The 2 Cents Business Podcast

Success leaves clues...if you pay attention you can use your past to efficiently & effectively plan for your future.  A future that makes sure that your business is as profitable as possible as soon as possible.

In this episode, I will run you through my planning process for the year and how I break it down to the quarter and months for optimal profits and time off.

Mentioned in today’s episode:

This episode is a bit of a rant/what grinds my gears because I’m tired of seeing small business owners taken advantage of by so-called virtual bookkeepers.

What kicked this up for me was seeing a post about rules for a group that didn’t want there to be “negativity” in the group surrounding calling out inexperienced bookkeepers.

So in this episode, I run down why all of this bothers me, the ulterior motives of some group owners, why it’s hurtful to business owners and professionals...and what to do about it.

The difference between coaching vs consulting is subtle but there IS one...and it’s one that could make or break your business.  I know it is dramatic but true.

That’s why we’re going to settle the debate between the two and give you a few clues as to who you need and when in your business.

Highlights of this episode:

• 01:47  The great debate between coaching & consulting
  
• 02:54  My grip/rant & soapbox
  
• 05:00  What is coaching?  And the sports analogy
  
• 07:17  The good and the bad of the ease of entry into the field of coaching
  
• 08:38  What is consulting? And continuing the sports analogy
  
• 10:22  Who you may need to work with and when
  

RESOURCES

Profit First is still a thing.  Although the concept is easy enough to grasp, for some CEOs, implementation can be elusive.

In this episode, I walk you through if the Profit First system is right for you and your business, as well as - what it is (and isn’t), how to implement it, who it works best for, does it actually work...some alternatives and recommendations.

Messy bookkeeping and accounting that has gone undone and unchecked for too long can cost you not only money but time and tax deductions.

Getting started and staying motivated can be hard.  Especially if you’re going it alone and it seems like everybody is doing all of the right things and you’re not.  If you’re feeling like for every step forward, you get knocked back 5.

In this episode, I’m talking about the top 3 online business strategies that aren't working as well as they used to…but I’m not all bad news.  I’m not going to leave you hanging because I’m going to give you alternative strategies...what’s working now.

Highlights of this episode:

Quarterly CEO/CFO debrief is on tap for this episode...Not only do I run through a sampling of the questions I ask myself and my clients but I also run through the answers.

Did I hit my revenue target this quarter?  What am I going to focus on in the fourth quarter?  You’ll have to listen to find out.

Highlights of this episode:

• 01:42  The questions to ask yourself when looking back and doing your debrief
  
• 05:29  The questions to ask yourself when planning your coming quarter (or year)
  
• 08:29  The focus for the fourth quarter
  

RESOURCES

Over the course of 3 days - via 3 episodes, I conducted the Kill The Vanity Metrics Challenge.

To practice what I preach, I wanted to give you a little peek behind the scenes, to recap and discuss my goals and metrics as they pertained to the challenge.

Highlights of this episode:

The episode is the big finish… number 3 of 3 day Kill The Vanity Metrics Challenge where we are focusing on the metrics that matter and help you to maximize your productivity and profitability.

Highlights of this episode:

• 01:23  How you finally tie day 1 and day 2 together with a bow
  
• 02:00  Recap of day 2:  select 1 mirror metric from each of the 3 categories
  
• 02:54  Some questions you can ask yourself so that you can dig deeper into what your chosen Mirror Metrics really mean
  
• 05:40  Recap of day 1: dream big - what does your dream business look like?  What are your big business goals?
  
• 05:52  Recap of day 2: mirror metrics - what can you track to get you to your dream business and help you achieve your big goals?
  
• 06:08  Your day 3 activity & challenge action - dive in, start tracking your goals (and how)
  

Mentioned in this episode:

This is episode 2 of 3 day Kill The Vanity Metrics Challenge where we are focusing on the metrics that matter and help you to maximize your productivity and profitability.

Highlights of this episode:

• 01:29  Find you “mirror metrics”
  
• 01:40  All about Mirror Metrics… and what they heck they are
  
• 03:04  The 3 types of metrics to focus on
  
• 06:52  Your day 2 activity & challenge action
  

RESOURCES

Focus on the metrics that matter and help you to maximize your productivity and profitability with the Kill The Vanity Metrics Challenge.

This episode is day 1 of 3 fun filled days.  Each episode contains a task in the form of a question or action… and an invitation to compete in the #KillVanityMetricsChallenge contest because healthy competition never hurt anyone, right?

Outsourcing doesn’t have to be a chore… it’s actually one of my go to when it comes to growing and scaling my business.  The step that I recommend taking before hiring a more permanent team (aka employees).

But before you go on a team building spree, you have to know the 3 tests that defines an independent contractor relationship...and pass them.

Once you’ve passed the test...all systems are a go.  Go forth and team build to grow. Get back into your zone of genius, your core activities… by doing less (yourself) so that you can play more.

Highlights of this episode:

Starting and growing a business is a bit of a dance… and a bit of a game.  Imagine a seesaw, one that balances time and money. At the beginning, and throughout the dance of business ownership, there’s a constant strive to balance them.

There will be times when you have more time than money...and times when you have more money than time.  But what about when the seesaw is broken and you have limited reserves of time AND money…

This episode is all about being a master bootstrapper.  Taking the time and money that you do have and making the absolute most of it…

Mentioned in this episode:

What do chess and business strategy have in common?  A heck of a lot if you ask me…

In this episode, I walk through my process of treating strategic business planning like a game of chess…thinking more than 3 moves ahead and you’ll win at successfully achieving any business goal you set for yourself.

Highlights of this episode:

• 01:18  Why strategic planning is a lot like planning and playing a game of chess
  
• 03:33  What 3-4 moves you’ll make to set and achieve your business goals
  
• 04:20  Why you need to start with your long term goals
  
• 06:45  Why you need a WHY as your starting point
  
• 07:35  Why the B-word (budget) shouldn’t freak you out
  
• 08:49  How to break down your goals into a strategy and an action plan
  
• 10:27  What to consider and the questions to ask yourself when reviewing and breaking down your goals
  
• 11:15  Why you have to keep asking yourself questions and making adjustments to your action plan
  
• 13:50  What two KPIs determine your conversion “runway”
  
• 18:02  What strategies should you include in your action plan
  
• 20:03  How often you should check-in and when you should pivot or stay the course
  

RESOURCES

My very first guest episode is with my gal pal, Nikki Tucker.  She’s a personal finance phenom and we talk about all things credit, including how to handle the recent (and not so recent) credit breaches that have impacted millions… maybe even you.  

In this episode, we’re talking about everything from personal credit, how the breaches not only impact your personal credit but your business credit as well, and what you can do about it… to proactively protect yourself.  

This is definitely an episode where you’re going to be taking a lot of notes.  

There are few things that kill momentum and cost you more money than procrastination.

Lack of planning, and lack of productivity don’t exact;y help the cause either.

I know because I admit it, I’m a recovering procrastinator.

For instance, it took me a week longer than it should have to get off my axx and batch record the podcast episodes for August (including this one).

So I guess that this episode is sort of a case study in my own attempt at getting back on track, recovering and reminding myself how to be a lot more productive and get stuff done…so that I can actually outsource a few things, spend a lot less time working and more time hanging out with my friends and family.

Tips that you can use if you’re a newbie, a side-hustler or veteran business owner.

Highlights of this episode:

• 01:38  Why procrastination wastes everything - momentum, time, and money (and what to do about it)
  
• 01:53  The 3 Ps - productivity, planning and procrastination
  
• 02:02  Why multitasking is crap and another time-waster
  
• 04:39  What I purchased helps me unplug and how it changed everything
  
• 08:29  What hobby I accidently fell in love with
  
• 08:45  Why being disorganized is related to procrastination
  
• 09:45  What the tomato (pomodoro) technique is and how it always gets me back on track
  
• 13:00  Confession of a serial procrastinator…
  
• 16:01  How multitasking, disorganization and procrastination is costing you money
  

RESOURCES

Bank reconciliations aren’t just for bookkeeping and accounting professionals.

They aren’t some useless report that we like to do for the heck of it…

This is a report that can actually save you for losing money… so I bet you’re wondering…

What the heck are bank reconciliations? And why do you need to do them? (yes, NEED)... and since you NEED to do them, when should you do them…

Mentioned in this episode:

• Answers to all those questions
  
• briefly touch on for how you can get it done
  
• with the help of accounting software (if you’re already using it).
  

Additional resources:

Still not sure how to pay yourself from your business?  Or what to pay yourself? Or how much you should put to the side to pay income taxes?

Not sure how to pay yourself from your business?  Or what to pay yourself?  Or how much you should put to the side to pay income taxes?

There are a lot of percentages and formulas floating all around but is it right for you and your business?  How can you be sure?

Deciding what you should pay yourself as a business owner can be a confusing matter to resolve but I’ve got you covered.

 Wondering if you need a separate bank account as a DBA?  As a sole proprietor? As a solopreneur?

When you start a business, there are a lot of things to do.  It’s really easy to be unsure of yourself. What do you NEED to do right now?  What can you save for later?

In this episode, I answer the question “Do I really need a separate bank account for my new business?”

The answer should be no surprise…in addition to answering the query, I give you accounting, tax and just practical reasons to back up my answer, I go into quite a bit of detail behind WHY you should absolutely have a separate bank account for your solo-business.

Mentioned in this episode:

• The various reasons supporting my answer - from the practical, to the accounting based, to the IRS-audit based reasons
  
• A quick tip - the first place you should look to open a business bank account
  

Highlights of this episode:

• 00:57  Question:  “Do I really need a separate checking account/bank account for my business?”
  
• 01:16  Answer is two fold - from the accounting perspective and from a practical perspective
  
• 01:30  Why the short answer is always YES, you do need a separate business bank account
  
• 02:50  The longer answer - practical reasons & starting with at least one bank account for your business
  
• 04:06  Why doing business and personal banking at the same place makes your life easier
  
• 04:56  The longer answer - accounting reasons & starting with “tidy” money management
  
• 06:33  Why separating business and personal transactions makes your life easier
  
• 07:08  Why I think you should have a separate bank account even if you’re a DBA

RESOURCES

What is a CEO Debrief?  What does a CFO really do?  I’m so glad you asked!

In this episode, I run through a sampling of the questions I ask myself and my clients each and every quarter to get down to what’s working and what’s not working...so that I can help them hit and exceed their money targets.

Mentioned in this episode:

Requesting payment for outstanding invoices doesn't have to be a manual affair.  Chasing invoice payments isn't fun...especially if it leaves you stuck in your inbox when you'd rather be following your purpose and providing extraordinary services to your clients.

Once you have all of the tech stack pieces in place, this is actually something that you can easily automate.

In this episode, I’m going to walk you through what you can do today to start automating your payment requests so that you don't have to babysit your invoices and your inbox.

Mentioned in this episode:

For the record, not everyone is a scammer.  There are way more legitimate businesses out there than those that are out here scamming people.  So imagine how shocked I was when that was the overall sentiment in a recent group discussion.

I get it, sometimes we don't know what we don't know.  In this case, the original poster had expressed concerns because their new client didn't want to pay by credit card...they wanted to pay by wire transfer.  And as a result, the client needed the poster's bank information *gasp*

Not only are there legit reasons to ask for and accept wire transfers and ACHs as a form of payment but there are also legit ways to get it done WITHOUT giving up your bank account number.

In this episode, the first of the “inspired by” topics, I’m giving up the goods and telling you exactly how to do that.

I'm giving you a list of my top 3 alternatives to credit card payments (plus a bonus one) and I issue a very strong warning about what NOT to do/use for money transfers.

Mentioned in this episode:

• 4 Alternatives to Wire Transfers
  
• Why you shouldn’t use personal money transfer systems like the Friends & Family option in Paypal or Zelle or Venmo or CashApp when conducting business
  

Highlights of this episode:

• 01:28  Question:  Should you allow international clients to pay via wire transfer or ACH?  How can you do them and protect your banking information?
  
• 02:21  Question (continued):  (a) Is this person a scammer?  (b) Are there alternative solutions to wire transfers?
  
• 02:55  Short answer:  big business norms
  
• 05:20  A few service providers that are created to be ACH/wire transfer third parties
  
• 05:51  Four companies I recommended - Veem, Transferwise, Stripe ACH, Western Union
  
• 06:47  What additional steps you may need to take to confirm information
  
• 07:42  Another option for those with multiple bank accounts & using Profit First
  
• 09:58  A few “not to do”s...like using personal money transfer services for business purposes (ie: Friends & Family option in Paypal, Zell, Venmo, CashApp, etc)

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RESOURCES

Bookkeeping can be intimidating and a bit overwhelming but it doesn’t have to be.  It can (and should be) a tool that you can use to plan and scale your business… sooner than later.

In this episode, I’m giving you four quick tips to get you on board with bookkeeping.  Just the basics. Afterall, we have to start with a foundation, right? RIGHT!

Mentioned in this episode:

These 3 bad money habits not only drive your CPA crazy… but they're probably killing your productivity AND your profits.

In this episode, I’m giving the 3 things that drive me absolutely bonkers about messy money habits… and what you can do to turn it around quickly!

Mentioned in this episode:

Building a growing, thriving, successful business isn’t a given.  It won’t just fall out of the sky… you can’t just build it and the customers will come.

Over the years, I’ve made a few observations, my informal case study, into what makes for a successful business.

Mentioned in this episode:

• The crazy stats - few businesses make it to their 5 year anniversary & even fewer make it to their 10th anniversary and beyond.
  
• The 3 things that I’ve noticed among the successful businesses around me… what they do that others don’t do (or don’t do consistently).
  

Highlights of this episode:

• 01:12  What does it take to start, build and grow a successful business?
  
• 01:46  Why you need more than goals...why you need a plan of attack
  
• 02:13  Why you need to invest in yourself and your business in various ways
  
• 03:44  A few of my business game changers at different price points to help you invest in yourself and your business
  
• 06:32  Why you should take stock in what you’re doing and why you’re doing it BEFORE you invest
  
• 07:10  Why tracking (and it’s frequency) matters to your overall ROI
  
• 09:33  Recap...top three things to do to make it to 10 years and beyond
  

Six Figures isn’t all that it’s cracked up to be, especially when there seems to be a moving target & every changing definition that suits the exclaimer…

I’m calling BS on 6 figure claims in marketing…it’s bothersome and frustrating unless you ask the right questions and shift your focus.  It’s easier than you think and it’s probably not what you think it is.

In this episode, I have a few questions for you.  What to contemplate and ponder whenever you hear the works “6 figures” touted somewhere on someone’s sales copy...

I’m not saying that it’s not true 6 figures but what I am saying is be cautious and read between the lines - IE: revenue versus profit or billed versus cash collected.

The words barely register but there is a huge difference. And let’s not forget positive cash flow. That’s the second layer to ponder…

Mentioned in this episode:

Tax time can be stressful for anyone but it really doesn’t have to be.  As a reformed tax preparer, I have a few tips, tricks & hacks that will de-stress tax time for you, your family and your tax person (if you have one).

Mentioned in this episode:

• What to do before, during and after you do your taxes.
  
• My favorite thing to do - it may or may not involve wine
  
• Bonus tips to help you stay on track all year
  

Highlights of this episode:

• 00:46  Why you need to be mindful of estimated taxes
  
• 01:57  What to be mindful of when selling physical products (sales and use taxes)
  
• 02:40  What about other taxes and filing fees?
  
• 04:27  Who needs to prepare W2s?  Who gets a 1099?
  
• 06:34  What simple steps you can take to get ready for tax day to make it a lot less stressful
  
• 10:59  What you can actually DO to not stress out
  

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RESOURCES

Every Monday is affectionately referred to as Money & Metrics Monday here with Team Common Cents.  It’s when we stop and take stock of our progress and make plans for the coming week. It’s also what we do for our clients on Client Time Tuesdays.

Mentioned in this episode:

• The money numbers we check…and it’s more than just keeping an eye on revenue
  
• The money metrics that we check (and what makes them different than money numbers)
  
• The 3 things I want you to do
  

Highlights of this episode:

• 00:41  What do we actually check?  RE: money numbers
  
• 01:13  Why do we check money numbers?  Like cash flow, net profit, revenue, and budget versus actual reports
  
• 03:01  Why you should review unpaid invoices and unpaid bills
  
• 05:06  What to look at in terms of positive or negative cash flow
  
• 05:43  What indicators of business health should we all be looking at
  
• 06:50  What do we actually check?  RE: money metrics
  
• 07:55  Why do we check money metrics?  Like pending service agreements, consultations scheduled, conversion rate, website traffic and email signups
  
• 09:30  How to use your sales conversion rate to set your sales goals & benchmarks
  
• 11:06  Your Homework:  Three Things
  
• 11:39  First thing - What numbers are the real indicators that show you if you’re getting closer to or further away from your money goals?
  
• 11:55  Second thing - set an unbreakable appointment with yourself.  Treating your business like you would treat a client - set aside some time to work ON your business.
  
• 13:25  Third thing - Using your numbers and the time you set aside for your business, what actions can you take?

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RESOURCES

If you’re in any small business groups on Facebook or LinkedIn, you’ve probably seen this question or if you’re running a business, you may have asked this question yourself. 

“What accounting software should I use?” 

The question is easy enough but it’s complicated at the same time as it requires a little more information before a thoughtful recommendation can be offered…

Before pointing any client (or group participant) in any direction, I ask a few questions...the answers help me figure out what software might be the best fit for that person and their business.  Both now and in the foreseeable future. 

Mentioned in this episode: 

Falling back in love with your business isn’t easy, especially when you don’t like your business very much anymore because you’re overwhelmed and burned out…

That’s what happened to me, Joyce (your host).

Take a listen to hear my story, what I did to get that old feeling back and how I rediscovered the why that got me started in the first place.

Mentioned in this episode:

In this inaugural episode, our host, Joyce M. Washington, CPA, introduces herself and gives you the skinny on why she started this podcast.  It may involve some choice words and tears. (Not really).

Mentioned in this episode:

• How this podcast escaped from the idea pile in Asana
  
• The backstory of our host, Joyce and the company she started TheCommonCents.com
  
• What you can expect from this podcast, the format and when you can expect new episodes
  

Highlights of this episode: