fbpx

September 26

005 — Leslie Was Able to Manage Her Profits — Allowing Her to Pay All Her Expenses a Year in Advance

0  comments

In this episode, Christina interviewed Leslie Hassler to find out how she managed to pay for all her expenses a year in advance. 

Let’s look at how she did it.

Questions and Answers

  • 00:32 what you do
  • 00:34 who you are
  • 00:35 where skills were learned
  • 01:24 how did this start 
  • 01:31 what was the goal 
  • 01:32 How did you head down this path
  • 38:47 Tell us what do you do
  • 38:52 Where do they go

Links and Resources


Read Full Transcript

[00:00:00] Christina Hooper: Hey, busy business people. I am here today with another entrepreneur taking action, Leslie Hassler. She was so amazing at managing her cash and her profits in her business that she was able to pay for all of her expenses a year in advance. Talk about goals, guys, and I'm going to get the details on how she did it.

[00:00:21] To kick things off. Leslie, tell us a little bit about like what you do, who you are and where you learned these awesome financial skills and this. 

[00:00:40] Leslie Hassler: Well, first off, I've been an entrepreneur for, for teen years. I've had two businesses and I like to say I have an MBA from the school of hard knocks and I did not pass with flying colors.

[00:00:51] I failed some subjects hard enough. I had to do it twice. Right. So I'm a lot of. And where I've learned things is, um, obviously I'm going to [00:01:00] share some resources for you guys, but really it's been a lot of trial and error and, um, really just trying to be the best business owner that I can be. Uh, what I do now is I work with service-based businesses to help them grow and scale in a way that's profitable and sustainable.

[00:01:16] So a little bit, uh, we'll chat a little bit more about what that really means and what that can enable your business to do. 

[00:01:23] Christina Hooper: Yep. So how did this start? You know, did you just wake up one day and say like, I want to be so profitable, I'll pay for my expenses year in advance. Like, what was the goal? How did you head down this path?

[00:01:34] Right. 

[00:01:36] Leslie Hassler: You know? No, that was not the goal. I think I was like a lot of other people. When you first open your business, like the first thing you're worried about is clients, and revenue and, you know, sales and all that stuff. And I remember, I think it was in the first nine months of my first business, we had that really juicy client like great client fit, great [00:02:00] work, great, you know, price tag to it.

[00:02:03] And I remember that entire project just going, oh my gosh, I'm going to be able to get a new laptop. I'm going to be able to hire this admin. I'm going to be able to redo my website. Like I, I had dreamt about what I was going to do with that income, like for six months. And so I've got the final check, you know, and I'm like, I ain't going to look at my bank account and I opened up my bank account and I really went, oh no, somebody's been in my bank account. Somebody like taken all the money. I was so convinced.

[00:02:35] And I went through and I did, you know, our bank reconciliations. Cause that's what we all know how to do, balance a checkbook. And I saw that we spent the profit, we spent it, nobody took it. We did it.

[00:02:50] And I was, I was really bummed. Um, and I, I didn't know what I didn't know at that point in time. And I think that's really true. Like [00:03:00] most of us, um, financial training and even mine coming into operating a business was I can make a budget. Right. I can, I've gone through Dave Ramsey's financial peace. I can balance my checkbook, but I really didn't know how to manage my business for profit and it would take a few more years.

[00:03:18] Like I went on that cycle of, well, that must mean I have to make so much more money and ultimately when I've made enough and I love that word enough. Right. Um.

[00:03:28] Christina Hooper: Yep.

[00:03:29] Leslie Hassler: That's when I'll be profitable, except. I was waiting for a profit fairy. Right. I was waiting for somebody to go, "Leslie, you have what's hot enough.

[00:03:41] You, you have served enough people. You have been good enough today to, Hey ding" 

[00:03:48] you'll be profitable. 

[00:03:51] And isn't it funny how that day never comes.

[00:03:56] Christina Hooper: So much truth in that. Oh man,

[00:03:59] Leslie Hassler: And I will tell [00:04:00] you this. Really was probably the first, uh, if I've been around for 14 years, the first nine, nine years of my life. And I just, along the way, there's so much stress that comes from not having enough money in your business. You know, I,.

[00:04:17] Christina Hooper: Oh, yeah.

[00:04:18] Leslie Hassler: I remember I got, I've had several come to Jesus moments and I was in a conference with one, um, in New York, at a conference looking for answers to questions. I really wasn't asking the right questions. Um, I had just approved, this is 2011 mind you, just approved $312 invoice for new, are you ready for it?

[00:04:40] Stationary

[00:04:44] because we had gotten a new logo. Because that was going to solve all of our problems. Right? You get, you get the, the humor of this. Um, but I had about $118 I think, and I had [00:05:00] $5,000 worth of payroll due in about six days. And I had no anticipated income coming in. And so, you know, I, uh, kind of has one of those other body moments where the room started to spin and I started hyperventilating and, and I just really had.

[00:05:17] A conversation with myself. And I was like, you know what, I'm smart. I do really good work, but there's something I'm missing. And I thought at that time, everybody else had it figured out, well, actually, as I've learned, most people don't have it figured out. Um, so it just kind of set me on a journey to figure out what it was.

[00:05:35] And I came to the realization that you, you know, in product based businesses, there's a term called minimum viable product. We've heard these things, right. Um, that typically happens around the million dollar mark. I think that's why we're so fascinated with a million dollar business in service-based businesses.

[00:05:53] Our MVP is minimum viable profitability, which generally means we need to get [00:06:00] profitable at the lowest revenue number. Not the highest revenue number and that's one of those misconceptions. Nobody goes around talking about, right. That I, I feel compelled to share with you if I can save you some misery.

[00:06:12] Um, and I just sent really into understanding what made us profitable, where we were profitable, where we were just being busy in our business and that improved some things, but it wasn't until, um, I think two tools that we brought into play, um, that have been refined that really make all the difference.

[00:06:32] So, you want to know what those two tools are?.

[00:06:37] Christina Hooper: Yeah, of course.

[00:06:39] Leslie Hassler: Okay. They're so boring. They're so absolutely boring. I find the best things in business are actually really boring. They're not the sexy, shiny things that we get distracted with. Right. So I always have to like, there's two things that we do. So, one we do a profit plan, so I highly recommend reading [00:07:00] Profit First by Mike Michalowicz

[00:07:02] I will say it's not the easiest read and it's actually a little overly complicated for most service-based businesses. So we do a watered down version, if you will. I don't ask my clients to have like 16 bank accounts, we have three, you know, we keep it really simple, but a profit plan is really important. And I like to give this other analogy is, um, did your, do you remember if your grandmother ever used like envelopes.

[00:07:28] Like hadn't her with her monthly money in envelopes. And there was a shoe money in the food money and the play money and whatever money, rent money.

[00:07:35] Christina Hooper: Yep.

[00:07:36] Leslie Hassler: Most of us can have still have had grandparents that did that. This is what that system does essentially. It's just, as soon as the money comes in, we give it intention.

[00:07:47] We're like you, you pay bills. You you're going to be profit so you need to go over here so I don't spend you, because intrepreneurs always have something to pay for it. Right. And you just

[00:07:57] Christina Hooper: Oh yeah.

[00:07:58] Leslie Hassler: Mention, so the [00:08:00] profit plan is kind of saying, okay, here's the money today. We're going to give it intention so that it knows how to behave.

[00:08:07] The second thing that we use is a, um, it's kind of a dynamic cashflow report or cashflow system. It's um, a lot of times people are like, oh, well, QuickBooks does it. Yes. QuickBooks can do it. And they have boosted their functionality. It's still not as the detailed level that I think a lot of entrepreneurs need to see their money.

[00:08:31] And I wanna, I wanna, I guess almost take a step back and tell you why you need this? Cause a lot of times people are like, girl, I'm just too small. I it's, you know, I don't have, I barely have enough money. So why do I need these tools first off it's habit, you're building muscle memory and habit. These tools also fix the, I don't have any money thing.

[00:08:52] It's really kind of funny and. I think, um, as we went into 2019, 2020, what we were [00:09:00] seeing is that a lot of businesses got hit hard because they don't, they have cash flow, but they don't really retain any of that money. It's going, coming in and going out super fast. And the Harvard business review was estimating that most businesses have nine to 12 days worth of cash on hand.

[00:09:20] I think it's closer to the nine. Um, closer to the nine. And I do, we do a service called Business Audit where we look at things like that. And so I've seen it just time and time again. And this is anything from a hundred thousand dollar business to a $2.3 million business, it just happens this way. So this predictive cashflow tool that we use, we use a software or an app called Pocket Smith.

[00:09:44] I will tell you it's not meant for business. Um, but it's $10 a month. Most of the ones that are meant for business are something like a hundred dollars a month. And that's just not advantageous for most people. There's this one little function, [00:10:00] this one little screen that we look at, and it's a calendar.

[00:10:02] If you will, just like you would look at Google calendar, I Cal it's a calendar of your money and you can put in your budget, you can put in your pipeline, you can play with scenarios and say what would happen if I. I hired somebody today and that was going to be a $1,500 investment. What would happen when I did this money?

[00:10:23] And what I love about this is it will recalculate your daily cash balance because it's also sinked up to your bank account. And so you can look out a week, a month, a year. And see what would happen to the money in your business. Most of us make decisions, financial decisions based upon the bank account.

[00:10:44] And we hope we remember everything that's going to come in. Well, I don't know about you. I'm a mom, I'm a wife. I have two teenage boys. I have a German shepherd dog that needs, that wants me to go outside and play ball with them all the time. You know, I have a lot of distractions. I don't [00:11:00] remember everything I wish I did.

[00:11:01] I've worked on that. This helps with that. And so I always say, like, if you knew that that investment would put you into the hole next Friday, would you spend the money? Most people are going to say, no, I wouldn't, course not. If you knew that that had the potential to put you into the red, maybe six months from now, would you make investments?

[00:11:28] And a lot of people would say, yeah, I have time. And that's kind of what this is, is it's like the ways of the Google maps. For the cashflow of your business so that you can make really smart decisions. Um, it always does take a little bit. I find it takes people about nine months to get into the habit because they fight it.

[00:11:47] You know, we fighting, cause we're not numbers people. We don't, it's not sexy. You know, all the, all the excuses we tell ourselves, but once they do it changes lives. And I want to give you a [00:12:00] guess, a story to help you see how that happens. So, 2021 of my clients did senior move management services. So great service, great company.

[00:12:11] Um, their leads went from about 90 a month to nine.

[00:12:17] Christina Hooper: Ooh.

[00:12:18] Leslie Hassler: Right.

[00:12:19] Christina Hooper: That's painful.

[00:12:19] Leslie Hassler: Since the pandemic, because they're in senior, they're in the senior community. So you couldn't even get in, right. 

[00:12:24] Christina Hooper: Yeah.

[00:12:25] Leslie Hassler: They have a staff of 30. There's not money coming in. So they were at four days of cash on hand, right. That we were managing by the end of 2020.

[00:12:37] They were at 45. But they could make, I mean, it was stressful. Don't get me wrong, but we had all the tools to make it. I mean, we were meeting every week, multiple times if we needed to, just to navigate that portion to stay financially in business. But that just managing that one tool, that predictive cashflow tool, they were able to build [00:13:00] back up their cash reserves, which are really good because January February is their slow season.

[00:13:05] And last month they sent me their write-up at the profit plan and they're like, Leslie, it's look, they're like, look, look what we just did. Look at that. I mean, it's so much more exciting to say, oh my gosh, this, well, we can fund employee bonuses. We can fund, you know, this, I have people that fund charitable causes.

[00:13:26] I have people that are saving for a commercial building and it's fun. I have a law office that we started working with this year, who's really been struggling. And you know, I'm about to tell her, I'm like, oh honey bunny, you get a really pretty painting. Like, and, and she's changing the way her family lives.

[00:13:49] She's changing, you know, the way her staff lives. So all of these things, um, really do just, I don't know, they're just so much fun when you get there. [00:14:00] So it's using those two tools that, um, at the end of 2019, I got hit just like everyone else. I went through, um, when my first business I opened up in 2007, so I got hit with the 0 8 0 9 recession.

[00:14:15] Right. So that I have scars and I was sitting here going, oh, we've been on a really long run, we're due for a correction. I said, okay, I'm just going to take that stress out of my life and, um, had the ability to pay for a year in advance, I will tell you that was God's greatest gift to me because obviously we had COVID right.

[00:14:41] That's the no brainer. Um, I was so concentrated on helping my clients survive that I wasn't doing a great job in marketing. Um, my father-in-law passed away and that took three and a half months just to close the estate and worry about all those things that you have to worry [00:15:00] about when something like that happens.

[00:15:02] But I just, I didn't stress about the business or the money because it was covered. My minimum. I mean, I have income coming in, covers the small minimum I have on a monthly, I can just make different choices. And I think that's really what freedom it looks like in this sense. And that's one of the biggest reasons people get into business, but freedoms also the first thing they sacrifice and it's crazy.

[00:15:31] Christina Hooper: Oh yeah.

[00:15:32] Leslie Hassler: You just don't need to.

[00:15:33] Christina Hooper: It's like you sacrifice a lot. When you open a business, you sacrifice stability, confidence in your future, you know, your time. And we justify it as like, well, if we just do this for a little bit, you know, this is going to be a grind for a year or two, we're going to be broke for a year or two, and this is going to get better.

[00:15:53] And the reality is for a lot of people it really doesn't. You know, and it's like, it sounds like even along the way, like not only did [00:16:00] you figure out how to solve this for yourself, but you've went on and figured out how to solve it for other people which is powerful.

[00:16:09] Leslie Hassler: And it's fun for me. Cause it changes lives.

[00:16:12] You know, it really does improve things, but I think, think you're right. I, I. I think the hustle and grind has led us astray. You know, that whole you've got to hustle and grind and sacrifice. And especially for women, I'll tell you it hits women harder than it does men.

[00:16:28] Christina Hooper: Oh yeah.

[00:16:29] Leslie Hassler: Because as women we take that, we take that crap to martyr level, you know.

[00:16:34] Christina Hooper: Yep.

[00:16:34] Leslie Hassler: hustle and grind.

[00:16:35] Christina Hooper: Yep.

[00:16:35] Leslie Hassler: We're gonna triple it. 

[00:16:38] Christina Hooper: It's like, I heard someone the other day that was talking about how women just want to, you know, be so much, we want to be amazing and work in an amazing home. And I'm like, no, it's not want honey, it's need. It's need. Because like, it doesn't feel optional to a lot of women, this isn't something that you have a [00:17:00] choice on.

[00:17:00] You can't just take a day off from raising kids. You know, you can't just take a day off from your business because that's going to set you behind a week, you know? And we were busy like a badge of honor. I think you were actually the first one I was talking to one day that, you know, we do that normal conversation when you get on a call and you're like, "Hey, how are you doing today?, Staying busy, how about you?", and we talk about it. Like, it's a good thing. I think you, I think you were the one that kicked back at me and said, no, I'm staying productive. And it was like, 

[00:17:32] what? 

[00:17:33] I love that. And I just, I just stopped for a minute and I keep finding myself doing that now, like I'm hearing it. Every time I get on a call and I'm still having to break that habit.

[00:17:44] Like I'm, you know? Yeah. Staying busy. Yeah. Stayed up until like 2:00 AM last night, getting some stuff done. Why am I proud of that?

[00:17:52] Leslie Hassler: Yeah.

[00:17:52] Christina Hooper: Why is that a good thing? You know, it's crazy. 

[00:17:57] Leslie Hassler: It's, it's, it's a really interesting thing. I [00:18:00] think the benefit of the pause, the year of the pause is that so many people got pulled out of the busy, I think, um, I think busy is a trap.

[00:18:12] I think busy is, can be what feels other people's pocket books, but doesn't necessarily generate your own prosperity. And, um, that's our, you know, our vision is to empower prosperity for every business owner. And I don't expect you to do that by being busy. I want you to work smart and effective and be productive and shit.

[00:18:35] If you get it done in a six hour day, great, get it done in a six hour day. 

[00:18:40] Christina Hooper: That's so funny. Cause it's like, I'll tell my employees that, you know, it's like a lean on, you know, Chrystal running content, ninjas, and Ashley running Sparkitive, and it's like, girls I'll pay you for full time. Like you're on salary.

[00:18:53] You're getting paid. If you get the job done in four hours, enjoy the rest of your day with your family. I'm [00:19:00] telling them that, but I'm not living that. And it's like, why am I not? You know, And I've had so many conversations with people especially since I've started this podcast and it's just like, it makes you examine everything as part of it's making me so excited about all this, you know.

[00:19:13] Leslie Hassler: Yeah.

[00:19:14] Christina Hooper: But I mean, it's just, it's powerful stuff.

[00:19:16] And I mean, I think one thing that you said earlier, and just for the listeners, I want to pull this back out again, being profitable. Isn't about the size of your business. You know, I mean, it's like, and I think I had heard that before, but it never really clicked until I launched a new business right after like COVID started, I launched Content Ninjas and just, and I had been hearing all these gurus talk about being profitable, even from the beginning, building businesses designed to scale and all that.

[00:19:42] And it was Content Ninjas, I had a clean slate. It was a brand new business. So like it had no income, it had nothing. So we built it that way from the start and it surpassed the profit margins that, you know, I've been in business for 15 years with Sparkitive [00:20:00] and I was getting better profit margins and Content Ninjas as a baby, then I was in my 15 year old business, it's like, that's an eye opener.

[00:20:08] That was powerful to me what that did. So it's like, I want to make sure the listeners heard that it doesn't matter how big your business is. If you're planning for profitability from the beginning. Before you get there before you arrive and you have all this profit, like that's how you're going to be smart about it.

[00:20:27] Leslie Hassler: Yeah. 

[00:20:28] Christina Hooper: Um, maybe we'll save some people that learning curve, but it sounds like me and you both went on, you know, it is not a fun learning curve. It is a very, very struggle bus, frustrating, emotional rollercoaster learning curve. 

[00:20:41] Leslie Hassler: And I think a lot of. Our old paradigms are obviously shifting. We've seen it in almost every spectrum of our life, but in small business, especially for service businesses, it's like slow to uptick and slow to take this up.

[00:20:57] Christina Hooper: Yep.

[00:20:58] Leslie Hassler: And one of the things I realized [00:21:00] when I was transitioning out of my first business into this business, and doing basically the same thing, right? I'm tired of giving, trading my time for dollars. I'm tired of working like a crazy person and being the last one in my business to see the fruits of that. Um, how do I change this?

[00:21:18] And that's when I got over this revenue, like, I dunno, we wear revenue as a, as a reward or as a trophy, you know, I've made six figures. I've made seven figures. I can tell you I've seen 7 figures broke, you know, with the owner only making 40 or $50,000 a year making less than their employees. 

[00:21:40] Um,

[00:21:41] Christina Hooper: Yep. I've seen that too. The whole two comma club and three comma club people, and, you know, they're, they're buying the fancy suits and they're doing the things that make them look good.

[00:21:51] But like, as far as using money to enjoy life, Not so much, there's not enough of it left to do that with, you know, the things they do that look so fancy [00:22:00] on the surface are things that they think are gonna help them in business. 

[00:22:04] Leslie Hassler: It is. And that's this, that's the part of it. That's not sustainable, right?

[00:22:08] That's that race is not sustainable because it's a, it's a dragon you've always got to feed and there are better ways to do things that feel better. You know, I, I. I, I hit him like, this is my own journey on this, but you know, it's like if I get to a million dollars in my business, great, but I can tell you what I am.

[00:22:31] So stinking profitable 350. Like it's not about the money anymore. It's about the impact. And if the impact gets me to a million, great, I'm groovy with that. Right. I can give more, but it just stops being about all these number targets and starts to be about. Impact, quality of work, quality of life, um, and filling your soul with something that just makes you want to get up on Monday mornings.[00:23:00] 

[00:23:00] Like I don't, I don't dread my Mondays, you know, I don't really dread any day and honestly, my work flows and ebbs, and sometimes I'm working on a Sunday afternoon, but it's not like to my detriment. It's because I took off for Thursday and Friday you know, and I'm like, okay Sunday's my day.

[00:23:18] Christina Hooper: I'm the same way it's like, I'll be working late in the afternoon sometimes, or I'll be working on weekends and people like, do you ever take time off?

[00:23:24] And it's like, I haven't worked for the last three days. 

[00:23:27] Leslie Hassler: I do take time off my brain doesn't always, but that's okay. I like to solve problems and puzzles, so I see it all as that. 

[00:23:34] Christina Hooper: Oh, I'm the same way. Like I've constantly got a note pad and paper following me around everywhere, because if something happens, it's like, I've got to get it out of my brain and then I can go back to life, like, you know, be doing something with the kids or playing a game with the kids.

[00:23:47] And then some thing I was working on in my head will solve itself. Yeah. And now I'm like, write it down and then I'm like, okay, I'm back. Now. We can do this. Like I got it wrote down, we're good, let's focus.

[00:23:58] Leslie Hassler: See previous discussion about [00:24:00] remembering everything. 

[00:24:01] Christina Hooper: Yep, exactly. It's like once you can get it out, you're good to go and then you can move on you know.

[00:24:07] But yeah, I mean, there's just so many great things and all of this so far. I love some of the tools that you're talking about. I love just the concepts that you're talking about. Right, just like, putting a focus on profits, starting to pay attention to your numbers. Like even just paying attention to them. Like, I know one of the like first month, like years ago where I was really negative and I was like, what is going on?

[00:24:28] And I started looking through everything and I mean, it's like tiny little things, little software things you get signed up for. It's like, there is no way I'm spending that much money a month. I literally was, I was doing, I had the same kind of moment where I was looking at the bank account. I'm looking at the exports.

[00:24:43] Like I thought maybe the thing, like I was using zero at the time, um, kinda like QuickBooks, but a little different. I was using that and I'm going through it. I'm like, it's gotta be math-ing wrong. I'm like the computer program has got to be math-ing wrong. Cause I can math better than a computer program. And like I'm pulling out a calculator and I'm like, this [00:25:00] cannot be, and then I pull out paper and I'm like on pen and paper because the calculator and the accounting software has gotten me math-ing was like, this is just not like what on Earth?

[00:25:12] And I went through and I turned off all the stuff I wasn't using. And it was like something like $4,000 a month in software.

[00:25:18] Leslie Hassler: Yeah, it's crazy, isn't it?

[00:25:19] Christina Hooper: That I've been paying for for like months and months and months. And just. You just didn't think about it. You know, it's like, I wasn't hurting until I was hurting. 

[00:25:28] Leslie Hassler: Yeah. Can we talk about that for a second?

[00:25:30] Because here's the kicker. So subscription-based business models, all the rage, right? We're all looking for, it can bring in passive income. There are lots of benefits as a business, but there's also a lot of detriments, like you were just saying, because I think the statistic, and I don't know if this is how up-to-date this is, but this is the one that's always stuck to me is that typically people pay.

[00:25:52] For a subscription that they're no longer using for up to 18 months longer. 

[00:25:58] Christina Hooper: Ooh, yeah, [00:26:00] I'd believe it. I'd believe it like ever since that experience, I have it where I go in at least every three months or so.

[00:26:08] Leslie Hassler: Yep, yeah.

[00:26:08] Christina Hooper: And I do an audit and I look, and I'm like, what are we doing? You know, I try and do it a little bit every month, but you know, life.

[00:26:15] So I at least do it like every three months. And I just kind of look through it all. You know, and I've just started looking at my numbers once a week. Like I go in every Friday and I look at my numbers, like I just, just to get a feel for where things are. I have a little stupid piece of paper that I have on the wall over here with a little thermometer and I color in my expenses and yeah, it's like, just cause I see it.

[00:26:37] I put it by the door every day when I leave my office, it's like, this is the goal and this is how far I am and I set it for expenses and for income. 

[00:26:45] Leslie Hassler: Yeah. and that's the thing.

[00:26:47] Christina Hooper: Like, I just want to see.

[00:26:48] Leslie Hassler: Awareness is so huge. And I think Jim Rohn said once upon a time, if you want to improve anything, pay attention to it.

[00:26:54] Christina Hooper: Yep.

[00:26:55] Leslie Hassler: Like you can naturally see a 10% improvement just by paying attention to [00:27:00] it.

[00:27:00] And then the crazy thing is, is it's the thing you think about in the shower when you're like, "Oooh", like you have those aha moments and like you said, you've got a journal. I get in trouble cause I have lots of journals all over the house and they all have like six pages written in them. And my mom's like, what are you doing with these?

[00:27:17] And I'm like, it was what I could find.

[00:27:19] Christina Hooper: Yep.

[00:27:19] Leslie Hassler: At the moment, but we do, um, we do a five day challenge and day two is all about cash is improving the cash flow and we have like 21 different things you could choose to do. And what you were just talking about, that happens to be one of the most popular ones. Cause everyone's like, okay, that's easy.

[00:27:35] I can do that. And you're 4,000. I've just heard people, like I found $500 a month. I found a thousand dollars a month. I found, oh my gosh, I bet I forgot to cancel this. Oh my gosh dah dah, dah, dah. Because like you say, life, la de la da, life goes on and we're not always conscious. Of where the dollars and cents are, so we can nickel and dime ourselves to death.

[00:27:57] Um, and I, I just think [00:28:00] that it does take that consciousness and that's just good business management. You know, when you're touching on your numbers once a week, like I call that make a date with your money. I mean, make it sexy. If it needs to feel sexy, um, get over. I may not be a numbers person. And if you're a woman, then tell me that you're not a numbers person.

[00:28:18] I challenge you to tell me when the last time you bought something on sale was and how much off it was 'cause guess what? The numbers count.

[00:28:25] Christina Hooper: Oh, that's powerful. Yeah. Cause I'm one of those that I am not a numbers person at all, but I did meticulously math a lot of the stuff like, you know, Amazon does that, I think it's 15% or 20%.

[00:28:36] If you do the subscribe and save and you have at least five items. So I went through the Walmart app for more, cause you know, I normally order my groceries there, show up, pick them up. I went through that and with their Amazon and I was literally math-ing per toilet paper prices per square of toilet paper.

[00:28:52] So, yeah, I have never, I'm not going to be able to use that. I'm not a numbers person thing again, cause I was looking at paper towels, I was looking at toilet paper and you know, [00:29:00] that stuff is measured crazy. Cause you've got mega rolls and regular rolls.

[00:29:03] Leslie Hassler: And then square footage and all of that.

[00:29:05] Christina Hooper: Yeah, I was literally math-ing the square footage of toilet paper in the pack to figure out if it was cheaper to do it, subscribe and save Amazon and then calculate the 15% discount I would get.

[00:29:16] And then do it that way. And I've got all of the household things that came up cheaper on Amazon than they would on Walmart. Now show up once a month and I don't have to think about them and it just poofs. And I can say it's convenient and I'm saving money because David kept telling me, my husband kept telling me like, oh, there's no way you can order on Amazon with shipping.

[00:29:34] It won't be cheaper. You'll just have to, you would just have to get it at the store. 

[00:29:38] Leslie Hassler: And then a woman's, like, watching.

[00:29:40] Christina Hooper: So I did, I think probably half of my regular monthly, like things you have to buy, like detergents and it all comes on Amazon in boxes. My postal worker hates me. Um, but yeah, I get tons of boxes every month. So. 

[00:29:55] Leslie Hassler: Yeah, and that's why I challenge any woman that says I'm not a numbers gal.

[00:29:59] The thing [00:30:00] is, is that you're being shown some P and L statements, right? Maybe once a year. That's not enough. Like you shouldn't be surprised by your accountant. You should be telling your accountant look, we had, we had 40,000 in profit. Um, you shouldn't be worried about taxes, taxes, are a privilege of profit.

[00:30:17] That's why you have a profit plan. And I was paying for those.

[00:30:20] Christina Hooper: I was just talking with somebody the other day. He had read, I forget what the name of the book was and I'll have to go look it up again, but he had read some book and he literally said the same thing. He's like, if you have to pay more in taxes, you should be excited because that means you've made more and it's like, oh, okay.

[00:30:38] Leslie Hassler: That's the paradigm, right? It's that there are lots of financial advisors and I am not a financial advisor. I'm an entrepreneur who specializes in growth that knows that money matters. Um, and it's one of the things that sets us apart as a, as a coach and a mentor. Um, but really, and truly, breaking even will always leave you broke.

[00:30:59] [00:31:00] And if you want a different narrative to your business, into your life, you have to understand that paying taxes is a privilege of profits and it doesn't have to be a shock to the system. And I have one business and every municipality has their different tax rates. I will say, this is the one business I've worked with, that has the highest tax that we have to save out of her profits.

[00:31:25] And granted, good thing she's got a good, healthy business, but we're saving 42% of profit just for tax. And that's double the amount that we typically are saving. And, um, but the thing is, is she's not going to be a surprise. She's not gonna like this year. She's still having to play catch up from last year because she didn't have this process, but we've already made up for last year and ahead on this year.

[00:31:49] So at the end of the year, if we have a little extra guest who gets paid, she does, you know.

[00:31:55] Christina Hooper: That is awsome.

[00:31:55] Leslie Hassler: And then her, her CPA and her, her financial advisor can help mitigate [00:32:00] task tax. You know, I'm always like I help create cash. We need some other people that are smart in tax to help mitigate tax, but it's just, it's a system.

[00:32:10] And you can win at this game. You just have got to get over breaking needs. And please, please, please. 

[00:32:17] Christina Hooper: Yep.

[00:32:17] Leslie Hassler: That's a break, balance, check booking.

[00:32:20] Christina Hooper: Well and, some of these people invest and facades too. I think like I know we talked about that a little bit earlier. And it was something I didn't even really think about until I made the decision to drop the physical office space.

[00:32:31] Like we have all this stuff, like you were talking about stationary and like, you know, you didn't have a whole lot in your bank account, but that was something you felt was important, was a new logo and stationary. And...

[00:32:39] Leslie Hassler: Yeah.

[00:32:39] Christina Hooper: I see that a lot, I see a lot of business owners, so I was guilty of it too. When I had physical, like I need a physical office space to look legitimate.

[00:32:47] I mean, you know, it's got to look good when people walk in and it's like, you'll had McDonald's and stuff that looks good on the outside, but it is literally foam. They put foam blocks and paint it like this, all that fancy architecture on the [00:33:00] outside of these buildings is foam blocks that have been painted.

[00:33:03] Like it's amazing the steps we go through. And I don't think I really realized it. And so my staff was asking, Hey, can we work from home? Like, we don't really see, you know, customers in the office anymore. Like, is this an option? And this was pre COVID. This was the end 2019. I was like, I got to thinking about it.

[00:33:19] And me and my husband talked about it and it's like, we ran the numbers, it's, it was just, yeah. Why don't we? And, you know, we made that shift so much stuff just dropped away. Like I was almost instantly profitable just because, you know, I didn't have , you know, commercial stuff is so expensive.

[00:33:38] Leslie Hassler: It is so...

[00:33:38] Christina Hooper: commercial rent you're in like five-year contracts with...

[00:33:41] Leslie Hassler: Yep.

[00:33:42] Christina Hooper: Your internet and...

[00:33:43] Leslie Hassler: Yeah.

[00:33:43] Christina Hooper: Stuff like that, that you don't have when it's residential.

[00:33:45] And it was just, it was amazing to me. And then the stress, like how much just emotional capacity, it freed up not having to keep, you know, my house and my office clean. And it was just, it was amazing what that. 

[00:33:59] Leslie Hassler: Yeah, the [00:34:00] logistics of it. And I will say, um, my clients that commit to this process, and like I said, it's, it's a habit change that it takes a while.

[00:34:09] I mean, they're just like it's, I'm, I just have a piece, of peace of mind and a calmness that I just never thought was going to be possible. And it's not that they're Pollyanna, like, you know, I even had one person say she was like, it's not as if I don't think I'll ever run up against something. I'm just so much more confident that I can handle it.

[00:34:30] And then it's not going to sink my business as a result. So, um, these are just good strategies, but like I said, at the beginning, they're not sexy, so they're not, they're not, what's often being sold. Um, it's always the first thing we work on because I want to be able to self-fund your future growth and, and growth.

[00:34:48] Let's be honest is expensive. Scalability requires investments. Um, and the, but you've got to have the money to fuel that. Um, yeah.

[00:34:59] Christina Hooper: Yeah. I know a [00:35:00] lot of people say like once they hire their first employee, they ended up making that money back in like three months at most. Like, you know, they think it's going to be this huge drain on their business type of new employee, but it ends up freeing up time.

[00:35:12] And so you've got to have that revenue to be able to do it. It's like, I know we've talked a little bit about hard decisions along the way when people are going through this process. So you're just...

[00:35:19] Leslie Hassler: yeah.

[00:35:19] Christina Hooper: Like, what are some of the hardest decisions that they have to make and they have to stick to, to get where you're trying to get them to go.

[00:35:25] Leslie Hassler: Um, one is just to temper their spending habits. So I find people fall into one of two buckets. They're either so frugal that they kind of cut off their nose to spite their face. They're just so afraid. Um, or they are so, oh, well, it's just $500. It's just $500, it's just $50, that nickel and diming yourself to that.

[00:35:52] So usually, I've rarely find somebody in the middle. Usually, you know, we're on one to two ends. I do have [00:36:00] a couple of middles, but it's, it's learning that you're going to have to, um, rewrite that commitment. You know, if you've got a commitment to profitability, then your commitment to either enjoying all the perks and bells and whistles, um, that are draining your bank account or your commitment to be so frugal and fiscally conservative.

[00:36:20] Those two commitments are going to have to shift because they actually work in, um, contradiction to a profitability thing. So understand in my world, um, money's not good or bad. It is engine. It is fuel. And that came across the quote from Dell. Um, and they were talking about, you know, we were so focused on our growth that we forgot to look at our gastank .

[00:36:45] And we ran out and that happens when you're growing. Growth devours cash. So you really have to put the cash first, so you can feel your growth, so that it's stainable and it feels good and it's fun. So you [00:37:00] want to do more, and now, you're not burning out. Uh, so I think that's probably one of the, the biggest things, um, and, uh, interesting that you brought up hiring that first person.

[00:37:10] Cause if I get in where we do need to develop team and we've got to hire that first person, I will tell you that predictive cashflow makes that decision so much easier. Um, because you can see and you can say, okay, what happens? So if they just take XYZ off the plate or they take over this client, and I have people that could come in, that's going to immediately generate, like you can play the game, right?

[00:37:33] Okay, that's going to add $4,000. Oh, it's only gonna cost me $2,500. I'm coming out $1,500. Wha-whoo, you start to see it as an investment and not a cost. And I think we get those two things confused in business. Um, there are some strict cost, uh, but a lot of what you're doing is investments. So you need to have that I'm going to invest and I'm going to receive a return on my investment.

[00:37:58] Um, and kind of do [00:38:00] those two things. So I think if we maybe detach a little bit, the emotional stories that we tell ourselves around the money and really just see it as fuel and money has to come in and it has to be stewarded, well taken care of with intention while it's here.

[00:38:16] And it does need to feel. You know, flow on out so that more can come in. You'll shift so much of what's working against you and being an obstacle in the business. 

[00:38:29] Christina Hooper: That is really good advice. So I know I've kept you for so long now we've been talking for like 38 minutes and I appreciate everything that you've shared with our audience.

[00:38:37] Let's talk a little bit, like you've hinted a few times on stuff that you do to help people and how you're helping them have better relationships with money. Like what you had for yourself. Tell us what do you do? How if somebody wants to hire you, if they want to get some help, like. Where do they go?

[00:38:53] Leslie Hassler: Well, easy-peasy um, you can go to our website, yourbizrules.com, and there's a couple of fun things there. We, [00:39:00] I give away a lot. Um, that's part of the mission, our deal with God is to answer questions and, and share knowledge. Um, but there's two things I'll say, or at least one thing I'll, I'll point your attention to, and that's our scaling rich quiz.

[00:39:15] So it's a, it's a quiz for people who are ready to grow, they're ready to scale. They're just not sure about what's the best way to do. So if you take this quiz, it takes all of about 10 minutes, nothing hard at all. Give you back a tailored plan of what to look for, what you should be working on in your business.

[00:39:35] Maybe some pitfalls to avoid some inspirational stories, maybe that key, next reading that you need. Um, and we just can meet you where you are and give you the best resources for where you are in your journey and where you want to go. So that's probably the easiest thing to do. It tells you a little bit more and like who doesn't love a great quiz.

[00:39:54] Christina Hooper: Oh, yeah. Especially if we can get that kind of clarity and like 10 minutes. That [00:40:00] is absolutely amazing. So I know I'm going to be doing that later today myself, probably, um. 

[00:40:05] Leslie Hassler: Yeah, no, it's just right on the homepage. When you go to yourbizrules.com, there's a picture, click the button and that'll take you straight to it.

[00:40:13] Christina Hooper: Alright, awesome. Guys, you heard her go check that out. So thank you again so much for doing this today. There's been so many insights and I hope that, you know, we've helped some people avoid that rollercoaster that we've both been on, um, and, you know, skip over some of those potholes and get to success a little bit sooner.

[00:40:31] So thank you for all of your advice and everything today. And...

[00:40:34] Leslie Hassler: You're welcome.

[00:40:34] Christina Hooper: Entrepreneurs. This is your call to take action, right? Join our community at etatoday.zone and learn how to build a business that enables your lifestyle instead of taking over your life. So, see you guys there and thank you again, Leslie, bye. 

[00:40:51] Leslie Hassler: Bye guys.[00:41:00]
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Join ETA for FREE


We're building an awesome community where you can learn how to scale your business and connect with other people going the same path as you.

>