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023 | Embracing the Financial Side of Business with Shannon Weinstein

Aug 10, 2022

In This Episode:

Do the words ‘bookkeeping’ and ‘tax season’ make you cringe? Jess is interviewing CPA and host of the Keep What You Earn podcast, Shannon Weinstein, and making the dread-filled topic of business finances an approachable one.

Jess dubs Shannon as the “Queen of Grit,” and as the episode starts it is no wonder why as Shannon dives into her journey of how she became an accountant, the influence her father had on her growing up, and then– when her father passed away, the grit it took to choose whatever path she wanted to pursue.

Rounding out the episode, Shannon talks in depth about the importance of our finances as entrepreneurs saying, “it’s never too early” to make sound financial decisions when it comes to our businesses. In fact, financial knowledge is power, because with it we are able to notice patterns and trends that inform decisions we can make to further the success of our business.

As always, cheers to your evolution! 

 

Key Takeaways:

  • Knowing the financial side of business is something that is necessary as the business owner. It is the foundation that supports everything else, including any employees or customers.
  • Finances do not have to be scary or anxiety-inducing. Especially if you take the time to invest in your business and partner with finance professionals.
  • The glamorous side of being an entrepreneur we all see on social media can be very misleading. When it comes to write-offs or how much money someone is bringing in, we have to realize that these are basically commercials that are designed to showcase the best-case scenario– there is context and nuance that must be acknowledged.

 

Episode Resources

  • Want me to coach you over text? Text me on Tuesdays at 973-358-7836
  • What is your coaching superpower? Take the FREE 60-second quiz here: jessglazer.com/quiz

 

Key Timestamps

  • [35:20] – The top three things to have in place as entrepreneurs, even if you feel like it isn’t time yet;
  • [37:30] – How can we deal with the shame, embarrassment, or guilt we feel about our business finances;
  • [39:38] – The context and nuance of tax write-offs;
  • [44:24] – Revenue is vanity;
  • [53:38] –Rapid fire question of diversifying your money.


Episode Quotes

  • “You have to collect the data, and the longer history you have of that data, the more valuable it is because you can notice patterns, trends, and consequences of certain decisions. That’s powerful– even in the early stage.” –Shannon Weinstein

 

About Jessica DeRose

Jessica DeRose is an entrepreneur and business mentor, who helps coaches build profitable online businesses. After quitting her 8-year career as an elementary school teacher and creating a multiple 7-figure business herself, Jessica is here to unlock doors you didn’t even know existed.

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