In this solo episode, I’m sharing a couple of my biggest mistakes in business and how I’ve handled them. And if you’re curious about offering higher level services (CFO/advisory) to clients, you’ll definitely want to listen to this one.
In this episode you’ll hear:
Programs + resources mentioned:
The Bookkeeping Business Accelerator®
James Wedmore (one of my mentors)
Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me, @ambitiousbookkeeper
For more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:
Visit our website: ambitiousbookkeeper.com
Follow the Blog: ambitiousbookkeeper.com/blog
Connect on Instagram: instagram.com/ambitiousbookkeeper
Connect on LinkedIn: Linkedin.com/in/SerenaShoup
Connect on Facebook: Facebook.com/serenashoupcpa
Follow on Twitter: twitter.com/serenashoupcpa
Thank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to: https://www.ambitiousbookkeeper.com/podcast and leave your review.
Podcast Publishing Tools we use:
In this solo episode, I’m sharing a couple of my biggest mistakes in business and how I’ve handled them. And if you’re curious about offering higher level services (CFO/advisory) to clients, you’ll definitely want to listen to this one.
In this episode you’ll hear:
Programs + resources mentioned:
The Bookkeeping Business Accelerator®
James Wedmore (one of my mentors)
Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me, @ambitiousbookkeeper
For more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:
Visit our website: ambitiousbookkeeper.com
Follow the Blog: ambitiousbookkeeper.com/blog
Connect on Instagram: instagram.com/ambitiousbookkeeper
Connect on LinkedIn: Linkedin.com/in/SerenaShoup
Connect on Facebook: Facebook.com/serenashoupcpa
Follow on Twitter: twitter.com/serenashoupcpa
Thank you for your support of our show. If you haven’t left a review yet it’s super simple. Please go to: https://www.ambitiousbookkeeper.com/podcast and leave your review.
Podcast Publishing Tools we use:
I've made quite a few mistakes in my business, but I've learned a lot from them. And one stands out. Quite a bit in my mind. It was my very first online course purchase.
I was so ready to be making the big bucks, ready to learn exactly how to execute these elusive advisory services and to finally be valued by clients. So I enrolled in a program that promised very profitable engagements. Through offering advisory services. I thought this would be the magic wand to give me the confidence to charge $3,000 or more a month by teaching me how to deliver advisory services. And that was mistake number one.
Unfortunately, or fortunately. It didn't deliver its promise, but I did learn quite a bit from taking this course, like what not to do as a course creator with messaging course production or in sales. The main problem was that the promise of the program was not in alignment with what was actually being taught inside of the program. But I still showed up and got as much as I could out of it. And because of that high ticket price tag. I got a little or a lot desperate to pay off that credit card I charged it to. So I took on my very first CFO engagement from that desperation energy. And ignored some major red flags. That was mistake number two.
So let's pause here for a second. I want to leave you with two key points so far.
Number one, I try to be as clear as possible about our program promises. And that means I am real with you. When I say there is no easy button. Every which way requires work. But I will guide you so that you can avoid some of the mistakes I've made and seen others make.
Number two, one of my mentors, shout out to James Wedmore says you'll either get the results you wanted or the lesson you needed. Let's back that up a little bit and say it again. Say it with me. You'll either get the results you wanted or the lesson that you needed. So, if you've ever felt duped in any way by a course or a purchase in your business or in life for that matter. Take responsibility for the part you played acknowledged the lesson you needed and move forward. No one bite you as responsible for your results or your response.
Where were we? Oh yes. My first CFO engagement full of desperation to pay off that hefty course purchase and get an ROI, I attended my very first BNI meeting. A new chapter was forming in my community and a friend recommended I go. If you know anything about me, I'm not too fond of in-person networking, but I did it anyway. And it really wasn't too bad. One of the other attendees asked what I did. So it was the perfect opportunity to position my new CFO services, so I led with that. It was probably a pretty generic elevator pitch. This was prior to niching into online business and course creators. And I handed the guy, my business card, and then he called me immediately after the meeting to tell me he wanted to work with me. The only caveat was that he was starting a brand new business and it didn't have any revenue yet. Could I work something out with him?
I decided to meet with him in person to chat about his business and goals and what ideas he had in terms of working together and after learning about his new business venture and knowing he'd successfully run a plumbing franchise for decades. I decided it was low risk. So instead of charging $3,000 per month, while he was ramping up, we put a contract in place to share in the revenue for the first two years in business. Meaning I would work for free until he had revenue, but the upside was huge. And by the end of the first year, if it all went to plan. I would be making more than $3,000 per month on average. I put hours and months into getting his accounting system set up meeting multiple times per month, creating a forecast and a revenue model that he was never quite satisfied with. Commission plans and implementing a drop-ship inventory system. A few sales started trickling in and then COVID hit. All of the trade shows, they were planning on being at or canceled, but he was still getting some sales in. So the client was wanting me to take over all of the accounts payable, accounts receivable, and needed more and more support implementing processes for sales orders, purchase orders in general business guidance.
Being the people pleaser that I was, and sometimes still am. I said yes. Even though it wasn't part of the initial engagement letter. But he was starting to get revenue and pay me a little. Not enough for all of that. And then I started feeling like his employee. Ugh. Then I started getting 6:00 AM, phone calls and text messages. Double Ugh. And I decided enough was enough. I was neglecting my other clients and not spending as much time as I wanted with my kids. I had a heart to heart with the client and stepped away from the entire engagement before it ever paid off. I think in the end, in total, I made about $4,000 plus a suite whole home water filtration system for our house. But it paid off in knowledge. Again, radical responsibility for the part that I played. I was able to look back and see all of the wrong turns I made.
Number one, not sticking to my engagement letter scope. Number of meetings, services included, et cetera.
Number two. Answering the first text on a weekend.
Number three. Then a text at 6:00 AM.
Number four. Making endless adjustments and changes to the forecast instead of a limited number of scenarios and the cadence for re forecasting hinted. But I learned. All businesses struggle with the same things and have similar aspirations. Understanding the client's goals is key and creating budgets and forecasts. Startups are more challenging because you have no history to go off of. They also might not be able to pay you not the best client to start out on another hint. Hint.
I knew how to create a budget, no, thanks to that five figure course I took, but my own corporate experience, I just needed to create more of a structure around it. I also learned how to have hard conversations. I learned that increased scope should mean increased fees. And learning a new industry takes you extra time and energy, so tread wisely here. I could go on and on, but what I want you to take away from this part of the story is that.
Number one. Sometimes it's better to walk away from the money if it's stressing you the F out and you're not enjoying the process.
Number two. Mistakes are inevitable. What you make of them is what matters.
Number three. Not every client is a good fit for CFO services with you, even if they want them. So before jumping into offering CFO or advisory, let's make sure you have these few things in place: a willingness to make mistakes and learn from them. Time on your hands to make mistakes and learn. Plus go deep with clients. If you have a full client roster and you're drowning, some extreme changes need to be made to your business model before we can begin offering these services. A willingness to ask deep questions and have hard conversations with your clients. And as a bonus, a niche, because this will be so much more efficient and faster to learn.
If you do. If you have all of these things in place and you're ready to learn from my mistakes, build your advisory skills and put a structure in place for your CFO engagements. Elevate is here for you and ready. If not let's nail those things down together inside of the bookkeeping business accelerator. You can explore more about these programs in the show notes. Or you can go to ambitious bookkeeper.com/elevate or ambitious bookkeeper.com/b B a.
Now, you know, that CFO engagement gone wrong. Well, It wasn't the last I've continued to make some, not as big mistakes and fine tune my process truthfully, it'll probably never be a hundred percent done. Just like any other process in our business. It's always improving. But I'm pretty happy with it. And it works for me in my business. And I want to teach you how you can formulate a process for these services in your business too. And that's all inside of Elevate. In it, I will teach you the foundational skills. You need to be able to start offering advisory services. However, if you're looking for the easy button and to be able to consume a few hours of content and then be an amazing advisor for clients, think again. It does not work that way. Yes, I teach you how to actually analyze financials, what to look for, what's ask clients what reports to give clients. Yes, I gave you a script for giving your clients a financial overview, explaining their numbers, and to show you exactly how I do this with clients on calls and in loom videos. Yes, I walk you through. How to put together a short-term cashflow forecast without any fancy apps. Just good old trusty spreadsheet. Yes, I share how I build a budget and how to have the conversations with clients to get information from them to do so. And yes, I give you a budgeting and forecasting process to carry through and advisory engagement and ideas for packaging these offers in a way that works for you. But what I don't and I cannot do is implement it for you, make the time for you or give you the experience that is all up to you. And you'll likely have to struggle through a few things, learn to ask better questions of your clients and get good at setting expectations with said clients. You'll probably also have to change something in your business to be able to offer these services and make the time for them. But if you're up for the challenge and willing to put in the work to learn and gain experience, as you do this with clients, you're probably ready for Elevate, which you can go through on your own time now it is a self paced course.
The last two times I ran the program. I did it in a live. format with additional support and coaching. But I know not everyone can show up to the two hour calls and prefers a self study model, and we just have not yet scheduled the next live cohort. I don't know when the next one will be at this point. So we decided to package the recorded sessions from a previous cohort into a self-paced version. So some of the conversations and questions that came up are pretty valuable and that is why we left them in, but here's the breakdown of the curriculum.
In the first recording which was week one, we analyze financial statements. In week two, we go over cashflow forecasting. In week three, we go over client meetings and financial overviews. And in week four, we dive hardcore into budgeting and forecasting. You also get access to a bonus master class on how to package and sell advisory services, and a couple other bonus workshops on raising your rates, how to get 20 extra hours in your week. Financial storytelling, and some other little goodies in there.
But let's go over there, prerequisites for enrollment and just one more time.
Number one, you need a solid bookkeeping background. You have to understand debits and credits. And for the most part, how your work can help business owners make better decisions.
Number two, you need experience serving clients. You have to understand some of the pain points clients have and are comfortable meeting with them and delivering the truth with love. Of course.
Number three, you need solid processes in your existing service offerings. You could easily hand off some of your current client work to free up your time to focus on more of the higher level services, which also leads into capacity. You will not have the time to implement and learn and serve clients at this capacity without extra capacity of your own.
So if you fall short in any of these areas, I highly recommend hopping into the bookkeeping business accelerator. First to start to set up a better foundation with your existing clients and business. If you have any questions about which program is right for you? My DMS are always open on Instagram, LinkedIn. Um, I'm also, on Twitter, all the places. So just shoot me a message and we can chat through it. Or you can email me or my team@supportatambitiousbookkeeper.com. Links to everything R in the show notes, and I hope I get to help shortcut. And uh sidestep some of the mistakes that i've made in my programs with you. Talk to You soon.