting social causes, reflecting the growing influence of the civil rights and antiwar movements. Brands like CocaCola and Volkswagen tapped into the counterculture ethos to establish themselves as symbols of rebellion and freedom.

The 1970s-1980s

In the 1970s and 1980s, print media advertising flourished as marketers embraced imaginative and visually striking campaigns. Memorable slogans such as "Just Do It" by Nike and "Think Different" by Apple captured the spirit of the times and resonated with consumers. Advertisers sought to create emotional connections, relying on compelling storytelling and groundbreaking visuals.

The 1990s

The 1980s and 1990s witnessed the rise of infomercials, a unique form of long-format advertising that combined entertainment and direct response marketing. Brands like Ginsu knives and the George Foreman Grill made a lasting impact through compelling demonstrations and persuasive calls-toaction, revolutionizing the way products were marketed directly to consumers. Some call-to-actions that were popularized during this time include phrases like “Call Now” or tactics like bundled deals and flash sales. These infomercials set up a problem that their state-of-the-art gadgets could solve with ease. Today this advertising set up is commonplace.

The 2000s

The turn of the millennium brought about a seismic shift in advertising trends with the rise of the internet and digital media Online advertising enabled precise targeting, interactivity, and real-time analytics. Pay-perclick ads, display ads, and search engine optimization became essential tools for reaching the online audience Social media platforms like Facebook, Twitter, and Instagram further transformed the advertising landscape, offering new avenues for engagement and influencer marketing.

The 2010s to Present

In the age of social media, influencer marketing has emerged as a powerful advertising trend. Brands partner with social media influencers to promote products and services, leveraging their large followings and authentic connections with their audiences User-generated content campaigns have also gained popularity, allowing brands to harness the creativity of their customers and foster brand advocacy. Many of these marketing tactics come across as more genuine to audiences because they show people having realistic interactions with products

From the golden age of television to the digital era of targeted advertising, the history of advertising has witnessed remarkable evolution. The industry has adapted to new technologies and consumer behaviors, leveraging creativity, data analytics, and personalized experiences. As you think about how you want to advertise your business you should keep the strategies of each era of marketing in mind. Which trend do you think would best suit what you’re trying to sell? Will you create the next iconic campaign slogan? Or will you hire an influencer to market your product to their loyal followers? In the modern age you can back a mad men style ad campaign with today’s technology! The world is at the business owner’s fingertips in this age of marketing and they would be wise to take advantage of the wide array of advertising techniques.

My Prosperity Tree: The Breakdown

Fractional CFO Services

In the ever-evolving landscape of business, entrepreneurs face an array of challenges, particularly when it comes to managing financial operations. A crucial aspect of success lies in effectively overseeing financial strategies, forecasting, and decisionmaking. This is where Fractional CFO (Chief Financial Officer) services step in, offering an innovative solution for business owners seeking expert financial guidance on a part-time or project basis. In this article, we explore what Fractional CFO services entail and why engaging a business growth professional who provides these services can be a game-changer for your business.

Fractional CFO services involve hiring an experienced financial professional to provide strategic financial support and guidance to a business on a part-time or projectspecific basis. Unlike a full-time CFO, a fractional CFO offers their expertise for a predetermined number of hours per week or month, tailored to the unique needs of the business.

"Fractional CFO services offer a costeffective alternative, allowing businesses to access top-tier financial expertise without incurring the expenses associated with a full-time executive."

Hiring a full-time CFO can be a substantial investment, especially for small to medium-sized businesses. Fractional CFO services offer a cost-effective alternative, allowing businesses to access top-tier financial expertise without incurring the expenses associated with a full-time executive. This flexibility enables businesses to allocate their resources more efficiently. These services adapt to the changing needs of your business. Whether you require financial support during a critical growth phase, assistance with a specific project, or periodic strategic guidance, a fractional CFO can be engaged on a flexible basis. As your business scales, these services can easily adjust, accommodating your evolving financial requirements.

A fractional CFO brings a wealth of financial knowledge and experience to the table. These professionals have a deep understanding of financial strategies, cash flow management, budgeting, forecasting, and risk analysis. Their diverse industry experience allows them to provide valuable insights and tailor financial strategies specific to your business's goals and challenges.

Business owners can become emotionally invested in their ventures, which can sometimes cloud their

judgment when making critical financial decisions. A fractional CFO offers an objective perspective, analyzing financial data and providing unbiased insights to drive sound financial decision-making. Their strategic guidance can help optimize cash flow, identify cost-saving opportunities, and mitigate financial risks.

Fractional CFOs work closely with business owners to develop comprehensive financial plans aligned with their long-term objectives. They assist in setting financial goals, creating realistic budgets, and establishing key performance indicators (KPIs) to track progress. With their expertise, business owners can make informed decisions, allocate resources effectively, and identify growth opportunities.

In an increasingly competitive business environment, the importance of sound financial management cannot be overstated. Engaging a business growth professional who offers fractional CFO services provides access to expert financial guidance, without the costs associated with a full-time executive. By leveraging specialized expertise, scalability, and flexibility, businesses can make informed decisions, optimize financial performance, and drive sustainable growth. Embrace the power of fractional CFO services and unlock the full potential of your business's financial success.

" Fractional CFOs work closely with business owners to develop comprehensive financial plans aligned with their long-term objectives."

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