Mastering Financial Management for Entrepreneurs with Shannon Weinstein
In this episode of Fast Foundations, we’re joined by Shannon Weinstein, a CPA and fractional CFO for growth-minded business owners, who simplifies the financial side of business to help owners stop feeling broke and start scaling. Shannon is the host of the podcast “Keep What You Earn,” which consistently ranks in the top 200 in entrepreneurship podcasts. She is also a frequent speaker in business coaching communities and masterminds.
This week, Shannon answers a common question for many small business owners: “Where did all my money go?” She discusses the importance of actively managing finances in your business and being aware of what is being spent and sold, as well as understanding what is left over after expenses and how it can be utilized. Shannon acknowledges that sometimes there may not be much money left over and explores an overlooked factor of what is causing cash to deplete. In these cases, she suggests being mindful of expenses and conservative with income.
Shannon also walks through three ways to generate income faster and reduce expenses and the importance of consciously implementing these strategies. She considers this approach to be the best advice for financial management.
The episode was created from content from Fast Foundation’s new community-based office hours featuring weekly educational topics and guided workshops. Listeners can sign up to join LIVE for next week’s episode on https://fastfoundations.com/officehours
In this Episode, we talk about
- The importance of actively managing finances
- The difference between “profit” and “expenses”
- Understanding what is left over after expenses; sometimes there may not be much
- How to analyze cash flow to determine the financial needs of your business
- Ways to generate income faster and/or reduce expenses
00:01:12 Learn from Shannon how to stop feeling broke in your business.
00:05:14 Profit is revenue minus expenses, but timing matters for cash flow.
00:07:38 Cash flow tracks business needs, not profit.
00:12:25 Cash flow: processing, making, spending impacts business.
00:13:38 Join our office hours and community events.
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