Soulful MBA Podcast

We all face self-sabotaging thoughts on occasion and it is important for us, as women, to collectively confront these issues so that we can move passed them as a community. 

Today we get into self-imposed limitations, balancing vision and action, the ever-present victim mentality, and setting realistic goals.

Kelly helps feminist entrepreneurs and culture makers sell to women without selling out by teaching feminist principles, including how they apply to marketing and other facets of business. She talks openly about controversial topics, including the false perceptions that exist around poor people and money.

As a busy mom of five kids and a thriving entrepreneur, Kelly’s story is motivating and her message is profoundly important. 

Emily is a success coach and the author of the new book: I Heart My Life. Emily teaches women to examine their mindset around money and to do away with the limits we so often put on ourselves. She reveals how our false backstories are holding us back, and she shows us that, as ambitious women, we need to have more conversations about what we desire—including stories and examples that represent successes we can emulate. Emily is such a great example of this kind of success and her fearless attitude is something we can all learn from. 

Emily shows us that we have such amazing power to transform and mold our very existence through our thoughts, including the amount of money we have access to.

In this episode, we’re getting vulnerable and sharing our money stories with you.

This is not always an easy topic to discuss publicly, yet we need to start having these conversations in order to remove some of our collective shame about money—shame that is not helping any of us, particularly women.

Going back to our memories of childhood, we share some of the difficult circumstances that shaped our understanding of—and relationship to—money. We hope that our experiences will give you the courage to confront your own stories about money.

Don’t miss out on this heartfelt conversation!  

On this re-released episode of the Soulful MBA podcast, we talk about a slightly controversial topic—the value of a wife. We touch on several articles we’ve read recently about the economic benefits for men who have a wife at home (or at least in a position where she is still primarily responsible for childcare and the emotional labor that takes place in families).

As feminists and entrepreneurs, we felt that it was important to invite this conversation into our community because there is still so much we need to shift in our culture around gender and the workplace.

Do you also wish for a wife—someone to take care of all the details and homework so that you can focus on your career and on building your business?

The first article we’re discussing is “70% of Top Male Earners in the US Have a Spouse Who Stays Home”. Another article we’d like to talk about is titled “What ‘Good’ Dads Get Away With”, which is the other side of the coin. You might have a husband who does a lot more than most husbands and fathers, yet you still find yourself being the primary caretaker and filling in all the gaps in your family’s day-to-day life.

Either way, women are often financially marginalized by gender roles and these seem to be exacerbated when we become mothers. This conversation affects almost all of us and it has to be acknowledged that it is still largely an unequal playing field. Something’s got to give!

As with last year, we’re bringing you a recap of the year vis-à-vis our favorite things. Here are the links for you (think of it as a stellar gift guide or a place to bookmark for inspiration later on):

Best Books

Jeni: The Great Alone / Start Finishing: How to Go from Idea to Done 

Sandy: The Testaments: The Sequel to The Handmaid's Tale

Best Netflix Shows

Sandy: Bikram

Jeni: The Marvelous Mrs. Maisel / Country Music: A Film by Ken Burns

Best Purchase

Jeni: Blackbird Dagger Earrings

Sandy: Moose Knuckles Coat (super Canadian)

Most Influential People

Sandy: Claire Pelletreau 

Jeni: Nathan Latka (loved his book)

Favorite Instagram Accounts

Sandy: https://www.instagram.com/alexandriaslens/

Jeni: www.instagram.com/dudewithsign/

Best Decisions

Sandy: key hiring decisions

Jeni: taking a legit family vacation / hiring

Best Articles

Jeni: The ladders of wealth creation: a step-by-step roadmap to building wealth

Best Podcasts

Sandy: Unf*ck Your Brain

Jeni: Episode 126 | The Value of a Wife

Our Words for 2019

Jeni: Expansion

Sandy: Explosion

#147 An Intentional Approach to Your Numbers

It is a common misconception that numbers are out of a business owner’s control. This pervasive thinking is not only untrue but also lends itself to a passive financial approach. Jeni and Sandy want you, as the powerful entrepreneurs you are, to take charge and be intentional about your numbers.

During this episode, they debunk this passivity myth and discuss why it is so important to realize that you have financial agency as well as what you can do once you make this pivotal mindset shift. They also move past the conventional understanding of profit and offer an alternative lens. Profit should be the ultimate goal of every business endeavor, so changing current thinking unlocks unlimited potential. They have used this model to great success in their own businesses and they share these stories today. Ultimately, in shifting thinking about profit and numbers, you change your approach to business entirely.

Key Points From This Episode:

•   Why moving from financial passivity to realizing you have agency can fear-inducing.
•   Learn why it is not a good idea to start a business with the ultimate goal of getting a salary.
•   Profit and financial freedom should be the motivators of any business.
•   Women carry their experience as employees over into their roles as business owners.
•   The long game: why it is crucial to have an overarching vision to drive business decisions.
•   Unpacking the conventional understanding of profit and an alternative suggestion.
•   By adopting a ‘profit-first’ mentality, you gain clarity on the tools you need to get you there.
•   Learn how Jeni used a profit-first approach in her family business and how it succeeded.
•   Discover how Jeni and Sandy handled their salaries with Namastream.
•   A look at the suggested percentages of salaries, taxes, and revenue from Profit First.
•   Find out why the snowball effect gives you the psychological momentum to keep going.

Words of Wisdom:

“When you hold agency for your outcomes, you’re responsible both for your successes as well as for your failures.”

“We are not the victim of our businesses.” 

Links Mentioned in Today’s Episode:

Bench — https://soulfulmbapodcast.com/bench

Namastream — https://namastream.com/

Joy: Hilma af Klint at the Guggenheim — https://www.youtube.com/watch?v=CHdud9km7bQ

Hilma af Klint: Paintings for the Future — https://amzn.to/2MPHz02

Hustle: Profit First — https://amzn.to/37uV1hV

Far too often business owners either fear or dread looking at the numbers or simply find it impersonal and boring. This is not an empowering way to approach your financials and does not have to be the case!

Looking at the numbers can become a sacred monthly ritual where you take time to pause and reflect on all that you have accomplished and where you have room to improve. If this sounds like something you’d like to incorporate into your business, today’s show is just for you! Jeni and Sandy believe that what you track grows, not only because these numbers are in your consciousness, but also because you can create systems based on the data you uncover. There is often shame around small numbers, but every business has to start somewhere, so take time to understand and appreciate them.

Every lesson the numbers teach you can be put to use to grow your business or make informed choices for how to move forward. Jeni and Sandy share two aspects of tracking numbers. They first talk about bookkeeping, what it is and the bookkeeping tools that they have found most useful for their businesses. Then they move onto a different aspect of tracking – the other metrics they use to measure their business performance. Tracking the numbers puts you back in the driver’s seat and empowers you to make decisions that align more closely with your goals. Don’t fear the numbers, embrace them!

Key Points From This Episode:

•   Some of the reasons why what you track will grow.
•   Numbers are simply neutral data and not an indication of your worth.
•   Tracking can be separated into bookkeeping and other kinds of non-financial metrics.
•   Bookkeeping options: do it manually, hire a bookkeeper, or use an online bookkeeping tool or software tool.
•   How to choose a bookkeeping tool based on the specific needs of your business.
•   Insights into some advantages of using bookkeeping software.
•   Discover the specific reasons that Sandy and Jeni love using Bench for Namastream.
•   Learn more about the way that Sandy and Jeni track their sales goals.
•   Knowing your numbers allows for better decision-making and goal alignment.
•   Why it is useful to see differentiated product sales that comprise the total revenue.
•   If you have different products, differentiate goals and allocate energy accordingly.
•   Further expenses that Sandy and Jeni keep track of in their business.
•   Business performance metrics: numbers other than money that matter.
•   Make time to go over your numbers and let it be part of the ritual of running your company.

Words of Wisdom:

“The more you analyze and understand how you made that first dollar, the easier it is going to be to make your next dollar.”

“If you’re not looking at this stuff, you’re really shooting from the hip and making decisions whimsically. And I love whimsy but not when I am talking about my business.” 

Links Mentioned in Today’s Episode: 

Bench Accounting — https://soulfulmbapodcast.com/bench

Namastream — https://namastream.com/

QuickBooks — https://quickbooks.intuit.com/

FreshBooks — https://www.freshbooks.com/

Stripe — https://stripe.com/

Tezza on Instagram https://www.instagram.com/tezza/

Joy: Tezza App — https://apps.apple.com/us/app/tezza/id1393061654

Hustle: Start Finishing on Amazon — https://amzn.to/2LBeR2n

In this episode, where we dig into everything you need to know about profit and loss statements. 

Understanding the numbers and margins that our business generates each month can be intimidating—and understandably so—but we are here to tell you why it is actually incredibly empowering to be aware of your finances. Our profit and loss statements and balance sheets give us valuable incremental information that we use to make decisions each and every month in our company. While P&L statements may seem impenetrable, having a clear understanding of what they are telling us makes it SO much easier to make properly educated decisions moving forward.

We help you understand the different sections of a profit and loss statement, the difference between gross and net profit, as well as the difference between top line and bottom line revenue today. We also get into the logical progression any new business must take, from requiring capital to breaking even and, finally, to generating revenue.

We speak about the side hustle as a strategy to weather during the first few years of starting a business while still earning an income, which helps the prospect seem less intimidating.

Our key message today is that it’s reasonable to build a company that, within a few years, is supporting you and your family. BUT is usually does take some time, so don’t sacrifice this amazing opportunity because it doesn’t happen in the first couple of months!

Key Points From This Episode:

•   Why understanding profit and loss (P&L) statements is empowering rather than scary.
•   It is OK to not know everything and ask questions as a business professional.
•   An explanation of why a P&L statement is only ready two weeks in arrears. 
•   The goals and advantages of the P&L statement: price and expense surveillance.
•   P&L statements and balance sheets are the two most valuable monthly financial documents.
•   How revenue is defined in this conversation: not as accrual but cash-based monthly income.
•   The makeup of a P&L statement (‘revenue’, ‘cost of goods’, and ‘other expenses’) explained.
•   A definition of ‘gross profit’ as ‘revenue’ minus ‘cost of goods’.
•   ‘Net profit’ is ‘gross profit’ minus ‘other expenses’.
•   Why having a lot of gross profit rather than a little is vital.
•   The business owner’s salary is not included in a P&L statement.
•   Focus on making money instead of assessing which items money was spent on each month.
•   Earnings are one’s ‘top line revenue’ while savings are one’s ‘bottom line revenue’.
•   Products which generate top line rather than bottom line revenue are risky but lucrative.
•   Starting a business costs money and just breaking even after the first year is good.
•   Understanding reinvestment in relation to growth trajectory.
•   The value of keeping your business as a side hustle for the first few years.
•   Building a successful business is reasonable but just takes time.
•   What makes the bookkeeping tool Bench amazing and how to use it.
•   The brilliance of the analogue/digital mixture of Bench and its new tool called Pulse.

Words of Wisdom: 

“Numbers and accounting reports are so avoided, but the truth is that this is the most empowering thing you can do.” 

“You do need to spend money to create a business, period, and in the first year you’re doing well if you break even.”

“It’s absolutely reasonable to build a company that within a few years is supporting you and your family. Don’t sacrifice that amazing opportunity because it doesn’t happen in two months.”

Links Mentioned in Today’s Episode:

Namastream

Become an Online Teacher

Beta Launch Lab

Joy: Bench

Hustle: TED Talks: Finance

In this episode, we talk about something that makes many of us uncomfortable: financial numbers. As an entrepreneur, it is so important to know and understand the numbers in your business, where to look, and what to be tracking. Whenever we talk about numbers, we see the fear it triggers.

This episode is packed with our tips for tracking your data and using it to make realistic predictions. We also discuss the value of separating your personal and business finances, as well as how to maximize the skills of an accountant in the not-so-sexy world of bookkeeping. 

By the end of this episode, you’ll walk away no longer feeling fear or shame about the numbers in your business. If you want to take control of your money, know how it is working for you, and make smart decisions toward financial independence—this is the episode for you!

Key Points from This Episode: 

•   Why so many entrepreneurs, especially women, fear and avoid looking at their numbers.
•   Why women need to dream bigger and work toward ultimate financial independence.
•   Discover why the only way to look at your numbers is as 100% neutral—no judgments!
•   How to examine the feelings you have around your numbers and recognize the results.
•   The importance of celebrating your wins and your sales to help eliminate fear and dread.
•   Find out how to use data to make realistic predictions about your launches and sales.
•   Top tips for separating your personal and business finances in the USA and Canada.
•   The importance of manually tracking everything that comes in and out of your bank account.
•   Why paying for an accountant to prepare and plan your taxes is crucial to your business growth.
•   Why taking ownership of your life and business often means asking the “dumb” questions. (There are no “dumnb” questions.)

Words of Wisdom:

“You will never have any amount of success if you run away and bury your head in the sand from your numbers.”

“Find a great accountant that you’re comfortable with and know that their job is to answer your ‘dumb’ questions.”

Links Mentioned in Today’s Episode:

Bench

Become an Online Teacher

Beta Launch Lab

Namastream

Joy: Meet the Frugalwoods: Achieving Financial Independence Through Simple Living

Hustle: Stripe App