Keep What You Earn

Let's dive into the critical traits that set successful entrepreneurs apart from the rest. I share insights from my lunch with one of my most successful clients and reflect on the common patterns I've noticed among thriving business owners. From the importance of fast action to making decisions quickly, and being okay with making mistakes, I share it all. We also explore the significance of having clear goals and how crucial it is to know what you want for your business. Lastly, we talk about maintaining focus, the power of saying 'no' to distractions, and how diluted focus leads to diluted results. This episode is packed with valuable advice to help you scale your business and create a wealth-building enterprise. Tune in to learn practical strategies that will inspire you to take action and achieve your entrepreneurial dreams. What you'll hear in this episode: [0:50] Lunch with a Successful Client: Key Traits of Thriving Entrepreneurs [2:25] Fast Action: The Key to Business Success [6:00] Clarity of Goals: Knowing What You Want [9:40] Focus: The Power of Saying No [14:50] Practical Tips for Overcoming Business Challenges If you like this episode, check out: Seismic Shifts in My Mindset and Business Don't Make This Huge Mistake with Goal Setting How to Set Goals and KPIs Want to learn more so you can earn more? Visit keepwhatyouearn.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.

Cash flow is the exchange of promises—both in and out—so it's important to maintain good relationships with vendors and customers while ensuring financial stability. Today, I touch on some of my personal experiences, explain the pitfalls of being overly accommodating, and offer practical advice on setting policies, collecting payments, and managing cash flow effectively to ensure business growth and sustainability.

What you'll hear in this episode:

[0:50] The Importance of Cash Flow

[3:20] The Problem with Lax Collection of Money and Pricing

[4:45] The Importance of Commanding Respect from Your Customers

[6:20] The Importance of Demanding Payment or a Deposit

[7:20] The Importance of Following Your Collections Policy

If you like this episode, check out:

Are You Sabotaging Your Own Cash Flow?

Maximize Profit and Cash Flow (Financial Priority Formula Part 2)

Smart Cash Management for Business Owner

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.

Believe it or not, it is possible to scale your business while keeping things simple. Today, I'm joined by Sam Vander Wielen, an attorney turned entrepreneur and leading legal educator to online business owners. Sam and I explore the myths of business complexity, the pitfalls of shiny object syndrome, and the importance of focusing on core offers. We also discuss practical strategies for email marketing, lead generation, and balancing personal happiness with business success. If you're ready to simplify your path to success and take actionable steps toward a thriving business, this episode is for you. Tune in now! What you'll hear in this episode: [1:05] Guest Introduction: Sam Vander Wheelin [1:55] Sam's Journey and Business Philosophy [6:35] The Importance of Simplicity in Business [16:30] Strategies for Building a Successful Business [24:10] The Value of Simplicity in Business [24:40] Separating Personal Emotions from Business [27:30] Creating Effective Marketing Strategies [29:10] The Importance of No-Brainer Freebies [36:40] Simplifying User Experience [41:20] Maintaining Focus and Adaptability If you like this episode, check out: How to Confidently Leave Your 9 to 5 and Embrace Entrepreneurship Better Decisions Start with Better Data Increase Your Earnings Without the Sales Struggle Connect with Sam on IG: https://instagram.com/samvanderwielen Listen to Sam's Podcast On Your Terms: https://www.samvanderwielen.com/podcast Order Sam's book When I Start My Business, I'll Be Happy: https://www.samvanderwielen.com/book/ Watch Sam's free legal workshop '5 Steps to Legally Protect & Grow Your Online Business' https://www.samvanderwielen.com/legal-workshop/ Want to learn more so you can earn more? 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.

There's a recurring theme in my recent client calls: the uncertainty many business owners face about the true health of their business. Discover why it's crucial to periodically step back and assess your business's performance objectively. You'll learn how to interpret common financial signals and maintain a balanced view of your business's health, even when self-doubt creeps in. Tune in to find out why concise, honest feedback can be a game-changer for your peace of mind and long-term success.

What you'll hear in this episode:

[0:50] Client Calls and Common Concerns

[1:40] Assessing Business Health

[3:15] Communicating with Clients

[4:35] Understanding Client Perspectives

[6:50] Understanding the Client's Questions

If you like this episode, check out:

The Five Money Metrics You Need

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

How Healthy Is Your Business? (Appearance on Next Level Life Podcast)

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, we dive deep into the financial side of running a business, translating the complexities into enjoyable, understandable concepts. Using engaging analogies, I shed light on IRS audits and the nuances of handling personal expenses through your business. We explore the risks associated with aggressive tax strategies, the importance of knowing your risk tolerance, and how strategic planning can help save taxes. Plus, I share practical tips to keep your business and personal expenses separate for better financial clarity. Tune in to learn how to manage your finances smartly and grow your wealth.

What you'll hear in this episode:

[0:50] Understanding IRS Audits: The Speeding Analogy

[2:15] Advice on Personal Expenses and Business

[4:50] Risks of Aggressive Tax Strategies

[9:25] Practical Tax Planning Tips

[11:30] Separating Business and Personal Expenses

If you like this episode, check out:

You Are Overthinking Tax Strategies

How We Handle Personal Expenses in a Business

What Entrepreneurs Need to Know About Tax Deductions

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, we tackle one of the most stressful situations a business owner can face—a cash flow crunch. I discuss how cashflow issues can drastically affect behavior and business culture, and the importance of recognizing early warning signs. I'll guide you through effective strategies to manage cash flow, such as creating a cash flow forecast and building a cash reserve. You'll learn why it's crucial to avoid quick fixes like loans or deep discounts, and why increasing the speed of cash collection while managing expenses is vital. We also explore how to prioritize spending and the importance of professional financial advice. Tune in to learn practical, actionable steps to prevent and navigate through cashflow slumps, ensuring your business stays financially healthy.

If you like this episode, check out:

Are You Sabotaging Your Own Cash Flow?

Maximize Profit and Cash Flow (Financial Priority Formula Part 2)

Smart Cash Management for Business Owner

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 discuss the common challenges faced by business owners when hiring financial help. I offer a strategic approach to hiring financial support by explaining the importance of building your finance team from the ground up. I also emphasize the cost-effectiveness of hiring a rock-solid accounting specialist or clerk for day-to-day operations and then layering on a fractional CFO for high-level strategic advice. I highlight the pitfalls of hiring a high-cost CFO without adequate ground-level support, while drawing parallels to hiring a brain surgeon to perform basic tasks. Additionally, I also touch on the value of quality data, the role of a controller, and the importance of proper resource allocation. By the end of the episode, you will understand how to structure your financial team for maximum efficiency and value. What you'll hear in this episode: [0:50] Hiring Financial Help for Your Business [2:55] Understanding the Role of a CFO [3:20] Cost and Value of Hiring a CFO [5:45] Building Your Finance Team from the Ground Up [9:05] The Importance of Quality Data If you like this episode, check out: Do You Need a CFO in Your Business? Are You Ready For a CFO in Your Business? Better Decisions Start with Better Data 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 today's episode, I dive into a topic that often confuses business owners: the difference between an expense and an asset. While you might think your bookkeeper has it all handled, it's vital to understand how these distinctions affect your business's tax benefits and overall financial health. We'll cover the basics of expenses – your typical operating costs such as advertising, materials, and rent.

On the other side, we'll define assets, like ovens or refrigerators for a bakery, which help generate revenue over multiple years. Learn how to properly categorize these items, the importance of depreciation, and how intangible assets like websites and franchise fees fit into the mix. Whether you're investing in new equipment or paying franchise fees, I'll provide you the insights you need to strategically manage these expenses and maximize your tax benefits. Plus, find out how setting the right expectations and aligning your spending with profit and personal goals can pave the way for a successful 2025. Tune in to get equipped with the knowledge to better handle your business's financials!

What You'll hear in this episode:

[0:50] Understanding Expenses in Your Business

[1:50] Defining Assets and Their Importance

[3:50] Depreciation Explained

[7:00] Intangible Assets and Amortization

[9:15] Strategic Planning for Assets and Expenses

If you like this episode, check out:

Understanding Bonus Depreciation and Recapture

The Truth About Tax Savings and Strategies

What They Never Tell You About Depreciation

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 today's episode, we talk with Certified Financial Planner Mary Clements Evans, author of "Emotionally Invested". Mary shares her approachable, jargon-free insights on personal finance. We break down the emotional aspects of financial planning, focusing on the personalities that drive financial behaviors. Mary also delves into her own experience of transitioning from corporate America to launching her own financial advisory firm at the age of 52. We discuss the importance of having a financial plan, understanding your cash flow needs, and creating a comfortable space for discussing often-intimidating financial topics. By the end of the episode, you'll be inspired to take control of your financial future while debunking many common myths related to financial planning. So grab a notebook and tune in—it's time to keep what you earn! What You'll hear in this episode: [0:50] Meet the Expert: Mary Clements Evans [2:25] Mary's Journey to Financial Planning [5:35] Understanding Financial Designations [14:00] Client Personalities: FOMO vs. FRO [21:40] The Financial Therapy Session [22:15] Promoting the YouTube Channel22:37 Couples and Financial Dynamics [23:30] Women in Financial Meetings [24:30] Solution-Focused Financial Advice [26:50] Understanding Volatility and Risk [30:25] The Importance of Financial Education [37:40] Personal Financial Stories If you like this episode, check out: Shannon's Appearance on "Earn & Invest" with Jordan Grumet Don't Stop Playing the Long Game Financial Planning Basics for Personal Wealth with Drew Faloon Connect with Mary on LinkedIn https://www.linkedin.com/in/mary-clements-evans-098538 Get your copy of Emotionally Invested: https://www.amazon.com/Emotionally-Invested-Outsmart-Fearless-Retirement/dp/B0DSS7XJKS 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 tackling a common challenge many business owners face: balancing long-term marketing strategies with the need for immediate cash flow. While the long game in marketing often yields the highest ROI through sustainable results, it requires patience and consistent investment, which can strain your budget if not managed properly. I'll dive into effective ways to manage your spending, discuss the importance of setting monthly budgets, and share actionable tips on maintaining a balanced approach between short-term gains and long-term growth.

From setting aside money for short-term ad testing to understanding acquisition costs and percentage of revenue targets, this episode equips you with the knowledge to play the long game wisely. I'll also highlight the importance of continuous effort, regular follow-ups, and clear success metrics to ensure your long-term strategies are effective. Tune in and learn how to scale your business sustainably while safeguarding your cash flow!

What you'll hear in this episode:

[0:50] The Impatience of Business Owners

[1:25] Playing the Long Game in Marketing

[2:25] Balancing Short-Term and Long-Term Investments

[3:15] Managing Marketing Spend

[7:10] Consistency in Long-Term Strategies

[8:40] Defining Success in Long-Term Marketing

If you like this episode, check out:

4 Steps to Start Your Investing Journey with Tess Waresmith

How Courtney Tarrant Built a Profitable Agency Breaking All the Rules

Why Tolerating Risk Can Build Value

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.