Keep What You Earn

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.

In this episode, we're discussing creative strategies for offering discounts without hurting your bottom line. I'll share insights on how to effectively scale your business, save money in taxes, and create a wealth-growing enterprise. While offering discounts is a common approach to driving sales and accommodating price-sensitive customers, there are smarter ways to do it that ensure you still capture full value.   Learn how to make discounts contingent on referrals or specific actions taken by the buyer, and understand the significance of knowing your margins. Discover the importance of valuing yourself and your offer by extracting non-financial value in exchange for discounts, ensuring that you don't devalue your services. This episode is packed with actionable advice on pricing strategies, customer acquisition costs, and building a supportive network. Get ready to transform how you approach discounts and grow your business profitably. Tune in and start the show!   What you'll hear in this episode: [0:50] The Pitfalls of Offering Discounts [1:50] Creative Ways to Offer Discounts [2:20] Understanding Your Margins [3:00] Leveraging Customer Referrals [5:20] Incentivizing Repeat Business [7:15] Valuing Your Offer [7:45] Networking and Referrals   If you like this episode, check out: Differentiating Between Margin and Markup Lowering Your Price to Sell More? Acquire Cheaper and Better Customers (Financial Priority Formula Part 3)   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'm thrilled to welcome back Cass Thompson, a former career coach and expert in all things networking. Cass believes that while our opportunities to connect are endless thanks to social media and digital tools, those connections require genuine effort to transform into meaningful relationships. That's why she founded The One Hello Society, a community designed to foster accountability in follow-ups, which are crucial for business success.   In this episode, we dive deep into building authentic relationships, effective networking strategies for 2025 and beyond, and the importance of prioritizing personal interactions over productivity. Whether you're giving, taking, or simply staying in touch, you'll learn how to harness these connections for maximum impact. Plus, hear about Cass's unique approach to networking without the 'ick' factor and her insights into why everything stems from caring for people rather than just giving value. Tune in for an engaging and insightful conversation that will transform your perspective on networking and relationship building.   What You'll hear in this episode: [0:50] Guest Introduction: Cass Thompson [1:35] Networking in the Digital Age [2:25] Building Authentic Relationships [4:25] The Importance of Staying in Touch [5:50] Personalizing Networking Efforts [8:15] Creating Opportunities Through Casual Interactions [18:50] Effective LinkedIn Strategies [24:35] Balancing Automation and Personalization [31:15] The ROI of Personalization [32:15] Effective Follow-Up Strategies [34:25] Time-Bound Networking Tactics [38:00] Building Authentic Relationships [41:15] The Power of Listening and Helping [44:10] Consistency and Accountability [50:35] Leveraging Existing Networks [57:55] Introducing One Hello Society   If you like this episode, check out: How to Use LinkedIn Strategically in Your Business with Cassandra Thompson Proven Methods for Organic Content with Peter Vander Wall How Getting in the Right Rooms Gets You the Biggest Advantage with Veena Jetti   Connect with Cassandra: Learn More About One Hello Society https://www.cassthompson.com/onehellosociety Connect with Cassandra on LinkedIn www.linkedin.com/in/cassthompson Connect with Cassandra on IG www.instagram.com/cassthompsonconsulting   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 nuances of investor relations, especially for those who've never raised capital before. We'll explore the essentials of forming a corporation, crafting investor agreements, and, crucially, how to communicate effectively with your investors.   I'll share actionable tips on maintaining strong investor relationships, the importance of setting realistic expectations, and the downsides of over-sharing financial details. Learn how to keep your investors informed, secure, and confident in their investment without overwhelming yourself or your CFO. Tune in for a comprehensive guide to making the financial side of your business more enjoyable and sustainable.   What You'll hear in this episode: [0:50] Understanding Investor Relations [1:35] Crafting Investor Agreements [2:30] Effective Communication Strategies [3:45] Managing Financial Expectations [6:35] Optimizing Investor Updates [8:55] Balancing Optimism and Realism   If you like this episode, check out: Investing in Businesses - What You Need to Know Best Ways to Negotiate Business Deals Do You Need a CFO in Your 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, I'm breaking down the considerations you need to evaluate before hiring a CFO for your business. From understanding the differences between a CPA, bookkeeper, and CFO services, to knowing the signs that indicate you're ready for a CFO, this episode covers it all.   I'll share insights on how a CFO can help you make data-driven decisions, challenge you to think differently, and ultimately drive your business to greater financial success. Whether you're unsettled with your current financial guidance or craving strategic input, tune in to see if it's the right time for you to bring a CFO on board.   What You'll hear in this episode: [0:50] Understanding the Role of a CFO [2:05] Signs You're Ready for a CFO [3:20] The Value of a CFO's Perspective [7:40] Making Conscious Financial Decisions [9:05] The Benefits of Hiring a CFO [10:40] Exploring CFO Services   If you like this episode, check out: How You Know You Need a CFO Do You Need a CFO in Your Business? How to Know if a CFO Power Session is 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.

In this episode, I had the pleasure of welcoming back Katherine Studley, the founder of The Only Consultant and Prisma Tax Group. Katherine specializes in providing judgment-free tax preparation and bookkeeping services for OnlyFans models, strippers, and exotic dancers. She shares her journey, the unique challenges her clients face, and how her firm offers a safe space for individuals in the spicy industry to handle their financial needs without fear of discrimination or harassment.   We dive into the nuances of tax preparation for these professions, the importance of empathy and customer service, and the proactive steps her firm takes to ensure clients feel supported and understood. Whether you're in the spicy industry or simply interested in learning about a unique niche in tax services, Katherine's insights offer valuable lessons on trust, empathy, and specialized financial care   What You'll hear in this episode: [0:50] Meet Katherine Studley: Tax Accountant for the Spicy Industry [2:45] Challenges Faced by Clients in the Spicy Industry [5:20] The Importance of Empathy in Tax Services [10:00] Customer Service in Accounting [17:10] Managing Client Expectations and Workload [20:30] Handling Tax Extensions and Payments [23:15] Understanding the IRS: A Macro Perspective [24:40] Dealing with IRS Notices: Don't Panic! [28:50] Unique Tax Challenges for Exotic Dancers and Sex Workers [30:35] Building Trust and Navigating Banking Issues [32:15] The Importance of Personal Touch in Client Communication [36:05] Balancing Automation and Personalization   If you like this episode, check out: Mastering Your Messaging with Meghan Clor Discover Your Value by Serving More with John Ray Dildos are Deductions Too with Katherine Studley   Learn more about Katherine's services: https://www.theonlyconsultant.com/ https://www.prismatax.com/ Connect with Katherine on TikTok Kat the_only_consultant Connect with Katherine on LinkedIn https://www.linkedin.com/in/katherine-studley Connect with Katherine on IG kstudley_   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 explore the significant moments of clarity and paradigm shifts in business, focusing on how to align your client base and operations for optimal growth. I'll share personal experiences and reflections on realizing the need for change, receiving invaluable client feedback, and the importance of intentional client selection.   We'll discuss the process of honing in on what makes your business different, the power of positive affirmation, and the critical role of alignment between your values and your clients'. Whether you're just starting out or looking to scale, you'll gain insights into building a sustainable and profitable business by prioritizing clarity and intentionality in your client relationships. Join me as we uncover strategies to help your business thrive and create a lasting impact.   What You'll hear in this episode: [0:50] Embracing Seismic Shifts in Business [1:35] Client Feedback and Its Impact [3:15] Prioritizing Client Alignment [4:05] Intentional Client Selection [5:05] Gaining Clarity Through Contrast [6:25] Navigating Client Relationships [10:55]  Shifting Mindsets and Growing with Confidence   If you like this episode, check out: What Drives You Beyond the Numbers? Boosting Business with Better Client Care 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/   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.