Keep What You Earn

In this episode I discuss a common hurdle many business owners face: the $5 million bottleneck. Drawing from my experience as a CFO, I outline how business growth often stalls around this revenue point due to the founder's over-involvement in day-to-day operations. I highlight the importance of developing systems, delegating responsibilities, and creating clear organizational structures to overcome this challenge. Join me as I share actionable strategies to help you scale your business, empower your leadership team, and transition from a reactive to a proactive management style.   What You'll hear in this episode: [00:50] Symptoms of the Bottleneck [03:10] The Importance of Systems and Processes [04:05] Risks of Inconsistent Decision Making [05:05] Breaking Free from the Bottleneck [08:12] Creating Functional Accountability [10:00] Empowering Your Team [12:35] Mindset Shifts for Effective Delegation [14:50] Taking Ownership as a Leader   If you like this episode, check out: Harness the Benefits of an Accountable Plan in Your Business Use This Hack to Hire Financial Experts in Your Business How to Scale Without Losing Margin   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 share personal reflections as I navigate selling our Connecticut home and how this experience paralleled with business advice I received from a visit to the headquarters of acquisition.com. I discuss the value of decluttering and aligning our possessions and business operations with our current phase of life. By stripping down to essentials, I've rediscovered joy and calm in my environment, inspiring me to apply the same principle to my business. Whether you're planning to sell your business or not, building it as if you will sell can reignite your passion and make it more enjoyable to manage. Drawing from my dad's wisdom about creating choices for the future, I emphasize the importance of setting up your business for adaptability and success. Tune in to learn how intentional budgeting, regular financial assessments, and a sellable mindset can set you up for a prosperous future.   What You'll hear in this episode: [00:50] Personal Reflections and Moving [01:40] Lessons from Selling a House [03:40] Applying House Selling Lessons to Business [05:15] The Importance of Choices in Business [06:10] Personal Anecdotes and Career Advice [07:50] Building a Business with Future Choices in Mind   If you like this episode, check out: If I Started Over, Here's What I Would Do First Mapping Your Own Journey to Financial Freedom with Justin Buonomo How Do You Build a Business with an Exit Strategy in Mind?   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 demystify the often complex process of preparing your business for sale. From unexpected offers to due diligence, I provide actionable steps to ensure you're ready for any opportunity that comes your way. Learn how to clean up your financials, document operational procedures, and mitigate risks to build buyer confidence. Discover why it's crucial to have GAAP-compliant financial statements, a well-documented corporate structure, and key contracts at your fingertips. Whether you're ready to sell or just want to be prepared, this episode is your go-to guide for making your business a more attractive asset. Tune in now to start taking proactive steps toward a profitable exit strategy!   What You'll hear in this episode: [00:50] Unexpected Offers: The Start of a Business Sale [01:50] Understanding the Letter of Intent (LOI) [02:15] Preparing for Due Diligence [03:20] Importance of Clean Financials [04:20] Key Documents and Metrics for Buyers [11:50] Avoiding Deal Killers [14:50] Final Thoughts and Next Steps   If you like this episode, check out: The Five Steps to Selling Your Business How to Value a Business 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.

In this episode, we tackle the concept of margin erosion and how it impacts scaling businesses. I share insights on how growing your sales doesn't necessarily equate to growing your profits. We dive into common culprits like hiring rates, customer acquisition costs, and overhead, providing practical solutions to maintain healthy margins. You'll learn the importance of knowing your fixed vs. variable costs, adjusting your pricing structure, and implementing standardized processes without compromising customization. I'll also emphasize the necessity of regularly reviewing your finances to ensure sustainable profitability. Tune in to gain actionable strategies to improve your margins, ensuring that your business growth translates into increased profitability.   What You'll hear in this episode: [00:50] Understanding Lifestyle Creep in Business [01:15] The Concept of Margin Erosion [02:50] Warning Signs of Margin Erosion [03:40] Customer Acquisition Costs [06:45] Diagnosing Margin Erosion [09:00] Improving Margins and Scaling [10:05] Standardization and Customization [13:10] Financial Oversight and Cash Flow Management   If you like this episode, check out: Smart Cash Management for Business Owner Start with This Financial Metric (Financial Priority Formula Part 1) Early Warning Signs of a Cash Flow Crisis   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 crucial topic of building trust online, especially in the digital marketing landscape. You've probably heard about the phrase 'know, like, and trust,' but I believe there's a missing piece in this equation. I argue that trust is not just a byproduct of likability; it also hinges on reliability. Trust is formed through the relationship plus the consistency of behavior that demonstrates a commitment. Through real-world examples and expert insights, I discuss how being reliable—such as consistently answering DMs or providing valuable content—can dramatically enhance trustworthiness. Plus, I share tips on how to analyze and improve your current strategies to build a more robust trust framework with your audience. Tune in to this episode and learn how to create a business that earns and retains the trust of your clients.   What You'll hear in this episode: [00:45] Understanding Know, Like, and Trust [01:50] The Equation of Trust: Relationship + Reliability [03:05] Building Trust Through Consistency [03:50] The Importance of Responsiveness [04:25] Trust in Client Relationships [06:40] Consistency and Commitment in Business   If you like this episode, check out: The Key to Building Authentic Relationships and Network with Cassandra Thompson What Drives You Beyond the Numbers? Boosting Business with Better Client Care   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 some of the challenges and triumphs of evolving a business, sharing personal experiences from my journey as a CPA and business owner. I explore the idea that what got you here won’t necessarily get you there, and how this constant need for evolution can feel like starting over at each new business level. I also discuss the concept of sunk cost bias and how difficult it can be to let go of past efforts to redirect focus toward new goals. Join me as I highlight the importance of being selective with opportunities, using the analogy of my adopted puppy, Lola, to illustrate the scarcity mindset entrepreneurs often face. Tune in for insights on making strategic decisions, saying no to past desires, and committing to your future self and business growth. Don’t miss out on these valuable lessons that can help you maneuver through your own entrepreneurial journey.   What You'll hear in this episode: [00:50 The Evolution of Business [02:05] Challenges of Constant Change [03:55] Opportunities and Shifting Desires [06:25] The Importance of Saying No   If you like this episode, check out: When to Persist or Pivot with Lori Harder The Little Things That Unlocked Growth in My Business and Life 3 Voices You Need to Silence 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.

A solid expense reimbursement policy is a must and today I'm sharing effective strategies and platforms. As your business scales, you'll need to trust your employees with your money. We'll dive into how to set clear expense policies, leverage expense management platforms, and foster a money-conscious culture.   Learn why sharing budget transparency and setting expectations are essential to prevent financial abuse and ensure your team respects company funds. Whether you have a small or large team, these strategies will help you maintain control and grow your wealth. Tune in to find out how you can create a sustainable and profitable business by effectively managing expense policies and building a financially responsible culture.   What You'll hear in this episode: [0:50] Trusting Employees with Company Money [1:50] Expense Management Platforms [2:40] Setting Expense Policies [4:15] Building a Money-Conscious Culture [8:15] Handling Policy Violations   If you like this episode, check out: Managing Business Travel Expenses Made Easy Best Practices to Control Employee Spending Building a Strong Company Culture with Caroline Pennington   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 sharing a personal journey of self-reflection on spending habits and prompting you to do the same. As I've grown my team to seven members, I've become more conscious of my financial decisions and the impact they have on my business.   I introduce two pivotal questions you should ask yourself when making significant spending choices: 'What if my team could see this?' and 'What if my customers could see this?' By contemplating these questions, you'll gain a new perspective on accountability and transparency in your financial decisions. Join me as I discuss the value of aligning your expenses with your business goals and values, and learn how these reflections can lead to smarter, more conscious spending.   What You'll hear in this episode: [0:45] Personal Spending Habits and Business Decisions [1:45] Reflecting on Financial Accountability [4:01] Team Involvement in Financial Transparency [6:25] Practical Exercise for Financial Reflection   If you like this episode, check out: How to Make Spending Decisions Smart Cash Management for Business Owners Best Practices to Control Employee Spending   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 concept of receivables in accounting. I'll explain how receivables represent money owed by customers and highlight the importance of collecting these funds. Whether the payments are due to installment agreements or scheduled future payments, factoring receivables into your cash flow forecast is crucial. We'll discuss the significance of assessing your financial pipeline based on committed and contracted sales. Tune in to gain valuable insights on managing receivables and optimizing your business's financial health.   What You'll hear in this episode: [0:50] The Difference Between a Contracted Sale and Cash Collected [1:30] Sales Involving Payments at a Later Due Date [2:20] The Struggle with Collection of Money [3:40]How To Accelerate Collection of Payments [6:25] Paying Commissions on Collected Sales Instead of Contracted Sales [9:35] Having a Policy in Place for Collections   If you like this episode, check out: A Cash Flow Reframe You May Need How Cash Flow is Different From Profit Cash Management Strategies   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 into the often-asked question: Why don't the rich pay taxes? I break down common misconceptions about income, taxes, and wealth accumulation. We explore the distinction between ordinary income and passive income, and how leveraging assets plays a crucial role in minimizing tax liabilities.   Learn why trading time for money continues to generate tax obligations and discover strategies to build and utilize assets for sustainable wealth growth. Join me for valuable insights on creating a financially stable and tax-efficient business, and remember to seek professional advice tailored to your individual circumstances.   What You'll hear in this episode: [0:50] The Big Question: Why Don't the Rich Pay Taxes? [1:45] Understanding Income and Taxes [3:15] Strategies for Wealth Building [5:10] Leveraging Assets for Tax Benefits [7:15] The Importance of Financial Planning   If you like this episode, check out: Profit First for Real Estate Investors with David Richter How to Properly Classify Assets and Expenses Is Hiring A Tax Strategist For You?   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.