In today's episode, Shannon emphasizes the importance of focusing on sustainable growth rather than quick wins. She explains how comparing your progress to others can be detrimental and highlights the velocity at which success can turn into failure if not properly managed. Listeners will learn about building a solid foundation, the dangers of chasing shortcuts, and the necessity of adapting to the ever-changing business environment. Additionally, Shannon introduces a special five-day financial mindset refresh delivered straight to your email, designed to help recalibrate your approach to money. Tune in and learn how to transform your mindset and strategy for lasting business success!
What you'll hear in this episode:
04:56 Avoid shortcuts, invest in sustainable tools instead.
08:06 Set focused goals, listen, adapt, and deliver.
If you like this episode, check out:
How to Set Goals and KPIs
Why You Should Tell Your Kids to Study Accounting
How You Know You Need a CFO
Want to learn more so you can earn more?
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
(upbeat music) - Welcome to Keep What You Earned, your judgment and jargon-free zone for entrepreneurs of all levels. Get ready to learn how to scale your business, save money in taxes, and create a business that grows your wealth. If it feels like the financial side of business is like eating your vegetables, well, then think of this podcast as the ranch dressing to make the process a little more enjoyable. My name is Shannon Weinstein. I'm a CPA and business owner on a mission to simplify money and empower others through knowledge. I hope this episode inspires you to take action, but remember that the information we share is for educational purposes only, and is not individual tax advice. Now that we got that out of the way, let's start the show. (upbeat music) I don't know if you've experienced this in your business, but one thing that I noticed early on in my business, especially being surrounded by mentors and in mastermind groups and in business coaching communities, was that a lot of folks seem to move at different paces. And it was normal. It was completely normal. And I know that comparison is the thief of joy, and we shouldn't compare ourselves to one another, but even without comparing ourselves to other people's progress, you can't help but notice the environment around you, the circumstances around you, and the pace that people are moving at. And that can pull you and influence you to move at that pace. Like I've realized that when I surround myself with people who are high achieving, people who are moving at a high velocity of success, I tend to find that motivation. It's similar to being around people who are into fitness or people who are after certain goals in life, you tend to kind of absorb a lot of their mentality, hanging out with them. Not to mention you partake in activities that they do, and you start developing the same habits. It's human nature. But here's what I'm getting at. You can't help but notice the people around you and their accomplishments and what they're doing. And one of the reasons why I mentioned that is because I was reflecting lately on whether I was really comparing myself to other people in different coaching communities and masterminds. I think I was comparing myself but not in a demeaning way for myself. It was more so noticing the pace that other people were moving at and acknowledging that I wasn't moving as fast. I think I was also at peace though with not moving as fast. And I realized I kind of had this like tortoise in the hair mindset where I was like, I'm moving right at the right pace I'm supposed to and it's okay. And I wasn't necessarily jealous of the people who got there faster. But I definitely was asking questions like, "Oh my God, what are they doing?" That they accomplished a seven figure a year so fast or they accomplished a seven figure month or a six figure month so fast. Like the first, second, third year in their business. And I'm here five years deep into my business. And the pace at which I've grown to hit the levels of people next to me in these groups, it has been a slower pace. But here's what I've noticed. And this is why it's so, so, so important for you to hear this if you're starting a business or even if you're in it, you're in the muck and you're like, I'm trying to grow, but like, God damn, I can't do it as fast as the people around me. And I don't understand why. Like, why is, do I feel like the e-brake is being pulled on me? Listen, it's supposed to happen that way. And that's exactly where you're supposed to be. Number one, not to be cliche, but number one, that's true. Number two is, here's the thing. The velocity at which you achieve that success is also the velocity at which you could lose it. And I've noticed this, that a lot of people surrounding me, now I was in a lot of coaching communities coming up in my business and various businesses, not just accounting firms, not just CFO practices, but like various businesses that were coming up and I was kind of learning the ropes of building an online business. A lot of folks who are in those programs and a lot of folks that I met along the way have developed businesses, achieved phenomenal success, but also had a huge falling. And I was reflecting on, what is it, Warren Buffett says? You never know who's swimming naked until the tide runs out. It's a very interesting quote. I'm probably paraphrasing it, but I think it's brilliant because you never really know the foundation someone has for the success that they have and how much building they've done to ensure that they can keep it. And in the nature of this show, keep what you earn, I just want to focus on the keep part and focus on the fact that a lot of people are teaching you how to earn money, a lot of people are teaching you how to do it faster, a lot of people are trying to sell you the cheat codes, they're trying to sell you the shortcuts. And at the end of the day, none of them truly are sustainable. And if you're looking for that quick hit, you're looking for that quick little burst, some things might work for you, you might strike, you might pull that handle of the slot machine and head to jackpot. But at the end of the day, your time is so much better spent investing in the tools, the systems, the processes, the habits that are going to enable your longevity. There are people that I've worked with, there are people that I know through different communities and such that I was not jealous of, but I noticed their ascent into success. And I was like, damn, good for them, right? Good for them, good for him, good for her. And there were some thoughts of why not me, but there were also thoughts of what are they doing differently? What could I learn from them, which I think is a good way to look at it? And then as I realized and got to know these people or started to watch their journey, I realized that they had a burst of success. And then the problem was that they didn't know how to sustain it, they didn't know how to make it last, they didn't know how to pivot and adapt because they found success doing one thing, and they just kept doing more of that one thing, ignoring the data to the contrary, ignoring the tide coming in the other direction. So instead of steering the ship to go along with the tide, they fought the tide. And they weren't noticing that. And I've seen so many people kind of end up on this journey where they find themselves fighting against customer demand, fighting against the market. And it's unfortunate, but it's really important to understand and to notice when these changes are happening. And it's important to notice, you know, and to not, I should say, not let ego get in the way of you noticing those things, 'cause I feel like they're blinded by ego. I feel like they're blinded by the fact that, well, I've done it this way, I've accomplished success, therefore I know what I'm doing, therefore I know best, and I don't have to listen to you, right? That's where the ego starts talking. And then they accomplish this success, they think they know what they're doing, they drown everybody else out, and then here we are, a few years later, and they're not able to sustain their business, they have to pivot, they have to go look for other work, et cetera, and that doesn't mean they failed by any stretch, that doesn't mean they failed. But it means that you have to, if your mission is to have longevity in your business, if your mission is to grow and thrive, then really what you need to be doing is growing at the pace and focusing on the right things that matter to your business and to your goals and turn the blinders on, stop paying attention to other people, and just focus on what your goals are. And that's kind of what I did early on. I said, my goal is to quit my full-time job. And then when I did that, my goal was to make enough money to hire a really good team. And that's basically been my goal ever since, along with a few other goals along the way of accomplishing certain things, serving certain number of clients, making a certain amount of money, et cetera. But one thing at a time, don't bite off more than you can chew, and just understand that conditions are temporary. And if you find a business model and offer a price point, a market that works, you can exploit it to some extent, but just understand that this is ever-changing, that things change constantly. And it's gonna become super important for you to listen around you, not just be turning out, drowning everybody else out with those headphones. And it's gonna be important for you to listen to what the market's telling you, listen to what's going on, stay on top of things, stay connected, stay in your network, stay listening to what other people are asking for, even if they're not your ideal client right now, and pay attention to what's going on so that you can adapt and you can shift your messaging. And potentially shift your offer. When you get into business, your full-time job is business owner. It's not coach, consultant, accountant, hair stylist, makeup artist, esthetician, personal trainer, handyman, whatever that is. Your full-time job is business owner. And it's up to you to understand that things will shift, technology will change, the markets will change, the economy will change, the environment will change. And you need to be able to thrive in all of them in order to succeed. And it sounds like a lot of pressure, and it sounds like a lot. I promise you, when you really build up that muscle, when you put those reps in to adapt and to be nimble, you will be unstoppable. And that's the formula that you need in order to have true business longevity. (upbeat music) Okay, real talk. Our business can really mess with our emotions and our mindset, am I right? One day we feel like we're unstoppable, like we could run through a wall, and then the next we wanna burn it all down and start from scratch. Hey, I'm with you. A lot of this has to do with how we approach our money. And if you need a quick jolt of mindset habits for the next five days to help you reboot and recalibrate, check out my five-day financial mindset refresh, delivered straight to your email. Click the link in the show notes to sign up right now. (upbeat music) (upbeat music) Thank you so much for listening. If you enjoyed this episode, please leave a rating and review on your podcast platform. This small action goes a long way for podcasters to get our message heard by more business owners, just like you. Be sure to check out the show notes for links to information about our guests and ways to get in touch with me. We'll see you on the next episode. (upbeat music) (upbeat music)
