Here’s Why Your Bookkeeper is From Mars and Your Accountant is From Uranus
01/24/23 • 32 min
If you are like most small business owners I work with, you went into business because you are good at what you do – graphic design, hospitality, construction, farming, retailing etc.
You may be one of the 95% of small business owners who discover that although you work like a dog every day, you have little to show for it. You may be feeling isolated because you don’t think there is anyone to discuss or share their greatest fears and challenges with.
Which leads me to one area I’m guessing is definitely harder to grasp than you thought it would be: the management of money.
If you are like most, you never dreamed that the ability to understand how money works would be very important. You thought: “That’s for the accountant (or bookkeeper) to worry about. Sure, the accountant shows me a few reports from time to time, but I don’t see the need to really understand what they mean. If there was a problem, he/she would tell me, wouldn’t they?”
You probably don’t realize that all those numbers - the financial DNA of your business - can tell you a lot more than you thought. They can tell you why you’re suddenly struggling to pay the bills. They can reveal why you’ll have to forego your salary - again - because there just isn’t enough cash.
The financial numbers are the story of your business. The numbers don’t lie. You just need to learn HOW to listen to them and use them to your advantage... which is why today we are going to practice a bit of Financial Foreplay®.
Bio:
Terrell Turner is an experienced Certified Public Accountant (CPA), finance leader, podcast host, speaker and founder of TLTurner consulting firm that is focused on making accounting and finance a little less complicated for business owners and business leaders. You may have already listened to his top rated podcast called “Business Talk Library” – and if you haven’t, I highly recommend it.
He holds a Bachelor’s degree from Lander University and a Master’s in Accountancy from the University of Notre Dame. After years of studying hard he launched his career in Public accounting with one of the Big 4 international accounting firms Ernst & Young, followed by multiple finance leadership roles throughout the US and Brazil with fortune 500 companies like Navistar and General Electric.
In addition to all of the fun of consulting, hosting a podcast and speaking engagements Terrell enjoys spending time with his wife Lola Turner and traveling to enjoy new experiences.
Financial Foreplay® Highlights:
1. Less than 3/10 of all businesses have a grasp on their numbers
2. Business owners always take their personal mindset (whether or not they have adequate savings buffer, spending habits etc.) into their business with them, which explains why most don’t have enough cash
3. Think of your income statement as if it were a major motion picture – you would have lead actors, supporting actors, investors, and critics
4. If you want to make a blockbuster movie (or successful business) should you focus on the supporting actors and critics or your lead actors?
Get in Touch:
· Business Talk Library Site – www.BusinessTalkLibrary
· LinkedIN - www.linkedin.com/in/terrellturner
If you are like most small business owners I work with, you went into business because you are good at what you do – graphic design, hospitality, construction, farming, retailing etc.
You may be one of the 95% of small business owners who discover that although you work like a dog every day, you have little to show for it. You may be feeling isolated because you don’t think there is anyone to discuss or share their greatest fears and challenges with.
Which leads me to one area I’m guessing is definitely harder to grasp than you thought it would be: the management of money.
If you are like most, you never dreamed that the ability to understand how money works would be very important. You thought: “That’s for the accountant (or bookkeeper) to worry about. Sure, the accountant shows me a few reports from time to time, but I don’t see the need to really understand what they mean. If there was a problem, he/she would tell me, wouldn’t they?”
You probably don’t realize that all those numbers - the financial DNA of your business - can tell you a lot more than you thought. They can tell you why you’re suddenly struggling to pay the bills. They can reveal why you’ll have to forego your salary - again - because there just isn’t enough cash.
The financial numbers are the story of your business. The numbers don’t lie. You just need to learn HOW to listen to them and use them to your advantage... which is why today we are going to practice a bit of Financial Foreplay®.
Bio:
Terrell Turner is an experienced Certified Public Accountant (CPA), finance leader, podcast host, speaker and founder of TLTurner consulting firm that is focused on making accounting and finance a little less complicated for business owners and business leaders. You may have already listened to his top rated podcast called “Business Talk Library” – and if you haven’t, I highly recommend it.
He holds a Bachelor’s degree from Lander University and a Master’s in Accountancy from the University of Notre Dame. After years of studying hard he launched his career in Public accounting with one of the Big 4 international accounting firms Ernst & Young, followed by multiple finance leadership roles throughout the US and Brazil with fortune 500 companies like Navistar and General Electric.
In addition to all of the fun of consulting, hosting a podcast and speaking engagements Terrell enjoys spending time with his wife Lola Turner and traveling to enjoy new experiences.
Financial Foreplay® Highlights:
1. Less than 3/10 of all businesses have a grasp on their numbers
2. Business owners always take their personal mindset (whether or not they have adequate savings buffer, spending habits etc.) into their business with them, which explains why most don’t have enough cash
3. Think of your income statement as if it were a major motion picture – you would have lead actors, supporting actors, investors, and critics
4. If you want to make a blockbuster movie (or successful business) should you focus on the supporting actors and critics or your lead actors?
Get in Touch:
· Business Talk Library Site – www.BusinessTalkLibrary
· LinkedIN - www.linkedin.com/in/terrellturner
Previous Episode
Moist... And the "M" Word in Finance That Is Also Downright Uncomfortable to Talk About
Moist. It’s one of those words that produces an intense reaction in people.
The word “moist” can trigger a whole range of powerful and primitive reactions: arousal, disgust, aversion, nervousness, shame, and even... the giggles. This is true for both the person who says it and also for those who have to hear it.
Strangely enough, it’s not the only “m” word in the English language that can activate a potent and primitive response. The only other “m” word that I’ve seen create such a formidable response is of course, the most taboo subject of all... money.
Humans have many different ideas, thoughts and beliefs about money. These limiting beliefs severely curtail your potential because you’re subconscious mind is programmed to automatically deliver results that mirror back who you are and what you believe to be true (regardless of whether it’s real or imagined).
When you boil it down, the discomfort that people experience when the topic of money is broached, really stems from one or two dark places:
1. the fear of judgment
2. the fear of being exploited
Basically for those of you with limited resources, you may worry that others will look down upon you – in terms of your intelligence, work ethic or perhaps just your ability to manage money. And for those of you with plenty of cash, you probably want to hang onto as much of it as possible and not be taken advantage of.
Either way, the frames or limiting beliefs that you are currently using to look at (and define) money, may not be affording you with the best opportunity for success. Today I want to explore (with the help of our guest) how this plays out in real life (and maybe how this might be playing out in your life) as a first step to understanding how you can use different techniques to move past these obstacles to discover more empowering resources and enhanced financial opportunities.
Guest Bio:
Martin Bissett is the founder of the Upward Spiral Partnership in the UK – which specialises in enabling accountants to win higher end clients, create leaders from their ranks and save people from financial ruin. His reason for being is to focus accountants on the profound outcomes that their advisory expertise can create in the lives of their clients. At the same time, he also alerts accountants to the profound difficulties that can arise in the lives of their clients when they choose not to help their clients cure the financial, personal and strategic pain points that are keeping them awake at night.
Financial Foreplay® Highlights:
1. Undercapitalization is just a symptom of the problem – the root cause is lack of self esteem
2. If you want adults who are financially literate in their 30’s, you need to start educating kids about money when they are 9 years old
3. Process may fix financial measures but it will never fix the behavioural issues that led to the poor results in the first place
Get in Contact:
Linkedin - (1) Martin Bissett | LinkedIn
Next Episode
Unlock the Big “O” in Your Sales Process
As a salesperson – and everyone is in sales whether you are selling a product/service, an idea or just yourself – there are few things more exciting than identifying and unlocking the Big “O”. With “O” being of course opportunities - closing deals, making sales, and influencing people to act.
Not only do you put more cash in your wallet or get more people on board to back your idea... you are also building relationships and growing your influence.
However, more often than not, you’ve probably presented an offer and then been left scratching your head because you thought your customer was crazy for saying “no” or worse, insisting on time to “go away and think about it”.
Here’s the thing, when people say no, you miss out on revenue or a chance to get them on board with your idea, opportunity or venture.
You can’t close everyone, nor should you try. Not everyone is your idea customer. However, if you are out there drumming up leads (which is expensive because you have to throw time and money at lead generation), you want to make sure that you have the right sales processes in place to close as many qualified leads as possible... which is why I have asked Joseph Munizaga to join us today on the Financial Foreplay® podcast.
Guest Bio:
Joseph has over 20 years of sales experience, 15 of which has been in the fitness industry at one of the leading fitness corporations in the nation, LA Fitness International. As the Regional Vice President, he was responsible for overseeing 25 locations.
In his most recent role as an Executive Team Leader for the world class sales team for Cardone Training Technologies, Inc for 3 years, he was responsible for the ongoing development, training, and success of all members on the sales team. Joseph personally closed over $15 million in sales per year while performing weekly coaching calls, onsite training for businesses all over the world, selling Grant Cardone's products, event tickets, and services. Joseph is working as a consultant with multiple companies to drive sales.
Financial Foreplay® Highlights:
1. The most successful businesses have all asked the same question – how do I get around this?
2. If you are having troubling closing, then you need to go back to the start and examine your greeting.
3. The biggest mistake you can make is to unleash a fire hose of “telling” on your customer or prospect
4. Your prospects will already be 75% of the way into their purchasing journey by the time they contact you and you must re-engineer your entire sales process to reflect this massive change
5. Joe shared 2 really powerful questions that I recommend you add to your list and start using immediately with your prospects and customers... but you are going to have to listen to the episode to find out what they are. No cheating... you have to listen and I promise you these are two questions I guarantee you aren’t currently asking and have the potential to double your sales
How to Get in Touch:
Email - [email protected]
Linkedin - Joseph Munizaga | LinkedIn
Instagram – joe_munizaga
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