Shannon's Appearance on "She Believed She Could" Podcast with Allison Walsh
Nov 29, 2024In the latest episode of Keep What You Earn, Shannon shared her wisdom on the She Believed She Could podcast hosted by Allison Walsh. This insightful episode covered crucial financial topics vital for every entrepreneur.
Shannon's journey into accounting began as a challenge from her father, who suggested she take an accounting class. Surprisingly, she loved it and pursued it further, driven by her father's advice that accounting is like learning a rare, valuable language. Her mission now is to simplify financial concepts for business owners, making them accessible and understandable.
One significant issue discussed was the avoidance many entrepreneurs have towards financial tasks. Shannon highlighted that ignoring financial responsibilities can be detrimental. The moment you decide to sell something, you're in business, and it's essential to take it seriously. Her advice? Start small. For instance, opening a business bank account can take just ten minutes online, even though many perceive it as a lengthy process.
Another key point was the importance of proactive financial planning. Shannon debunked the myth that business owners should wait until they reach a certain level of success before managing their finances. She emphasized the need for regular check-ins with a CPA, recommending at least quarterly meetings. This proactive approach ensures that when significant money starts flowing, everything is in place to handle it efficiently.
Shannon's fractional CFO services combine performance, compliance, and strategy. This approach allows her to serve as a year-round advisor, helping business owners navigate their financial landscape proactively. Frequent financial check-ins and strategic planning help avoid end-of-year tax surprises and optimize financial outcomes.
Towards the end of the conversation, Shannon discussed the importance of confidence in entrepreneurship. She defined confidence as "doing it scared"—taking action despite fear. Her personal mantra, "Commit, you'll figure it out," encourages entrepreneurs to take leaps of faith and trust in their ability to find solutions along the way.
Shannon also recommended the book "The Advantage" by Patrick Lencioni, which helped her gain clarity on core values and their importance in business alignment. This resource can be invaluable for entrepreneurs seeking to refine their strategic approaches.
Shannon’s appearance on the She Believed She Could podcast was a masterclass in financial strategy and entrepreneurial wisdom. The key takeaways? Start small, be proactive, and always plan strategically. To harness more of Shannon's insights, tune into her podcast Keep What You Earn and transform your financial approach today.
What you'll hear in this episode:
07:16 Starting simple alleviates overwhelming financial tasks.
10:56 Hire a proactive accountant for strategic tax planning.
13:14 Help maximize earnings: IRS compliance, strategy, advising.
18:34 Values clarity drives client alignment and confidence.
If you like this episode, check out:
Managing Business Dynamics with a Partner
Start with This Financial Metric (Financial Priority Formula Part 1)
What Are the 3 Things You Need to Know Before Buying a Business?
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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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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.
