Julia Aquino Serano, Business Owner, Kimberly Marie Bonner discussed on Business Scale Insights

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Welcome to business scale. Insights with Kimberly. Marie bonner. Listen for commentary interviews and information on how to grow your business for all the details. Contact business scale insights network dot com. So empire builders are you ready? Here's Kimberly Marie Bonner. Hello, empire builders and welcome back to another episode of business scale insights, and I have the honor of interviewing Julia Aquino Serano, who has spent twenty years in finance strategy and operations. You don't look at day over eighteen girlfriend. She has her bachelor's degree in finance and an MBA with a specialization in accounting. She also understands how to simplify the complexity of finance so we can utilize the power of our financial information and reports to both manage and build our businesses. I've brought Julia onto the show. I consider her a friend, but I also wanted her to share her expertise with the listening audience because I think financial industry is just a big area for business owners. That's just missing. I, I see it over and over again. It's gonna like groundhog day when I deal with the new client lake their basic pieces of their financial life of their businesses. Financial life that they don't understand. And I don't have an accounting background like you. And so I many times point them to their CPA, but unfortunately, there CPA's not like Julie. I wish I could clone you. So I'm trying to do that through this show. Many CPA's do not know how to teach these concepts or they don't care to teach these concepts. And hopefully you know this show for those who are listening, listen to part one because Julia goes over so many wonderful concepts financial concepts. And then also you can visit our website business Gill insights network dot com for a replay of the show. But before I go any further if people want to take a course from you, if they want to learn from you, they wanna follow you and be just become like, you know, just a follower devoted of Julia. How can they contact you? So I have a few Email addresses. Start with the main, too. So my consulting company all systems grow dot CO gives you formation about the consulting side. And then she defined dot com is my work workshops, retreats and coaching for women in on she defined calm. We actually have a really cool workshop going on right now called the zen of finance in. So if you go to she defined com type in zen, the workshop will come up, and you can take a look and see if it's something that you would enjoy. I highly highly highly encourage anyone who's listening to this broadcast to sign up for that. Although if you're a guy can you sign up for the him? Absolutely. Same everybody same concepts. I have to ask, because I know some guy was a kid, I'd do it to of course. But really I again I love my CPA's out there. But unfortunately, I have. I've not come across that many CPA's that teach their clients. So you're giving an invaluable service to everyone out there. And so, before we started recording, we were talking about this concept and you've talked about it with me. Many times of paying yourself. I if you're an entrepreneur of you're starting your own business paying yourself first. What's that? What's that all about? And why do you believe that so so passionately that that's very important? Sure. So I'm sure many listeners have or may have heard of the lean startup all kinds of books about bootstrapping, and, and we all start, you know, I have three companies we all start with really tight budgets and making sure that we can get the company off the ground. And I totally respect that in bleed that's necessary in an entrepreneurial environment. However, what happens with many entrepreneurs is if they have any money in the. Bank or any ability in the Bank to pay themselves to keep their their life running at some level, they won't pay themselves at all. And so what happens is everyone around them gets a paycheck, and they don't until such time as they quote can. But what happens is they keep hiring and keeping others. Never pay themselves to three years in their burnt out, and they're resentful in their done, or worse. They don't have any money in the Bank, but they can't pay themselves, and they're just so busy, keeping their head above water that they're throwing money out there to do everything that everyone's telling them to do instead of really looking at what paying themselves something even if it's small to begin with, and then utilizing the money that's coming in to obviously move the company forward. But if you don't pay yourself, something at some level, first of all, there's IRS implications. At some point. And you know, but really getting to the point that you value, what you're doing. You're working sixty. Seventy eighty hours a week. It's, it's very, very difficult. If you not get your company to a point that you can pay yourself something. Now, you can grow that something to the point that it makes sense. You don't have to take every penny out of the company, you need to reinvest, but really getting clear on not only what you wanna pay yourself. But then creating your sales plan to make sure that you can pay those around you and yourself create the sales goal from that place. It's so funny because in my experience, I've seen two types of business owners kind of like bipolar business owners on the one hand. They're the people who don't want to touch anything. They don't wanna give Alary. They're just petrified of that for whatever reason, and then the other people who are, greedy, is out. They don't care about really reinvesting in other than themselves and a car, and, you know, have you seen that kind I see it all the time on. Fortunately, and so, you know, you've talked to the, the business owner who doesn't want to take salary. One out of the people who are just like me me me. Me me. Offering. They're pilfering your own company. So neither business owner is going to be probably, I agree. And so you need to sort of meet in the middle. And I think in, in the first show we did talk about people that take everything to all the profit out, right? And that's dangerous. You have to reinvest in the company, so really it's understanding what you wanna get paid within reason what others around you need to get paid to do their jobs. Right. We need to operate the business and scale it. And then really start to decide what that looks like from a budget perspective and build your company that way. Absolutely absolutely. Well, and these issues also go to two concepts that you talk about in your courses being bankable, or is it lendable Lennon's, I'm sorry, Linda ble, and my Mansell. What are those concepts all about? Well, this is this is actually. A great conversation to be. And I'm sure you've run across this where entrepreneurs start making money and they start didn't have a positive bottom line, and then they're like, what I gotta pay taxes. So, so then they're like, well, I don't wanna be types. And so I'm gonna run some more stuff through here. So I don't show a profit. No, no. I I made a profit night. I made some money over here. But I'm gonna show that I didn't make a profit and so I didn't have to pay taxes. Well, guess what? They start growing two three years down the line. They go to a Bank to get financing in the banks. Like, will you never made any money then? No, I did. I did I made money. But I took it all. Now that doesn't work. It doesn't work. So you, you have to really your bottom line, your net income is so important to being lendable or financial and also cash flow. So again, remember, we talked about that net income of one hundred thousand dollars on your profit and loss from on the first show. But yet, you don't have any money in the Bank rate, your cash flows negative, because you're spending it on the balance sheet side, you have to pay attention to that as well, because the Bank doesn't just look at whether or not you have a positive net income rate, I made money, they also want to know that you have cash flow to cover the debt payments, and so you have to pay attention to how, and where you're spending your money and you have to strive to pay taxes. You have to strive to be profitable. So true. So true. Well, people think that they're getting away with it, and I can understand particularly in the early early early stages of a company, you don't want to people want avoid writing big checks. However, you know I've dealt with companies at been have been in existence for ten fifteen years. And, you know, I asked immediately to see I always no, it's not gonna go. Well, when I asked to see the PNL and the if if the business has been in existence for over ten years, and it takes it. I get well. Let

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