Not Being An ‘Order Taker’ and Ditching $250/$300 Clients w/ Shannon Weinstein

Podcast

Summary

In this episode of the Grow Your Firm Podcast, host David Cristello welcomes Shannon Weinstein, the CFO for small businesses transitioning from seven to eight figures and President of Keep What You Earn. 

Shannon shares her unique approach to hiring, emphasizing the importance of crafting compelling job descriptions that sell the company to prospective candidates. With over 120 applicants for her last two job openings, she highlights the need to view recruitment from a sales perspective. 

Throughout the conversation, Shannon discusses her firm’s philosophy on time tracking, stating they do not track time and explaining how this principle has shaped their operations. 

Additionally, she reveals her efficient work schedule, averaging 25 to 35 hours per week, and offers insights into building a successful CFO practice. Tune in for valuable tips on hiring, firm management, and achieving work-life balance.

Guest Bio

Shannon Weinstein is a dynamic and innovative financial leader, renowned for her expertise in fractional CFO services tailored specifically for small businesses poised for growth. 

As the Founder and President of Keep What You Earn, Shannon has dedicated her career to empowering entrepreneurs navigating the complexities of scaling their businesses from seven to eight figures. 

Her unique approach combines financial acumen with a deep understanding of the entrepreneurial journey, allowing her to provide invaluable insights that help business owners achieve their financial goals while maintaining peace of mind.

With a career that began in the high-volume tax preparation space, Shannon quickly recognized the limitations of a transactional model and made a pivotal shift towards a more holistic, service-oriented approach. This transformation not only elevated her practice but also redefined her mission: to deliver comprehensive financial strategies that go beyond mere number-crunching. 

By focusing on the narrative behind the numbers, Shannon helps her clients understand the implications of their financial data, empowering them to make informed decisions that drive growth and sustainability.

Shannon’s philosophy centers around the belief that financial management should not be a source of stress for business owners. Instead, it should be a strategic partnership that fosters clarity and confidence. She emphasizes the importance of storytelling in financial reporting, ensuring that her clients grasp the key takeaways from their data without getting lost in the complexities of financial jargon. This approach not only enhances client understanding but also cultivates a sense of ownership and accountability in their financial decisions.

Throughout her career, Shannon has built a reputation for her ability to connect with clients on a personal level, understanding their unique challenges and aspirations. She believes that the best financial strategies are those that align with the founder’s vision and values. By prioritizing relationships over transactions, Shannon has cultivated a loyal client base that appreciates her candid, approachable style and her commitment to their success.

In addition to her role at Keep What You Earn, Shannon is a sought-after speaker and educator, sharing her insights on financial management and entrepreneurship through various platforms, including her own podcast, “Keep What You Earn.” Her engaging content not only demystifies financial concepts but also inspires business owners to take charge of their financial futures.

Shannon’s achievements extend beyond her practice; she is also a mentor to aspiring accountants and entrepreneurs, advocating for a shift in the industry towards more client-centric, value-driven services. 

Her commitment to continuous learning and improvement is evident in her operational strategies, which prioritize efficiency and employee well-being. By fostering a culture of autonomy and trust within her team, Shannon ensures that her staff can thrive while delivering exceptional service to clients.

With a blend of expertise, empathy, and entrepreneurial spirit, Shannon Weinstein stands out as a leader in the financial services industry. Her unwavering dedication to helping business owners “keep what they earn” reflects her belief that financial success should be accessible to all, and her innovative strategies continue to inspire a new generation of entrepreneurs to embrace their financial journeys with confidence.

Detailed Synopsis

Writing Compelling Job Descriptions to Attract High-Quality Candidates

In today’s competitive job market, crafting compelling job descriptions is essential for attracting high-quality candidates. As discussed in the podcast episode with Shannon Weinstein, the approach to writing job descriptions should evolve from a traditional, dry format to a more engaging and persuasive narrative that highlights the company’s culture and values. Here are some key takeaways from the episode on how to achieve this:

1. Adopt a Sales Mindset

Shannon emphasizes the importance of treating job descriptions like a sales page. Rather than assuming that candidates are eager to work for your company, actively sell the opportunity. Present the role in a way that resonates with potential applicants, showcasing what makes your company unique and desirable.

2. Highlight Company Culture

Candidates today seek more than just a job; they want to work in an environment that aligns with their values. By incorporating elements of your company culture into the job description, you can attract individuals who are not only qualified but also a good fit for your team. 

For example, Shannon’s job descriptions included phrases like, “Are you looking for an environment where you don’t feel micromanaged?” This directly addresses the desires of potential candidates and sets the tone for the type of workplace they can expect.

3. Address Pain Points

Understanding the common pain points that candidates experience in their current roles can help you craft a more compelling job description. Shannon suggests starting with questions that resonate with potential applicants, such as their frustrations with previous jobs. 

By addressing these pain points, you can position your company as a solution, making the opportunity more appealing.

4. Use Engaging Language

The language used in job descriptions should be engaging and relatable. Instead of relying on boilerplate language that merely lists duties and responsibilities, Shannon recommends writing in a conversational tone that speaks directly to the candidate. 

This approach not only makes the job description more enjoyable to read but also helps candidates envision themselves in the role.

5. Be Clear About Expectations

While it’s important to sell the role, clarity is also crucial. Candidates should have a clear understanding of what is expected of them and what they can expect from the company. 

Shannon’s approach includes outlining the unique aspects of the role and the company, which helps set realistic expectations and attracts candidates who are genuinely interested in the position.

6. Encourage Values Alignment

By focusing on values alignment in the job description, you can filter out candidates who may not be a good fit for your company culture. 

Shannon’s strategy involved articulating the values that are important to her firm, which helps attract candidates who share those values and are more likely to thrive in the environment.

Building a Successful CFO Practice: Insights from Shannon Weinstein

In the podcast episode featuring Shannon Weinstein, the founder of Keep What You Earn, she shares valuable insights into building a successful fractional CFO practice. Here are some key takeaways from her experience:

1. Understanding Your Target Market

Shannon emphasizes the importance of knowing your ideal client profile. Instead of focusing on specific industries, she targets founders who are growth-oriented and coachable. 

This approach allows her to attract clients who are not only looking for financial guidance but are also eager to build and scale their businesses.

2. Creating a Unique Value Proposition

Shannon transitioned from a high-volume tax practice to offering fractional CFO services. She highlights the need to differentiate her services by providing a comprehensive, one-stop-shop experience for clients. 

By avoiding a la carte services, she ensures that clients receive a holistic approach to their financial needs, which enhances their chances of success.

3. Effective Marketing Strategies

Shannon’s marketing strategy revolves around providing free, valuable content to potential clients. She believes in the power of education and transparency, offering templates and insights without gatekeeping information. This approach builds trust and positions her as an authority in the field, making clients more likely to seek her services.

4. Leveraging Relationships and Referrals

Maintaining relationships with former clients has proven beneficial for Shannon. Even after letting go of 80 clients during her transition, she continued to nurture those connections, leading to referrals for her new model. 

This highlights the importance of building a strong network and ensuring that clients feel valued, even if they are no longer directly working with you.

5. Hiring the Right Talent

Shannon shares her success in hiring by crafting job descriptions that effectively communicate her company culture. By focusing on the benefits of working in her firm, she attracted over 120 applicants for her last two job openings. This approach not only helps in finding qualified professionals but also ensures that new hires align with the firm’s values and work ethic.

6. Fostering a Positive Work Environment

Shannon’s firm operates on a flexible work model, with team members working an average of 25 to 35 hours per week. She prioritizes work-life balance and encourages her team to communicate their needs regarding workload.

By implementing a project management system and setting clear expectations, she empowers her team to manage their time effectively without the need for time tracking.

7. Client Engagement and Communication

Regular check-ins with clients are a cornerstone of Shannon’s approach. She conducts bi-weekly meetings to celebrate wins, discuss challenges, and ensure that clients are aligned with their goals. This proactive communication fosters a sense of partnership and allows her to provide tailored advice that drives client success.

8. Continuous Learning and Adaptation

Shannon emphasizes the importance of storytelling in her client interactions. By translating complex financial data into relatable narratives, she helps clients understand their financial situations better. This approach not only enhances client engagement but also empowers them to make informed decisions.

The Power of Storytelling in Financial Data

1. Simplifying Complex Concepts : Shannon highlights that many business owners struggle to interpret financial data, such as Profit and Loss statements or cash flow reports. By using storytelling techniques, accountants can break down these complex concepts into digestible insights. For instance, instead of merely presenting a dashboard filled with numbers, Shannon advocates for providing a narrative that explains what the data means in practical terms. This approach allows clients to grasp the implications of their financial situation more clearly.
2. Connecting Data to Real-Life Scenarios : Shannon shares an example of a client who sells physical products. By analyzing their inventory data, she was able to illustrate the financial impact of holding onto excess stock. She explained that selling inventory sooner, even at a discount, could save the client significant storage costs. This kind of storytelling connects the financial data directly to the client’s operational decisions, making it more relevant and actionable.
3. Empowering Clients : The narrative approach not only clarifies the data but also empowers clients to make informed decisions. Shannon emphasizes that business owners often lack the time or expertise to interpret financial reports fully. By providing key takeaways and actionable insights, accountants can help clients focus on what truly matters. This empowerment fosters a sense of confidence in their decision-making processes, as they feel equipped to act on the information presented to them.
4. Building Stronger Relationships : When accountants take the time to tell stories with financial data, it enhances the client relationship. Clients appreciate when their accountants go beyond the numbers to understand their unique challenges and goals. Shannon mentions the importance of regular check-ins and celebrating wins with clients, which further strengthens the bond. By being more than just a service provider, accountants can position themselves as trusted advisors who genuinely care about their clients’ success.
5. Creating a Narrative Framework : Shannon suggests that accountants should develop a framework for storytelling that includes understanding the client’s goals, challenges, and the context of their financial data. This framework allows accountants to tailor their narratives to each client’s specific situation, making the insights even more impactful.

By transforming financial data into relatable narratives, accountants can empower their clients, enhance communication, and ultimately drive better business outcomes.

Timestamps

[00:02:02] Fractional CFO services for growth.

[00:04:16] One-stop shop for financial services.

[00:08:14] Celebrating business owner achievements.

[00:10:58] Order taker mentality vs. expertise.

[00:15:18] Founder profile and client traits.

[00:18:01] Building client relationships through referrals.

[00:20:40] Effective hiring strategies.

[00:25:02] Pain points vs. solutions awareness.

[00:26:30] Marketing during tax season.

[00:29:15] Time Tracking in Accounting Firms.

[00:31:46] Client expectations and workload management.

[00:35:43] Compensation model for variable workload.

[00:38:15] Commission model in business.

[00:41:25] Marketing on 416.