Evolved Finance

When there is an aspect of our business that we don’t understand, we tell ourselves it’s because the subject matter is too confusing or too complicated. While there definitely are areas of expertise like computer programming or law that take a lot of specialized knowledge to understand fully, we can easily outsource this type of work to experts. But when it comes to things like finance, most entrepreneurs overthink and over complicate it because they lack a basic foundational understanding of the role finance plays in their businesses.  Is that because finance is complicated? Nope. It’s just difficult to find financial information that’s specifically applicable to online business owners.  So when an online business is struggling with something like profitability, it’s easy to get overwhelmed about what to do. You might even think that you aren’t capable of fixing the problem yourself. Luckily, the reason that any business struggles to stay profitable only comes down to two very simple factors.  So for this ep

Here are the top two things MOST entrepreneurs love to spend time doing: 1. Marketing 2. Creating products and offers Here are the top two things MOST entrepreneurs hate doing: 1. Dealing with their finances 2. Documenting internal processes We know as well as anyone how much entrepreneurs love to avoid their finances, but when our clients start working with us, they realize they can actually feel empowered when it comes to their money. It turns out Dean Soto from Pro Sulum has the same experience with his clients but with process documentation. I invited Dean onto the podcast because I had never heard of a virtual assistant agency that only focuses on helping business owners to create SOPs (standard operating procedures). It’s a truly genius idea for a service because SOPs are ABSOLUTELY CRUCIAL for creating a scalable and sustainable business. So for this episode, I talked with Dean about: How he created his businesses Why he focused on SOP creation as a service Why SOPs are so important for all busin

Part of being a successful online business owner is knowing who you need on your team and what they should be responsible for. Hiring people to manage functions like social media, copywriting, customer service, and graphic design is straight forward: you figure out what job needs to be done and pay someone to do it. But who should be involved in your finances? In my experience, there are four key roles that every online business should have covered, and one role many business owners think they need but probably don’t. That’s why in today’s episode, we discuss: The role of a bookkeeper and their core responsibilities The role of an accountant and their core responsibilities The financial role an operations/business manager should play in your business When you need to talk to a financial advisor as your business starts to create wealth for you The one financial role we think is rarely needed in an online business Why organized and accurate financial data is the key ingredient for a successful finan

Let’s face it…we don’t really know what the next 6 months are going to look like. Honestly, I’m still trying to wrap my head around what has just happened these last 6 months. Surprisingly, we have actually seen the online businesses we work with thrive this year as more people are spending larger amounts of time on the internet. But can we expect this COVID bump to last? I honestly don’t know. That’s why for this episode, we discuss: The inherent risks of running an online business in the US during the next 6 months How to be smart with any bumps in revenue you’ve received these last 2-3 months Why holding onto extra cash in your business could be the most important factor in getting through another potential economic downturn Understanding the balance between keeping money in your business and investing your extra profit The importance of forecasting so you can be prepared for the unknown Why bookkeeping and financial tracking are more crucial than ever

Over the last couple years, the books “Rocket Fuel” and “Traction” have become popular reads for many online entrepreneurs. Both Corey and I loved “Traction” and incorporated several of the principles from the books into our own business. One concept that has become extremely popular is the two roles you need in a successful business: the “visionary” and the “integrator.” Naturally, every business owner tends to see themselves as the visionary. They believe the next step for their business is to hire a high-level integrator to support and manage their daily operations. The problem is that many of the online business owners I’ve talked to over the course of my 6-year career in the online space don’t fully embrace their role as the visionary CEO they want to be and the responsibility that comes with that. That’s why in this episode, we discuss: Why being the visionary means taking full responsibility for all aspects of your business Why many entrepreneurs are looking for a boss instead of becoming the boss

Successfully selling your products and/or services is how you generate revenue for your business. Understanding and managing the costs associated with selling to your customers is how you make a profit. And when I say cost, I mean from both a financial and time standpoint.  Luckily, online entrepreneurs have a multitude of ways they can generate leads for their businesses, but these options all have different costs (in both money and time) associated with them. That’s why for this episode, we discuss: The most popular marketing channels we see our clients investing in Some of the more time-intensive marketing strategies that can really lower the cost of acquiring new customers if successful The pros and cons of advertising, SEO, content marketing, social media, public speaking, networking, and affiliate marketing Why a clear financial picture of your business is essential for ANY marketing strategy

There are a lot of great business educators out there helping entrepreneurs to master the different aspects of their businesses. In fact, many of our clients are those educators. And we know exactly how great they are at what they do because we see their numbers. But as important as it is to lock down your Instagram strategy, hone your copywriting skills, or up-level your webinar presentations, there is still the “un-sexy” part of running your business that most business coaches just don’t talk about.  Operations. As we talked about a couple of episodes ago, smart and efficient internal operations are what can take a business from “ok” profitability to outrageous profitability. That’s because as a business grows, simply getting stuff done isn’t enough to keep a business healthy. Getting stuff done efficiently and strategically becomes just as important as your ability to drive revenue and make sales.  And nobody understands this better than Natalie Gingrich, founder of The Ops Authority. During my conversati

When COVID-19 started to hit in full force in early to mid-March of this year, I had a wave of panic wash over me. I found myself thinking… “Will our client’s businesses get through this shutdown?” “Will our clients have customers who can still afford their products?” “Will Evolved Finance have to prepare to downsize?” Luckily, those doubts didn’t last long. Corey and I had always speculated that online businesses would be particularly recession-proof (at least compared to other businesses), and we are so happy to see that hypothesis has proven to be mostly correct. Although we have seen some of our clients’ businesses struggle over the last 3 months ( a couple fell apart after only a month), most of our clients have quickly stabilized, with many of them even thriving during these tumultuous times. This roller coaster we’ve been on as business owners over the last 3 months has made me think a lot about not just the “pros” of operating in the online space, but also made me aware of the “cons” that I think we h

At its core, bookkeeping is about keeping score in your business.  The financial reporting that a bookkeeper puts together for their clients is the scoreboard that shows if a business is doing the right things from both a sales and operations perspective to keep it profitable and thriving. But what if things aren’t looking as good as you want them to on your financial reports? You have two options: make more sales or cut back on expenses. For smaller online businesses, it truly can be this simple. For larger businesses, you need a deeper understanding of your internal operations in order to have the relationship between your revenue and expenses make sense (aka, generate healthy profits). That is why in today’s episode, we discuss: Why our clients are surprised when their financial questions turn into conversations about product strategy and operations. Why the bigger your business becomes, the more important it is to have clean and efficient internal operations Why streamlined product offerings make yo

As I write this scheduled email, it’s June 3rd, 2020. It’s the day after #blackouttuesday. Doing a podcast about business right now does not feel right. Staying silent about the current situation in America doesn’t feel right either. That’s why for this episode, we at Evolved Finance acknowledge the struggles of our fellow black Americans and reaffirm our commitment to being a company that welcomes diversity and inclusion in an effort to fight systematic racism. We are working to be better, and we hope all our fellow white entrepreneurs are working to do the same. We’re listening.

Before I joined forces with Corey at Evolved Finance back in late 2014, I had spent the last 5 years at adidas, specifically working in the golf division. adidas is a company with an extremely recognizable and powerful brand. Likely one of the most recognizable brands in the world. Although I tried to resist drinking the Kool-Aid, the power of the adidas brand has me likely wearing adidas shoes for the rest of my life (I wasn’t a Nike guy, to begin with, anyway). But shaping a brand like adidas is dramatically different than shaping a brand for a small online business, isn’t it? That’s where our latest podcast guest, Michelle Garside, shines some light for us. During my conversation with Michelle, we discuss: How Michelle took her years of experience working on brand strategies for massive corporations and channeled it into supporting small online businesses What is a “brand” and what makes a “brand” successful? What does a small business owner need to be aware of when it comes to their brand? What ar

Nobody starts their online business because they’re excited about getting deep into the weeds of their finances. Entrepreneurs want to build their audiences and them into customers. And to be fair, is there anything better than making money by helping people with something you are really good at helping them with? Unfortunately, your online business isn’t just about sales, marketing, and customer service. It’s also about tracking and managing your money. That’s where bookkeeping comes in. For most online entrepreneurs, bookkeeping is one area of their business that they probably know the least about (no shame if you feel the same way). That’s why for this episode, we discuss: The role of bookkeeping in an online business Why you should NOT have your accountant managing your bookkeeping if you can help it How proper bookkeeping can help your business stay profitable and healthy How to know when you’re ready to hire a bookkeeper Why it’s crucial for your bookkeeper to understand your business model

Money has got to be one of the most interesting inventions humanity has ever created. It is a core component of every civilized society and the driving force behind every economy in existence. However, if money is such a fundamental piece of the systems that we all live in, why do we each prioritize money differently? Evolved Finance spends all day organizing, tracking, and analyzing money for our clients, so it should be no surprise that I think about money a lot. Without money, Corey and I would not have a business. But despite the important role money plays in my life as an American citizen, and the role it plays in my business/career, I would say it is NOT my top priority. And I don’t think it should be yours, either. But I also don’t think it’s a good idea to put it at the bottom of the list. That’s why in this episode, we discuss: Why you need to be clear about the priority money has in your life Why it’s especially important for entrepreneurs to build a healthy relationship with money Why ignorin

Thanks to everyone who attended our free Know Your Numbers Now workshop last week. One of the big themes that came up time and time again was profitability. If you’ve been listening to this podcast for a while, then that shouldn’t come as a surprise. When entrepreneurs think about profitability, they usually think it’s all about cutting expenses or even creating more revenue streams. But it’s not that simple. Streamlining your operations and simplifying your offers can have a major impact on profitability. That is why in this episode, we discuss: What product synergy really means Why keeping your offers simple in the early stages of your business can greatly benefit your profitability Why operational complexity is the enemy of online businesses Why not all six-figure online businesses are created equal How focus and intention can support you on your path to better product synergy Why proper financial tracking is your scorecard for keeping your business’s complexity in check

I genuinely believe that the first step to addressing any negative feelings you have about money as a business owner is to look at your financial situation head-on. Without looking at data and hearing feedback, you will never have a real understanding of your actual financial situation. That being said, I cannot deny the fact that despite all we do for our clients to make them feel financially empowered, there is a psychological and emotional component to how they relate to money that can stop them from making progress with their finances and their businesses. That’s why I was so excited to talk with Wei Houng, money mindset expert and founder of The Six Figure Academy.  During our discussion, Wei shared: How his early family life set the stage for his relationship with money in a negative way and how he overcame those negative associations How defining moments in our lives create our relationship with money Why money is more taboo than sex How a poor money mindset can sabotage your business and your

509…that’s the number of online entrepreneurs who have reached out to us about our bookkeeping services. Across all of these email conversations and discovery calls, there is one big theme that keeps coming up. These entrepreneurs feel shame, guilt, frustration, or stress over how they manage their finances. It doesn’t matter if they have been managing their books themselves or if they’ve been using a bookkeeper—they still don’t feel like they have a grip on their numbers. Why do so many online business owners feel uncomfortable about their finances? Why is money such a vulnerability and weak point for these businesses? In this episode, we’ll be discussing: The root cause of the negative emotions entrepreneurs feel about their finances Why most bookkeepers (and even accountants) aren’t able to alleviate these feelings for their online business clients How you can have a more positive and productive relationship with your numbers Why online businesses don’t need to overcomplicate their numbers Why yo

Online entrepreneurs of all sizes love to complicate their businesses—why? Because they think it’s supposed to get more complicated, more sophisticated, more like a big corporation over time. After years of watching successful online businesses thrive, we’ve come to realize that simplifying and streamlining is the real path to building a business that operates smoothly and builds wealth for the owner over the long run. A foundational piece of this is having real clarity around your business model. That’s why for this episode, we discuss: The most common online business models we see and how they work Why your product or service offering plays a huge role in your business model How a clear and defined business model can generate more profit and create a smoother running business Why it’s ok to pivot your business model if you need to What we learned trying to add another revenue stream

If I were to start a new business right now, the first thing I would do is create a spreadsheet and map out its financial structure. What are our software expenses going in? Will we need to outsource or hire for initial projects? Do I need to go through any business training? Will there be any cost of goods associated with the product? If the numbers look good, then I’d move on to product development, marketing, operations, etc. If the numbers don’t seem to make sense, however, then I wouldn’t work on anything else in the business until I felt like the financial structure of the business is sound. After all, what’s the point of all the work if I don’t know if the business will even be profitable? I understand that my desire to look at numbers first might come easier to me than to you, but it’s a learnable skill. I wasn’t born with it, but I learned its value over time and then honed it. That said, with everything going on with COVID-19 right now, knowing your numbers is now NON-NEGOTIABLE. You cannot make pru

What COVID-19 is teaching entrepreneurs about financial risk  Being an entrepreneur is inherently risky. I honestly don’t think you can be an entrepreneur without being comfortable taking risks. It’s the primary reason EVERYONE isn’t starting a business. What many business owners realize too late, unfortunately,  is that entrepreneurship is also about managing and mitigating that risk as much as possible.  The COVID-19 situation is teaching us all a hard lesson about managing and mitigating risk right now, but I do believe it’s a lesson that will make us more responsible and steady business owners going forward. So for this episode, we discuss: Understanding the inherent risk of entrepreneurship How many of us are learning the hard way about building a business savings Why profitability is your buffer for risk How your salary affects the level of risk in your business Why you need to better mitigate risk the bigger your business becomes Why we think business insurance is mandatory as soon as you c

If you’ve listened to this podcast for a while, then you know I’m a huge proponent of getting your personal finances in order. When you’re not clear on your household expenses and long-term goals you can put undue stress and pressure on your business. That’s why I broke away from our normal discussions around online business strategies and am sharing an interview I did with Colin Exelby, a Certified Financial Planner. Colin has 20 years of experience helping people navigate the stock market and reach their financial goals. With everything going on with the market right now, the timing for this conversation could not have been better.  In this episode, we discuss: The difference between a financial planner and a financial advisor How this current economic downturn compares to ones from the past 20-30 years How to make smarter decisions with your investments Why building up savings is so important The art of balancing cash with liquidity as a business owner Colin’s 5 tips for successfully growing yo