Leaning Into a Profitable Purpose (from the ULTRA Life Podcast)
May 30, 2024In a riveting episode of the "Ultra Life" podcast, hosted by Samantha Nivens, guest Shannon, a seasoned CPA and business coach, delves into the anatomy of financial empowerment for entrepreneurs. Shannon, who also fronts her own podcast “Keep What You Earn,” shared invaluable insights drawn from her diverse experiences that are sculpting a new narrative around managing finances and manifesting one's entrepreneurial ambitions.
Shannon’s journey, which meandered through corporate America to entrepreneurship, illustrates a quintessential pivot that underscores the camouflaged potential within financial literacy. Initially setting her sights on Spanish teaching, a bet with her father redirected Shannon to a beginners' accounting class, where she found her calling—not in the numbers themselves, but in the stories they told about a business's health and prospects. This unconventional start led her to realize that even the most talented business minds often falter at the ledger's edge, not from incapability but from uncertainty and fear.
In discussing her approach with Samantha, Shannon highlighted how entrepreneurs frequently stumble over the financial aspect of business, letting fear dictate their engagement with crucial tasks. She emphasizes the courage needed to confront this fear, replacing it with knowledge and confidence. "It’s not about making everyone an accountant," she says, "but empowering them to understand the 'why' behind financial decisions, easing the stress these tasks evoke."
Her sentiments resonate deeply, especially in light of her own professional transitions. After the profound impact of personal challenges—including navigating the health crises of a loved one and confronting the bereavement of a parent—Shannon’s reflections on life and career priorities took on new dimensions. Her father’s advice, urging her to ‘teach the language of business,’ became a philosophical cornerstone in her career, propelling her towards teaching financial strategies that align closely with both business objectives and personal values.
The sessions Shannon offers through her podcast are tailored masterclasses in financial management. Here, she helps deconstruct complex fiscal tasks into manageable actions, unveiling hidden revenues and setting up structures that amplify business efficiency and growth. With only a limited number of these power sessions available each month, Shannon’s clients invariably find tremendous value, discovering clearer business directions and more robust financial foundations.
For Samantha, witnessing Shannon’s approach first-hand transformed her own apprehensions about taxes and financial planning into a proactive stance. In turn, listeners of the "Ultra Life" were offered a primer not only on overcoming financial phobias but on the integration of personal purpose with professional pursuits.
Moreover, Shannon’s insights extend beyond mere fiscal management to the realm of business ethos and philosophy. She advocates for a shift from a profit-centric view to a customer-centric strategy, emphasizing that understanding client needs leads to more meaningful and, ultimately, more profitable engagements.
One of Shannon’s salient points during the conversation was about surrounding oneself with the right influences. Networking, mentorship, and continual learning emerge as non-negotiable elements for entrepreneurial success, echoing through her own stories of career calculations and recalibrations. This ecosystem of support not only fosters personal growth but also cushions against the inherent risks of business ownership.
At its core, the episodic gem featuring Shannon Weinstein is a clarion call for entrepreneurs to embrace financial understanding as an integral part of their business toolkit. The dialogue between Shannon and Samantha beautifully orchestrates a narrative that champions preparedness, continuous learning, and the audacious pursuit of one’s entrepreneurial dreams, underscored by a deep connection to the business metrics that matter.
Reflecting on this conversation leaves burgeoning entrepreneurs and seasoned business owners alike with a critical takeaway: Mastery over finances predicates not just the survival but the thriving of one’s business in the unpredictable tides of commerce.
What you'll hear in this episode:
04:10 Became accountant after losing a bet with dad.
09:43 Emphasizing importance of addressing personal challenges quickly.
12:54 Embracing metrics, finding meaning in progress.
15:11 Dad stopped giving money, worked at McDonald's.
21:24 Navigating midlife changes, self-discovery, and societal expectations.
29:06 Encouraging individual freedom and self-permission.
30:29 Earn choices with his guiding directions reluctantly.
35:17 Permission and support are powerful for growth.
39:33 Accountants mostly interacted with people in their field.
45:04 Entrepreneurship should be about enjoying the journey.
46:37 Life and business challenges while being mom.
49:37 Emphasizing real-life balance while building successful business.
53:37 Focus on customer desires, not personal preferences.
If you like this episode, check out:
Compensation Plans - Commission or Flat Rate?
Is Hiring Your Family the Right Thing to Do?
Want to learn more so you can earn more?
CFO Power Session: https://www.keepwhatyouearn.com/power-sessions
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
