Business By The Books with Danielle Hayden

Show Notes Welcome to today's episode, where we dive into the first step of our money mindset mastery framework: awareness. In this episode, we explore the impact of confirmation bias on our financial decisions, memories, and self-perception as business owners. By becoming aware of our unconscious thoughts and biases, we can gain a better understanding of our current money mindset. Confirmation bias, our tendency to seek, interpret, and remember information that confirms our existing beliefs, plays a significant role in our financial choices. It influences everything from our buying decisions and budgeting to how we run our businesses and spend money. Often operating beneath our conscious awareness, confirmation bias reinforces negative stories we tell ourselves and fosters unhelpful comparisons with others. Emotional Spending and Confirmation Bias One common manifestation of confirmation bias is emotional spending, which can affect many business owners. Driven by our biases, we may make impulsive purchases, believing they will solve our business problems. However, taking a step back and allowing 48 hours before making a significant purchase can help counteract this bias. By doing so, we create space to critically evaluate the positive and negative aspects of the decision, rather than solely focusing on the positives. This intentional pause helps break the cycle of biased research and encourages more balanced and informed financial choices. Unfortunately, even when we take time for research, confirmation bias can still influence our perceptions. We may overlook negative aspects and only see the positives, reinforcing the belief that such purchases are beneficial. This process triggers dopamine spikes that reinforce our emotional spending habits, making them challenging to break. Steps to Break the Cycle To break free from this cycle, we must approach our financial mindset with curiosity rather than unwavering conviction. Embracing a mindset of curiosity allows us to be open to new perspectives and experiences, as well as acknowledge the possibility of being wrong. By adopting this approach, we can reframe negative thoughts and challenge them with a more curious and open mindset. Another crucial step is to think about your thinking! Evaluating our instinctive reactions and searching for ways to prove ourselves wrong can help us break free from the constraints of confirmation bias. It's essential to consider multiple perspectives and be open to changing our minds. We must remind ourselves that change is not a bad thing; it signifies growth and development. Join us in this episode as we explore the power of awareness in overcoming confirmation bias and transforming our money mindset. By understanding how biases shape our financial decisions, we can make more informed choices and create a healthier relationship with money. Key Points [09:37] Emotional spending and confirmation bias [14:05] Steps to break the cycle Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes In this episode of Entrepreneur Money Stories, we have a special guest, Amber De La Garza, a productivity specialist who focuses on helping small business owners achieve more joy in their lives and businesses. Amber understands the challenges entrepreneurs face, including burnout and the urge to step away from their businesses. She believes that by optimizing productivity, entrepreneurs can create a fulfilling and sustainable entrepreneurial journey. Amber begins by emphasizing the importance of understanding where your time is being spent and how you are tracking it. Rather than striving for a perfectly structured schedule, she advises entrepreneurs to observe their time and identify patterns. This self-awareness enables quick adjustments and allows for the creation of an ideal schedule that aligns with personal goals. What is Productivity? Productivity, according to Amber, goes beyond mere busyness, organization, or color coding. It involves investing our best time in our most important activities—the tasks that propel us towards our goals. While organization can support productivity, it is not the sole determinant of success. A cluttered desk does not necessarily impede progress, just as a meticulously color-coded system does not guarantee achievement. Amber emphasizes that the primary goal of any business should be profitability. By focusing on this overarching objective, entrepreneurs can alleviate stress and free themselves from concerns about keeping the business afloat. Often, entrepreneurs become overwhelmed by various goals, diverting their attention from the main objective. Reflecting on past patterns and behaviors can help identify areas for improvement and initiate positive change. Identifying one's best activities—such as marketing, sales, servicing clients, and leadership—becomes crucial for productivity and profitability. The Four Buckets of Productivity Marketing and visibility play a pivotal role in every business. Whether it involves traditional methods like newspaper or Google ads, or modern strategies like podcasting and networking, the consistency of marketing efforts is paramount. Amber advises entrepreneurs to find marketing methods they enjoy, enabling them to show up consistently and improve over time. Distractions and fires can easily derail progress, but entrepreneurs can differentiate between genuine problems and self-inflicted disruptions by analyzing their own inaction in the past. Tracking time and identifying patterns can help pinpoint areas that require change. Sales activities, which include discovery calls or initial consultations, are high-value tasks that contribute to business growth. Amber suggests batching such activities to optimize productivity, dedicating specific days to specific tasks. Servicing clients is the third important bucket. For product-based businesses, this may involve customer service and product improvements, while service-based businesses focus on delivering their services. Entrepreneurs must strike a balance between dedicating time to clients and managing other aspects of their business. Lastly, leadership is essential for achieving business goals and profitability. By investing time in training, coaching, and running team meetings, entrepreneurs can multiply their productivity by leveraging their team's efforts. Accidental Business Owners Amber addresses the issue of "accidental" business owners—those who ventured into entrepreneurship due to their passion for a craft but feel unequipped to handle the business side. She assures listeners that running a business is a teachable skill, and formal business education is not a prerequisite for success. Ignoring the financial aspect of a business can hinder its smooth operation, so entrepreneurs should prioritize financial management. In this episode, Amber LaGarza shares valuable insights and actionable strategies for becoming more productive and achieving business success. Whether you are an accidental business owner or a seasoned entrepreneur, this episode will help you develop the skills needed to optimize your time, focus on the right activities, and ultimately create a profitable and fulfilling business. Key Points [02:04] What is productivity? [06:32] Where do you start in becoming more productive? [13:02] What is marketing and visibility? [19:14] Sales [22:40] Servicing your clients [24:55] Leadership [27:17] Accidental business owners [30:34] What does all this look like in practice? Click here to check out Amber's media kit https://amberdelagarza.com/ Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes Join us in this insightful episode as we explore the inspiring journey of Seran Glanfield, a former banker from Wales who discovered her true passion in the realm of movement and pilates. Initially drawn to pilates as a dedicated runner, Seran quickly realized its profound impact on her well-being and decided to become a pilates instructor. However, her growing fascination with the business side of the industry led her to shift her focus to helping other pilates instructors thrive and expand their studios. How Seran Guides Clients to Differentiate With the boutique fitness world experiencing exponential growth over the past decade, many studio owners find themselves faced with a saturated market. So, how can you set your business apart from the crowd? While pricing is a commonly used strategy, Seran emphasizes that long-term differentiation lies in uncovering the unique qualities of your fitness studio. From providing exceptional customer experiences to helping clients achieve their goals, understanding your strengths is crucial in setting yourself apart. One common pitfall for business owners is falling into the comparison trap when discovering their business's core values. Seran advises putting on blinders and resisting the urge to focus on what neighboring studios are doing. Often, owners underestimate the special aspects of their own business, overlooking their unique offerings. By prioritizing core values and allocating resources accordingly, you can retain clients who genuinely appreciate the exceptional service you provide. Getting Someone in the Door vs. Retention Marketing can be divided into two main aspects: attracting clients to your studio and fostering loyalty. To engage potential clients who haven't yet interacted with your business, it's important to identify any obstacles that may be holding them back. By effectively communicating your core values and clarifying the type of environment you provide, you can pre qualify clients and invite them to take the next step. Once a client walks through your door, shift your focus from addressing hesitations to showcasing the potential they can achieve by working with you. Successful marketing creates visibility, while a seamless sales strategy acts as a natural next step in their fitness journey. Seran's View on Pricing and Discounts Aligning your pricing model with your values and desired client interaction is vital. Each business is unique in how it wants to engage with clients, and this extends to pricing services. There is no one-size-fits-all approach, and it's essential to choose a model that aligns with your brand values. Whether you believe in offering drop-in classes for flexibility or prefer subscription-based options for better results, select a pricing structure that resonates with your studio's identity. Additionally, consider the expenses associated with running your business, such as rent and utilities, and ensure that your pricing sustains these costs. What Does it Mean to Run a Business Like Clockwork? When all the pieces of your business puzzle fit together, your studio runs like clockwork. Your business should not be a constant source of headaches, and implementing systems that allow you to work on your business, rather than just in it, is crucial. While it's natural to gravitate toward areas where you feel comfortable, it's important to continually seek ways to elevate all aspects of your studio. Obtaining an outside perspective can be invaluable in identifying areas for improvement that may have been overlooked. How Seran Keeps Her Money Mindset Strong As a coach, Seran sees money and business as tools rather than measures of personal worth. She encourages clients to adopt a similar mindset, focusing on the number of people they can support and the impact they can make through their work. While optimizing profitability is important, expanding your goals beyond financial metrics will enhance your satisfaction as a business owner. Tune in to this episode to gain valuable insights on standing out in the competitive boutique fitness industry, uncovering your studio's unique strengths, and nurturing long-term business growth. Discover how focusing on core values, effective marketing, strategic pricing, and a healthy money mindset can lead to success and fulfillment as a studio owner. Key Points 00:17 What most people don't know about Seran 02:44 How Seran fell in love with boutique fitness studios 06:51 How Seran guides clients to differentiate 16:54 Getting someone in the door vs. retention 21:49 Seran's view on pricing and discounts 30:01 What does it mean to run a business like clock work 36:09 How Seran keeps her money mindset strong Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes In this episode of Entrepreneur Money Stories, we dive into the specific steps needed to conduct a quarterly financial review for your business. Join us as Danielle from Kickstart Accounting shares their proven process, empowering you to minimize tax liabilities and finish the year strong. Why Should I Do a Mid-Year Check In? Setting clear intentions at the beginning of the year allows for hyperfocus on what truly matters to your business. However, a mid-year check-in is essential to ensure you're on track or need to recalibrate your goals. Successful business owners are willing to pivot and adapt when necessary, especially if unexpected growth occurs. If you don't have a CPA offering mid-year check-ins, consider finding one to help optimize your tax strategy for the second half of the year. Starting the Process: Prep Work and First Steps To start the process, block out uninterrupted time in your calendar and create a quiet space for reflection. Gather important documents, including your monthly snapshot, income statements, balance sheet, cash flow statement, written goals, and a notebook. Arrive on time and treat this meeting with respect, dedicating the full allotted time to focus solely on your business. Begin the review by expressing gratitude for what has gone well in your business so far. Then, revisit the intention you set at the beginning of the year to ensure it still aligns with your current situation. Analyzing your income statement, focus on three key numbers: gross profit, monthly net income, and monthly cash flow. Income statement, Balance Sheet, and Cash Flow Statement Next, examine your balance sheet to assess the assets and liabilities of your business. Aim for a healthy debt-to-income ratio and ensure you have sufficient assets or cash to cover your business's debt. The cash flow statement provides insight into where your money goes, clarifying if it's being used to repay previous debts or accumulate in your personal account. Consider setting an intention for the latter half of the year, such as saving 6-12 months of operating expenses for increased financial security. What Happens When I Get Back to the Office? Returning to the office, utilize your new intention as a filter for decision-making. When faced with business choices, ask yourself if they are necessary, align with your goals, and identify the best approach. Avoid letting FOMO dictate your decisions and understand the cost of both action and inaction. To maintain momentum, use monthly snapshots to reflect on your financial direction. Take the time to analyze and evaluate your spending habits and leverage your bookkeeping team's expertise to gain further insights. In conclusion, this episode equips you with the knowledge and tools to conduct a powerful mid-year financial review. By implementing this process, you can make informed decisions, optimize your financial strategy, and confidently steer your business towards success. Key Points [02:55] Why do I need to do a mid-year check in? [08:28] Starting the process: prep work and first steps [20:08] Looking at your income statement, balance sheet, and cash flow statements [27:16] What happens when you get back to the office? [30:34] Tools and systems to keep yourself aligned Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes In today's business landscape, many individuals stumble upon entrepreneurship unexpectedly. Learn how radical ownership empowers business owners to take charge of their decisions and encourages their employees to do the same. In service-based industries, where customer experiences can be challenging due to unpredictability, embracing radical ownership becomes even more crucial. Explore the idea of doing what you can, not just what you should do, to ensure exceptional customer service and business growth. Women In Wealth Initiative The Women In Wealth initiative was born out of Bernadette and Michelle's shared experiences as main income earners in their households. They wanted to create a safe community dedicated to supporting women who find themselves in similar roles. As the dynamics of wealth shift more and more often into the hands of women, it is essential to change the way we approach money. Gain valuable insights into financial planning, investment strategies, account management, and savings, all while being guided by female financial advisors and like-minded women seeking smart money choices. Action Steps to Take Now Take action now by understanding where you stand financially and where you want to be. Whether you and your partner are excelling in business or facing challenges, setting financial goals together is crucial. Even if one person handles the day-to-day budget, it's essential for both partners to have a comprehensive understanding of their family's financial situation. Building a strong money team, including a tax strategist, bookkeeper, and financial advisor, ensures you stay on track and avoid future missteps. Learn how viewing your family's income from a business perspective can increase its effectiveness. Keeping a Strong Money Mindset Maintaining a healthy money mindset is like embarking on a fitness journey. Rather than diving in headfirst, take the time to gradually develop good money habits. Accept that you can't excel in everything at once and focus on what matters most. Building a healthy money mindset requires ongoing exercise and accountability. Discover the benefits of sharing your goals with a trusted friend to keep you motivated and on track. Together, we can nurture a positive relationship with money and strive for financial well-being. Unlock the potential of compound investing and witness how small, consistent efforts can yield significant results. Banish the fear of starting with too little, as compounding money is a proven mathematical equation that can profoundly impact your net worth over time. Don't let any confidence gaps hold you back. Start today, and with perseverance and discipline, watch your confidence and wealth grow. Remember, it's never too late to embark on your financial journey. Join us for an episode filled with practical advice, inspirational stories, and actionable steps to empower entrepreneurs and women in wealth. Embrace the concept of radical ownership, explore the Women In Wealth initiative, understand the importance of a strong money mindset, and witness the transformative power of compound investing. Tune in now to take control of your business, finances, and future. Key Points [02:55] Radical ownership: what it means and where it came from [09:36] The Women In Wealth Initiative [16:14] What action steps can you take right now? [24:40] Improving and keeping a strong money mindset [28:49] The power of compound investing Connect with Bernadette Girvin and Michelle Taylor: ➡️ How to Find the Right Financial Advice Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook

Show Notes Welcome to the latest episode of Entrepreneur Money Stories with Danielle. In this episode, Danielle explores the importance of core values and how they can guide your financial decisions to build a sustainable and purpose-driven business. What are core values and why do I need them? Core values are the fundamental beliefs and guiding principles that shape the culture of your business. They go beyond marketing strategies and represent the ethical and moral standards you uphold. Many entrepreneurs and small business owners often overlook the need for a set of core values, but they play a crucial role in establishing a strong identity and creating a specific set of standards for your business. Danielle highlights five key reasons why having core values is essential. Firstly, core values provide a clear understanding of your business's identity, not just for marketing purposes, but as a stand-alone entity. Secondly, they serve as a framework for decision-making, enabling you and your employees to make aligned choices, even in challenging situations. By empowering your team to make confident decisions based on shared core values, you can free yourself from being the sole decision-maker. Furthermore, when employees share the same core values as their boss, they feel a sense of belonging and are motivated to go above and beyond. This leads to a stronger emotional connection with your brand, resulting in greater customer satisfaction. By displaying your core values, you attract customers who resonate with your beliefs, fostering long-lasting relationships. How do I create my business's core values? To create your business's core values, Danielle suggests stepping out of your normal work environment and taking a moment to center yourself. Try the box breathing technique to really clear your mind. Reflect on how your business deeply impacts clients and write down five to seven words that are integral to your culture and mission. It's important to align your business practices with these values and use them as a decision-making framework. If you find that you're not aligning with your core values, it's an opportunity to either reassess them or make necessary behavioral changes. Putting your core values into practice. By prioritizing your core values, your spending habits will naturally shift to reflect those values. It doesn't necessarily mean cutting your spending, but rather reallocating funds to support your values. When your financial decisions are value-focused, people will connect with your business on a deeper level. Your business will not only become profitable but also meaningful and impactful. Danielle emphasizes the importance of regularly refining your core values over time. As you cultivate a company that upholds its values in every aspect, you'll see opportunities for improvement month by month. By consistently aligning your financial snapshot with your core values, you create a business that not only thrives financially but also leaves a positive and lasting impact on the world. Tune in to this episode to gain valuable insights into using core values to guide your financial decisions and discover how aligning your spending habits with your beliefs can create a purpose-driven and successful business. Key Points [02:07] What are core values and why do I need them? [09:37] How to discover your business' core values [14:23] Putting core values into practice Connect with Danielle: Instagram | Follow on Instagram Website | Kickstart Accounting Facebook | Like our sponsor's page on Facebook

Show Notes Dr. Lara Salyer's personal experience with burnout in the medical field drives her mission to help individuals worldwide find their flow and rediscover joy in their work. On the Entrepreneur Money Stories podcast, she shares practical tips for business owners to identify burnout, redefine success beyond numbers, and empower medical professionals to tap into the flow. Understanding the four phases of the flow cycle, implementing strategies to clear mental space, and prioritizing meaningful work can lead to sustained flow and prevent burnout. Dr. Lara emphasizes the importance of connecting with intuition and inner signals to enhance the flow experience. By recognizing the contrast between flow and burnout, individuals can take steps to prevent burnout, regain control over their time, and improve overall well-being. What is flow? A flow state, in contrast to burnout, is characterized by a sense of mindfulness, fun, and being fully engaged with one's senses during a task. It is a state of optimal performance that can last from 5 to 90 minutes, boosting self-efficacy while reducing stress and cortisol levels. Understanding the four phases of a flow cycle is crucial: starting with struggle, followed by release, where setting conditions for mental relaxation is essential, then entering the flow state itself, rich with serotonin and endorphins, and finally experiencing recovery, allowing the brain to pause and synthesize experiences without electronic stimulation. Finding flow Finding an easy flow state can be challenging, especially when stress overwhelms us. Clearing mental space and identifying peak productivity hours are effective strategies for inviting flow into our workdays. Dr. Lara highlights the tendency of entrepreneurs to seek easy dopamine bursts by tackling simple tasks first, but warns that this approach wastes valuable time. Instead, prioritizing meaningful work can lead to a more sustained and fulfilling flow state. In certain professions, intuition and inner signals are often ignored, yet connecting with our inner selves is crucial for experiencing flow. Dr. Lara suggests using tools such as a feelings wheel to identify emotions and their physical manifestations, as this simple practice can have a profound impact. The Intersection of Flow and Burnout Recognizing the stark contrast between flow and burnout, Dr. Lara provides practical tips for preventing burnout. Acknowledging the need for help is the first step, followed by taking deep breaths and utilizing her free restoration plan to improve well-being. Regaining control over one's time by learning to say no and setting boundaries is also essential. Key Ideas [03:01] Dr. Lara's mission in the world [05:54] What a flow state is and why it's important [10:08] How business owners can use a flow state [12:27] A few ways to use or find flow states [15:48] How do you know if you've hit a flow state? [21:29] The four cycles of flow [24:19] How flow intersects with burnout [26:21] Practical burnout prevention tips About Dr. Lara Salyer Dr. Lara Salyer, a rural family medicine physician, experienced burnout after 15 years in her career. She found solace in painting, drawing, and running, leading her to study the effects of stress on physiology and become certified with the Institute for Functional Medicine. She opened a holistic membership practice, leveraging technology for cohesive wellness in her community. With training from the Flow Research Collective, she coaches flow acquisition and high-flow leadership in her Catalyst™ Studio Mentorship program. Dr. Lara aims to teach one million health professionals how to tap into creative flow, eradicate burnout, and enhance happiness. Her memoir, "Right Brain Rescue: One Physician's Journey from Burnout to Bliss," explores the creative muse within all of us. She resides in Monroe, Wisconsin, with her family, a lively dog, and endless piles of laundry. Dr. Lara's Free Restoration Plan Instagram | @DanielleHayden__OH Facebook | Kickstart Accounting Inc. Click here and get Started TODAY with our sponsor

Today is a special episode where we are celebrating 100 episodes of Entrepreneur Money Stories! We are so thankful for your support in our journey to this point and have no plans of STOPPING any time soon! We are taking a look back with Danielle Hayden at key lessons from the first 100 episodes. These insights and tips are the top recurring growth tips our expert guests shared, specifically for women-owned small businesses. We cherry-picked the best of our favorite top episodes in four categories, that are going to help you accelerate your business in the last half of 2023. These episodes cover essential topics such as reframing your perspective on sales, transforming yourself into an effective CEO, understanding the profound influence of your money mindset on your business and learning how to address it, as well as discovering valuable strategies and best practices for optimizing systems and operations to regain precious time. In this episode, I also discuss: The difference between scummy business and authentic business 8:29 The mindset shift that has to happen with business owners 11:02 The importance of SOP's 14:42 Emotional spending 26:10 Connect with Danielle: Follow on Instagram Like our sponsor's page on Facebook Get Started TODAY

Are you an entrepreneur who's been living paycheck to paycheck in your business? Living paycheck to paycheck makes it hard for entrepreneurs to weather any unexpected changes or invest in new opportunities. Today, I'm sharing some strategies that will help you manage your debt, know your numbers and start building a cash reserve so you can stop living paycheck to paycheck and create some breathing room in your business. In this episode, I also discuss: Living paycheck to paycheck creates anxiety 1:45 Building a brand with intention 5:47 Having a plan and setting a budget 7:44 Why it's so important to have a cash reserve 13:02 Other episodes mentioned: Power of 1% – episode 49 The Four Forces of Cash Flow – episode 44 Intention Setting – episode 79 Prefer to read this? Check out the blog here Connect with Danielle: Follow her on Instagram Like our sponsor's page on Facebook Get Started TODAY

Cathi Nelson is the CEO of The Photo Managers and has a passion for photos and storytelling. She helps small business owners become professional photo managers and also educates consumers on the importance of saving and organizing their photos and videos. Today, Cathi joins me to talk about her journey as an accidental entrepreneur and how she got her start with her unique business. She's also chatting about how she's been able to evolve her money mindset as she's shifted her business model and increased her revenue streams. Join Cathi and me in this information-packed episode to learn why it's so important to have multiple streams of revenue as a female entrepreneur and how you can start diversifying your income today. Other key takeaways you can expect in today's episode: How Cathi got started in this unique business 2:00 The importance of knowing who you are as an entrepreneur 8:24 What motivated Cathi to have more than one stream of income 13:21 Changing your mindset to be open to having multiple streams of income 16:58 Why it's so important to have more than one revenue stream 19:41 Prefer to read this? Check out the blog here Connect with Cathi: Visit her website | Visit The Photo Managers FREE DOWNLOAD Connect with Danielle: Follow on Instagram Like our sponsor's page on Facebook Get Started TODAY