Let's address a common pitfall many entrepreneurs face—sunk cost bias. I discuss how this bias can lead you to continue investing time, money, and energy into projects or paths that are no longer beneficial, simply because you've already invested so much in them. I'll explain how you can identify this bias, why it's important to recognize the costs of inaction and opportunity costs, and how to give yourself permission to pivot and take new opportunities.

 

This episode aims to help you make more informed decisions, avoid driving your business into the ground, and learn when to change course. Tune in for insights that could save you time, money, and stress.

 

What You'll hear in this episode:

[0:50] The Sunk Cost Bias Explained

[1:55] Recognizing and Overcoming Sunk Costs

[3:10] Opportunity Costs and Business Decisions

[5:15] Adapting and Having a Plan B

 

If you like this episode, check out:

Start with This Financial Metric (Financial Priority Formula Part 1)

Where Are the Best Places to Look to Find Cost Savings?

4 Brutally Honest Facts About Why Your Business Is Losing Money

 

Want to learn more so you can earn more? 

Visit keepwhatyouearn.com to dive deeper on our episodes 

Visit keepwhatyouearncfo.com to work with Shannon and her team 

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ 

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

 

In this episode, I dive into the topic of industry niches, sharing why I chose not to limit myself to a specific industry and how focusing on core values instead has driven the growth and success of my business. Learn about the importance of identifying who you want to serve, not just by their industry, but by their attitudes, behaviors, and alignment with your core values.   Discover practical tips on how to apply this approach to scale your own business, save on taxes, and create lasting wealth. Plus, find out more about our power sessions designed for businesses at various stages of growth. Get ready for an insightful conversation that challenges conventional niche advice and offers a fresh perspective on achieving business success.   What You'll hear in this episode: [0:50] The Myth of Industry Niches [2:25] Defining the Ideal Client [5:05] Core Values and Client Relationships [9:10] Diverse Client Portfolio [11:55] Power Sessions for Smaller Businesses   If you like this episode, check out: How Can You Shake Off Business Boredom and Thrive? Never Let Your Scarcity Show Creating Clients for Life with Racheal Cook   Want to learn more so you can earn more?    Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

Today, I am re-sharing an episode from when I was the guest on the 'She Believed She Could' podcast. I had the pleasure of being interviewed by the host, Allison Walsh. I share my journey into accounting, which began on a dare from my father. Little did I know that demystifying financial management for small business owners would become my passion.

 

We discuss the importance of proactive financial planning, the benefits of having a fractional CFO, and my podcast. I emphasize the need for ongoing financial oversight and I offer practical advice for entrepreneurs at any stage. Join us for a fun and insightful conversation packed with valuable tips on scaling your business, tax strategies, and keeping more of what you earn.

 

What You'll hear in this episode:

[01:55] Shannon's Journey into Accounting

[04:40] Essential Financial Advice for Entrepreneurs

[07:40] Proactive Financial Planning

[10:50] Working with Shannon and Her Services

[12:35] The Keep What You Earn Podcast

[14:30] Confidence and Core Values

 

If you like this episode, check out:

Don’t Stop Playing the Long Game

Using a Simple Approach to Building Wealth with Tess Waresmith

The Little Things That Unlocked Growth in My Business and Life

 

Check out the " She Believed She Could" Podcast: https://podcasts.apple.com/us/podcast/she-believed-she-could-podcast/id1505347834

 

Want to learn more so you can earn more? 

 

Visit keepwhatyouearn.com to dive deeper on our episodes 

Visit keepwhatyouearncfo.com to work with Shannon and her team 

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ 

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I’m diving into the critical differences between profit and cash flow, comparing cash flow to the metabolism of your business’s money. I’ll share some of the most common mistakes I see business owners make that can sabotage their cash flow—like paying off credit cards too early or being too relaxed about collections.   I’ll also explain why prioritizing employee payroll over other financial obligations is non-negotiable and offer a fresh perspective on the timing of estimated tax payments. Together, we’ll explore how to truly understand your business’s financial landscape, and I’ll leave you with actionable advice to help boost both your profitability and cash flow. Don’t miss this episode, packed with insights and tips to help your business thrive!   What You'll hear in this episode: [0:35] Understanding Cash Flow vs. Profit [2:05] Common Cash Flow Mistakes: Credit Card Payments [4:25] Prioritizing Payroll Over Other Expenses [5:00] Effective Collection Processes [6:40] Rethinking Estimated Tax Payments   If you like this episode, check out: The Five Money Metrics You Need Maximize Profit and Cash Flow (Financial Priority Formula Part 2) Crafting a Profit Plan That Drives Your Business Forward   Want to learn more so you can earn more?    Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Dive into this conversation I had on “The Abundant Accountant" podcast with Michelle Weinstein. As a fractional CFO and business owner, I have been thriving by using podcast appearances as a lead generation. I share my journey running my own fractional CFO practice, and how leveraging podcasts has helped me achieve a fivefold increase in annual recurring revenue.

 

We dive into the nuts and bolts of how to select the right podcasts, craft compelling pitches, and create captivating content that resonates with your target audience. Tune in to learn actionable steps to multiply your client base by becoming a podcast guest. Make sure to have your notepad ready as this episode is packed with insights you don't want to miss!

 

What You'll hear in this episode:

[1:55] The Power of Podcasting for Lead Generation

[3:50] Shannon's Journey: From Order Taker to Fractional CFO

[9:45] Choosing the Right Podcasts

[15:05] Identifying the Podcasts That You Would Like to Be on

[18:00] The Importance of Pitching Enough Since You Will Only Get on 10% of the Shows You Pitch

[23:40] Understanding Direct and Indirect Reach

[24:05] Finding Podcast Hosts

[25:35] Effective Presentation Tips

[27:10] Focus on the Why, Not the How

[31:10] Promoting Yourself Effectively

[36:10] Creating Engaging Content

 

If you like this episode, check out:

Captivating an Audience Through Story with Mike Ganino

Discover Your Value by Serving More with John Ray

Using Community and Personal Brand to Drive Growth with Kirsten Halik

 

Check out The Abundant Accountant Podcast: https://podcasts.apple.com/us/podcast/the-abundant-accountant-leads-sales-business-growth/id1434765546

 

Want to learn more so you can earn more? 

 

Visit keepwhatyouearn.com to dive deeper into our episodes 

Visit keepwhatyouearncfo.com to work with Shannon and her team 

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ 

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Don't miss these three must-ask interview questions that can save you from costly hiring mistakes. Learn the importance of understanding a candidate’s strengths and weaknesses, gathering insights from their past feedback, and recognizing their core values to ensure a great fit for your team. Whether you’re new to interviewing or looking to refine your hiring process, this episode offers actionable tips to help you discover the ideal candidates for your business.   What You'll hear in this episode: [00:50]The High Cost of Hiring the Wrong People [01:20]Key Interview Questions for Hiring Success [02:40] Evaluating Candidate Strengths and Weaknesses [04:00] Constructive Feedback and Employee Motivation [06:10] The Ultimate Interview Question: What Will Make You Quit? [09:30]Ensuring Value Alignment in Hiring   If you like this episode, check out: Managing the Employee Expectation Gap How to Hire Top Talent with Jamie Van Cuyk The Best Hiring Skill You Need   Want to learn more so you can earn more?    Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode, I dive into why as a seasoned CPA and accountant, I have chosen not to handle my own bookkeeping. I share insights on the importance of outsourcing, drawing from my personal experience. Listen in to understand why delegating bookkeeping tasks, even if you’re capable of doing them yourself, can lead to better business decisions, more efficient operations, and ultimately, greater success.

 

Discover the value of clear expectations, designing your financial reports for ongoing use, and the benefits of having a trusted professional manage your books. Whether you're a founder or a solo entrepreneur, this episode will help you rethink how you approach your financial management.

 

What You'll hear in this episode:

[0:15] Why I Don't Do My Own Books

[1:05] My bookkeeper,  Misa Bacon

[2:00] The Importance of Accurate Bookkeeping

[3:35] Designing Your Financial Reports

[5:35] Outsourcing for Efficiency

 

If you like this episode, check out:

How to Make Spending Decisions

How You Know You Need a CFO

What to Look for in a Bookkeeper with Misa Bacon

 

Check out Perfectly Kept Books:

Website: https://perfectlykeptbooks.com/

 

Want to learn more so you can earn more? 

Visit keepwhatyouearn.com to dive deeper on our episodes 

Visit keepwhatyouearncfo.com to work with Shannon and her team 

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ 

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

 

In this episode, I dive into one of the most challenging conversations you'll face as a business owner – informing your employees about your business exit. I discuss the importance of timing, transparency, and empathy when breaking this news. Understand the impact this conversation can have on your team and learn strategies to maintain stability and morale. From managing expectations to negotiating terms that protect your employees' interests, discover how to navigate this complex process smoothly. Tune in for actionable advice to ensure a positive transition for your business and your team.   What You'll hear in this episode: [01:10] Timing and Approach: When and How to Break the News [01:25] Retaining Your Core Team [02:15] Managing Employee Reactions [03:35] Ensuring a Smooth Transition [04:10] Negotiating Terms and Non-Competes [06:55] Financial Considerations and Seller Financing [09:35] Final Thoughts: Communicating an Exit Effectively [09:55] Final Thoughts: Communicating an Exit Effectively   If you like this episode, check out: The Five Steps to Selling Your Business Mapping Your Own Journey to Financial Freedom with Justin Buonomo  What Are the 3 Things You Need to Know Before Buying a Business?   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

I'm diving into an important topic for all business owners: managing employee expenses. Whether your employees are current expense-makers or you're anticipating future growth, it's crucial to establish clear policies now.   I'll share practical tips on defining reimbursable costs, setting spending limits, and creating a seamless expense reimbursement process. Ensuring these guidelines are in place early is key to preventing financial leakage and maintaining a healthy cash flow. Join me as I discuss how to manage employee spending effectively and keep your business finances in check!   What You'll hear in this episode: [0:36] Understanding Employee Spending [1:41] Setting Up Clear Expense Policies [2:45] Expense Reimbursement Process [4:25] Submission and Approval Protocols [5:40] Customizing Policies for Your Business   If you like this episode, check out: How to Make Spending Decisions Smart Cash Management for Business Owner Strategies for Managing Remote Teams   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Raising capital for your business? Drawing from my experiences with various business owners, I highlight effective strategies and common pitfalls when approaching investors. I emphasize the importance of presenting a clear value proposition, backed by solid market data and realistic financial projections.   Learn how to target investors who resonate with your mission, showcase your business's unique position in the market, and understand the significance of your team structure and compensation. I'll also discuss the critical role of the founder in securing investment and share insights on building momentum and networking early to streamline your capital-raising efforts. Whether you're starting a seed round or looking for strategic investors, this episode will equip you with the tools to confidently attract and secure the funding your business deserves.   What You'll hear in this episode: [1:25] Targeting the Right Investors [2:15] Market Opportunity and Business Model [4:14] Momentum and Traction [5:35] Team Structure and Compensation [6:40] Financial Projections and Investor Outlook [8:25] The Importance of the Founder [10:35] Networking and Final Tips   If you like this episode, check out: Build Wealth Through Connections with Fred Moskowitz Adopting an Investor Mindset with Tess Waresmith When to Invest in Premium Products and Services   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.