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Growing Your Business? Get Out of Your Own Way

By | Business 101, CEO Mindset | No Comments

In today’s post, I’m going to dive into a lesson that explores that when you’re growing your business, there is only one word that separates success from failure. Problem Identified: Success is Continually One Step Out of Reach This lesson learned happened during the growth phase of my business. As I look back, I can easily see the strides forward I made. Being IN the moment though, it kept feeling like I was taking 10 steps forward only to take 5, 6, or even 12 steps back. Last year I realized what was missing. It wasn’t a new tool or…

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The Paper Chase

Floundering in Paper? Reasons this Happens & Survival Tips

By | Business 101, Recordkeeping 101 | No Comments

Going completely paperless for a business can be a little mind blowing and incredibly empowering at the same time – I know because I’ve been on that brain twisted journey for two years now. As of the first of June, our business is 95% paperless thanks to moving our office from commercial space with tons of extra space for storage to a much smaller office with a completely virtual team. There are a few things that I choose to move with the intention of deciding what to do with them after the move (I am publicly announcing that these items…

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Q&A Time: How to Maximize Owner’s Pay using Profit First

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, Profit First | No Comments

For our Ask Connie series, this month our question involves using the Profit First system and paying ourselves from the Owner’s Pay account. How to maximize the amount; address how/when to pay; and why we might “steal” during the month. The Question If I am transferring money to my personal account more than twice a month, should I up my owner pay percent instead until the business is bringing in more? I admit that I am much more disciplined in my business spending than personal. I feel like “cheating” between “pay days” actually keeps me taking less than I would…

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Time to Focus on What Happens When You Add Accountability

By | Business 101, CEO Mindset, Profit First | No Comments

You’ve set an intention for financial freedom and started to implement and use the Profit First plan, and then you were derailed. This post is going to talk about how accountability is a key step in the process to keep us focused and on task of reaching our financial freedom goal. Reminder Profit First Process In an earlier post I shared the basic steps (you can read the full post, here): Create smaller buckets, set-up the basic 5 accounts Adjust your accounting tool and process to be timely, accurate, and useable Establish your Target Allocation Percentages (TAPs) and transfer funds…

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How to Make Your Receivables Process Insanely Easy

By | Accounting 101, Bookkeeping 101, Outsourcing | No Comments

Today it is my great pleasure to introduce to you a tool that automates your receivables process by adding a magical collections team member. This new team member is called  InvoiceSherpa, and here are a few of the items I appreciate with this great bookkeeping add-on. Custom Templates, Scripting, & Reminder Schedule It doesn’t matter if you’re a little snarky or an uber professional, you choose the script- so you can be you, even in your collections. Not to mention that if you want to send reminders the day after invoices are due, or five days before they are due, you get…

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How to Think About Payments That Will Help You Be Profitable

By | Accounting 101, Business 101, Cash Flow, CEO Mindset, Recordkeeping 101 | No Comments

While the king of payment has changed from paper to plastic, not having multiple options of receiving payment can be a certain death for businesses. I’ve seen new businesses open their arms wide for multiple payment options, and I’ve seen older businesses go kicking and screaming into this new world. If you want to survive and be a healthy and profitable business, you need to be aware of the tools available and develop your preferred payment processing plan. So let’s talk payment options. Death of the Checkbooks – (almost) We as a society haven’t totally killed off checks as a…

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Creating an Intentional Payroll Will Save Your Profit

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset | No Comments

Payroll, it can be confusing, especially when the question of the day seems to be around owner’s pay: what is the appropriate amount, and am I paying myself enough? When is payroll not payroll? That is a super good question and one where many business owners get stuck. When accounting professionals talk payroll, they mean setting your business up to process payroll as an employee, with employer taxes and processing fees. Which for some tax entities, is a requirement – yes I’m talking to all you S-Corporations out there. For those of you who are Partnerships, there is no payroll,…

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What Happened When I Learned the Significance of a Paycheck

By | Accounting 101, Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

In today’s post, I’m going to dive into a lesson involving energy intention, focus, and what it means to truly prioritize yourself – especially when it comes to your own paycheck. Problem Identified: I prioritized debt before myself The problem in a nutshell, there is energy in what you spend your money ON and spend your time thinking ABOUT. By prioritizing debt, you create more debt. I know that is super crazy weird and when I tell you, just believe me – you probably won’t. The best I can do here is share my actual story with you.  Perhaps, just maybe, you…

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Unexpected Tax Bill? Survival Tips and Advice for This Year

By | Accounting 101, Bookkeeping 101, Business 101, Taxes | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners, especially this time of year – tax season: I was shocked about my tax liability and am struggling on how to pay for that and not have that same situation happen next year. Perhaps I need to relook at my tax entity. Perhaps the tax professional made a mistake. Perhaps I should move. What do I do next? I have even had this question come up for myself in prior years, so I felt it was important to explore the question a…

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Profit First!

It’s Profit Time! Proof That Your Business Supports You

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Profit First | No Comments

As the calendar pages flip, it signals the Profit First quarterly distribution moment – the first one for the year. I wanted to take a moment to explore these and discuss why they happen and more importantly, why I recommend to consistently take them even if your negative mindset gets in the way. It is also a fabulous time to celebrate and recognize that your business is actually supporting you with a pure profit distribution. Definition As Mike Michalowicz indicated in the book, Profit First, a quarterly distribution is the representation that “Your business is serving you.” So every calendar…

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