E184: Developing a Positive Money Mindset to Achieve Profitability in Business

Shawnna Weber is the CEO of Edgewood Business Solutions and the host of the Faces of Finance podcast. In 2011, she started the company, which specializes in business consulting, accounting, and bookkeeping. Collaborating with entrepreneurs and small business owners in the pursuit of financial security and profitability, her team has managed over $60 million in assets across their client base, and have negotiated and implemented strategies saving companies over $1 million over the past 6 years.

In this episode, we talked about accounting, strategic planning, bookkeeping, invoicing, marketing strategy…

Show notes

• Introducing Shawnna Weber. [1:21]
• More information about Shawnna. [3:42]
• The steps to pandemic-proof one’s business finances? [7:11]
• Having a positive money mindset versus a scarcity mindset, and how to apply that in business. [9:59]
• Overcoming challenges in accounting and collecting payments. [13:37]
• What it means to be transactional versus relational. [16:29]
• Some of the cliches of people who are not managing their finances properly. [19:08]
• Efficient ways of diving in to help a company. [21:17]
• One thing that every single business owner should know right off the bat about managing their finances. [25:47]
• The value of sharing information, and why you shouldn’t be afraid of getting burned. [27:48]
• Knowing the right time to get a controller or a CFO. [32:32]
• The numbers to look at in order to address issues in bookkeeping. [33:45]
• Why it’s important to negotiate your terms with vendors. [35:53]
• Some of the tools and tricks to stay organized and make things simple for business owners to understand their numbers and make it easier to work with a company like Edgewood. [38:31]
• Why it’s important to KISS (Keep It Simple, Simon), especially when it comes to payroll. [41:49]
• Knowing what your software can do for you. [43:34]
• Deciding what part of the company knows your financial goals, and why non-communication among departments can kill a business. [46:58]
• The right questions to ask in order to know if a prospective bookkeeper will be a good fit. [49:47]
• How to get more information about Shawnna. [52:54]
• Three books on Shawnna’s reading list. [53:27]
• Shawnna’s most important piece of advice to home service business owners. [54:30]

Resources And People Mentioned:

• [email protected]
• https://www.edgewoodbusinesssolutions.com/
• Profit First by Mike Michalowicz
• Dropbox
• Google Drive
• SharePoint
• QuickBooks Online
• ServiceTitan
• ServiceMax
• Know Your Numbers by Zoe Whitman
• Reset Your Mindset by Natalie Eckdahl
• The Profit Planner by Danielle Hayden