January 15, 2025 • 23 mins
Ever feel like your business systems aren't keeping up with your growth? Many entrepreneurs hit a ceiling not because of their products or market. They plateau because their financial systems can't scale.
In this episode, we reveal 3 critical financial systems. These systems separate 6-figure businesses from 7-figure empires. You'll discover:
- How to structure powerful twice-monthly money meetings that actually save you time
- The exact framework for quarterly deep dives that keep you ahead of problems
- Why semi-annual strategy sessions are crucial for sustainable growth
- Simple ways to get your team aligned with your financial rhythm
🔑 Key Quote: "Even if all you do is become more aware of what's really happening in your business, that's a huge win. You've heard you need time to work ON the business, not just IN the business. What about time to think ABOUT the business?"
You may be starting out or further along. Regardless, this episode reveals financial systems to support your next level. Plus, these systems won't overwhelm you or your team.
Want the agendas we use for our financial meetings? Get them in the Wealth Wisdom Financial Community: https://www.wealthwisdomfp.com/community.Â
Remember: The financial systems that got you to now may hold you back from reaching the next level. Time to upgrade your approach?
Watch on YouTube here: https://youtu.be/tTicmdLhhMM
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Ever wonder why some businesses seem to
grow effortlessly while others hit a
revenue ceiling?Today we're diving into
the financial systems that separate a six
figure business from 7 figure empires.
Stay tuned to learn the three critical
systems you need to implement before
scaling your business
(00:23):
in a world where chaos seems to reign
supreme. Where uncertainty lurks around
every corner and financial markets are
now more unpredictable than ever, there's
one place you can turn to to find clarity
and control. Welcome to the Wealth Wisdom
Financial Podcast. Hey, I'm Brandon.
And I'm Amanda. Join us as we dive deep
(00:45):
in the world of personal and business
finance to assist you in navigating
through the chaos and building the
financial future you deserve. We believe
when conventional financial. thinking
doesn't get you where you want to go. You
need Wealth Wisdom. So if you're ready to
take control of your financial destiny,
tune in to the Wealth Wisdom Financial
(01:07):
Podcast. Because in a chaotic world, your
money shouldn't be. Subscribe now and
never miss an episode.
Welcome back. So last week we talked
about creating a business budget that
actually works. Again, we use that
word budget, but
(01:27):
sometimes having those systems in place,
it really does matter. Yeah, we totally
flipped budget on its head. So if you'd
miss that, go back and listen to that
last episode, but you don't need it for
today. Yeah, we did have a cold, so it
was a little challenging for us to record
that, but it was really fun. This week,
we're building on that foundation to
explore the systems that can help scale
your business to seven figures
(01:49):
and beyond. So here's the truth that
might surprise you. The financial systems
that got you to six figures will actually
hold you back from reaching 7 figures.
Why?Because what works for
managing $500,000 in revenue often
breaks down completely when you're
handling 2 million or more. So
(02:11):
let's break down the three critical
financial systems you need to implement
now before your business outgrows
your current situation. The first one's
my favorite one, so I'll kick it off. The
first one is twice monthly money
meetings. Now, in order to do this, you
have to ensure your bookkeeper is
reconciling the books and doing
(02:32):
allocations. If you're using profit
first, hopefully you are on a set routine
and your bookkeeper's doing that, not you
as a a part of that too. And that should
coincide with your preferred money
meeting times. So that means
you reconcile the entire month's
transactions prior to the 10th of
the month or by the 10th of the current
(02:54):
month. So then you can have your
scheduled non-negotiable 30 minute
meetings every 10th and 25th, just like
Mike Michalowicz suggests in Profit
First. This could be these meetings could
involve you and your bookkeeper, you and
your business partner or your key
personnel, or a mixture of all of the
above. You might include your tax pro as
(03:15):
well, especially at certain times, like
in the fall for year end tax planning or
in February for tax filing and payment
details, right?Like these aren't just
you money meetings. As you grow, you
might include more and more people in
them and all you're gonna do is review
the last period. So if you're doing this
on the 25th, you're reviewing the.
10th through the 25th. If you're doing
(03:36):
this on the 10th, you're reviewing the
25th through the 10th.
What What revenues come in, what upcoming
expenses are about to happen, what
expenses have already happened, all those
kind of things. And this is where you can
do your allocations, make sure you're
making decisions about how to use the
money that you've allocated, going with
the giving every dollar a job that we
(03:56):
talked about last episode. This is when
the thing that we described in the last
episode happens, but alsowith
more, um, thought behind it. You're not
just moving money amount around, you're
thinking about it. You're making sure
you're aligning your money with your
goals like we teach in the STILL Method.
Yeah, I think some of this is, is again,
(04:17):
um, when we were first starting out, you
know, you run around, you do all the
sales, you do everything, and you just
kind of get it done, right?And at this
point, you got to actually have some
systems in place. So what that you
Can help guide other people to to
move this to a 6789 figure
(04:38):
business, right. And so I think it's
really, really important not just to be
in old ways of I'll just get it done,
I'll just do it. But having those
meetings in place and being prepared
so that way your team can help you.
Do what you do best. Yeah. And we're not
talking about two or three hours every,
(04:59):
you know, twice a month, maybe 30
minutes. If your bookkeeper's done a good
job, if your allocation's already done,
things like that, this can be a really
quick check in. Hey, let's remember our
goals. Let's see what's come in and gone
out recently. What do we want to adjust
to make sure things are going better for
until the next time we meet?And then how
do we, you know, what do we need to do to
make that adjustment?Done. Move on. And
(05:20):
that's moving to being a CEO.
Versus just a self-employed. Yeah.
You ready for the second one?So that's
the first one, monthly money meetings.
And then we like to do a quarterly deep
dive. Sorry, it's semi-monthly, twice
monthly. And this is quarterly deep
dives. Once a quarter, we set aside a
longer time, more like 2 to 4 hours. Once
(05:41):
a quarter, we set aside the four and
sometimes we only use two, but better to
have four and not need all of it, right?
And this is where we compare actual
results to projections and goals. We're
doing a deeper dive. We
will also do the quarterly parts of
Profit First at this time, where we give
ourselves quarterly profit distributions
of 50% of the profit account and move our
(06:03):
profit and tax hold into the vault,
like we talked about last time. This is
also if you're not currently at target
allocation percentages, taps, where you
would review and adjust your current
allocation percentages, your caps, and
move them closer to your taps.
at you know one to 3% per quarter until
(06:23):
you hit your target allocation. Or as
your revenue grows, you move from one set
of target allocations to another and you
do that over time in these quarterly
adjustments. Again, one to 3% per
quarter. One of the things we love to do
for this quarterly deep dive is actually
go off site. We love coffee, we go to
coffee shops and we do this quarterly
deep dive there rather than try to fit it
(06:45):
into a busy workday. Yeah. I think it
also goes to, you know, we're
we're in the New Year's time frame of
setting goals, all that kind of stuff
to be able to go back quarterly and look
and say are we moving towards those goals
that we set in January or
whenever we do it in November actually,
(07:07):
but when we set those goals.
Are we on track to get those?
Because again, when they say how you eat
an elephant, one bite at a time. So
taking those quarters, then we can go
back in December when we come to
December and say, oh, look, we already
reached the goals or we are a little
(07:27):
off from that. And so we're able to
already see as opposed to right
in December saying, oh, shoot,
what do we need to do now?Yeah. And so
break it down. And if you're an EOS
person, you love the entrepreneur
operating system with Gina Wickman. You
know, these quarterly rocks are in there
too. This is a great time as you're
(07:48):
reviewing the deeper dive of the finances
to set up those rocks, check in on those
rocks to make sure you reach your goals
over the course of the year. It takes
money often to reach those. And so to
have a good pulse on the money helps with
all of those things. Yep. OK, go hand in
hand. And then this might
be my favorite one now that I actually
think about it a little bit more. The
third system is a
(08:08):
semi-annual strategy session. Those
are where we block a full day twice per
year. Brendan mentioned we do this at the
end of November and then we also do it at
the beginning of July. For those math
nerds out there, you'll notice that's not
exactly six months apart. It doesn't have
to be just semi-annual when it makes
(08:28):
sense for you, right?Beginning of July,
it's kind of a midway through the year.
And then November, it's often that we're
talking about the following year, but we
like to get started in December and
what's happening the following year. And
what you do during these six months
sessions or semi-annual sessions is
assess your financial trends since the
last one. Review your pricing
(08:48):
strategy. Raise your prices at least
annually, if not semi-annually.
Plan for larger expenses that might be
upcoming or investments or reinvestments
that you might be doing. What are some of
the bigger chunks that you need to be
aware of that might be coming or that
you'd like to do, right?Are we going to
hire those kind of things?And then
evaluate your current financial tools and
(09:09):
systems. What's a a tweak we can make to
how we're doing money now that can make a
big impact over the next six months. It's
a really good thing to check in
on and doing little adjustments to
tools, systems, how these things are
working on that semi-annual basis, really
helpful. Also, you might do that expense
challenge or something like that at that
(09:31):
point where you cut certain things that
you're like, oh, I thought this was going
to be great. Why am I still paying for
this thing that I don't use anymore?So
then that helps, well, cut
certain things that you don't need at the
same time as growing. Yeah. And just like
we talked about with the monthly money
meetings, who you include in those
meetings can be a big difference. You
(09:52):
know, your tax bro, two of those. This is
also for the semi-annual times, a good
time to create or follow up with a six
month review with your financial planner.
If you're working with us, you know we do
six month reviews. Maybe whoever you're
working with only does them annually. As
you grow, as your business scales and
expands, you're gonna want those every
six months. So get those set up.
(10:12):
Sometimes we'll do our deep dive and then
we'll have a conversation with our
financial planner after that, right. So
my annual strategy call and they're like,
here's the questions, the things we want
to bring to them to talk through with
them. We'll have those ready because we
just did a nice little analysis
ourselves. OK, Stay tuned. After
commercial break, we're going to go
through some of the common objections to
(10:33):
having all these meetings.
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you, the
(10:53):
team at Wealth Wisdom Financial are ready
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today. And let's discuss your questions
and your financial goals together. Don't
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
(11:14):
www.wealthwisdomfp.com/call.
Now I know what some of you guys are
thinking. I barely have time to look at
my numbers once a month. Let
alone how many?What did you say?
Twice a month, quarterly, and
(11:36):
semi-annual. Yeah. And others might be
wondering, isn't this overkill?Can't
just checking it when there's a
problem be when I should do it?Yeah,
let's address these concerns head on.
First, let's talk about I don't have time
for all these meetings. Now remember, the
twice monthly money meetings only need to
take 30 minutes. Right. Super fast check
(11:58):
in. What do we need to adjust or be
prepared for?And that actually can save
you time by preventing financial fires
that you'd have to put out later if you
didn't know they were coming. You
actually have less problems to deal with
because you're being proactive about this
kind of stuff. Also, this is my
big one, having these set times for
(12:19):
set things. Means you don't think about
all the things all the time. So like, I
have a paperwork day. I don't think about
paperwork other than on paperwork day,
right?And then I get to pile up the
paperwork. I get to come back to it on
that day. I don't have to think about it.
It doesn't eat into every single day of
my life. This is true. This is how we
come to think about it with finances. You
(12:39):
can't overestimate the power of a set
schedule and set brain space that gets
freed up. Not wondering if a bill's paid,
payroll has been run like all the things.
You don't have to keep thinking about
those things cause you know I've checked
in on that already. I'm good, I'm great,
right?And make sure that you have a
bookkeeper that's doing the heavy lifting
before the meeting and you're not
(13:00):
spending any time during this
semi-monthly meeting
updating QuickBooks or Xero or whatever
you might use or even YNAB. You adopted
that from our last episode. Make sure
it's all ready to go. 30 minute check in,
move on. I kind of think about this
in close to like date night, right?
(13:22):
So for us, I remember when we ran
our first business, we were running like
crazy, really, really busy, right?
And and we didn't have time
for date nights. And
so at one point we had a
challenge, right, because business was
hard, life was hard and we
(13:42):
needed. To schedule
date night. Now it seems like it was
pointless, right?Like, what are we doing?
We're just like not talking about work,
not doing any of this. But by putting
that on the calendar, we were able to
make sure that we put what was a
priority first. You know, for us, of
course, as a marriage. But what you
(14:04):
want to make sure of is like your
finances should be a priority. So you
want to make sure that you put that
there. As a priority, not just say
it's a priority, but not really
put it on the calendar. Yeah, great. The
second objection we often hear is my
business isn't big enough for all these
meetings. Like what?Like this seems
pointless. The the cool thing
(14:27):
is, is that we're talking about systems
that are scalable and if you can put
them in, get used to doing them, they
become habitual. While you're small,
you'll grow into them and you'll actually
maybe you can grow faster because you're
actually doing these things. It's way
easier to implement these types of
meetings and checkpoints before you need
(14:47):
them. Because as your business grows, if
you don't have these in there, they're
gonna get crowded out by even more
things, right?So the habits you build now
will support your growth later. And
they'll actually like support your growth
now too, rather than saying, well,
I'll do that when my business is big
enough for it. Yeah. I think again, you
start, it's kind of like the gym. You
(15:08):
start going to the gym and and eventually
you just add extra things, right?Extra
routines. But you need to start going to
the gym. Yeah. And then a
final objection is like, why involve
all these people?I can just handle this
myself, right?Why do I need a bookkeeper,
a tax pro, a financial planner, then
involve them in these meetings, right?Or
(15:30):
even my business partners or key
personnels?Maybe you're a solo
entrepreneur listening to this, and even
if you sit down and do this yourself,
good. But if you can bring more
people in and have those structured
reviews and conversations with a team.
Like 3 minds are better than one, right?
And especially when you know that team
(15:51):
are people that think about money 40
hours or more per week, right?
Bookkeepers, they're always thinking
about money. CPAs, tax pros, they're
always keeping up to date with tax
development, financial planners, right?
Learning about all the laws and
regulations. Those things constantly
change, right?Congress is always updating
this or that. So let your financial
professionals keep you up to date on
what's applicable to you so you can focus
(16:13):
on growing your business and not get
caught by, oh, I didn't know about, you
know, this or that. So these meetings
kind of create that accountability, that
rhythm. You can get updates, you can be
ahead as things change and you're
getting that feedback from others, which
is super critical. If you've got a growth
mindset, you know how important
feedback from others is. And how that
(16:35):
helps you shift from operator to
owner in your mindset too, right?
You you've heard all,
you've heard you need time to work on the
business, not just in the business. But
what about time thinking about the
business?Even if all you do is become
more aware of what's happening, that's a
huge win. Whether it's happening in your
(16:56):
business or the things around your
business that impact your business, like
right, like laws, law and regulation
changes, changes to the tax code, all
those kind of things. Really great to not
just try to handle this yourself, but to
let in those other people and move to
more of that owner mindset. Also
remember the people that you have on the
team knowing where their
(17:18):
specialty lies, right?A
CPA. might not be a
CFP. A CPA is a
certified public accountant, right?
Meaning that they are about the
taxes, whereas a CFP might be
more about financial planning.
A bookkeeper might be more about making
(17:40):
sure your books are good, that you can
read them and all of that, but they may
not be giving you financial.
Big advice because they are bookkeeping.
So knowing those different people and
their roles or hats is
really important. They are not all the
same thing. Yeah, that's a really good
point because bookkeepers,
(18:02):
CPAs, enrolled agents, they're more about
compliance, less about strategy.
Financial planners, well, we have to
think about compliance and staying within
the law. There's a lot more about
strategy and you know, thinking long
range and those kind of things. That's
especially for us as business owners
specific and cash flow management type
people, we want to think about strategy
(18:23):
for expansion. Yep. So
remember these are not these financial
systems we're talking about these
different times to check in on your
money. It's not about creating busy work.
It's about building a foundation for
sustainable growth. So twice
monthly money meetings, quarterly deep
dives, and semi-annual strategy
(18:45):
sessions. And sometimes, let's be
honest, we combine the quarterly deep
dives in the semi-annual strategy
session, right?Because especially that
July one falls at the end of Q2, and so
it's really easy to wrap that into the
semi-annual strategy session. So you
don't have to do all of these as
individual things. You can combine some
of them, right?If you want to do your
quarterly deep dive on the 25th of the
(19:05):
month rather than the 31st, right?Then by
all means. But the critical thing is when
you're doing these meetings, you're not
just managing money, you're not just
moving numbers around. You're creating a
framework for making better business
decisions. These systems give you
clarity. They give you confidence to
scale your business without feeling
overwhelmed by all the financial details.
(19:27):
Right. You're not the one updating all
the line items, right. You get might zoom
in on things. You do need to see the line
items. We're looking at every, every
transaction in your business during these
meetings, right. Plus, as you scale,
you'll have less time to look at
financial details, right, where you you
dive in, not more. And so
that's when you want to have these
systems already in place. They're gonna
(19:48):
form a kind of a protection
from those who could use that your
attentions elsewhere to take advantage of
you. We know as your business grows, it's
gonna become more a target for criminals
and they're gonna come out of the
woodwork and you never know, right?
Everybody has a plan. Everybody has a
plan for your money, right?But and don't
mean to scare you, but do mean to like
(20:08):
let you know, don't make yourself an easy
target. Yeah, by having the systems in
place, having this accountability for
your metrics and bookkeeper, I need these
updated by the end of the month and I'm
actually gonna look at them on the 10th
and 25th. Makes you less of a
target for the bookkeeper that would try
to embezzle money or something like that.
Hopefully none that none of that ever
happens to you, but this is one layer of
(20:30):
protection to make sure it doesn't. So if
you're ready to implement these systems
in your business, we said earlier they
don't have to be complicated to take or
take too much time, right?They have.
We have crucial elements to keep them
fast but effective, and it's a good
agenda for the various checkpoints.
So we're sharing our agendas for each of
(20:52):
these meetings, the money meeting, the
deep dives and the strategy sessions. You
can get those exact agendas that we use
as a premium member of the Wealth Wisdom
financial community just to go visit
wealthwisdomfp.com/community.
You can learn more, get started today. We
could probably sell these agendas for a
couple $100, if not more. I mean, they're
(21:13):
pretty powerful. A lot of the stuff that
we put in the community for me, I
think, man, as much as we put into there.
And as the dashboards, the
playbooks, the things that are there help
you to make, I don't know, robably
hundreds of thousands of dollars, right?
And by just creating the systems in
(21:34):
place that you can just. Cool. And then
use for your own business. It's amazing
the stuff that comes out of your head.
Yeah. So guess what?It's not a couple
$100. You can get all of this and more
for just $97.00 for the year or $9.99 per
month. You just have to
go set up your account at
wealthsystemfp.com/community.
(21:55):
The agendas are already in there waiting
for you. We published them earlier before
this episode came out. So go nab them
and move forward with implementing what
we talked about today. And if you want to
have somebody like us really
in your business, helping you in the
bookkeeping side, helping you really,
(22:16):
um, go deep, go to
wealthwisdomfp.com/ppn.
That's wealthwisdomfp.com/Profit
Planning Network, PPN, and we can
help you actually amplify your business
in all areas. So thanks for
joining us for this podcast episode. Hit
(22:36):
that subscribe button so you don't miss
our next episode. We're going to cover
how to manage cash flow when the
unlikely happens. In the meantime,
live long and profit.
The topics presented in this podcast are
for general information only and not for
the purposes of providing legal,
accounting, or investment advice. On such
(22:56):
matters, please consult a professional
who knows your specific situation.
Ever wonder why some businesses seem to
grow effortlessly while others hit a
revenue ceiling?Today we're diving into
the financial systems that separate a six
figure business from 7 figure empires.
Stay tuned to learn the three critical
systems you need to implement before
scaling your business
(00:23):
in a world where chaos seems to reign
supreme. Where uncertainty lurks around
every corner and financial markets are
now more unpredictable than ever, there's
one place you can turn to to find clarity
and control. Welcome to the Wealth Wisdom
Financial Podcast. Hey, I'm Brandon.
And I'm Amanda. Join us as we dive deep
(00:45):
in the world of personal and business
finance to assist you in navigating
through the chaos and building the
financial future you deserve. We believe
when conventional financial. thinking
doesn't get you where you want to go. You
need Wealth Wisdom. So if you're ready to
take control of your financial destiny,
tune in to the Wealth Wisdom Financial
(01:07):
Podcast. Because in a chaotic world, your
money shouldn't be. Subscribe now and
never miss an episode.
Welcome back. So last week we talked
about creating a business budget that
actually works. Again, we use that
word budget, but
(01:27):
sometimes having those systems in place,
it really does matter. Yeah, we totally
flipped budget on its head. So if you'd
miss that, go back and listen to that
last episode, but you don't need it for
today. Yeah, we did have a cold, so it
was a little challenging for us to record
that, but it was really fun. This week,
we're building on that foundation to
explore the systems that can help scale
your business to seven figures
(01:49):
and beyond. So here's the truth that
might surprise you. The financial systems
that got you to six figures will actually
hold you back from reaching 7 figures.
Why?Because what works for
managing $500,000 in revenue often
breaks down completely when you're
handling 2 million or more. So
(02:11):
let's break down the three critical
financial systems you need to implement
now before your business outgrows
your current situation. The first one's
my favorite one, so I'll kick it off. The
first one is twice monthly money
meetings. Now, in order to do this, you
have to ensure your bookkeeper is
reconciling the books and doing
(02:32):
allocations. If you're using profit
first, hopefully you are on a set routine
and your bookkeeper's doing that, not you
as a a part of that too. And that should
coincide with your preferred money
meeting times. So that means
you reconcile the entire month's
transactions prior to the 10th of
the month or by the 10th of the current
(02:54):
month. So then you can have your
scheduled non-negotiable 30 minute
meetings every 10th and 25th, just like
Mike Michalowicz suggests in Profit
First. This could be these meetings could
involve you and your bookkeeper, you and
your business partner or your key
personnel, or a mixture of all of the
above. You might include your tax pro as
(03:15):
well, especially at certain times, like
in the fall for year end tax planning or
in February for tax filing and payment
details, right?Like these aren't just
you money meetings. As you grow, you
might include more and more people in
them and all you're gonna do is review
the last period. So if you're doing this
on the 25th, you're reviewing the.
10th through the 25th. If you're doing
(03:36):
this on the 10th, you're reviewing the
25th through the 10th.
What What revenues come in, what upcoming
expenses are about to happen, what
expenses have already happened, all those
kind of things. And this is where you can
do your allocations, make sure you're
making decisions about how to use the
money that you've allocated, going with
the giving every dollar a job that we
(03:56):
talked about last episode. This is when
the thing that we described in the last
episode happens, but alsowith
more, um, thought behind it. You're not
just moving money amount around, you're
thinking about it. You're making sure
you're aligning your money with your
goals like we teach in the STILL Method.
Yeah, I think some of this is, is again,
(04:17):
um, when we were first starting out, you
know, you run around, you do all the
sales, you do everything, and you just
kind of get it done, right?And at this
point, you got to actually have some
systems in place. So what that you
Can help guide other people to to
move this to a 6789 figure
(04:38):
business, right. And so I think it's
really, really important not just to be
in old ways of I'll just get it done,
I'll just do it. But having those
meetings in place and being prepared
so that way your team can help you.
Do what you do best. Yeah. And we're not
talking about two or three hours every,
(04:59):
you know, twice a month, maybe 30
minutes. If your bookkeeper's done a good
job, if your allocation's already done,
things like that, this can be a really
quick check in. Hey, let's remember our
goals. Let's see what's come in and gone
out recently. What do we want to adjust
to make sure things are going better for
until the next time we meet?And then how
do we, you know, what do we need to do to
make that adjustment?Done. Move on. And
(05:20):
that's moving to being a CEO.
Versus just a self-employed. Yeah.
You ready for the second one?So that's
the first one, monthly money meetings.
And then we like to do a quarterly deep
dive. Sorry, it's semi-monthly, twice
monthly. And this is quarterly deep
dives. Once a quarter, we set aside a
longer time, more like 2 to 4 hours. Once
(05:41):
a quarter, we set aside the four and
sometimes we only use two, but better to
have four and not need all of it, right?
And this is where we compare actual
results to projections and goals. We're
doing a deeper dive. We
will also do the quarterly parts of
Profit First at this time, where we give
ourselves quarterly profit distributions
of 50% of the profit account and move our
(06:03):
profit and tax hold into the vault,
like we talked about last time. This is
also if you're not currently at target
allocation percentages, taps, where you
would review and adjust your current
allocation percentages, your caps, and
move them closer to your taps.
at you know one to 3% per quarter until
(06:23):
you hit your target allocation. Or as
your revenue grows, you move from one set
of target allocations to another and you
do that over time in these quarterly
adjustments. Again, one to 3% per
quarter. One of the things we love to do
for this quarterly deep dive is actually
go off site. We love coffee, we go to
coffee shops and we do this quarterly
deep dive there rather than try to fit it
(06:45):
into a busy workday. Yeah. I think it
also goes to, you know, we're
we're in the New Year's time frame of
setting goals, all that kind of stuff
to be able to go back quarterly and look
and say are we moving towards those goals
that we set in January or
whenever we do it in November actually,
(07:07):
but when we set those goals.
Are we on track to get those?
Because again, when they say how you eat
an elephant, one bite at a time. So
taking those quarters, then we can go
back in December when we come to
December and say, oh, look, we already
reached the goals or we are a little
(07:27):
off from that. And so we're able to
already see as opposed to right
in December saying, oh, shoot,
what do we need to do now?Yeah. And so
break it down. And if you're an EOS
person, you love the entrepreneur
operating system with Gina Wickman. You
know, these quarterly rocks are in there
too. This is a great time as you're
(07:48):
reviewing the deeper dive of the finances
to set up those rocks, check in on those
rocks to make sure you reach your goals
over the course of the year. It takes
money often to reach those. And so to
have a good pulse on the money helps with
all of those things. Yep. OK, go hand in
hand. And then this might
be my favorite one now that I actually
think about it a little bit more. The
third system is a
(08:08):
semi-annual strategy session. Those
are where we block a full day twice per
year. Brendan mentioned we do this at the
end of November and then we also do it at
the beginning of July. For those math
nerds out there, you'll notice that's not
exactly six months apart. It doesn't have
to be just semi-annual when it makes
(08:28):
sense for you, right?Beginning of July,
it's kind of a midway through the year.
And then November, it's often that we're
talking about the following year, but we
like to get started in December and
what's happening the following year. And
what you do during these six months
sessions or semi-annual sessions is
assess your financial trends since the
last one. Review your pricing
(08:48):
strategy. Raise your prices at least
annually, if not semi-annually.
Plan for larger expenses that might be
upcoming or investments or reinvestments
that you might be doing. What are some of
the bigger chunks that you need to be
aware of that might be coming or that
you'd like to do, right?Are we going to
hire those kind of things?And then
evaluate your current financial tools and
(09:09):
systems. What's a a tweak we can make to
how we're doing money now that can make a
big impact over the next six months. It's
a really good thing to check in
on and doing little adjustments to
tools, systems, how these things are
working on that semi-annual basis, really
helpful. Also, you might do that expense
challenge or something like that at that
(09:31):
point where you cut certain things that
you're like, oh, I thought this was going
to be great. Why am I still paying for
this thing that I don't use anymore?So
then that helps, well, cut
certain things that you don't need at the
same time as growing. Yeah. And just like
we talked about with the monthly money
meetings, who you include in those
meetings can be a big difference. You
(09:52):
know, your tax bro, two of those. This is
also for the semi-annual times, a good
time to create or follow up with a six
month review with your financial planner.
If you're working with us, you know we do
six month reviews. Maybe whoever you're
working with only does them annually. As
you grow, as your business scales and
expands, you're gonna want those every
six months. So get those set up.
(10:12):
Sometimes we'll do our deep dive and then
we'll have a conversation with our
financial planner after that, right. So
my annual strategy call and they're like,
here's the questions, the things we want
to bring to them to talk through with
them. We'll have those ready because we
just did a nice little analysis
ourselves. OK, Stay tuned. After
commercial break, we're going to go
through some of the common objections to
(10:33):
having all these meetings.
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you, the
(10:53):
team at Wealth Wisdom Financial are ready
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today. And let's discuss your questions
and your financial goals together. Don't
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
(11:14):
www.wealthwisdomfp.com/call.
Now I know what some of you guys are
thinking. I barely have time to look at
my numbers once a month. Let
alone how many?What did you say?
Twice a month, quarterly, and
(11:36):
semi-annual. Yeah. And others might be
wondering, isn't this overkill?Can't
just checking it when there's a
problem be when I should do it?Yeah,
let's address these concerns head on.
First, let's talk about I don't have time
for all these meetings. Now remember, the
twice monthly money meetings only need to
take 30 minutes. Right. Super fast check
(11:58):
in. What do we need to adjust or be
prepared for?And that actually can save
you time by preventing financial fires
that you'd have to put out later if you
didn't know they were coming. You
actually have less problems to deal with
because you're being proactive about this
kind of stuff. Also, this is my
big one, having these set times for
(12:19):
set things. Means you don't think about
all the things all the time. So like, I
have a paperwork day. I don't think about
paperwork other than on paperwork day,
right?And then I get to pile up the
paperwork. I get to come back to it on
that day. I don't have to think about it.
It doesn't eat into every single day of
my life. This is true. This is how we
come to think about it with finances. You
(12:39):
can't overestimate the power of a set
schedule and set brain space that gets
freed up. Not wondering if a bill's paid,
payroll has been run like all the things.
You don't have to keep thinking about
those things cause you know I've checked
in on that already. I'm good, I'm great,
right?And make sure that you have a
bookkeeper that's doing the heavy lifting
before the meeting and you're not
(13:00):
spending any time during this
semi-monthly meeting
updating QuickBooks or Xero or whatever
you might use or even YNAB. You adopted
that from our last episode. Make sure
it's all ready to go. 30 minute check in,
move on. I kind of think about this
in close to like date night, right?
(13:22):
So for us, I remember when we ran
our first business, we were running like
crazy, really, really busy, right?
And and we didn't have time
for date nights. And
so at one point we had a
challenge, right, because business was
hard, life was hard and we
(13:42):
needed. To schedule
date night. Now it seems like it was
pointless, right?Like, what are we doing?
We're just like not talking about work,
not doing any of this. But by putting
that on the calendar, we were able to
make sure that we put what was a
priority first. You know, for us, of
course, as a marriage. But what you
(14:04):
want to make sure of is like your
finances should be a priority. So you
want to make sure that you put that
there. As a priority, not just say
it's a priority, but not really
put it on the calendar. Yeah, great. The
second objection we often hear is my
business isn't big enough for all these
meetings. Like what?Like this seems
pointless. The the cool thing
(14:27):
is, is that we're talking about systems
that are scalable and if you can put
them in, get used to doing them, they
become habitual. While you're small,
you'll grow into them and you'll actually
maybe you can grow faster because you're
actually doing these things. It's way
easier to implement these types of
meetings and checkpoints before you need
(14:47):
them. Because as your business grows, if
you don't have these in there, they're
gonna get crowded out by even more
things, right?So the habits you build now
will support your growth later. And
they'll actually like support your growth
now too, rather than saying, well,
I'll do that when my business is big
enough for it. Yeah. I think again, you
start, it's kind of like the gym. You
(15:08):
start going to the gym and and eventually
you just add extra things, right?Extra
routines. But you need to start going to
the gym. Yeah. And then a
final objection is like, why involve
all these people?I can just handle this
myself, right?Why do I need a bookkeeper,
a tax pro, a financial planner, then
involve them in these meetings, right?Or
(15:30):
even my business partners or key
personnels?Maybe you're a solo
entrepreneur listening to this, and even
if you sit down and do this yourself,
good. But if you can bring more
people in and have those structured
reviews and conversations with a team.
Like 3 minds are better than one, right?
And especially when you know that team
(15:51):
are people that think about money 40
hours or more per week, right?
Bookkeepers, they're always thinking
about money. CPAs, tax pros, they're
always keeping up to date with tax
development, financial planners, right?
Learning about all the laws and
regulations. Those things constantly
change, right?Congress is always updating
this or that. So let your financial
professionals keep you up to date on
what's applicable to you so you can focus
(16:13):
on growing your business and not get
caught by, oh, I didn't know about, you
know, this or that. So these meetings
kind of create that accountability, that
rhythm. You can get updates, you can be
ahead as things change and you're
getting that feedback from others, which
is super critical. If you've got a growth
mindset, you know how important
feedback from others is. And how that
(16:35):
helps you shift from operator to
owner in your mindset too, right?
You you've heard all,
you've heard you need time to work on the
business, not just in the business. But
what about time thinking about the
business?Even if all you do is become
more aware of what's happening, that's a
huge win. Whether it's happening in your
(16:56):
business or the things around your
business that impact your business, like
right, like laws, law and regulation
changes, changes to the tax code, all
those kind of things. Really great to not
just try to handle this yourself, but to
let in those other people and move to
more of that owner mindset. Also
remember the people that you have on the
team knowing where their
(17:18):
specialty lies, right?A
CPA. might not be a
CFP. A CPA is a
certified public accountant, right?
Meaning that they are about the
taxes, whereas a CFP might be
more about financial planning.
A bookkeeper might be more about making
(17:40):
sure your books are good, that you can
read them and all of that, but they may
not be giving you financial.
Big advice because they are bookkeeping.
So knowing those different people and
their roles or hats is
really important. They are not all the
same thing. Yeah, that's a really good
point because bookkeepers,
(18:02):
CPAs, enrolled agents, they're more about
compliance, less about strategy.
Financial planners, well, we have to
think about compliance and staying within
the law. There's a lot more about
strategy and you know, thinking long
range and those kind of things. That's
especially for us as business owners
specific and cash flow management type
people, we want to think about strategy
(18:23):
for expansion. Yep. So
remember these are not these financial
systems we're talking about these
different times to check in on your
money. It's not about creating busy work.
It's about building a foundation for
sustainable growth. So twice
monthly money meetings, quarterly deep
dives, and semi-annual strategy
(18:45):
sessions. And sometimes, let's be
honest, we combine the quarterly deep
dives in the semi-annual strategy
session, right?Because especially that
July one falls at the end of Q2, and so
it's really easy to wrap that into the
semi-annual strategy session. So you
don't have to do all of these as
individual things. You can combine some
of them, right?If you want to do your
quarterly deep dive on the 25th of the
(19:05):
month rather than the 31st, right?Then by
all means. But the critical thing is when
you're doing these meetings, you're not
just managing money, you're not just
moving numbers around. You're creating a
framework for making better business
decisions. These systems give you
clarity. They give you confidence to
scale your business without feeling
overwhelmed by all the financial details.
(19:27):
Right. You're not the one updating all
the line items, right. You get might zoom
in on things. You do need to see the line
items. We're looking at every, every
transaction in your business during these
meetings, right. Plus, as you scale,
you'll have less time to look at
financial details, right, where you you
dive in, not more. And so
that's when you want to have these
systems already in place. They're gonna
(19:48):
form a kind of a protection
from those who could use that your
attentions elsewhere to take advantage of
you. We know as your business grows, it's
gonna become more a target for criminals
and they're gonna come out of the
woodwork and you never know, right?
Everybody has a plan. Everybody has a
plan for your money, right?But and don't
mean to scare you, but do mean to like
(20:08):
let you know, don't make yourself an easy
target. Yeah, by having the systems in
place, having this accountability for
your metrics and bookkeeper, I need these
updated by the end of the month and I'm
actually gonna look at them on the 10th
and 25th. Makes you less of a
target for the bookkeeper that would try
to embezzle money or something like that.
Hopefully none that none of that ever
happens to you, but this is one layer of
(20:30):
protection to make sure it doesn't. So if
you're ready to implement these systems
in your business, we said earlier they
don't have to be complicated to take or
take too much time, right?They have.
We have crucial elements to keep them
fast but effective, and it's a good
agenda for the various checkpoints.
So we're sharing our agendas for each of
(20:52):
these meetings, the money meeting, the
deep dives and the strategy sessions. You
can get those exact agendas that we use
as a premium member of the Wealth Wisdom
financial community just to go visit
wealthwisdomfp.com/community.
You can learn more, get started today. We
could probably sell these agendas for a
couple $100, if not more. I mean, they're
(21:13):
pretty powerful. A lot of the stuff that
we put in the community for me, I
think, man, as much as we put into there.
And as the dashboards, the
playbooks, the things that are there help
you to make, I don't know, robably
hundreds of thousands of dollars, right?
And by just creating the systems in
(21:34):
place that you can just. Cool. And then
use for your own business. It's amazing
the stuff that comes out of your head.
Yeah. So guess what?It's not a couple
$100. You can get all of this and more
for just $97.00 for the year or $9.99 per
month. You just have to
go set up your account at
wealthsystemfp.com/community.
(21:55):
The agendas are already in there waiting
for you. We published them earlier before
this episode came out. So go nab them
and move forward with implementing what
we talked about today. And if you want to
have somebody like us really
in your business, helping you in the
bookkeeping side, helping you really,
(22:16):
um, go deep, go to
wealthwisdomfp.com/ppn.
That's wealthwisdomfp.com/Profit
Planning Network, PPN, and we can
help you actually amplify your business
in all areas. So thanks for
joining us for this podcast episode. Hit
(22:36):
that subscribe button so you don't miss
our next episode. We're going to cover
how to manage cash flow when the
unlikely happens. In the meantime,
live long and profit.
The topics presented in this podcast are
for general information only and not for
the purposes of providing legal,
accounting, or investment advice. On such
(22:56):
matters, please consult a professional
who knows your specific situation.
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