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What to do before hiring anyone in your business

You need an assistant!

Hire for your weaknesses!

You shouldn’t be doing any tasks that aren’t revenue-generating!

Have you heard this before?

I know I have.

Oftentimes entrepreneurs rush out to hire a Virtual Assistant (VA), a Facebook Ads Manager, an Online Business Manager (OBM) without actually knowing what they should be doing.

There are tons of job postings online so we Frankenstein a job description together, post it on Indeed, bring someone on, and guess what?

  • The relationship is nothing like we intended. 
  • Our plate is fuller than before. 
  • Growth is stagnating. 
  • Our calendar is filled with meetings to manage the team of 3-10 people. 
  • Profit margin tanks. 
  • We feel pressured to support the team we hired but are wondering where the ROI is hiding.

Since creating this business five years ago, I have learned this lesson firsthand and figured out the solution.

You must know how to do something yourself before you can hand it off.

Facebook Ads has been the bain of my existence for years now. Since the beginning of my business, I have been drawn in by the siren song of Facebook ads, thinking to myself, if I could just master Facebook ads, maybe I could build my email list, sell a new digital product, grow my membership faster. 

So I played around with Facebook ads several years back, got frustrated with it after about five minutes, and decided immediately to hire out. 

It’s not my expertise, I’m not interested in learning, so I’ll just find someone to do it for me. I literally thought it was like a switch to flip – and if you knew the special way to flip the switch, the revenue would just come pouring in. 

Oh, how wrong I was!

I hired a Facebook ads “expert”, paid them, and got no results. Not a single email address added to my list, no sales, nothing. You’d think I learned my lesson, but I did the same thing two more times! 

But I realized that all of these attempts were missing one key thing: I didn’t understand Facebook ads at all, so I didn’t articulate what I was looking for. The people I hired made empty promises and I couldn’t see it because I didn’t understand what I really needed either.

Lesson learned!

I recently decided I wanted to dabble in Facebook ads again to help grow our membership but instead of running out and hiring someone, I decided to learn it myself, so I am more educated if and when I do decide to hire someone. 

I (lightly!) invested in a couple courses and instead of whizzing through it, I took my time, created a strategy, and tested a couple ads for myself.

Now, I didn’t flip the switch and watch the sales come pouring in (bummer!), but now that I know how it works, I know exactly what I need and what questions to ask if and when I do hire someone. 

I won’t get burned again!

What about your finances? 

Many entrepreneurs immediately hire a bookkeeper or a CFO because they hate numbers and don’t even want to touch them. 

But, as a CFO, I think it’s important for every beginning entrepreneur to do your own bookkeeping in the beginning. You will get an intimate knowledge of what’s coming in and going out of your business. You will understand on a deeper level what your numbers mean rather than just filing away the Excel reports your bookkeeper sends you.

You absolutely don’t need to become an expert in Quickbooks or accounting or taxes – that’s what the professionals are for, after all! And you don’t need to manage your numbers forever. As things get more complicated, it’s vitally important to bring on the right support.

But once you gain that foundational understanding and knowledge, you will know exactly what and who you need to support you.

If you’re at the beginning stages of your entrepreneurial journey and are handling your finances yourself, The Entrepreneur’s CFO Corner gives you the tools and the resources you need to do it yourself, but you also have a CFO in your back pocket to check your work and ask questions. 

How has doing something yourself before you hire, helped you clarify what and who you need?


Three simple steps to your monthly routine

I love the saying: Where your attention goes, energy flows.

We want to put our energy into the right things to get maximum results with minimum wasted time. No entrepreneurs (especially those with kiddos) can afford to be wasting a single second right now, ya know?!

Where are YOU spending the majority of your time and energy right now? Trying to keep your head above water while simultaneously running a household, growing a business, raising children, and not forgetting to feed yourself at least once a day?

Yup, me too! 

I don’t know about you, but I certainly didn’t expect to be mostly quarantined well into summer and it’s thrown a bit of a kink into my routine.

If you feel this way too, you can get back on track! Today I want to share with you three steps I’ve been following this summer to help you revamp your  routine and put your energy and attention back into your numbers:

Do your bookkeeping. This is as simple as coding all of your revenue and expenses accurately and comparing your bank statement to your accounting.

Review your financial statements. Check out your P&L compared to last month and see how you’re doing. Calculate your profit margin compared to last month (Profit Margin = Net Income / Revenue). See how much money is in the bank.

Update your forecast. You probably have a plan for the rest of the year and revenue and expenses mapped out monthly (If you don’t, reply to this email ASAP and I will hook you up with a template!). Come back to this plan, make any adjustments, and go forth and grow!

Simple, right?! Because what we focus on expands.

How are you going to get into your own monthly finance routine today? 


The grass really IS greener on the other side

Are you a victim of bad bookkeeping?

Perhaps you don’t have timely financials to review, your numbers aren’t tied up with a bow for your accountant or auditor, or maybe you’re staring down the barrel at thousands of uncategorized transactions, paralyzed with fear at how to begin.

It doesn’t matter how we got here, so let’s skip the blame game and just take a deep breath because there’s an easy way to get you to the other side.

And what does that other side look like?

Peace, calm, and ease when you’re looking at your cash flow forecast. Clarity and confidence when you’re making what used to feel like scary decisions. The grass truly is greener.

I’m taking you behind the scenes this month as we dive into closing the books for our own company! I sat down on Monday, May 4th for about one hour and did the following:

  1. Open up our monthly close checklist. Yup, even though we do this every single month for dozens of clients, we always refer to the checklist to ensure we don’t forget a thing.
  2. Download our bank statements.
  3. Code all of our transactions in Quickbooks. We make sure every expense and income is coded accurately so we get super useful reports. Sometimes Quickbooks makes incorrect assumptions at where things should go and you’ll need to review and update.
  4. Review income. We check out all of our outstanding invoices (Accounts Receivable Aging report) and make sure all of our incoming cash is matched up to the correct invoice and coded accurately.
  5. Reconcile bank accounts. Quickbooks has a super easy-to-use function to compare your bank statements to your Quickbooks transactions and make sure it matches perfectly.
  6. Run reports.  We always look at a comparative profit & loss statement, so we can quickly spot any differences (hopefully all GROWTH!) between this year and last year, plus a comparative balance sheet to check out asset (cash) growth.
  7. Update our projections. We take a few moments to update our forecast with this month’s numbers then sit with the projections for a few minutes to think about what’s coming. If we added a new client or anticipate bringing on another team member or incurring a big expense, we update our projections accordingly.
  8. Check-in with our goals and we’re done! I sometimes forget my big goals for the year (hey, I’ve got a lot going on!) so this is a perfect time to check back in on your strategic plan, make sure you’re on track, and change course if necessary.

So, you don’t have to be a victim to bad bookkeeping because it’s truly not a hard process. It just requires monthly focus and consistency. And on the other side is peace of mind, clarity, and confidence in your own leadership and financial management!


It’s not autumn, but I’m talking pumpkins!

Between our clients and new entrepreneur friends from the Creative @ Heart conference, I’ve had dozens of conversations in the last month about how to grow businesses. Some of these entrepreneurs are making just a couple thousand bucks a month and not even paying themselves yet, and others are bringing in several million dollars a year.

I’m in the same place with my business. I’ve primarily built the company with one-on-one client work and I’ve just added a coaching program, but when thinking a year or two down the road, I wonder how I can continue to grow without working a ton more hours.

All of our business models and stages are different but we all have the same challenges.

How do we grow and create more impact in the world without burning ourselves out or sacrificing our precious work-life balance?

Last weekend, I picked up a book that had been sitting on my shelf for months: The Pumpkin Plan by Mike Michalowicz (yup, the Profit First guy).

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One quote in the book hit home for me and gave me the clarity I needed to figure out exactly HOW to grow my business, and I think it will resonate with you too:

“Entrepreneurs identify the problems, discover the opportunities and then build processes to allow other people and other things to get it done.”

In other words, if your business relies on YOU to do all of the work, you will hit a ceiling of growth and potentially make difficult sacrifices along the way.

For my business, I mapped out the tasks I could and should confidently hand off to someone else. I had to ask myself why I was still doing the daily bookkeeping for a handful of clients instead of operating in my zone of genius. When it was all mapped out I realized it was enough for another entire team member! So now, the search is on because I’ve built processes to allow another person to get it done.


Add a comment below and tell me, what do those processes or people look like in your business?

One of the first things the book suggests to do is map out your revenue goal for the year. If you haven’t done it yet, grab our Profit Playbook – it’s an easy template to help you map out your revenue goals.

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