Keep What You Earn

My husband Jason joins me on the show to discuss the topic of employee retention. We explore why having 100% employee retention may not be positive for a business. We then discuss some tips on how to fill new roles as a business evolves, ensuring that the right talent is identified and cultivated for the organization's needs. For those feeling discouraged by employee turnover, Jason provides some valuable advice on learning from the experience and how to diagnose the problem. Whether you're an employee, manager, or business owner, I hope this episode provides valuable insights on creating a positive and productive workplace culture while navigating the challenges of employee retention. What you'll hear in this episode: [1:10] Why is 100% employee retention a bad thing? [3:15] How do you fill roles as your business evolves and roles change? [5:20] Jason provides some advice if you feel discouraged because employees are leaving. [10:00] What are some of the benefits of having employee referrals? [11:55] How do you diagnose the problem if you have high employee turnover? * Related episodes: My Costa Rica Story (Part 1): The Why My Costa Rica Story (Part 2): The How Staying Small on Purpose with Keila Hill-Trawick * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

A common question that I get is how to pay yourself as a business owner. This varies based on your business structure. I'll cover payment options for sole proprietors, single-member LLCs, multi-member LLCs or partnerships, S-Corps, and C-Corps. I'll provide insights into how much and how often you should pay yourself, the importance of keeping track of your finances, and the tax implications of each payment structure. Whether you are a sole proprietor or the owner of a large corporation, understanding how to pay yourself based on your business structure is crucial to maintaining financial stability and success. Join me to learn the details of each structure and provide insights into how to pay yourself fairly and effectively. What you'll hear in this episode: [1:45] How to pay yourself if you are a sole proprietor or single-member LLC. [4:00] How much and how often should I be paying myself? [6:28] How to pay yourself as a multi-member LLC or partnership. [7:45] How to pay yourself as an S-Corp. [9:37] How to pay yourself as a C-Corp. * Related episodes: The Hidden Costs of Not Hiring a Tax Pro How to File Taxes as a Single-member LLC or Sole Proprietor Multi-Owner Business? Don't Miss The March Deadline * Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

I'll be sharing a scenario that occurred in my marketing mentorship group that highlights the importance of communicating your values as a differentiating factor compared to your competitors. We all know that the market is crowded, and it can be challenging to stand out from the competition. However, one way to do this is by communicating your core values and using them to differentiate yourself. By leading with your values, you attract clients who share the same beliefs and values. This makes it very obvious whether you aligned or misaligned with a client and helps you build a loyal customer base. Whether you're just starting out or looking to rebrand, this episode will provide you with insights into how to communicate your values and use them as a powerful tool to differentiate yourself in the marketplace. What you'll hear in this episode: [1:18] Scenario that occurred in my marketing mentorship group that I wanted to share on this podcast. [3:00] How to communicate your values as a differentiating factor vs your competitors. [6:00] Examples of how Shannon stands behind and communicates her core values to potential customers. [8:50] Leading with core values will make it very obvious whether you are aligned or misaligned with a client. [10:35] The potential downsides of comparing yourself head to head vs your competitors. * Related episodes: Investing in Branded Merchandise Without Wasting Money with Amanda Hofman Feeling Tempted to Change Your Offers? Copywriting Secrets to Convert with Jess Jordana Paxson * Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

Today we'll be discussing an important aspect of your business that you should revisit now to save yourself some time and headaches as the year progresses. From a tax perspective, it's necessary to ensure that you have all the proper documentation in place from your contractors. Tax information that they have available to you will depend on their type of business, citizenship status, and a few other factors. Taking the time to revisit this aspect of your business now and ensuring that you have all the necessary documentation in place, including W9 forms from your contractors, can save you a lot of headaches come tax season. What you'll hear in this episode: [1:15] Revisit this aspect of your business now to save yourself some headaches towards the end of this year. [2:49] What does this mean from a tax perspective for your business? [4:20] Why do you need to get this W9 from your contractors now? [6:09] Why certain contractors won't have a W9 available for you. [8:30] Why is it especially important to get an updated W9 if your contractor has changed their business structure? * Related episodes: Hiring Employees vs. Contractors with Jackie Koch Do I Need to Send a 1099? How to File 1099s * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

This is part 2 of a mini-series with Cyd, the CMO/COO of my business and founder of The Creator's Attaché. As a business owner, you may be wondering why you are not reaching all of the goals you set. It likely comes down to accountability and an organizational structure that gets everyone aligned. Your calendar, spreadsheet, and sticky notes are not an adequate management system to communicate your vision and goals with your team. We dive into using a project management system to properly set and communicate goals for your teams by establishing core job functions and accountability. We provide tips and strategies for implementing a project management system and ensuring that it works for your business. If you're struggling to reach your goals or feel like you're not making progress in your business, this episode can help you achieve your goals and take your business to the next level. What you'll hear in this episode: [1:30] The importance of project management skills in your business. [3:15] As a business owner, why might you not be reaching all of the goals you set? [7:45] Building momentum to achieve goals makes you unstoppable in business. [8:15] Accountability in your business starts with you. [14:40] Why your calendar, spreadsheet, and sticky notes are not an adequate management system to communicate your vision and goals with your team. [20:30] How to use a project management system to properly set and communicate goals for your teams. [26:00] How to establish core job functions and accountability within your team to gain alignment. Resources Mentioned in this episode: Asana overview: https://www.thecreatorsattache.com/asana Time blocking exercise: https://www.thecreatorsattache.com/timeblocking Connect with Cyd: Website: https://www.thecreatorsattache.com/ IG: @cyd.rechtin * Related episodes: Worry Less About Efficiency in Your Business How to Measure What Matters with Carlyn Bushman Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

For this two-part mini-series, I thought it would be fun to interview Cyd, the CMO/COO of my business and founder of The Creator's Attaché. Cyd is an expert in systems, project management, digital marketing, and team accountability. In part 1 of this series, Cyd stresses the importance of well-designed and integrated systems for maximum impact. In our discussion, we'll cover practical tips on when to audit your systems and how to begin. This includes a live on-air demonstration of the "What good looks like" exercise, which defines success for your business, and the "5 Whys" exercise to identify inefficiencies and obstacles. This episode is valuable for business owners and entrepreneurs who want to streamline their systems and processes. By implementing this guidance, you'll be able to focus on what truly matters in your business. What you'll hear in this episode: [0:50] Introduction to Cyd [3:33] Does having more systems mean more efficiency? [5:10] How do you know when it's time to start auditing your own systems and how do you actually get started? [10:45] How to differentiate between a system and a process within your business. [13:00] How to conduct an audit of your own systems, beginning with the "What good looks like" exercise. [20:15] Stepping through the "5 Whys" exercise to find out what is stopping you from reaching "what good looks like" in your business. [24:17] Once you can identify the root cause that is preventing your business from reaching "what good looks like", create a system to fix it. Resources mentioned in this episode: What does good look like? exercise: https://www.thecreatorsattache.com/whatdoesgoodlooklike 5 Whys Exercise: https://www.thecreatorsattache.com/the-five-whys Connect with Cyd: Website: https://www.thecreatorsattache.com/ IG: @cyd.rechtin * Related episodes: Worry Less About Efficiency in Your Business How to Measure What Matters with Carlyn Bushman Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

We are taking a deep dive into the world of payment processors. If you're a business owner, you know how important it is to have a reliable and secure payment processor. However, PayPal and Venmo may not be the best choice for your business, and in this episode, I'll tell you why. I cover the top 3 reasons why these platforms may not meet your business needs, including legal terms, seller protections, and professionalism. I highly recommend exploring other payment options that offer better seller protections and are specifically designed for businesses. Tune in to discover more! What you'll hear in this episode: [0:55] I a not a fan of PayPal or Venmo for business transactions and today I will inform you why. [2:46] What are the top 3 reasons that I do not feel that you should use these platforms? [3:05] Reason #1: The details in the legal terms of these platforms. [5:05] Reason #2: Seller protections for disputes or chargebacks, specifically if you are a service-based business. [8:53] Reason #3: As a customer of a business, it's not very professional paying through Paypal or Venmo. [10:50] Venmo and Paypal are not giving your customers options on how to pay for your services. [13:00] Lower the barrier for your customer to pay you and work with you. [15:15] If you are paying for another business's products or services through Paypal, does this put you as the customer in jeopardy? * Related episodes: Things You Should Not Hire an Accountant to Do Growing Your Side Hustle with Nick Loper Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On * Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

I'm discussing the opportunity to get more cash into your business, in a realistic and feasible way, when you're feeling cash-strapped. It is essential to identify how extra cash will actually serve you in your business and ensure that you can make more on the money than it's costing you to borrow it It is also critical to have accurate cash flow forecasting when deciding on an additional injection of cash. Forecasting can help you anticipate the timing, and amount of cash needed, allowing for better planning and management. What you'll hear in this episode: [1:15] If you're feeling cash-strapped in your business, how can you get more cash in a realistic and feasible way? [2:40] How to identify whether extra cash will actually serve you in your business. [5:50] Ensuring that you can make more on the money than it's costing you to borrow it. [7:10] The importance of cash flow forecasting when deciding on an additional injection of cash. [9:30] Make sure you are getting the proper type of loan for what you need and that you understand the terms. [12:15] Summary of what should be considered prior to getting a loan. Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast * Related episodes: Cash Flow Series Part 1: How to Measure Cash Flow Cash Flow Series Part 2: How to Maximize Cash Flow 3 Ways Your Business is Leaking Cash * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

I'll be discussing the tax implications of contributing or receiving money through crowdfunding platforms such as Go Fund Me. It's important to understand that when you give money, the receiver dictates whether or not this is deductible on your own taxes. It's important to keep this in mind when making contributions. It's also important to know how much you can contribute before gift taxes come into the picture. Depending on the amount you contribute, you may need to report it on your taxes. I'll cover the specific amounts and guidelines to help you navigate this process. What you'll hear in this episode: [1:00] Contributing or receiving money to Go Fund Me (or similar) has specific tax implications that you need to be aware of. [1:45] When you give money to a campaign, the receiver will dictate whether or not this is deductible on your own taxes. [3:15] How much can you contribute before gift taxes come into the picture? [4:20] If you are a business owner and want to receive funds through one of these platforms, what are the tax implications for you? * Related episodes: Why Paying Yourself a Reasonable Salary is Critical for S Corp Owners What is Considered Tax Deductible? Taxes for Gambling with Zak Zimbile * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

Have you ever wondered if you can expense your groceries? As an entrepreneur myself, I know that I need to be well-fueled to perform at my best, so shouldn't that make my groceries deductible? I will answer this question and discuss a few other circumstances in which you may be able to deduct your groceries. What you'll hear in this episode: [1:28] Reviewing the definition of what makes something deductible [2:12] Discussing a few examples where groceries may actually be deductible. [4:30] Are groceries that I purchase for others to consume, deductible? [5:21] What are the other areas of your tax return where groceries could be deducted? [6:47] Can groceries qualify as a medical expense? * Related episodes: What is Considered Tax Deductible? How to Take the Home Office Deduction Are They Your Employee or a Contractor? * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.