EPISODE 10: HOW TO EXPERIENCE FINANCIAL FREEDOM AS AN ENTREPRENEUR WITH HOPE HOWELL JENNE’
Live Date: July 26, 2021
Show Description: On today’s episode, Heather peels back the curtain and reveals to you an insider in the Choice business, CFO Hope Howell Jenné. As partners for more than five years, Heather and Hope connect about their experience working together as a financial consultant and an entrepreneur. They explore the most significant mistake business owners make regarding their finances, the proper way to invest in your business’s financial goals, the secret sauce to a successful partnership between the CEO + CFO, and tips on navigating the ups and downs of running a growing company. Hope provides sound counsel, best practices and lessons learned on how to achieve financial freedom as an entrepreneur.
This Episode Will Teach You:
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The importance of knowing the value of your business
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How to distinguish an expert from a fake financial consultant
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The best questions to ask when considering a financial expert
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How to meet your future financial goals
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The number one mistake businesses make when it comes to their finances
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The secret sauce to a successful partnership between CEO + CFO
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Where to invest your resources from a financial standpoint
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What to do if you can’t afford help
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Best practices for navigating the ups and downs of owning a business
Biggest Takeaways:
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Heather and Hope discuss the number one mistake entrepreneurs make when it comes to their finances, which is avoidance. Business owners tend to avoid the financial conversation altogether, but knowledge is critical to reducing any surprises from occurring. Determining the value of your company and holding yourself accountable will lead to you achieving your business goals. Know your breakeven point.
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Heather and Hope talk about what they each believe is the secret sauce to a successful partnership between CEO + CFO. Transparency is key. When it comes to building trust, both on a personal and business level, it is essential to be aware that as an entrepreneur, you cannot do it all. Recognize what you are an expert in, and trust that your financial advisor has the expertise to bring you results. When you focus on growth and long-term strategy, you build the foundation for a positive partnership.
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Hope advises on where entrepreneurs should invest their money and resources in order to have a successful and profitable business. When focusing on growth, it is important to invest back into your people, more specifically the business development team. They are your ambassadors and first impression, most times, of the business. They are responsible for the acquisition of your clients. If you are going to spend money, you need to spend money on the right people. Plan and Prioritize.
About the Guest:
Hope Howell Jenné is a certified public accountant and financial expert with more than ten years of experience in the field. She works as a financial consultant at a small boutique firm, My CFO, LLC., that focuses on helping entrepreneurs achieve financial success. With her passion for helping people, Hope focuses her energy on ensuring trust and transparency with all her clients. As a mother of three boys, Hope spends most of her time enjoying the outdoors, adventuring on horseback riding trips, and finding time to listen to live music.
Quotables:
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“As a business owner, eighty-plus percent of your wealth and your time is tied up in your company, and a lot of business owners do not know what the value of that company is.” Hope Howell Jenne, 13:21
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“Number one is to recognize that while you may be the expert in making widgets or selling whatever product you are going to sell, you are not the financial expert most likely. And just recognizing that is kind of step one.” Hope Howell Jenne, 14:40
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“I am an expert in my field, and I need to rely on experts in other fields to help me. I can’t do it all and don’t need to do it all.” Hope Howell Jenne, 14:54
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“It’s all about goal setting, it’s all about accountability, tracking against your goals. Those are just a few things to begin with when you’re beginning.” Hope Howell Jenne, 16:07
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“Know your breakeven point. Know what you absolutely must have out of this business and then be able to back into that.” Hope Howell Jenne, 16:58
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“Try to feel the person out and if they are leaning more towards the historical, the data entry, the transactional pieces or if they are talking more like the big picture, what are your three to five-year plans and what are your revenue plans and what are the things we can do to get you there. That’s going to be the biggest difference.” Hope Howell Jenne, 21:28
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“I wanted someone with a growth mindset who was helping me strategically grow Choice, and that is more than a bookkeeper could offer.” Heather Adams, 22:22
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“We are looking at long-term Choice success and as opposed to what’s right in front of us that needs to be done or behind us that’s already happened.” Heather Adams, 22:45
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“Personal and business get really intertwined, so making sure that we have trust and you’re able to be transparent with me on what you need from a personal perspective as well as a business perspective is gonna help me serve you well.” Hope Howell Jenne, 24:37
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“I’ve never seen a company who spends less than thirty percent of their revenues on their people not make money.” Hope Howell Jenne, 30:21
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“If you’re gonna spend money, you need to spend money on your people.” Heather Adams, 31:05
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“You need to know what your breakeven point is so you can make sound decisions.” Heather Adams, 42:06
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“You should always have a three to six-month forecast out in front of you to see what expenses are going to go up and then, of course, keep in mind anything you make above that breakeven point as a business owner like that’s the gravy, that’s the fun, and we can do what we want to with that money.” Hope Howell Jenne, 42:22
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“Surround yourself with smarter women.” Hope Howell Jenne, 45:28
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