Episode Transcript
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(00:08):
Hello everyone and welcome back to FullThrottle Finance, a financial literacy
podcast geared towards dissecting complextopics into fun, relatable discussions.
My name's Felicia.
I'm your CEO at Clean Bee Consulting,and with me is Allison, who is our
senior bookkeeper, and today is actuallygoing to be our last episode together
(00:29):
for a couple of weeks because Allisonis off to celebrate marriage off.
in Tokyo, so
that.
exciting.
But together we focus on revving up thefinancial foundations for our athletes,
entrepreneurs and leaders in business.
Regardless if you're operating from anestablished program already or if you
are just starting out, we're here tohelp you make small shifts that will
(00:49):
drive better financial performance.
All right.
Last week we talkedabout F one's cost caps.
They're massive budgets with reallimitations that force teams to innovate
instead of overspend In reality, thesame thinking could help you in your own
program by prioritizing what matters mostand leveraging those restrictions to spark
creativity and keep everyone aligned.
(01:11):
As showcased in Drive to Survive budgets,shape performance, either big or small.
So today's episode is all aboutracing in the rain or so to
speak, not just on the track.
We're talking about how the stressand uncertainty that happens in
unpredictable race conditionsdirectly mirrors what entrepreneurs
(01:33):
face in their everyday lives.
Yeah, I'm actually pretty excitedfor today's episode, being the other
half of someone who has worked.
In motorcycle racing and in thespace for over eight years now.
You know, I've had many conversationsabout how intense those moments are when
(01:55):
the intermittent weather comes into play
Yeah, I can imagine.
and I'm talking like it's raining.
It's not raining.
It's raining.
It's not raining, it's raining again.
It's not raining again, right whenthe weather just can't pick a lane.
To stay in.
There's a lot of big emotionsthat are involved, which.
(02:18):
Parallels very similarly torunning a business, right?
Big emotions can seriously cloudjudgment, and it has a trickle down
effect within your team environment too.
We thrive off each other, so if oneperson's emotions start to mushroom.
And Blossom.
Others under your tent are also goingto Mushroom and blossom which can
(02:42):
amplify the cloudiness, let's say,even faster within your program.
Right?
It really takes a strong leader to graba hold of the reigns with confidence
under pressure and make bold decisions.
Regulating everything that'sinvolved in those stressful moments
takes a whole lot of restraint.
(03:03):
Well, and it's exactly true.
Those moments create stress and theycloud your judgment and they can often
lead to emotional decisions or thatclassic fear of missing out that fomo.
I. Which I have a little too much of.
Should I take the risk?
Should I play it safe?
You've got such a small window oftime to make what seems like such
(03:23):
a huge decision that's seriouslygonna impact how your race goes.
And I can definitely see how this goesright in line with running a business.
Felicia, do you wanna give ourlisteners a few examples of how these
concepts kind of parallel each other?
Yeah.
Well, in business.
The varied conditions might notnecessarily be weather related, although
(03:45):
in certain industries like constructionand even the event industry, right?
Outdoor events, weather very well bea related stressor that impacts you
just like it does in motor sports.
But for the majority ofbusinesses, you know.
These varying conditionscan look like market shifts.
They can look like inflation.
(04:06):
They can look like unexpected expenses,increased tariffs, or even just changes
in government policies in general.
The question becomes, do you invest?
Do you hold off?
Do you go into debt?
How do you generate revenuewithout overextending yourself,
your employees, or your business?
And just like on thetrack, sometimes you have.
(04:29):
To take calculated risks in business.
The saying that you have to spendmoney in order to make money, it
rings true, but more importantly,you need to try and forecast some
of these rainy day situations beforethey're actually here and happening
and putting the pressure on you.
So at least you're like a little bitprepared and not completely shocked
(04:53):
when those rainy day events happenbecause they are going to happen
inevitably at some, some time.
On race day.
Those who hesitate lose positions,let's be frank, and in and in business,
those who stall, lose momentum.
Try to prepare yourself ahead of time asmuch as possible, you know, best middle.
(05:17):
worst case scenarios of what might happen.
It doesn't have to be a 100% mapped outplan, but at least build a solid base
that's going to build your confidenceand allow you to panic a little bit less
in those stressful situations when itis time to make thoughtful decisions.
(05:37):
I love that, and one of the bestways to prepare for both racing and
business uncertainties is to have asolid plan with built-in flexibility.
It's like prepping your crew for aquick tire change in racing or having
multiple marketing strategies in business.
Things like surrounding yourselveswith the right team become extremely
(05:59):
important, whether it's your pit crewor your financial advisors like us.
Having experts around you.
Who can help you analyze situationsquickly and without emotion
is super, super important.
, and we can't ignore that.
Emotional decisions, especially duringhigh pressure moments, can cost you big.
(06:19):
The desire to chase a result withoutclear reasoning can leave you spun out.
So Felicia, we often talkabout shifting our mindset.
How can we keep emotions from takingthe wheel when making decisions?
Ooh, is so hard and like I'mgonna preface that with like,
it's not an overnight change,
(06:41):
No.
These are little shifts thatyou make to your mindset time
and time again that help you.
Become the leader you wanna be.
So one of the first things is preparationand mindset, and we talk with our clients
a lot proactive financial management,building reserve funds, planning for
(07:03):
off season income dips, and making surethat you're spending is intentional.
Things like knowledge is power.
When you have knowledge, you can maximizethe resources that you have at hand.
So if you know what your worst casescenario might look like, because
you forecasted it, right, it's notquite so much of a shock to you.
(07:25):
When and if it does actuallyhappen, it's more familiar.
You've already thought about waysto bounce back from it, and you can
start working on the next steps.
To improve your situation, that initialshock that freezes you, that makes you
go, uh, where the fight or flight kicks inand where the stress takes is over, right?
And where it clouds your judgment.
(07:48):
can hopefully like avoid thatif you've prepared ahead of
time, at least a little bit.
And if you have ideas inyour pocket that you can.
Build on to start custom tailoring asolution because every problem is unique.
Then you can pivot towards resolutionsquicker, which is invaluable.
It's time, right time at theracetrack time in your business.
(08:10):
Like those are things that youcan't really put a value on.
Well, and it's, you know, I playedlots of sports growing up and it's
kind of like you said earlier, it'snot something you just do overnight.
It's, I am practicing this andyou're building muscle memory of how
to plan for things that go wrong.
So it's about staying calm in thechaos, and it's trusting your plan
(08:31):
and it's being ready to adapt.
You can't control the weather on thetrack or in business, but you can control
how you respond to those situations.
Right?
Turn reactive mic job,
turn reactive energy intoproactive strategy instead of
responding to fear or excitement.
(08:51):
Make decisions based on clearmetrics, profit margins, growth
targets, or cash flow projections.
Emotions are part of the process,but they shouldn't drive the process.
Data planning and discipline shouldsupport your decision making.
Yes.
Love it.
So if you are listening and you'rewondering how this applies to your
(09:15):
team or your business, here area couple of takeaways for you.
Build flexibility into your plan.
Don't just plan for your ideal scenario.
Plan for those curve balls.
sure that you stay focusedon data over emotion.
Make decisions based on numbers andstrategy, not your fear of missing
(09:35):
out what your other competitorsare doing in their program.
Be bold and calculated.
The winners are those who make strategicmoves when others hesitate, pause.
Review your plan, consult your team,and make sure that you're responding
with strategy and not impulse.
(09:55):
Racing in the rain isn't easy and neitheris entrepreneurship, but with preparation
and the right team and the willingness totake strategic risks, you can build your
confidence to make impactful decisionswhen you're in uncertain conditions.
That's fantastic.
And I think that wraps up this week'sepisode of Full Throttle Finance.
(10:18):
We wanted to show how the rain inyour business can feel like the
pressure race teams feel on the track.
Our aim is to help you view thoseuncertain moments with a fresh
perspective, and we appreciate youtuning in and taking the steps to
strengthen your financial foundations.
If you found today's insights valuable orfun, be sure to join us again next week.
(10:39):
and if you're interested in learning moreabout the services we provide to clients,
you can visit our cleanbeeconsulting.com.
That's C-L-E-A-N-B-E-E consulting.com.
Be sure to subscribe and join us nextweek as we continue to break down
finances with a motor sport twist.
We'll see you next Friday.