Vicky interviews Kevin Whitehouse, an author, speaker, and most importantly an accountant. Before you scrunch your nose up and think all accountants are crooked, hopefully this episode will teach you a thing or two as to why you should take charge of your numbers and hire a good accountant to help you keep your financials in check. In Kevin’s 30+ years of doing this, he’s noticed a common theme; 90% of small business owners simply do not want to deal with their finances, and it ends up costing them thousands (if not more) in wasted profit. On the show, Kevin explains how you can literally double your profits, just by taking a look at your numbers.
Key Takeaways:
[1:15] What does Kevin do for his clients?
[2:05] Aside from paying your taxes and not going to jail, why is it important to know your numbers?
[6:15] Vicky used to hate numbers. Ugh!
[6:35] How does Kevin help his clients make a real financial difference?
[10:55] Percentages are your best friend!
[14:30] When you know your numbers inside and out, you can find ways to literally double your profits.
[18:00] Lately, Kevin has been working with owners who are running pay-per-click campaigns. By running simple tests, you can develop your own marketing budget and estimate how much it costs to acquire a sale.
[22:00] It might be nerdy, but Kevin swears that budget forecasting is really fun stuff.
[24:35] The good news is we live in a time where computers can do a lot of our calculations automatically. Kashflow is an excellent tool business owners can use to help them with their numbers.
[27:50] How many small business owners actually really understand their numbers?
[28:30] Do not skimp on the accounting side of the business. Hire a good accountant!
[32:35] You’re in business to make money, so doesn’t it make sense to take your money seriously?
Mentioned in This Episode:
Businessforsuperheroes.com/inner-circle
Vicky and Joe discuss perfectionism, and the problems it comes with, in our modern world. Vicky wonders if perfectionism has been around forever or if it’s just a modern-day problem. The reason why Vicky personally believes perfectionism is a modern problem is because of our competitive lifestyles and the increased need to be special or extraordinary. What do you think? Write to Vicky about your thoughts on this!
Key Takeaways:
[0:45] Vicky and Joe have been on a vegetable rage and are now currently binge drinking gin & tonic.
[2:25] Let’s talk about perfectionism!
[3:25] Has perfectionism always been around or is it just a modern ‘problem’?
[5:10] We hear so often from the media that we’re destined to be extraordinary or , be able to achieve greatness.
[8:10] “Are you okay, hun?” is one of the most annoying phrases ever.
[12:45] You have to always be striving for something. If you already believe you’re extraordinary, you’re damaging your true potential.
[15:45] The reality is we need great people, but we also need average people.
[18:40] Nothing is ever going to be perfect. You can sit on your project for years with that mindset.
[21:55] Want to get rid of your procrastination? Vicky has some advice.
[24:25] Perfectionists have a hard time delegating tasks because they ‘know’ other people won’t do it as good as they will. If you’re like this, then you need to change your mindset!
[26:00] Conclusion? Stop striving for perfection. Just take a step forward instead and make improvements as you go.
Mentioned in This Episode:
Vicky and Joe discuss why motivational memes are making you stuck and why you should stop sharing them on social media ASAP! There have been a couple of studies that have looked into what happens to the brain when people share these types of quotes, and results are showing that this is damaging your productivity. As a business owner, these quotes can set you back and do you more harm than good!
Key Takeaways:
[3:10] Are you posting inspirational memes and ‘motivational’ quotes on social media? You need to STOP!
[8:25] Why do the ‘gurus’ spew out such psycho babble ‘motivational’ nonsense?
[10:25] A study concluded that people who are receptive to motivational quotes and inspiration tend to be less intelligent.
[12:35] Vicky doesn’t agree with the study. There are tons of intelligent people who believe in very wacky things.
[12:55] All of this motivational stuff holds you back from getting real work done.
[16:20] David “Avocado” Wolfe is shit. However, he is an excellent marketer.
[21:45] Sending or sharing motivational quotes actually tricks your brain and makes you think you’ve done something useful.
[23:15] People who spent their time fantasizing about finding a fulfilling job ended up applying for fewer jobs and were offered fewer jobs.
[27:45] At the end of the day, what’s your mission? Go out and do it and stop sharing stupid shit on social media!
Mentioned in This Episode:
Joe is back on this week’s episode! Vicky and Joe discuss why you should never give discounts or cut prices in order to get the competitive edge. It will only bite you in the butt later on and you’ll be undervaluing yourself and your services. So if you shouldn’t cut prices, what should you do to bring value and be seen as ‘better’ than your competitor? Listen in to find out!
Key Takeaways:
[3:10] Why does Japanese knotweed reduce property value?
[6:00] Giving discounts can cause nasty effects on your business.
[7:50] We know reducing prices is a bad thing, so what should you do if you and your competitor sell the same thing?
[10:30] If you’re selling crap, you should not be in business.
[16:15] If you’re cheap, you’re not seen as the expert.
[22:05] Vicky shares some examples of how you can make yourself unique.
[25:20] Don’t be afraid to tell the full story when selling your products and services. The details matter!
Mentioned in This Episode:
Vicky interviews Danielle Sax, the author of Shifting Out of Chronic Stress. Every business owner knows the familiar feeling of stress creeping up into their bodies, and Danielle is here to say that it’s not worth letting it get out of control. Through Danielle’s own hardship, she had to find a way to repair her body from the damages that stress caused her. On the show, Danielle shares how you can practice self-love, be more forgiving to yourself, and chill out!
Key Takeaways:
[1:15] Who is Danielle and what does she do?
[2:45] Danielle was constantly trying to be superwoman, and it was killing her.
[5:35] Why do so many people struggle with feeling like a fraud and a failure?
[8:00] If we felt like we are good enough, a lot of our stress would go away.
[9:45] How can we overcome our fear of ‘not being good enough’?
[12:00] Where should people start when they’re looking to reduce their stress?
[14:15] It is not a weakness to ask for help.
[16:45] You need to be honest with yourself. What kind of problems are you having? Why does it stress you out?
[17:05] People underestimate how important, and difficult, focus is.
[20:15] Be very conscious of how you talk to yourself. Are you negative? Are you positive?
[22:45] Don’t let criticism eat you alive. “This is nice, but..” are very harmful words.
[24:30] Isn’t self-love and self-care very selfish? NO!
[26:00] You can’t help other people if you are drained, tired, and stressed out. This is why self-care is critical.
[26:25] Remember, you and the relationship with yourself are your best investment.
Mentioned in This Episode:
Businessforsuperheroes.com/inner-circle
Businessforsuperheroes.com/borrow-my-brain
Shifting Out of Chronic Stress, by Danielle Sax