August 8, 2025 • 27 mins
In this straight-shooting episode of That Will Nevr Work, Maurice Chism sits down with business strategist and systems expert Teresa Wagonseller to break down the five most common challenges that business owners face—and more importantly, how to overcome them.
From scaling struggles and time management traps to team tension and revenue plateaus, Teresa brings clarity to the chaos of entrepreneurship. With her years of experience helping leaders build stronger systems and simplify success, she offers real-world strategies that anyone can apply—starting today.
Whether you're launching your business or leading an established one, this episode will give you practical insight, encouragement, and next steps to get unstuck and keep growing.
🎧 Tap in and start facing your challenges like a CEO.
https://www.linkedin.com/in/higherup-cfo-services/
https://www.higherupcfoservices.com/
From scaling struggles and time management traps to team tension and revenue plateaus, Teresa brings clarity to the chaos of entrepreneurship. With her years of experience helping leaders build stronger systems and simplify success, she offers real-world strategies that anyone can apply—starting today.
Whether you're launching your business or leading an established one, this episode will give you practical insight, encouragement, and next steps to get unstuck and keep growing.
🎧 Tap in and start facing your challenges like a CEO.
https://www.linkedin.com/in/higherup-cfo-services/
https://www.higherupcfoservices.com/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
I thank you very much for tuning in too that
We'll Never Work podcast. So you're not failing, You're just
facing the same challenges that most business owners do. The
difference some push through some of us might fall back
a little bit. Well, today I have Teresa who's going
to show us and share with us how.
Speaker 2 (00:22):
We may be able to push through a little bit.
We'll talk about it right after this.
Speaker 3 (00:28):
Educate, empower Enable Impact. Thank you for tuning in to
That Will Never Work, an award winning podcast where we
share inspiring information and personal experiences related to business and
the entrepreneurial journey from those who are leaders in their
respective field. Now here's your host, author and business coach Maurice.
Speaker 1 (00:55):
So as you well know, if you listen, we welcome
you again and again and again.
Speaker 2 (01:01):
If you want to hear and.
Speaker 1 (01:03):
See Teresa's bio, well guess what you have to go
to our website and find that out right.
Speaker 2 (01:07):
We're gonna get it right to the needed gritty.
Speaker 1 (01:10):
So I think very much for coming on the show,
and so so here's here's my question that I start
off with today. One of the biggest barriers in our
business are the outside forces or maybe hitting patterns that
we're repeating without realizing it is that's something that we
need to be concerned about.
Speaker 4 (01:30):
So, for example, you're talking about so.
Speaker 2 (01:35):
So so so so.
Speaker 1 (01:36):
Sometimes our barriers are we're too consumed with what someone
else is doing or saying or whatever.
Speaker 2 (01:42):
It might be right, you know.
Speaker 1 (01:44):
But sometimes we don't understand our patterns, especially from a
financial perspective. You know, maybe there's some things that we
didn't understand where we were growing up that we kind
of bring that into our business, right, you know, or
we we've called onto some other bad habits along the way.
So are there things that are really true external stuff?
(02:05):
Are there also internal stuff that we have to deal
with as well?
Speaker 4 (02:10):
There's probably both. I would say it's probably a combination
of both. And I will say, you know, the way
people handle their money, make decisions regarding their money, their
businesses often come from how they handle their money on
a personal basis, right, you know, they go hand in hand,
(02:33):
to be honest, like, and the way people think about
money and their finances come from what they know, what
they've learned, you know, growing up, what they've learned or witnessed,
like their family, how their families handled money. Whatever conversations
their family would have about money. You know, some talk
about it, some don't. But often I find people carry
(02:57):
over into their business their money habits that they the
way they handle them in their personal lives. So I think,
and you know, that's something you know, you want you
might want to consider and look at I mean good
or bad? Right, it's just what we know. You know
(03:19):
what you know right?
Speaker 3 (03:21):
Right?
Speaker 4 (03:21):
And then the external the probably the external factors to
that are, yes, you know, you see what everybody else
is doing. And everybody's always consumed with what everybody else
is doing, right, and how they compare. You're always comparing
yourself to other people? Right? And do I know everything
I should know about finances? Am I handling the finances? Right?
Am I even looking at the finances? And I like
(03:46):
to I like to try to give business owners some
new perspectives, new mindsets, is what I like to do.
First of all, it's your business. I think, you know,
do what feels right with you. You. I think there's
a lot of resources out there, you know, look for
credible resources. Don't don't be so consumed with what everybody
(04:11):
else is doing. And if you don't feel like you
know or you're doing it's good of a job with
your finances as you could, look for credible resources. Look
for the people that are that's what they do for
a living, right, they're the experts in that area. Look
for those people. They're there to help you for a reason, right,
(04:32):
So that I mean that would be I like to say,
you know, I came from the corporate world, and corporations,
large corporations. They don't get to be large corporations because
one person did it all themselves, right. They surround themselves.
They have a team of experts you know, on their
team that help that company grow and get to where
(04:53):
they are. So I like to try to challenge you know,
specifically entrepreneurs and small business owners think bigger the big corporations.
Look for those resources. Surround yourself with those resources, those experts.
You will grow faster and get where you're wanting to
go much quicker, with less stress and overwhelm.
Speaker 1 (05:16):
So first of all, I have to say that you've
probably dropped bout another one hundred nuggets and that, right.
Speaker 4 (05:25):
I get excited about you know what I talk about.
Speaker 1 (05:30):
And I'm saying that because there's a thousand ways I
could go with this, but there's one idea that I
think I have because you say something about being credible, right,
you know, talking to people that are incredible, that maybe
have done this and unfortunate. Sometimes when we see social
media posts and people are posting one hundred times a day,
we think they might be credible. But then also the
(05:53):
opportunities that we see of other individuals, who else we
might have in our circle, that we might feel as
we are credible. But how do we know who to
trust and who is actually looking out for us? Because
a lot of times we go into these situations a
little like, hey, all I have is me because you
said surround yourself, right, talk to other people. But sometimes
(06:15):
we pull back. We think we have to be the
only one that handles this. We don't want everybody into
our finances and all those types of things. So how
do we come off of that wall or from behind
that wall and trust people to move us forward.
Speaker 4 (06:30):
That's a great question, you know. The first thing I
will say, a lot of people are I think bad
about They get advice, you know, from people they know,
and it's not always good advice. These are these people,
aren't you know? They may have good intentions, but maybe
they're not the best credible, credible, you know, uh, resources
(06:52):
to get your advice from. And I think I like
to compare to answer your question, so I like to
compare that to a doctor. So a lot, yes, a
lot of people I've learned are hesitant about somebody else
on the outside looking at their financials and trusting them.
(07:13):
For sure, trust has to be earned and built, and
the first step in that is looking for the credible
professional credentials matter, right, and you want to research them.
I think, do some research, you know, get to where
you get look to see if you feel comfortable with them.
(07:37):
And then for example, it's kind of like the same
way you go choose a doctor or physician, right, and
that doctor and physician they're trained to do what they do,
they're the expert at it. I don't consider myself a
doctor by any means. And what I mean by that is,
I don't I go to a doctor. And you know,
(07:59):
sometimes you have to yourself physically or it's uncomfortable, right,
you know it's but you're doing it because you don't
have the expertise to diagnose what's wrong with you. And
somebody who does have that expertise and the credentials to
do it you trust them that they're going to look
(08:19):
and diagnose it properly, diagnose and treat whatever the issue is. Right,
you don't self diagnose and treat your own medical issues.
So the reason I'm bringing that up is why do
people do that with their finances? Why would you not
trust a financial expert to handle your finances? And if
(08:41):
you find somebody credible? What I like to do with
both of my clients, because they do come in brand new.
I have one on one conversations with the average client
probably three or four times before they come in as
a client. I think it's a relationship building trust factor, right.
(09:01):
It takes that time to earn their trust and to
make them feel comfortable. Okay, this person sounds legit, like
they do what they're talking about. I've researched them. They've
obviously helped other people, so but it takes time. It's
a relationship thing before you earn that trust and it's okay,
take the time. Some of my best clients are my
(09:25):
best relationships.
Speaker 1 (09:29):
They are right, and I could attest to that, you know,
because like you said, you're building that trust, you know,
and you start to understand how that person maneuvers through life. Yes,
you know, and now you can understand, hey, I could
best assist you in this way or that you can
still do what you want to do.
Speaker 2 (09:46):
Like you still want to buy that call for every morning, right, but.
Speaker 4 (09:51):
And I show that to I show that to them too,
is you know, like I mean, the first thing I
did with most of my clients my giveaway is a
free financial ASSESSM. But I sometimes I have a couple
of conversations with them first, you know, I ask them
what their challenges are, and I try to help them
with some of their issues, you know, small business owners,
(10:13):
and try to give them some practical you know, insight,
input and build credibility that way right over time, and
then eventually they're like, yes, let's do this. Here's what
I have, Please look at it. Let me know what
you think how you can help me. You know, they
(10:35):
eventually get to that point, and then those are the
best clients to have because you've earned their trust, You've
earned there and they want to work with you and
they want your help.
Speaker 1 (10:46):
So you you asked a question, why would it be
difficult for someone to trust someone that may have put
in ten thousand hours? You know, you know, whether it
is it from school perspective or actual work experience, and
I think I'm gonna speak for my own personal background.
Sometimes when you see it, people mismanage money over you know,
(11:10):
over a period of time. You know, you're not sure
of how you can do that, and then you start
to because you saw that maybe growing up and or
those people that you love around you. And then now
you go into the corporate America side and you live
and check the check and now you make it a
couple more dollars and you're thinking, hey, you know what,
(11:30):
maybe I need to try to manage it. And that's
all I know. And then you turn around you hear
in the news. You know, this person stole this person's
money or whatever it is. You know, all this other
mismanagement in these bigger organizations. So I think sometimes because
of just so much information, we don't really.
Speaker 2 (11:49):
Know how to again be in that vulnerable space.
Speaker 1 (11:55):
Because of that, we don't know who to trust because
of what we saw growing up, and then we see
on the news it's not always easy, and then we
think that big organizations are always taken.
Speaker 2 (12:05):
From us anyway, that's the thought, you know, So how.
Speaker 1 (12:08):
Do we get to that point of just being vulnerable
sometimes we don't want to. We don't want to show
that side of ourselves either.
Speaker 2 (12:16):
Right.
Speaker 4 (12:16):
Well, so, first of all, most of the clients that
I work with, I don't directly handle their money. Okay,
I purposely keep separation there for that. You know that reason.
I have no need to personally be able to have
access to their money, their funds. It's more of an
advisory type service. So if you're willing to let me
(12:41):
take a look under the hood, if you will at
your finances and let me see what's there. What I
can do with my expertise is I can show you
what's working in your business and what's not. There's nothing
to lose from that, right, you don't lose any anything
from that. I can show you red flags. I can
(13:03):
show you some opportunities you might be missing. I can
show you in most cases, I can show them. Look,
I can add I can help you add three hundred
thousand dollars to your bank balance by the end of
the year. And here's how we'll do it. I can
show them that, and then I just give them a
like a trial run. I tell them, look, I don't
(13:25):
do any contracts. There's no annual contracts or any anything
like that. It's a it's a monthly it's a monthly fee.
But I tell them, look, give it a try two
or three months, and if you don't see any improvement,
then you can cancel anytime. There's no yeah, and there's
nothing to lose. So I'm technically not involved hands on,
(13:48):
you know, with their with their cash or their money.
Speaker 1 (13:52):
Wow, I'm gonna tell you, you know, when you said you
gave this statement of hey, give me a try, I
could probably pull out three hundred thousand dollars you know,
out of thin air.
Speaker 2 (14:04):
Technically you're making it.
Speaker 1 (14:05):
But I'll show you where you're losing, right, And sometimes
we can't even fathom that amount of money, especially as
new entrepreneurs, Like how and where you going to do that?
You know, I thinking I'm doing everything about you know
that I possibly can. Can I really get to that
point to me? Excitin how can we have a type
of conversation?
Speaker 4 (14:26):
I love that question and I do get that, you know,
with clients that come and talk to me for the
first time, for sure, And that's the one reason I
do a free financial assessment, because that's the I have
to I have to get in front of them and
show them how I can help them. You know, talking
about it is one thing which doesn't have a lot
of meaning to most business owners. But if I can
(14:49):
get in front of them and show them, you know,
with their numbers, like here's what we're going to do.
There's there's drivers, and I can show them which which
levers the pull if you will, that's going to get
them the biggest impact you know, on their cash and
their bottom line. And if you're focused on cash flow,
it'll take care of everything else in your business.
Speaker 2 (15:08):
Hmmm.
Speaker 4 (15:10):
It's that simple, and I can show them how to
do it.
Speaker 2 (15:12):
Wow, you know.
Speaker 1 (15:14):
And I think those are the type of things that
we don't always know because everyone, you know, we're coming
in because we have a passion for something, right, you know,
we're trying to answer a question. And sometimes even though
we have the bigger picture idea, well, you know, we
want to help somebody and become a millionaire at the
same time, but we.
Speaker 2 (15:34):
Don't always you know, make that happen.
Speaker 1 (15:39):
And I think just what you're offering can make a
word of a difference because sometimes we don't see the
forest for the trees.
Speaker 4 (15:47):
M hm. Well, and it's you know, business owners like
it's you're exactly right. They go into business because they're
passionate about something right, or they're good at what they do,
or they have an awesome product. I mean, you only
need two things to be in business go into business
and stay in business. You need a marketable product or service, and.
Speaker 2 (16:05):
You need cash.
Speaker 4 (16:06):
But you have to have both. And usually the person
that goes into business, they're good at the first one.
They've got a great product or service, but they don't
they don't they're not good at or don't have a
clue on how to manage the cash. And that's that's
what gets businesses in trouble, you know. You hear the statistics,
you know, like fifty percent of all businesses fail by
(16:28):
year five, well eighty percent of those fail because they
run out of money. It's not because they don't it's
not because they don't have a good you know, product
or a good service. And I think that's sad, you know,
And it just goes back to the point of they
went into business because they're good at what they're good at,
or they have something great to sell. They just need
(16:50):
help on the finance side, you know. And I think
people need to get over the mind block of It's
okay if you don't know what you should know about finances,
it's okay to admit that, and it's okay to get help.
It's no different, like I said than before. When you
get ill or sick or something's not right, you know,
(17:12):
you go see a doctor, and you go see a
doctor for a reason because that's what they're good at,
that's their expertise.
Speaker 1 (17:19):
Right, Well, we're going to call you, start calling you
doctor Tweesa because.
Speaker 2 (17:26):
For us today.
Speaker 1 (17:27):
But there's one thing that I have to say in
reference to just my own beginning point of entrepreneurship. You know,
there's one thing I did not consider, which are subscriptions
just something basic, right, you know. So for an example,
for those of us who want to do our flyers
and brochures, we might use Canva. All right, now, we
(17:48):
have a pro subscription and we don't realize how much
money that costs at the end of the year, and.
Speaker 4 (17:53):
They add up because you have more than one subscription,
right right, and after a while it gets unmanageable. Like
I know in my business, you know, I had to
manage all these subscriptions while I have somebody that does
it for me. But still it adds up right.
Speaker 1 (18:07):
Right, yeah, you know, And so sometimes we don't consider
all of those because now, hey, you know what one
is coming out, the fifth one is coming out the
twenty second.
Speaker 4 (18:19):
In a year, right, whether you're using it or not.
That's what gets most people, you know.
Speaker 1 (18:26):
And so now how do you keep track of that,
especially if you think that you're already underwater? So how
or what y'all put in a place in that, even
if I am just starting out by myself for a moment,
how do I kind of get that under wraps real
quick before I come and talk to someone like you.
Speaker 4 (18:42):
You need a cashlow tracker, so what I call it.
A lot of people like you know, most people hate
the word budget and for a reason, so I don't.
I don't preach budgets. I preach forecasts, and they're a
lot more fun to work with. Track your spending, you know,
with a tracker, list everything out that you sign up for,
(19:03):
pay for and track it out and then you can
forecast it out. I have some tools on my website
that will help any any business owner do that. But
that's the best way you have if you can get
it visible in front of you, so you can see
it right that that way you can manage it.
Speaker 1 (19:22):
Yes, you know, and sometimes those are things that we
don't see all the time. You know, we're gonna put
on our credit card or put it in that you know,
business account. Those are things we don't always see. I mean,
even that little five dollar coffee we don't always see.
Speaker 2 (19:35):
We don't track either, mm hmm.
Speaker 4 (19:38):
Right, it's all It all goes back to cash flow.
It's managing cash flow. That's that's why I say, if
you manage cash flow, then you're taking care of everything
in your business.
Speaker 2 (19:47):
Wow.
Speaker 1 (19:48):
Yeah, So so you know, doctor Teresa, I really really
appreciate you coming on show today.
Speaker 4 (19:55):
My kids don't get a kick out of that.
Speaker 2 (19:58):
You know.
Speaker 1 (19:59):
But but you know, because you know, you're referencing all
these free resources that you have, you know, in your website.
Please let everyone know where you can find these resources
and get in touch with you.
Speaker 4 (20:10):
Right of course. Well, I do have like a I
think it's a learning a learning page or I forget
what it's called on the website that has some tools
on it, some information, basic information about managing cash flow.
And it's I'm doing all of this because I'm enjoying,
you know, helping small business owners. I left the corporate
world to come back out and help the small business owners.
(20:34):
I've owned two businesses in my life. This is the
second one, both successful, by the way, and I actually
both of my kids just started. They came back to
work for me the second time. The second time, right,
So I consider that a huge compliment. We you know,
(20:55):
I think there, I have those tools out there. If
itbody wants to get on a call with me, you
can book a call with me online. I talk to
people all the time, and it doesn't have to be
anything formal, just you know, if you want to chat
about your business, if you have some questions about your business,
just in general. I love to talk to small business owners,
(21:16):
new entrepreneurs, you know, about their business.
Speaker 2 (21:18):
Nice. Nice.
Speaker 1 (21:19):
So you know, I congratulate you on your two businesses.
Most importantly, I congratulate you in recruiting your kids. Because
I can't do it to save my.
Speaker 4 (21:26):
Lifereasally running running away.
Speaker 2 (21:29):
Right, I can't do it to save my life. Now.
Speaker 1 (21:35):
My youngest one, my son, he he's starting to come
around a little bit. But my daughter she's like, no, Dad,
I'm I'm offing to win.
Speaker 2 (21:43):
I'm going to go do what I want to do.
That's fine, that's.
Speaker 4 (21:46):
Fine, It is perfectly fine, as long as they're happy, right, right, right, Yes,
that's what matters.
Speaker 2 (21:52):
Right, you know.
Speaker 1 (21:52):
And that's what she wanted to do. That's what she
had gone to school for. So she wants to help
out young people. She's she's in the h juvenile detention
center help as a counselor. So she's helping all these
kids trying to make the right choices and do their
best thing, you know, in life.
Speaker 4 (22:08):
My youngest daughters started out doing that exact same thing,
a degree in psychology and criminal justice. She wanted to
help the young juveniles that were last stop before they
go off to you know, prison or whatever. And and
just by chance, she had to come work for me
on a part time basis to make some extra money
(22:32):
at a client I was working for. And it was
just a dating entry job. But she's she ended up
staying there and just moving up the ranks and at
this corporation, and she loved the accounting side of it,
and so she said, I'm going to go to school
and get an accounting degree. I'm like, okay, And so
now she has an accounting degree, working on her CPA
and working for me.
Speaker 2 (22:52):
That's nice. That's nice.
Speaker 1 (22:53):
I mean my chance, same cond of tract. My daughters,
you know, went to her undergrad is in psychology. Her
graduate degrees and forensic psychology. She's looking to do her
doctorate in clinical psychology.
Speaker 2 (23:06):
So she's trying to, you know, stay in that space.
But you know, we'll see.
Speaker 4 (23:12):
People, you know, you change, right, you know, we all
start out wanting to do something and you know, you
look up, you know, forty years down the road and
you look back and you're like, I'm not anywhere. I
didn't arrive where I thought I was going to, you know,
back then. But it's all a journey, it is. And
I like to say, go do what you want to do,
you know, whatever you're passionate about, because it makes it
(23:35):
so much more enjoyable to get up in the morning
and you know, do what you do.
Speaker 2 (23:41):
And she loves it, I mean she she likes to
see that.
Speaker 1 (23:43):
She comes home and tells us about the stories about
the kids and what they have learned and what they've done.
Speaker 4 (23:48):
My daughter did too.
Speaker 1 (23:49):
Yeah, she's hype, you know, she's really really excited. And
I told her, hey, as long as you you like it,
I love it. You know, that's right, you know, as
long as you're happy, that's right.
Speaker 4 (24:00):
Course, Yes, that's what's important.
Speaker 2 (24:02):
Right, Yes, you know, Plus you get paid for what
you're doing. Why not exactly?
Speaker 4 (24:07):
And that's I think that's the way every job should be,
right right. Think about how wonderful the world would be
if everybody was doing what they enjoyed doing and got
paid for it. Because we're all different, we all have
different talents and skill sets, and you know, it would
be just an ideal world if we could you know,
capitalize on all of those with all the different people,
and everybody's doing what they enjoy and doing, they're happy,
(24:29):
and they're making money right right.
Speaker 2 (24:32):
Wow, you know I appreciate you.
Speaker 1 (24:34):
You know again, See, these are the type of conversations
that people need to have, right, you know, in order
for you to understand where you are financially.
Speaker 2 (24:40):
You know.
Speaker 4 (24:43):
Yeah, I wish for people weren't so afraid to talk
about their finances or you know, to open up and
share things, you know, with other people that have a
little bit more knowledge or experience right in business, Yes,
I mean there's a lot of great mentors and leaders
out there for sure, or that you know, you can
definitely get some good, credible, you know information from right.
Speaker 2 (25:06):
Wow. Wow, Well, I thank you very much for coming
on the show today, Teresa.
Speaker 4 (25:10):
Oh, thank you. I enjoyed it. Very easy to talk.
Speaker 2 (25:13):
To than you.
Speaker 4 (25:14):
Well.
Speaker 2 (25:14):
Well, before I let you go to I got to
ask you would you rather question?
Speaker 4 (25:18):
Oh? Of course?
Speaker 2 (25:19):
Right.
Speaker 1 (25:19):
So so here's the thing with the question. You was
your imagination? No right or wrong? We're not in psychology class, right,
you know, but would you rather choose three doors or a.
Speaker 2 (25:32):
Fork in the road?
Speaker 4 (25:33):
A fork in the road, definitely? And wow, for I'm
always for that, you know, that new road. I want
to go down that new path. I want to see
what's down there. I've been notorious for that my whole life.
I used to live all in the hill country, okay,
And on the weekends what I did for fun was
I would take my jeep out, take the tops off,
(25:56):
and I would There's so many hidden roads out there,
and I would always go and try to find a
new road. I wanted to go see what was down
that road. And I found so many hidden gems out
in the hill country.
Speaker 3 (26:08):
Wow.
Speaker 2 (26:09):
Yeah, So everybody's not that adventurous though.
Speaker 4 (26:12):
I'm adventurous, you know. We only have so much time
on the face of the earth. What are you gonna
do with that?
Speaker 1 (26:18):
You're right, a lot of times some of us are
in a place of scarcity, you know, where we're too
scared to be in that place, or you know, we're living,
we're fuel by fear, whatever it might be. So you know,
you taking your jeep out there. Firstly, my though like, hey,
I'm nervous that my jeep gonna flip over or something crazy,
you know, Oh.
Speaker 4 (26:37):
No, no, no, I would go through I would go
through creeks, you know, out there by myself. Always had
a floaty in the back of my jeep so I
could get out at any point in time when I
found a good spot in the creek or the river whatever, Wow,
and I would get out and go float I mean, yeah.
Speaker 1 (26:54):
Wow, that's nice. And I appreciate that. I mean, that's
a very good insight. I appreciate you sharing that.
Speaker 4 (27:00):
Of course.
Speaker 2 (27:00):
Yeah, that was a great question. That was great. Well,
but thank you very much for coming on the show.
Speaker 4 (27:06):
Oh, thank you, thank you. You will sate it.
Speaker 2 (27:08):
You're welcome, man, good time. I did too. I did too.
Speaker 1 (27:12):
And of course, for all of you that are listening,
if you're out on a raft somewhere and you will
get Teresa's information. All the information will be in a
show notes, so whenever you come off of that and
take off your life jacket, all the information will be
right there. And I thank you very much for listening today,
and I'll talk to you just a little bit later.
Speaker 4 (27:32):
Thanks for listening.
Speaker 3 (27:33):
Follow Maurice Chisholm on social media to stay connected and
check back weekly for new episodes until next time. That
will never work, or will it
I thank you very much for tuning in too that
We'll Never Work podcast. So you're not failing, You're just
facing the same challenges that most business owners do. The
difference some push through some of us might fall back
a little bit. Well, today I have Teresa who's going
to show us and share with us how.
Speaker 2 (00:22):
We may be able to push through a little bit.
We'll talk about it right after this.
Speaker 3 (00:28):
Educate, empower Enable Impact. Thank you for tuning in to
That Will Never Work, an award winning podcast where we
share inspiring information and personal experiences related to business and
the entrepreneurial journey from those who are leaders in their
respective field. Now here's your host, author and business coach Maurice.
Speaker 1 (00:55):
So as you well know, if you listen, we welcome
you again and again and again.
Speaker 2 (01:01):
If you want to hear and.
Speaker 1 (01:03):
See Teresa's bio, well guess what you have to go
to our website and find that out right.
Speaker 2 (01:07):
We're gonna get it right to the needed gritty.
Speaker 1 (01:10):
So I think very much for coming on the show,
and so so here's here's my question that I start
off with today. One of the biggest barriers in our
business are the outside forces or maybe hitting patterns that
we're repeating without realizing it is that's something that we
need to be concerned about.
Speaker 4 (01:30):
So, for example, you're talking about so.
Speaker 2 (01:35):
So so so so.
Speaker 1 (01:36):
Sometimes our barriers are we're too consumed with what someone
else is doing or saying or whatever.
Speaker 2 (01:42):
It might be right, you know.
Speaker 1 (01:44):
But sometimes we don't understand our patterns, especially from a
financial perspective. You know, maybe there's some things that we
didn't understand where we were growing up that we kind
of bring that into our business, right, you know, or
we we've called onto some other bad habits along the way.
So are there things that are really true external stuff?
(02:05):
Are there also internal stuff that we have to deal
with as well?
Speaker 4 (02:10):
There's probably both. I would say it's probably a combination
of both. And I will say, you know, the way
people handle their money, make decisions regarding their money, their
businesses often come from how they handle their money on
a personal basis, right, you know, they go hand in hand,
(02:33):
to be honest, like, and the way people think about
money and their finances come from what they know, what
they've learned, you know, growing up, what they've learned or witnessed,
like their family, how their families handled money. Whatever conversations
their family would have about money. You know, some talk
about it, some don't. But often I find people carry
(02:57):
over into their business their money habits that they the
way they handle them in their personal lives. So I think,
and you know, that's something you know, you want you
might want to consider and look at I mean good
or bad? Right, it's just what we know. You know
(03:19):
what you know right?
Speaker 3 (03:21):
Right?
Speaker 4 (03:21):
And then the external the probably the external factors to
that are, yes, you know, you see what everybody else
is doing. And everybody's always consumed with what everybody else
is doing, right, and how they compare. You're always comparing
yourself to other people? Right? And do I know everything
I should know about finances? Am I handling the finances? Right?
Am I even looking at the finances? And I like
(03:46):
to I like to try to give business owners some
new perspectives, new mindsets, is what I like to do.
First of all, it's your business. I think, you know,
do what feels right with you. You. I think there's
a lot of resources out there, you know, look for
credible resources. Don't don't be so consumed with what everybody
(04:11):
else is doing. And if you don't feel like you
know or you're doing it's good of a job with
your finances as you could, look for credible resources. Look
for the people that are that's what they do for
a living, right, they're the experts in that area. Look
for those people. They're there to help you for a reason, right,
(04:32):
So that I mean that would be I like to say,
you know, I came from the corporate world, and corporations,
large corporations. They don't get to be large corporations because
one person did it all themselves, right. They surround themselves.
They have a team of experts you know, on their
team that help that company grow and get to where
(04:53):
they are. So I like to try to challenge you know,
specifically entrepreneurs and small business owners think bigger the big corporations.
Look for those resources. Surround yourself with those resources, those experts.
You will grow faster and get where you're wanting to
go much quicker, with less stress and overwhelm.
Speaker 1 (05:16):
So first of all, I have to say that you've
probably dropped bout another one hundred nuggets and that, right.
Speaker 4 (05:25):
I get excited about you know what I talk about.
Speaker 1 (05:30):
And I'm saying that because there's a thousand ways I
could go with this, but there's one idea that I
think I have because you say something about being credible, right,
you know, talking to people that are incredible, that maybe
have done this and unfortunate. Sometimes when we see social
media posts and people are posting one hundred times a day,
we think they might be credible. But then also the
(05:53):
opportunities that we see of other individuals, who else we
might have in our circle, that we might feel as
we are credible. But how do we know who to
trust and who is actually looking out for us? Because
a lot of times we go into these situations a
little like, hey, all I have is me because you
said surround yourself, right, talk to other people. But sometimes
(06:15):
we pull back. We think we have to be the
only one that handles this. We don't want everybody into
our finances and all those types of things. So how
do we come off of that wall or from behind
that wall and trust people to move us forward.
Speaker 4 (06:30):
That's a great question, you know. The first thing I
will say, a lot of people are I think bad
about They get advice, you know, from people they know,
and it's not always good advice. These are these people,
aren't you know? They may have good intentions, but maybe
they're not the best credible, credible, you know, uh, resources
(06:52):
to get your advice from. And I think I like
to compare to answer your question, so I like to
compare that to a doctor. So a lot, yes, a
lot of people I've learned are hesitant about somebody else
on the outside looking at their financials and trusting them.
(07:13):
For sure, trust has to be earned and built, and
the first step in that is looking for the credible
professional credentials matter, right, and you want to research them.
I think, do some research, you know, get to where
you get look to see if you feel comfortable with them.
(07:37):
And then for example, it's kind of like the same
way you go choose a doctor or physician, right, and
that doctor and physician they're trained to do what they do,
they're the expert at it. I don't consider myself a
doctor by any means. And what I mean by that is,
I don't I go to a doctor. And you know,
(07:59):
sometimes you have to yourself physically or it's uncomfortable, right,
you know it's but you're doing it because you don't
have the expertise to diagnose what's wrong with you. And
somebody who does have that expertise and the credentials to
do it you trust them that they're going to look
(08:19):
and diagnose it properly, diagnose and treat whatever the issue is. Right,
you don't self diagnose and treat your own medical issues.
So the reason I'm bringing that up is why do
people do that with their finances? Why would you not
trust a financial expert to handle your finances? And if
(08:41):
you find somebody credible? What I like to do with
both of my clients, because they do come in brand new.
I have one on one conversations with the average client
probably three or four times before they come in as
a client. I think it's a relationship building trust factor, right.
(09:01):
It takes that time to earn their trust and to
make them feel comfortable. Okay, this person sounds legit, like
they do what they're talking about. I've researched them. They've
obviously helped other people, so but it takes time. It's
a relationship thing before you earn that trust and it's okay,
take the time. Some of my best clients are my
(09:25):
best relationships.
Speaker 1 (09:29):
They are right, and I could attest to that, you know,
because like you said, you're building that trust, you know,
and you start to understand how that person maneuvers through life. Yes,
you know, and now you can understand, hey, I could
best assist you in this way or that you can
still do what you want to do.
Speaker 2 (09:46):
Like you still want to buy that call for every morning, right, but.
Speaker 4 (09:51):
And I show that to I show that to them too,
is you know, like I mean, the first thing I
did with most of my clients my giveaway is a
free financial ASSESSM. But I sometimes I have a couple
of conversations with them first, you know, I ask them
what their challenges are, and I try to help them
with some of their issues, you know, small business owners,
(10:13):
and try to give them some practical you know, insight,
input and build credibility that way right over time, and
then eventually they're like, yes, let's do this. Here's what
I have, Please look at it. Let me know what
you think how you can help me. You know, they
(10:35):
eventually get to that point, and then those are the
best clients to have because you've earned their trust, You've
earned there and they want to work with you and
they want your help.
Speaker 1 (10:46):
So you you asked a question, why would it be
difficult for someone to trust someone that may have put
in ten thousand hours? You know, you know, whether it
is it from school perspective or actual work experience, and
I think I'm gonna speak for my own personal background.
Sometimes when you see it, people mismanage money over you know,
(11:10):
over a period of time. You know, you're not sure
of how you can do that, and then you start
to because you saw that maybe growing up and or
those people that you love around you. And then now
you go into the corporate America side and you live
and check the check and now you make it a
couple more dollars and you're thinking, hey, you know what,
(11:30):
maybe I need to try to manage it. And that's
all I know. And then you turn around you hear
in the news. You know, this person stole this person's
money or whatever it is. You know, all this other
mismanagement in these bigger organizations. So I think sometimes because
of just so much information, we don't really.
Speaker 2 (11:49):
Know how to again be in that vulnerable space.
Speaker 1 (11:55):
Because of that, we don't know who to trust because
of what we saw growing up, and then we see
on the news it's not always easy, and then we
think that big organizations are always taken.
Speaker 2 (12:05):
From us anyway, that's the thought, you know, So how.
Speaker 1 (12:08):
Do we get to that point of just being vulnerable
sometimes we don't want to. We don't want to show
that side of ourselves either.
Speaker 2 (12:16):
Right.
Speaker 4 (12:16):
Well, so, first of all, most of the clients that
I work with, I don't directly handle their money. Okay,
I purposely keep separation there for that. You know that reason.
I have no need to personally be able to have
access to their money, their funds. It's more of an
advisory type service. So if you're willing to let me
(12:41):
take a look under the hood, if you will at
your finances and let me see what's there. What I
can do with my expertise is I can show you
what's working in your business and what's not. There's nothing
to lose from that, right, you don't lose any anything
from that. I can show you red flags. I can
(13:03):
show you some opportunities you might be missing. I can
show you in most cases, I can show them. Look,
I can add I can help you add three hundred
thousand dollars to your bank balance by the end of
the year. And here's how we'll do it. I can
show them that, and then I just give them a
like a trial run. I tell them, look, I don't
(13:25):
do any contracts. There's no annual contracts or any anything
like that. It's a it's a monthly it's a monthly fee.
But I tell them, look, give it a try two
or three months, and if you don't see any improvement,
then you can cancel anytime. There's no yeah, and there's
nothing to lose. So I'm technically not involved hands on,
(13:48):
you know, with their with their cash or their money.
Speaker 1 (13:52):
Wow, I'm gonna tell you, you know, when you said you
gave this statement of hey, give me a try, I
could probably pull out three hundred thousand dollars you know,
out of thin air.
Speaker 2 (14:04):
Technically you're making it.
Speaker 1 (14:05):
But I'll show you where you're losing, right, And sometimes
we can't even fathom that amount of money, especially as
new entrepreneurs, Like how and where you going to do that?
You know, I thinking I'm doing everything about you know
that I possibly can. Can I really get to that
point to me? Excitin how can we have a type
of conversation?
Speaker 4 (14:26):
I love that question and I do get that, you know,
with clients that come and talk to me for the
first time, for sure, And that's the one reason I
do a free financial assessment, because that's the I have
to I have to get in front of them and
show them how I can help them. You know, talking
about it is one thing which doesn't have a lot
of meaning to most business owners. But if I can
(14:49):
get in front of them and show them, you know,
with their numbers, like here's what we're going to do.
There's there's drivers, and I can show them which which
levers the pull if you will, that's going to get
them the biggest impact you know, on their cash and
their bottom line. And if you're focused on cash flow,
it'll take care of everything else in your business.
Speaker 2 (15:08):
Hmmm.
Speaker 4 (15:10):
It's that simple, and I can show them how to
do it.
Speaker 2 (15:12):
Wow, you know.
Speaker 1 (15:14):
And I think those are the type of things that
we don't always know because everyone, you know, we're coming
in because we have a passion for something, right, you know,
we're trying to answer a question. And sometimes even though
we have the bigger picture idea, well, you know, we
want to help somebody and become a millionaire at the
same time, but we.
Speaker 2 (15:34):
Don't always you know, make that happen.
Speaker 1 (15:39):
And I think just what you're offering can make a
word of a difference because sometimes we don't see the
forest for the trees.
Speaker 4 (15:47):
M hm. Well, and it's you know, business owners like
it's you're exactly right. They go into business because they're
passionate about something right, or they're good at what they do,
or they have an awesome product. I mean, you only
need two things to be in business go into business
and stay in business. You need a marketable product or service, and.
Speaker 2 (16:05):
You need cash.
Speaker 4 (16:06):
But you have to have both. And usually the person
that goes into business, they're good at the first one.
They've got a great product or service, but they don't
they don't they're not good at or don't have a
clue on how to manage the cash. And that's that's
what gets businesses in trouble, you know. You hear the statistics,
you know, like fifty percent of all businesses fail by
(16:28):
year five, well eighty percent of those fail because they
run out of money. It's not because they don't it's
not because they don't have a good you know, product
or a good service. And I think that's sad, you know,
And it just goes back to the point of they
went into business because they're good at what they're good at,
or they have something great to sell. They just need
(16:50):
help on the finance side, you know. And I think
people need to get over the mind block of It's
okay if you don't know what you should know about finances,
it's okay to admit that, and it's okay to get help.
It's no different, like I said than before. When you
get ill or sick or something's not right, you know,
(17:12):
you go see a doctor, and you go see a
doctor for a reason because that's what they're good at,
that's their expertise.
Speaker 1 (17:19):
Right, Well, we're going to call you, start calling you
doctor Tweesa because.
Speaker 2 (17:26):
For us today.
Speaker 1 (17:27):
But there's one thing that I have to say in
reference to just my own beginning point of entrepreneurship. You know,
there's one thing I did not consider, which are subscriptions
just something basic, right, you know. So for an example,
for those of us who want to do our flyers
and brochures, we might use Canva. All right, now, we
(17:48):
have a pro subscription and we don't realize how much
money that costs at the end of the year, and.
Speaker 4 (17:53):
They add up because you have more than one subscription,
right right, and after a while it gets unmanageable. Like
I know in my business, you know, I had to
manage all these subscriptions while I have somebody that does
it for me. But still it adds up right.
Speaker 1 (18:07):
Right, yeah, you know, And so sometimes we don't consider
all of those because now, hey, you know what one
is coming out, the fifth one is coming out the
twenty second.
Speaker 4 (18:19):
In a year, right, whether you're using it or not.
That's what gets most people, you know.
Speaker 1 (18:26):
And so now how do you keep track of that,
especially if you think that you're already underwater? So how
or what y'all put in a place in that, even
if I am just starting out by myself for a moment,
how do I kind of get that under wraps real
quick before I come and talk to someone like you.
Speaker 4 (18:42):
You need a cashlow tracker, so what I call it.
A lot of people like you know, most people hate
the word budget and for a reason, so I don't.
I don't preach budgets. I preach forecasts, and they're a
lot more fun to work with. Track your spending, you know,
with a tracker, list everything out that you sign up for,
(19:03):
pay for and track it out and then you can
forecast it out. I have some tools on my website
that will help any any business owner do that. But
that's the best way you have if you can get
it visible in front of you, so you can see
it right that that way you can manage it.
Speaker 1 (19:22):
Yes, you know, and sometimes those are things that we
don't see all the time. You know, we're gonna put
on our credit card or put it in that you know,
business account. Those are things we don't always see. I mean,
even that little five dollar coffee we don't always see.
Speaker 2 (19:35):
We don't track either, mm hmm.
Speaker 4 (19:38):
Right, it's all It all goes back to cash flow.
It's managing cash flow. That's that's why I say, if
you manage cash flow, then you're taking care of everything
in your business.
Speaker 2 (19:47):
Wow.
Speaker 1 (19:48):
Yeah, So so you know, doctor Teresa, I really really
appreciate you coming on show today.
Speaker 4 (19:55):
My kids don't get a kick out of that.
Speaker 2 (19:58):
You know.
Speaker 1 (19:59):
But but you know, because you know, you're referencing all
these free resources that you have, you know, in your website.
Please let everyone know where you can find these resources
and get in touch with you.
Speaker 4 (20:10):
Right of course. Well, I do have like a I
think it's a learning a learning page or I forget
what it's called on the website that has some tools
on it, some information, basic information about managing cash flow.
And it's I'm doing all of this because I'm enjoying,
you know, helping small business owners. I left the corporate
world to come back out and help the small business owners.
(20:34):
I've owned two businesses in my life. This is the
second one, both successful, by the way, and I actually
both of my kids just started. They came back to
work for me the second time. The second time, right,
So I consider that a huge compliment. We you know,
(20:55):
I think there, I have those tools out there. If
itbody wants to get on a call with me, you
can book a call with me online. I talk to
people all the time, and it doesn't have to be
anything formal, just you know, if you want to chat
about your business, if you have some questions about your business,
just in general. I love to talk to small business owners,
(21:16):
new entrepreneurs, you know, about their business.
Speaker 2 (21:18):
Nice. Nice.
Speaker 1 (21:19):
So you know, I congratulate you on your two businesses.
Most importantly, I congratulate you in recruiting your kids. Because
I can't do it to save my.
Speaker 4 (21:26):
Lifereasally running running away.
Speaker 2 (21:29):
Right, I can't do it to save my life. Now.
Speaker 1 (21:35):
My youngest one, my son, he he's starting to come
around a little bit. But my daughter she's like, no, Dad,
I'm I'm offing to win.
Speaker 2 (21:43):
I'm going to go do what I want to do.
That's fine, that's.
Speaker 4 (21:46):
Fine, It is perfectly fine, as long as they're happy, right, right, right, Yes,
that's what matters.
Speaker 2 (21:52):
Right, you know.
Speaker 1 (21:52):
And that's what she wanted to do. That's what she
had gone to school for. So she wants to help
out young people. She's she's in the h juvenile detention
center help as a counselor. So she's helping all these
kids trying to make the right choices and do their
best thing, you know, in life.
Speaker 4 (22:08):
My youngest daughters started out doing that exact same thing,
a degree in psychology and criminal justice. She wanted to
help the young juveniles that were last stop before they
go off to you know, prison or whatever. And and
just by chance, she had to come work for me
on a part time basis to make some extra money
(22:32):
at a client I was working for. And it was
just a dating entry job. But she's she ended up
staying there and just moving up the ranks and at
this corporation, and she loved the accounting side of it,
and so she said, I'm going to go to school
and get an accounting degree. I'm like, okay, And so
now she has an accounting degree, working on her CPA
and working for me.
Speaker 2 (22:52):
That's nice. That's nice.
Speaker 1 (22:53):
I mean my chance, same cond of tract. My daughters,
you know, went to her undergrad is in psychology. Her
graduate degrees and forensic psychology. She's looking to do her
doctorate in clinical psychology.
Speaker 2 (23:06):
So she's trying to, you know, stay in that space.
But you know, we'll see.
Speaker 4 (23:12):
People, you know, you change, right, you know, we all
start out wanting to do something and you know, you
look up, you know, forty years down the road and
you look back and you're like, I'm not anywhere. I
didn't arrive where I thought I was going to, you know,
back then. But it's all a journey, it is. And
I like to say, go do what you want to do,
you know, whatever you're passionate about, because it makes it
(23:35):
so much more enjoyable to get up in the morning
and you know, do what you do.
Speaker 2 (23:41):
And she loves it, I mean she she likes to
see that.
Speaker 1 (23:43):
She comes home and tells us about the stories about
the kids and what they have learned and what they've done.
Speaker 4 (23:48):
My daughter did too.
Speaker 1 (23:49):
Yeah, she's hype, you know, she's really really excited. And
I told her, hey, as long as you you like it,
I love it. You know, that's right, you know, as
long as you're happy, that's right.
Speaker 4 (24:00):
Course, Yes, that's what's important.
Speaker 2 (24:02):
Right, Yes, you know, Plus you get paid for what
you're doing. Why not exactly?
Speaker 4 (24:07):
And that's I think that's the way every job should be,
right right. Think about how wonderful the world would be
if everybody was doing what they enjoyed doing and got
paid for it. Because we're all different, we all have
different talents and skill sets, and you know, it would
be just an ideal world if we could you know,
capitalize on all of those with all the different people,
and everybody's doing what they enjoy and doing, they're happy,
(24:29):
and they're making money right right.
Speaker 2 (24:32):
Wow, you know I appreciate you.
Speaker 1 (24:34):
You know again, See, these are the type of conversations
that people need to have, right, you know, in order
for you to understand where you are financially.
Speaker 2 (24:40):
You know.
Speaker 4 (24:43):
Yeah, I wish for people weren't so afraid to talk
about their finances or you know, to open up and
share things, you know, with other people that have a
little bit more knowledge or experience right in business, Yes,
I mean there's a lot of great mentors and leaders
out there for sure, or that you know, you can
definitely get some good, credible, you know information from right.
Speaker 2 (25:06):
Wow. Wow, Well, I thank you very much for coming
on the show today, Teresa.
Speaker 4 (25:10):
Oh, thank you. I enjoyed it. Very easy to talk.
Speaker 2 (25:13):
To than you.
Speaker 4 (25:14):
Well.
Speaker 2 (25:14):
Well, before I let you go to I got to
ask you would you rather question?
Speaker 4 (25:18):
Oh? Of course?
Speaker 2 (25:19):
Right.
Speaker 1 (25:19):
So so here's the thing with the question. You was
your imagination? No right or wrong? We're not in psychology class, right,
you know, but would you rather choose three doors or a.
Speaker 2 (25:32):
Fork in the road?
Speaker 4 (25:33):
A fork in the road, definitely? And wow, for I'm
always for that, you know, that new road. I want
to go down that new path. I want to see
what's down there. I've been notorious for that my whole life.
I used to live all in the hill country, okay,
And on the weekends what I did for fun was
I would take my jeep out, take the tops off,
(25:56):
and I would There's so many hidden roads out there,
and I would always go and try to find a
new road. I wanted to go see what was down
that road. And I found so many hidden gems out
in the hill country.
Speaker 3 (26:08):
Wow.
Speaker 2 (26:09):
Yeah, So everybody's not that adventurous though.
Speaker 4 (26:12):
I'm adventurous, you know. We only have so much time
on the face of the earth. What are you gonna
do with that?
Speaker 1 (26:18):
You're right, a lot of times some of us are
in a place of scarcity, you know, where we're too
scared to be in that place, or you know, we're living,
we're fuel by fear, whatever it might be. So you know,
you taking your jeep out there. Firstly, my though like, hey,
I'm nervous that my jeep gonna flip over or something crazy,
you know, Oh.
Speaker 4 (26:37):
No, no, no, I would go through I would go
through creeks, you know, out there by myself. Always had
a floaty in the back of my jeep so I
could get out at any point in time when I
found a good spot in the creek or the river whatever, Wow,
and I would get out and go float I mean, yeah.
Speaker 1 (26:54):
Wow, that's nice. And I appreciate that. I mean, that's
a very good insight. I appreciate you sharing that.
Speaker 4 (27:00):
Of course.
Speaker 2 (27:00):
Yeah, that was a great question. That was great. Well,
but thank you very much for coming on the show.
Speaker 4 (27:06):
Oh, thank you, thank you. You will sate it.
Speaker 2 (27:08):
You're welcome, man, good time. I did too. I did too.
Speaker 1 (27:12):
And of course, for all of you that are listening,
if you're out on a raft somewhere and you will
get Teresa's information. All the information will be in a
show notes, so whenever you come off of that and
take off your life jacket, all the information will be
right there. And I thank you very much for listening today,
and I'll talk to you just a little bit later.
Speaker 4 (27:32):
Thanks for listening.
Speaker 3 (27:33):
Follow Maurice Chisholm on social media to stay connected and
check back weekly for new episodes until next time. That
will never work, or will it
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