"It is my belief that money is the sole biggest source of anxiety and mental health issues in us as humans."
We are happy to introduce Tatiana Tsoir, the founder of The Bold Method, a company that focuses on training CEOs of businesses to triple profits, create operational efficiencies, hire and retain the right talent, and build a business that changes lives, including their own.
Tsoir has been working with small businesses for more than 18 years, first as a bookkeeper, then as a tax accountant, planner, coach, and advisor, and her experience and expertise set her apart from others.
She works with business owners to double or triple their profits using a combination of no-cost strategies, proactive tax reduction, and operational efficiency, and helps them build a scalable and sellable business so they never have to work again.
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Table of Contents
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
Tatiana Tsoir: For many years I’ve wanted to be a lawyer – I’ve watched Law & Order since I was 15 growing up in Belarus. I event went to law school for 2 years.
When I came to the US at the age of 19, I needed to support myself financially and, frankly, survive, so when the time came to pick a major, I decided on accounting because it would give me a skill to support me through school and then law school.
I got lucky because professors at Hunter College brainwashed us every class “Since you’re majoring in accounting, you might as well sit for the CPA exam.” and thought “Hm.. I might as well!”.
At the time I worked as a bookkeeper for several small businesses and because I got to learn and apply my knowledge next day, I fell in love with small business. And supporting small businesses has become a life journey – and I gave up on the whole law school idea.
Over the years I’ve started a number of businesses, and my current company, The Bold Method, focuses on training CEOs of businesses to triple profits, to create operational efficiencies, to hire and retain the right talent and to build a business that changes lives, including their own.
And I love every minute of it. I get to work with some of the most amazing leaders and being their advisor is the honor of my life.
If you were in an elevator with Warren Buffet, how would you describe your company, your services or products? What makes your company different from others? What is your company’s biggest strength?
Tatiana Tsoir: I want to improve the statistic that says “50% of businesses fail in 5 years”, and my mission is to encourage and empower entrepreneurship at every age, because business is THE way to be truly free in life and IS personal.
Business owners hire me to double or triple their profits using a combination of no-cost strategies, proactive tax reduction, and operational efficiency; to build a scalable and sellable business so they never have to work again.
My experience and expertise is what makes me different: working with small businesses over the past 18+ years, as a bookkeeper, then tax accountant, then tax planner, coach and advisor, I have been privy to the most intimate part of it all – finances.
And my support today consists of coaching, advisory, education and consulting, and I always keep my accounting and tax reduction hat on in every situation. This is also my company’s biggest strength.
Quiet quitting, The Great Resignation, are an ongoing trend causing many businesses to struggle keeping talent engaged and motivated. Most are leaving because of their boss or their company culture. 82% of people feel unheard, undervalued and misunderstood in the workplace. In your experience, what keeps employees happy? And how are adapting to the current shift we see?
Tatiana Tsoir: There are quite a few things a CEO can do to keep employees happy, and in my experience it starts with tone at the top. As a CEO you have to care about your team and make them a priority. This means empathy, communication and transparency. Few things you can do to preserve your business and talent (we all know that turnover is costly):
— Encourage entrepreneurship (side hustle): Adam Grant’s research now proves what I had a hunch about for years. Employees with side hustles are happier and more productive than without the side-hustles. They get more outside experience, more money and need to be productive at work, too. So it’s a win-win for all.
— Set them up for success: create SOPs in writing, give directions in writing and create a follow up system to ensure compliance. Setup for success also includes making sure that an employee can handle the task and has everything they need (or access to it) to handle that task.
— Be open to remote and part time or contract setup. More and more employees value lack of commute (because, frankly, it’s a waste of life’s time), flexibility (to cater to family) and freedom.
I found that to be the greatest motivator for a contract freelancer because they get to work around your needs but also around their schedule. Many would no longer take on a full time gig but would be a great asset part time. Again, a win-win for you.
I’ve already adapted to this and have been practicing what I preach here for the last 3-4 years. My part time contract freelancers have other gigs, have specific instructions and how-to videos, as well as clear communication and expectations. And everyone is happy and hyper-productive.
Here is a two fold question: What is the book that influenced you the most and how? Please share some life lessons you learned. Now what book have you gifted the most and why?
Tatiana Tsoir: I keep a top-3 books list, of top 3 books that were life -changing. And sometimes this list gets updated. Number 1 life-changing book at this moment is Trillion Dollar Coach about coach Bill Campbell. It spotlighted for me how a trainer, a coach, an advisor can make a difference for business owners, and how lonely being a CEO truly is.
We all need a coach like Bill Campbell, and I often get support from a coach and a therapist to just talk through things with nobody trying to solve it for you, but listening, reflecting and asking the right questions. This is what my support system does for me and that’s what I do for my clients: I listen, reflect, ask questions and sometimes help my CEOs focus on the most important goal.
The number one book I gift or recommend is the Psychology of Money by Morgan Housel: it’s a mind-blowing and phenomenal book that every person needs. It talks about our (as in humans) relationship and experience with money (or lack of experience) and how to at least start the awareness of the money matters.
It is my belief that money is the sole biggest source of anxiety and mental health issues in us as humans. This book is for anyone who wants to understand how money affects us and how to get control over it, and, in turn, our lives. Wonderful read. Eye-opening and mind-blowing.
Another great one (I cannot just stop with one) is The Road Less Stupid by Keith Cunningham. It’s a blunt, no sugar coated real business experience and decisions, this book has “thinking time” questions (prompts) and is amazing for any business owner. I use it quite a lot too.
Christopher Hitchens, an American journalist, is quoted as saying that “everyone has a book in them” Have you written a book? If so, please share with us details about it. If you haven’t, what book would you like to write and how would you like it to benefit the readers?
Tatiana Tsoir: In 2017 I took a free webinar by a gentleman (I cannot remember his name) on how to write a book in 30 days. I didn’t buy his book writing program, but the thought of writing a book to have the authority, celebrity and expert status and get more business for my tax and accounting business was firmly planted in my mind.
In June of 2019 I was in St Lucia with my family and got connected with Mike Michalowicz (the author of Profit First and Fix This Next) because I was considering writing a Profit First derivative book. I have bought into the Profit First system and wanted to build a business with the book.
Mike invited me to an event in 2 weeks and I said yes! The event was for authors and aspiring authors. And as I sat there at the event and people were talking about the books they were writing I realized that I did not to ONLY do tax returns for the rest of my life. I wanted to write a life-changing book. So I signed up for a wokrshop lead by Mike’s writing partner AJ Harper, and the rest is history.
“Dream Bold, Start Smart: be your own boss and make money doing what you love” came out on March 16, 2021, the day before my dad passed away from cancer. This book is a life changing book and is a roadmap for anyone wanting to start a business. I wrote it because I no longer worked with unfunded start ups and yet couldn’t help thinking “If only this new client started better.
If only they had a better accountants. If only…”. 50% of businesses fail in 5 years and I want to change that. This book will allow you to learn the craft of entrepreneurship and build a business that changes lives including your own.
In your experience, what tends to be the most underestimated part of running a company? Can you share an example?
Tatiana Tsoir: The most underestimated part is taxes and finances. I do believe that accountants don’t start businesses, visionaries do. And naturally visionaries (creators) aren’t good at finances. They also often do not see a big value in hiring the best possible help or advisor to cover that side of the business. And that’s often a critical mistake.
What many business owners do is “fake it till they make it”, so to speak. Some business owners shift the responsibility for financial matters to a partner, thinking that it makes things easier.
That is wrong, it actually often makes things worse: so many partnerships break up – and it leaves everything broken, hearts, lives and businesses. My book even has a chapter that was first called “Partnerships never work” but was later retitled.
Yes, compliance is an very important part of running a business, filing everything on time and doing bookkeeping right. Properly and timely done bookkeeping is not only the foundation of every business because GIGO stands (garbage in, garbage out), but it is also the foundation of all the advisory and support to a business owner. These are the basics.
But also what about managing your cash flow? What about forecasting expenses, hires and borrowing? What about making tactical and strategic decisions? What’s your approach there and how do you use numbers to support those decisions?
The reality is that many small businesses don’t and cripple their own growth and success. And entrepreneurship is a craft – which means anyone can learn and be good at it. And it requires a whole-brain approach: the vision and the numbers, always.
What does “success” in the year to come mean to you? It could be on a personal or business level, please share your vision.
Tatiana Tsoir: Success is different for everyone and most years I would set resolutions for the New Year. This year was different: I’ve accomplished so much in the past 3-4 years that I was tired, and a bit burnt out.
So I took 2 weeks off before the busy season (I still handle a number of clients’ tax businesses) and I loved it. So I decided to make no resolutions and just open myself up for opportunities to further my dreams and my skills.
And I was right! I got invited, not 1, but 2 TEDx stages! I am presenting the first TEDx and UCincinnati on February 25th with the topic “Entrepreneurship is a Whole Brain Craft”. And on June 4 I am presenting “Entrepreneurship is a Skill for Life” at a Youth Stage in New Hampshire.
Success in 2023 for me is to spend a lot of time with family, which I make a priority every day, to go on vacations together and create experiences and memories. Also success is being able to help a business turn the tide and beat the competition, better plan their cash, make better decisions and make more money.
Helping a dreamer get started through providing them with a roadmap (my book), so that someone who wouldn’t otherwise start a business, would actually go for it and be happier and free-er – that’s also success.
Speaking on 2 TEDx stages and stressing how important it is to support business owners in a more meaningful way is a personal goal and a measure of success. And peace is success, too. With the war in Ukraine (I am from Belarus originally) I am thankful for peace here.
Jed Morley, VIP Contributor to ValiantCEO and the host of this interview would like to thank Tatiana Tsoir for taking the time to do this interview and share her knowledge and experience with our readers.
If you would like to get in touch with Tatiana Tsoir or her company, you can do it through her – Linkedin Page
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