Today I discuss the common issue of commingling personal and business expenses, a practice that many entrepreneurs unintentionally fall into. While it's understandable to make occasional mistakes, it's vital to know how to handle these situations to avoid significant repercussions like audits. I'll share key pointers on why recurring personal expenses should never go through your business account and how to better manage your personal finances. Additionally, I'll explain why it's smarter to increase your salary or distributions rather than mix expenses, and how frequent usage of your business card for personal transactions can cost you more in bookkeeping fees without offering any tax benefits. Tune in to learn strategies for maintaining a clear distinction between your personal and business finances, making informed decisions, and knowing when and how to take aggressive tax positions responsibly.

What You'll hear in this episode:

[0:50] The Reality of Commingling Personal and Business Expenses

[1:25] Key Points on Handling Personal Expenses in Business

[5:25] Mindset Differences and Financial Awareness

[6:55] The Cost of Commingling and Aggressive Tax Positions

If you like this episode, check out:

What Actually Happens If I Commingle Business and Personal Finances?

How Can Three Simple Steps Ease Tax Season Anxiety?

What Qualifies as a Deduction

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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 crucial distinction between a financial professional who merely reports results and a true advisor who offers valuable insights and guidance. If someone is just giving you the numbers without explaining how you got there, why you're there, or what needs to change for better financial trajectory, they may not be the advisor you need for business growth. Join me as I explore the importance of having a CFO-type adviser who adds intrinsic value beyond just reporting the results. Tune in to find out what you should be looking for in a financial advisor to help you scale your business effectively.

What You'll hear in this episode:

[1:55] The Unfulfilling Nature of Traditional Consulting

[2:55] The Value of Problem Solving in Accounting

[3:35] Encouraging Accountants to Provide Solutions

[5:35] How to Get More from Your Accountant

[8:30] Building a Sustainable and Profitable Business

If you like this episode, check out:

Boosting Business with Better Client Care

Building Value in Your Business While Growing with Jill Simonds

Discover Your Value by Serving More with John Ray

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 reflect on a significant lesson from leaving my corporate job. I discuss the fears associated with leaving a secure 9 to 5, the illusions about the risks involved, and how you're not truly starting from scratch but rather equipped with valuable skills. Whether you're contemplating a career change, have already taken the leap, or are looking to understand the true risks and rewards, this episode is for you. I'll also share insights on how to leverage your accumulated skills and offer actionable advice to ensure your success in entrepreneurship. Tune in to transform your fear into confidence and make the jump to a more fulfilling professional life!

What You'll hear in this episode:

[0:50] Reflecting on Leaving a Corporate Job

[2:10] Overcoming the Fear of Leaving

[4:05] Skills and Experience Matter

[7:19] Evaluating Your Readiness

[9:00] Making the Jump

If you like this episode, check out:

The Two Ways You Earn Money in a Business

Why Tolerating Risk Can Build Value

Silence These Voices In Order to Succeed

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.

Today, I share the simplest approach to budgeting for your business. You'll learn how to create a profit plan using a streamlined method we've been implementing for our clients. This method helps you understand your financial standing without the complexities often associated with budgeting. I'll walk you through key concepts like profit margins, cost of goods, acquisition costs, and operating costs. Discover how to categorize your expenses into three main areas—fulfillment, acquisition, and operations and set target percentages for each. This episode is designed to empower you with the tools to make informed, intentional financial decisions for your business. Whether you need to sync your chart of accounts with your budget or require a method to track your profit plan, I've got you covered. Let's make the financial side of your business more enjoyable and less daunting. Tune in and take the first step towards a more profitable year! What You'll hear in this episode: [0:50] Simplified Budgeting Approach [2:20] Understanding Profit Plans [3:30] Categorizing Business Costs [5:15] Setting Budget Targets [7:35] Prioritizing Business Spending [13:25] Accountability and Adjustments If you like this episode, check out: Start with This Financial Metric (Financial Priority Formula Part 1) How to Make Spending Decisions 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.

In this episode, I get candid about a topic that's been on my mind—what sets a CFO apart from a traditional accountant. I'll dive into my biggest fear as a CFO: not delivering enough value and being seen as just another run-of-the-mill accountant. We work hard to differentiate our services, positioning ourselves as strategists who happen to be accountants, and I'll share why this matters.

From discussing industry practices to providing analogies with Spirit Airlines and Delta, I'll clarify why comparing fractional CFO services to regular bookkeeping is like comparing apples to oranges. Plus, you'll hear about the importance of client collaboration and how our strategic input can yield multi-thousand-dollar partnerships. If you're an entrepreneur looking to understand the deeper impact a CFO can make, this episode is for you. Tune in and let's grow your wealth together while keeping things enjoyable. Don't forget to leave a review on your favorite podcast platform!

What You'll hear in this episode:

[0:50] Understanding the Role of a CFO

[1:50] Differentiating CFOs from Accountants

[2:50] Challenges and Fears of a CFO

[5:15] Client Collaboration and Value Delivery

[8:00] Overcoming Fears and Ensuring Value

If you like this episode, check out:

Why It's So Hard to Communicate Our Value with Lynn Smith

Mastering Your Messaging with Meghan Clor

Creating a Memorable Customer Experience with Brittany Driscoll

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 sit down with my friend and mentor Lori Harder, the podcast host of 'Earn Your Happy' and the founder and CEO of Gloci. Lori shares her incredible journey from an in-debt high school dropout to a multimillionaire serial entrepreneur. We dive deep into her experiences, from her initial venture in fitness and network marketing to the challenging yet rewarding pivot from her first iteration of Gloci, originally called Light Pink. Lori opens up about the emotional and strategic challenges of pivoting a business, the importance of persistence, and how to handle the fear of making or facing tough decisions. This episode is a must-listen if you've ever been afraid to pivot in your business or felt the weight of entrepreneurial challenges. Don't miss Lori's invaluable insights and her advice on maintaining confidence and navigating through the messy middle of business. What You'll hear in this episode: [1:20] Meet Lori Harder [3:30] Lori's Entrepreneurial Journey and Personal Development [5:55] The Importance of Mindset in Business [7:55] Lori's Venture into Consumer Products [14:35] The Birth of Glossy and Overcoming Challenges [26:50] Facing Hard Truths in Business [27:25] The Emotional Weight of Investor Money [28:55] Pivoting to a New Business Model [29:45] Communicating the Pivot to Investors [30:50] Learning from Business Mentors [34:00] The Importance of Asking for Help [36:10] Embracing Hard Conversations [47:15] The Role of Financial Clarity [48:15] Mastermind Programs and Mentorship If you like this episode, check out: How Katie Savarise Built a Culture, Not Just a Brand Hiring the Right Pro (Interview on She Leads First Podcast) One Why and How to Embrace More Failure in Business with Lynn Smith 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.

Let's dive into my journey to becoming a finance professional, insights on cash flow forecasting, the nuances of financial metrics like P&L statements, and strategic investments to grow your business.

We also discuss the emotional aspects of financial management and how to navigate the metrics that truly matter for your business's health. If you've ever felt overwhelmed by the financial side of your business, this episode will equip you with practical tools and a clearer understanding to help you succeed.

What You'll hear in this episode:

[2:15] Shannon's Journey to Becoming a CPA

[6:15] The Impact of Personal Loss

[10:20] Understanding Financial Health

[21:00] Hiring and Cashflow Forecasting

[27:35] Connecting Financial Tools

If you like this episode, check out:

Shannon's Appearance on "The Unapologetic Entrepreneur" with Amanda McKinney

How Katie Savarise Built a Culture, Not Just a Brand

Why Tolerating Risk Can Build Value

Check out "The Million Dollar Machine" Podcast: https://podcasts.apple.com/br/podcast/100-the-million-dollar-machinew-ernesto-mandowsky/id1625319682?i=1000669906096

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.

Today, I dive into crucial considerations for investing in businesses, applicable whether you're an investor or a business owner seeking capital. Drawing from a recent conversation with a friend receiving numerous business proposals and pitch decks, I created a comprehensive checklist of factors to evaluate.

I emphasize understanding financials, team management, unique expertise, profit management, and cash flow. Additionally, I explore the importance of knowing investment time horizons, exit plans, and your rights as an investor. If you're looking to invest wisely or attract investors, this episode is packed with invaluable insights. Listen in to arm yourself with knowledge for making informed investment decisions and ensuring your capital works effectively for you.

What You'll hear in this episode:

[1:55] Key Questions to Ask Potential Investments

[5:55] Understanding Financials and Cash Flow

[6:45] The Importance of Knowing Where Your Money Goes

[8:35] Investor Rights and Share Classes

[11:10] Evaluating Business Projections and Exit Plans

[15:25] Creative Investment Structures

If you like this episode, check out:

Must-haves for an Investor Pitch Deck

Using Your Money Story to Grow with Bob Wheeler

Adopting an Investor Mindset with Tess Waresmith

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/

We dive into my journey from a childhood influenced by my father, who was a CPA to becoming a successful business owner and financial educator. I share invaluable insights on how entrepreneurs can better manage their finances, the importance of tax planning, and the common mistakes to avoid.

We also touch on the importance of mindset in financial success and the necessity of diversifying both revenue streams and investments. This episode is packed with practical advice for entrepreneurs at any stage of their financial journey. Tune in to learn how to scale your business, save money in taxes, and create a sustainable and profitable venture.

What You'll hear in this episode:

[04:25] Shannon's Journey into Accounting

[08:10] Lessons from Shannon's Father

[12:35] Building a Business and Finding Fulfillment

[21:40] The Turning Point: Leaving the Corporate Job

[26:45] Working with Entrepreneurs and Business Owners

[28:45] Financial Advice for New Business Owners

[33:40] Misconceptions About Business Write-Offs

[37:05] Understanding Business Revenue and Profit

[41:35] Tax Planning and Financial Strategies

[45:55] Rapid Fire Questions and Personal Insights

If you like this episode, check out:

How Katie Savarise Built a Culture, Not Just a Brand

Hiring the Right Pro (Interview on She Leads First Podcast)

One

Why and How to Embrace More Failure in Business with Lynn Smith

Check out the Digital Business Evolution Podcast https://podcasts.apple.com/us/podcast/digital-business-evolution/id1612170868

Connect with Jess DeRose on IG @iamjessicaderose

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/

We all struggle with, and often avoid the topic of losing clients, but the truth is, it happens to everyone. I reflect on why we lost a key client, the mistakes I made, and how confidence without competence can be damaging in business. Discover the importance of self-awareness, honesty with clients, and collaborative communication. I'll share how these lessons have shaped the way I approach client relationships now and how you can apply them in your business to ensure you serve your clients as the expert they deserve. Tune in to gain insights that could transform your client management strategies and improve your overall business approach. What You'll hear in this episode: [0:50] Facing Client Losses: A Personal Story [2:30] Lessons Learned from Client Breakups [6:15] Balancing Confidence and Competence [10:20] Improving Client Communication If you like this episode, check out: Unlocking Business Success: Mastering the Art of the Accountable Plan How to Build Trust with Your Customers Creating an Outstanding Customer Service Experience 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/