In this episode, Ryan is joined by Shannon Weinstein, a CPA with 15 years of experience and host of the podcast, Keep What You Earn, which the IRS isn't fond of.
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Connect with Shannon!
Website - https://www.keepwhatyouearn.com/power-sessions
https://www.fitnancialsolutions.com/
Instagram - https://www.instagram.com/keepwhatyouearn/
https://www.instagram.com/shannonkweinstein/

Shannon has successfully transitioned from her corporate job to running a thriving side hustle while living in Costa Rica.

They discuss how being overly detail-oriented can hinder entrepreneurship, particularly for accountants who tend to be risk-averse.

Understanding financial statements like the P&L and balance sheets is crucial, yet few are proficient in this area. Shannon left her nine-to-five job to focus on her side hustle, stressing that there are plenty of job opportunities; giving oneself six months to commit to a side business is wise.

Shannon and her husband are both entrepreneurs, planning to balance work when they start their family through adoption.

Her consulting business assists founders with strategic decisions, analyzing trends, performance, marketing spending, and cost-efficiency. Shannon takes care of the numbers, allowing clients to focus on their core business.

Shannon recommends that every business establish some form of recurring revenue, emphasizing that founders often desire more time and constraints rather than just increased revenue.

She employs a profit plan, essentially a budget, allocating funds to specific categories tied to goals. Recurring opportunity involves getting a customer to make a second purchase, while recurring revenue comes from subscriptions. Listening to customer demands is crucial for growth.

Entrepreneurs tend to gravitate toward platforms like TikTok, Instagram, and YouTube, while corporate individuals prefer LinkedIn and Twitter. Shannon finds LinkedIn recommendations underutilized.

They discuss tax payment strategies, emphasizing that you have more control over taxes than you might think. The IRS is flexible, and paying extra hoping for a return is not advised.

For fractional CFO services, you can contact Shannon through Fitnancial Solutions at https://www.fitnancialsolutions.com/.