It's not a fun part of the job, but sometimes you have to let employees go. Mark discusses a recent experience, and why, in retrospect, he should have acted much sooner. Jesse shares his thoughts on when, and why, you should let go of team members, when it's clear they aren't a good fit with the organization.   Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

Letting Someone Go

Jesse Mecham and Mark Butler teach you how to manage your business cash flow, hone your business model, and not freak out about money.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Entrepreneurship

Mark and Jesse discuss Patrick Lencioni's  The 6 Types of Working Genius, a book exploring various personality types and the kinds of work most suitable to each. It's more than a personality test however! Lencioni's model assesses people according to their genius, competency, and frustrations in six areas:  Wonder: The natural gift of pondering the possibility of greater potential and opportunity in a given situation Invention: The natural gift of creating original and novel ideas and solutions Discernment: The natural gift of intuitively and instinctively evaluating ideas and situations Galvanizing: The natural gift of rallying, inspiring and organizing others to take action Enablement: The natural gift of providing encouragement and assistance for an idea or project Tenacity: The natural gift of pushing projects or tasks to completion to achieve results    Mark and Jesse share the results of their assessments -- their areas of genius and their areas of frustration -- and how they have seen these things manifest in problems in their own businesses. They also discuss how understanding your genius and frustrations (notice the word frustration is employed, not weakness) helps to focus your efforts where you will be most impactful, and ultimately build better, more effective teams.   The 6 Types of Working Genius Assessment:  https://www.workinggenius.com/?gad_source=1&gclid;=Cj0KCQjw0ruyBhDuARIsANSZ3wriydJmSn6fd5XTmzV-EF7jo6HeJf5swq4XvPmOtW7fzv2REGhNlcAaAt9oEALw_wcB     Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

What Is Your Working Genius? How to Avoid Frustration and Do the Work You Love

In today's episode, Jesse discusses his net worth tracker, a basic spreadsheet in which he records the balances of his investments and other assets quarterly. For Jesse, net worth is the scorecard of personal finance -- it's a way of keeping track of what direction you are going with your money. However, scorecard is an impersonal way to describe net worth, perhaps even suggests that one's value is tied to net worth. This could not be further from the truth! There's a lot more to a person than their net worth, but net worth does tell an important story about a person's money, and money is a vital part of a person, even if it's not their whole self.   As Mark has observed during his time coaching people to manage their money, people that routinely spend beyond their means -- that is, accrue negative net worth -- have allowed their desire for consumption to exceed their ability to consume. Their net worth represents a person who is out of touch with their tradeoffs. As Mark has mentioend in previous episodes, YNAB is all about making your tradeoffs crystal clear, and learning to love the choices you make to bring your money in alignment with your priorities. In short, learning to love your spending.   Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

Why You Should Be Tracking Your Net Worth

In today's episode, Mark and Jesse discuss money as a concept, why it exists, and how trade (using money) has created tremendous value for humans throughout history. On the YNAB Podcast, Jesse has spoken about money being far more than a tool, however, and really an extension of one's self -- one's energies and desires. Mark and Jesse then attempt to connect the dots to our modern monetary system, where debt and inflation loom large. What exactly is it about money is essential to human flourishing?   Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

You Are Money, Money Is You

Mark kicks off today's episode with a handful of words, hoping to weave them into a broader discussion: vision, goal, strategy, plan, and tactics. Mark and Jesse discuss how many small business owners look for tactics first, various tasks focused on operations: posting on social media, starting a YouTube channel, building an email list. These may or may not be worthwhile activities -- you really need a strategy to understand the big picture of where the business is going (or needs to go), and then select the activities that will get you there. But even then, strategy is hollow, Mark argues, unless there's a why behind what you do. Unless the company has a clearly defined core identity, it will struggle to adopt a good strategy.   Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

You Need Core Values, Not Strategy

In today's episdoe, Mark and Jesse discuss the importance of developing good systems, not just in business but in life! Mark shares a recent experience in which his wife left for a few days on a retreat, leaving Mark to handle her usual duties. Mark was faced with a lack of systems in day to day tasks, and enough friction to sit her down after the retreat and have a talk about family systems. Kate agreed, and, within a few weeks, became a systems expert, looking for every avenue she could find to create better processes.   Good systems aren't just for increasing business profit, they're for improving quality of life, relationships, and family harmony too!   The Goal by Eliyahu Goldratt and Jeff Cox  https://www.amazon.com/Goal-Process-Ongoing-Improvement-dp-0884271951/dp/0884271951/ref=dp_ob_title_bk     Mark Butler, Virtual CFO The Money School: https://moneyschool.works https://markbutler.com https://letsdothebooks.com   YNAB https://www.youneedabudget.com

Letting Someone Go

Download our free app to listen on your phone