Knowing Your Numbers with Kimberly Tara | Episode 73

This is an unedited transcript and the timestamps don’t match exactly with the final audio. Thanks for your understanding!

Hello hello and welcome back to the Purpose & Progress Podcast.

I met this week’s guest CPA, Certified Tax Coach & Tax Strategist, Kimberly Tara (tara like the first name, not tar) of The Tara CPA Firm via direct intro from Jordan Gill of episode 58. As you know, I’m a huge fan of values-aligned, personality-matched intros, so I’m really excited to feature her.

Tara is a mama of 4 (yes, my jaw dropped too) who totally makes it work, especially because she chose to partner with and serve other high-performing CEO mamas who get it.

She’s high energy, a fellow podcast host (I’ll link her interview with me in the show notes), and someone who truly loves her craft. Yes, she gets lit up about taxes and finances and all the things most of us do as a last ditch effort.

Definitely be sure to download her ebook for service providers about 12 Tax Deductions You’re Missing (that are costing you money).

Be sure to check out the guide and all the resources we discuss in the show notes or at ashleesang.com/podcast.

And come back next time, because I may be coming at you with a bonus episode, or for sure with a solo episode at the top of next month.

With that, let’s dive into the interview with Kimberly.

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All right.

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Alright, so Kimberly, I’m so excited to chat with you and I would love to kick things off with getting to know you.

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Yeah.

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What is your personality type from any framework that resonates with you.

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Oh gosh, I have a lot because I actually used to not believe in any of those, right? And then I kind of, I remember at the end of college, after college that any grim was becoming big and my friends were talking about it.

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So that was where I started. So I’m in Iiagram 3. I’m a projector.

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I’m a high D. And I’m in E and TJ. On the Myers breaks.

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I think those are all the ones that I know about myself.

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Alright, I can totally see a lot of those. I don’t know what the idea is. What framework is that?

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Yeah. Off of the disc framework?

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Okay, yeah, yeah, I’ve never taken that assessment. But I’ve heard really good things about it.

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Okay. Yes, and it’s interesting because they all. You know, if you look at the results of all of those different assessments, they’re basically my personality doesn’t change.

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Yeah.

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It’s not like one is saying something drastically different, but they do shed light on different types of things.

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Right.

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And so it is interesting to learn that about yourself, but it’s also been really interesting to do it on my husband and to see how he’s different from me and to like if I see it in my kids like one of the things we’ve done is like the love languages so we also know like our love languages and they have a book for kids so I know our kids love languages and it’s just it’s really interesting to have

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Hmm.

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like extra bit of information to know that our first child, his love language is gift giving and so we don’t give shared gifts anymore to him and then our second child is quality time.

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So when he wakes up first thing in the morning, I stop whatever I’m doing if I’m working and I give him 10 min of quality time because that’s important to him.

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So it’s just like, it’s so interesting not just for ourselves, but how it. How we can use it to better our relationships with others.

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Yeah, and that’s what’s so wonderful about entrepreneurship I think is it is all about connection connection to yourself to your vision to your values.

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Yes.

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But then of course you don’t have a business if you don’t have someone on the receiving end, right?

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So whether it is the relationships in our home or in our social orbit or whether it is the relationships. Through our business, in our business.

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We are always connecting at every point. Of the day. So that self awareness and awareness of others goes so, so far.

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Yep.

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Yes, and asking and listening and asking questions. So like a lot of our clients may not necessarily say like, I’m an in. 3.

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So I like information presented this way, but we’ve had a couple of clients who feel very comfortable being honest with us and they’ll say, I really like deadlines.

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Don’t just ask me for something. Ask me for something and tell me a specific date that you need it by because that is what that is what I need to light a fire on under me.

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We’ve had some clients that say I’m a visual learner, so we try and do not very well, but we try and do more like graphic representations or things like that for them.

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And so I think that as an entrepreneur, one of the best things you can do is serve your clients you can’t completely go out of the scope of your systems and and processes, but whatever you can do to meet clients where they’re at, I think it’s always, it’s always gonna be received.

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Well, it’s always gonna be appreciated and it’s always gonna come back to you tenfold.

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Yeah, and that’s actually a great, so for sure. We need to consider how our clients and customers think are motivated feel, but I actually really love that example of hey person I’ve hired canberly and your firm, please do this for me, like really being self-aware enough to ask your contractors and your service providers and your coaches and your consultants.

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What you need from them. To be able to get the most out of their container out of their genius, right?

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Yep.

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Yes. And so you need, so it’s important as an entrepreneur, right? To cultivate that space where they feel it’s safe to ask for that because and I think that’s 1 of the things that we do really well is they know that they can ask.

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That is such a beautiful example. Yeah.

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And so for example, we had a client, that, openly has ADHD.

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And so she said, you know, this having to be in, we have a portal because it’s, secure and it’s required by the IRS.

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And so she was like, but I forget to keep checking it and she has a business one and a personal one and so she was like is there something else that we can do because this is feeling very, this is feeling very overwhelming for me.

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I don’t want to miss something. And so we offered a solution that kind of met in in the middle, right?

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Because she wanted something that we couldn’t do because again, like we have to follow the security guidelines but we she wanted something that we couldn’t do because again like we have to follow the security guidelines but we were able to come up with a solution that met in the middle.

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Is it a little bit out of our processes and procedures? Yes. Is she still meeting us halfway with some of the things that we need her to do inside of the portal?

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Yes, but we found a way for us to work together so that yes, like you said, she feels like she’s getting the service that she’s paying for that she wants that she deserves and we’re able to make some slight shifts in how we work to do that for her and that’s something that, you know, probably sets us apart from other done for you service providers in our space.

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And so I think that every entrepreneur can look for opportunities. For that again, don’t make it something that’s going to be really hard on you and it’s gonna maybe negatively impact your profit margins or something like that.

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But if you can meet your clients where they’re at and you can create a safe space for them to be able to even ask those questions in the first place.

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You can’t go wrong with that because you’re putting the client first.

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Beautiful. So we’ve already touched a bit on. You work with clients. Obviously you have a CPA firm.

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What is your current? Trajectory in your life and your business? What is your vision? I know it looks quite different than maybe what you imagined, you know, 5, 10 years ago.

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Yes. Oh my gosh, so different. Gosh, where do I even begin? It has really shifted in the last 12 months.

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It has really shifted in the last 12 months. So I should say, so we’re coming up on 8 years of the firm being in business.

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So I kind of left into business and motherhood at the same time. And it’s, been really interesting kind of balancing and juggling those 2.

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I was in public accounting prior to starting my firm and I found out I was 10 weeks pregnant right after I’d given my resignation and had started my business and all of the things.

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But I really thought that I was always going to be a solo printer. That was good enough for me.

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I feel I hate saying good enough, but I felt like that was That was good enough for me because I didn’t want to work the public accounting hours.

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I wanted to be able to work more hand in hand with my clients and that that’s not how it works in public accounting you have to go through all the chains of command to you don’t get to talk to clients.

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And I wanted flexibility because I knew I wanted to be a mom. I didn’t know I was pregnant when I gave my resignation, but I knew I wanted to be a mom and I knew that I wanted to have that flexibility.

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That I saw both of my parents as 2 business owners have. When I was growing up, I knew I wanted that too and I would never get that in public accounting.

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So I just thought, you know, I’ll just try and make a hundred $1,000 a year.

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I’ll have really high profit margins. I’m gonna serve my clients really well. And that worked for quite a few years, to be honest.

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I hit, I was over 6 figures in the first 12 months, but by 18 months I was burned out and was thinking to myself as a new mom.

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I was like, well, I could just go back to public accounting and not have all the stresses of being an entrepreneur to make this amount of money.

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And, But my business really served. My clients well and it served my family well over the last, you know, 8 years.

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But it was after our fourth child was born, and all of our kids are 22 months apart.

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So they’re 7, 5, 3, and one. And, so it’s been a heavy personal season, but I realize after our fourth child was born that 2 things.

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One, I was gonna have even less time than I had originally thought because I’m a planner.

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I thought we were gonna have 2 kids and here we were with 4 kids that we wanted and planned after the fact but I thought I was only going to have 2 and so I realized I was gonna have even less time to work but I also realized that there were So many women out there that I wanted to work with and all of the fears that I had as as a CEO of hiring someone because I was worried that they weren’t going to do as good of a job as

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I was or they weren’t going to treat my clients as well as I did or they weren’t going to care.

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All of those fears that I had and to a certain extent they were were practical fears. They were real.

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They were things that I needed to acknowledge. I realized that If I if I approach it from a different mindset It would actually be better for me to hire someone because we could support clients even better because what was happening was with each kid I was having more and more pull as a mom to be there for them as school.

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I thought I naively thought that when they went to school from 8 to 3, I was gonna have 7 uninterrupted hours to work.

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And I quickly learned that that’s not the case if you want to be there if you want to be room mom if you want to go for recess duty or it’s their special star student week and you get to have lunch with them and I wanted to do all of those things so I quickly realized that that 7 h uninterrupted wasn’t actually gonna happen.

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And so it was it was all of that together. It was it was this shift that I had that maybe I don’t want to do this on my own.

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Now I don’t have a desire. My vision is not to have 20 people or 100 people working for me because I love being able to have that relationship and know my clients and I don’t see myself having a large team, but I’ve truly, truly shifted my mindset and embraced having a team.

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We have the most incredible, incredible tax account on our team. Now she is she does care about our clients as much as I do.

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I am training her to be as good as I am. On the tech strategy and I do want to probably have a team of about 5 team members or so.

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That we can really serve our clients so that we can make an impact because I believe that our firm is not just making an impact on the CEO moms that we work with, but we are also making an impact on their kids and the future generations.

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Through those CEO moms who are learning and being educated by us and building wealth in how we’re helping them and that is a direct impact on their children.

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And the next generation. And so I have just my, the vision is so big and so bright for the next couple of years because I’m just, I’m so excited for where we’re going in the team and who we can help, but it’s been such a 180 from thinking I was gonna be a solopreneur as a business owner for all of my life.

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Oh, that is such a beautiful evolution and seems like in hindsight, very clear, right? You know, when you’re in the thick of it, it just feels like, oh no.

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I’ll just never know or why does this feel like such a struggle? But in hindsight, feels like, oh, this has absolutely worked out.

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Yes.

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You have acknowledged, yes, the fears are legal. The fears are valid. Absolutely. Yeah, you could have had some bad eggs for sure and you may in the future, but with that vision of I want to be able to serve more people more deeply, more thoroughly, and also when you are a team leader, when you do have employees, you are also supporting your team’s livelihood, their families, their

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Yep, they’re very valid for the work that we do.

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I know.

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Yes, yes.

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legacy, which is so much pressure, but such a privilege as well. So What a beautiful evolution that you have been through and so exciting.

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That trickle-down effect too. I actually I literally just did AVA day client or a VIP day for brand messaging with a content strategy.

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Educator and thought leader and you know I was asking Why does this matter? Why is this so important?

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Okay.

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What is being a thought leader and getting the content out there even due for us for the world, etc.

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And she talked about. This cascade, this trickle-down effect, this idea of especially if you’re working with moms, but really any people who have any contact with anyone in their life, which is everyone, right?

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Then When we are able to think differently, we’re able to act differently, we’re able to affect the choices of other people.

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Yes.

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So whether it’s Okay, whether it’s our peers, whether it’s our community wherever we show up as leaders in whatever capacity that feels like or looks like for us, it does have that ripple effect that cascade that trickle down effect and that is so so powerful.

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So whether it’s taxes or content or beautiful design or cat figuring, it does not matter. You are making an impact through your important work and that is what’s so special about entrepreneurship and working with.

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Yeah.

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Humans in general.

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Oh my gosh, I love that so much and I love how you said that because I can tell you one of the cascades that unintentionally that I had was back in November we were having a really rough season personally and I’m I share this pretty openly but our oldest was diagnosed with autism at 3 and a half and our third child was just diagnosed with autism at 3 and a half and so back in November we

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were having a lot of troubles at school with 3 of the 4 kids. Childcare was non-existent.

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We, my husband was working, he, works, at a nuclear power plant. So he was on an outage, which means he was gone 15 HA day, 6 days a week.

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We were going through a really rough time and I know that that’s not going to be the last time that happens with 4 children we had sickness like we just had all the things and My team supported me and I thought like, how would I have gotten through this without them?

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And I know I would have because it had happened before and I had done it solo, right? But oh my goodness, just knowing that my clients were being taken care of and that I didn’t have the weight of the entire business on my shoulders in addition to basically the weight of our personal lives.

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Being on my shoulders at the time was so incredible. And so the cascade effect there, Ashley, was that.

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I want to grow the team to be big enough that if another one, so I got that opportunity because I was the business owner. I was the CEO.

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So I got to make those calls. But what if one of my team members was going through something like that.

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How can we support them? And so my new goal is, again, I don’t envision myself having a twenty-person team, but I do envision having my a team big enough that everyone has a backup and a counterpart so that if a team member needs us to give them, because most of everybody who works for us is a CEO, you know, a mom themselves, right?

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And so what if they need that? How can I make sure that we’re setting the firm up for success so that our clients are still being served, but we can give our team members that same grace and support that I so desperately needed because I just wasn’t in a full mental place for probably about 3 or 4 weeks to really show up.

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How can I provide that for them even though they’re an employee and not business owner, what can I do as the business owner to set that up for them and to set us up for success?

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And so that’s our cascade that like that is the next iteration of. What does the org chart look like?

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Who do the team members look like so that everyone has at least one backup and support person if they have to step away.

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Amazing. And even simply thinking about it, talking about it on a public podcast like this with peers in your content.

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Could also spark a movement in someone else’s business. I know so many people never consider parental leave or vacation days or medical leave or whatever else because you know I only have one employee how am I gonna survive if I let them go away for a month or 3 or however long and so having these conversations also really really matters.

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Yeah.

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Yeah.

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Like we can’t, like I just can’t go out and hire another tax account so that we have 2 tax accountants, right?

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Yeah, and it’s not gonna be, it’s not gonna be an overnight change, right?

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So I think he’s not getting.

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So we have provisions in place, but like you said, we’re having those open conversations and we know what we’re working towards so that in the future hopefully we can have that.

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Okay.

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Yes. So you might have already answered this. But in case the answer is different, what was the one decision or experience that changed the trajectory of your life?

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Okay. Yeah.

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Oh yeah, my life or my business?

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Both, yes and, wherever you want to place that story.

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I’m gonna go with the business trajectory because I think the business trajectory is impacting the life trajectory if that makes sense.

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But so we started a family blog at the very beginning of 2020 right before the COVID-19 pandemic and it was all about travel and parenting, right before the COVID.

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You have a third on the way and it was very like logistics based and just you know like very Kimberly if you know me it was very Kimberly.

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19 pandemic and it was all about travel and parenting and it was because our friends kept asking us the same questions over and over again.

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How did you go to Costa Rica with a 10 month old? How are you traveling with 2 kids?

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Well we were talking about travel and here comes the pandemic. No one’s traveling. And it was a creative outlet for my husband and I, he’s an engineer.

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Okay.

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I’m a CPA. So we’re pretty like math nerdy people. So it was it was something different that we could use.

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And so it was through that that I didn’t know anything about social media. And so I followed somebody and they were offering like a 4 97 learn social media blogging this and that and so it was through that that I was it was about April so we were all on quarantine at that point I was past tax season I was like well got nothing else to do so might as well learn how to make this blog thing.

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And so it was through there that I learned about what an email list was and what a lead magnet was and what online courses were.

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And so I started doing the work to create these assets for the blog and laying in bed when night I told my husband I was like you know I love travel I love encouraging parents to travel with their kids I love sharing our parenting wins and how we’re doing it I said but I think that I each women.

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I could use all of this so that I can reach more women to educate them about taxes and business finances and money and educating their kids.

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I said I think I could build an email list. I think I could come up with a lead magnet.

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I think that there is such a need out there for it. And so there were some missteps along the way, like thinking that I needed to create a course to have passive income.

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That’s not true. And that didn’t work very well for, for the type of work that I do.

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Hmm.

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But it was through that, it just, it really opened my eyes to see that like I don’t just have to be a local tax practice that there are more women business owners out there than just who we have here.

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Locally and that that I could do this thing and that I could that I could be more than just a solo printer and so that was about mid 2020.

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We, our third child was born in July, 2020. So it, wasn’t like anything changed overnight but that was that was really when my eyes were open to the possibility of more and since then it’s been this this slow working of getting to the point that I am you know here 3 and a half 4 years later.

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So exciting and I am personally a huge fan of chain of all trades and not being boxed in to anything particular exploration as one of my core values.

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So I love being a dabbler and knowing a little bit about a lot of stuff. So this example of family blogger turned, let me learn about this via an online course turned, oh, but this can actually apply to my.

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Yes.

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Bread and butter practice sort of thing is such a Strong example of how being multifaceted, multi passionate, just simply interested and curious.

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Yes. Yes.

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Goes so far in business and in life and feeling fulfilled. And

00:20:39.450 –> 00:20:50.450
Yes. Yes, and just being open to learning, right? Because I think you kind of said it before and a big thing for me is I don’t believe that there are any mistakes, right?

00:20:48.149 –> 00:21:01.149
Here’s why it, you know, kind of diagnosing why it didn’t work, what can we learn from it, how can we improve upon it.

00:20:49.451 –> 00:20:54.451
I think if you’re open to learning from the mistake, it’s like, okay, that didn’t work.

00:20:59.299 –> 00:21:09.299
And I think if you approach, you know, things with that mindset, you’re always gonna take something away, even if it didn’t go the way you wanted it or didn’t turn out the way you wanted it to.

00:21:08.099 –> 00:21:14.099
If you can walk away with a lesson learned, you’re always gonna, you’re always gonna win in the long run.

00:21:14.949 –> 00:21:21.949
It may not be overnight, but you’re always gonna, you can take a positive away from just about every bad experience.

00:21:20.199 –> 00:21:33.199
For sure. And that makes that bad experience a lot more palatable. Yeah. So what are some of your guiding values?

00:21:26.150 –> 00:21:31.150
Yes, not always, but most of the time.

00:21:34.349 –> 00:21:39.349
And how have they sparked any specific action in your business?

00:21:40.849 –> 00:21:48.849
Yeah, so our core I can tell you are 5 core values and it’s interesting because the core values of the business I’ve realized are just sort of like my personal core.

00:21:53.349 –> 00:21:55.349
Because for so long.

00:21:53.450 –> 00:21:55.450
That’s very common. Yeah.

00:21:55.799 –> 00:21:57.799
Hello.

00:21:57.699 –> 00:22:09.699
We hire team members around our values, so they are genuine. Trust, accountability, high standards, and efficiency.

00:21:59.199 –> 00:22:06.199
The business was me. I was the business, right? But we, take on clients around our.

00:22:03.399 –> 00:22:15.399
And most people who know me as a person know that that’s like that is that is me to a core and I would say that Our leading.

00:22:11.449 –> 00:22:13.449
Yeah.

00:22:19.499 –> 00:22:31.499
Clients to trust us and I think that they do at one of the Cob and things that we get in our testimonials is, you know, I’ve never trusted a CPA like I’ve trusted you.

00:22:19.650 –> 00:22:22.650
Value is trust. We really want

00:22:30.049 –> 00:22:32.049
Hmm.

00:22:30.750 –> 00:22:33.750
I trust you implicitly with helping me make decisions. I

00:22:37.499 –> 00:22:38.499
That you have.

00:22:41.849 –> 00:22:42.849
My back and that.

00:22:43.899 –> 00:22:48.899
You care and that you’re really guiding me in the right way. And, and I do not take

00:22:52.599 –> 00:22:53.599
At light.

00:22:54.950 –> 00:23:15.950
When women come and work with us. And one that’s, and that’s made everything easy.

00:22:57.399 –> 00:23:03.399
And then I would say, so that’s really probably our leading core value that I. I just want

00:23:05.451 –> 00:23:06.451
I want to.

00:23:08.800 –> 00:23:09.050
Okay.

00:23:09.050 –> 00:23:20.050
That makes all of the decisions easy. It makes, you know, we have a 97% client retention rate because clients don’t really leave and, clients were for clients to us, right?

00:23:10.451 –> 00:23:11.451
Right.

00:23:18.899 –> 00:23:26.899
Because, they genuinely show up on social media and through some mindset work and some some inner search.

00:23:23.650 –> 00:23:38.650
I’ve really realized that feeling like social media isn’t genuine or that I can’t be genuine on social media is what’s really prohibiting me from going all in on platforms like that.

00:23:38.349 –> 00:23:43.349
So those are some things that I’m working on, but it’s not a core value that I’m willing to give up.

00:23:45.749 –> 00:23:54.749
I just need to figure out how to I make my value of genuine work for me in in the year 2024 and social media.

00:23:46.349 –> 00:24:00.349
So sometimes we, I think we can have really good values and sometimes it can have a negative effect on some of the things we do as entrepreneurs.

00:23:59.049 –> 00:24:14.049
Okay, love 2 points that you just made one the extreme tangibility of my values make making decisions so much easier it makes working with clients and team members so much easier.

00:24:07.300 –> 00:24:31.300
Like the value of trust, but then also sometimes we do have this kind of stickler value or I don’t I don’t know what I that’s the first time I’ve ever called it that but like this thing that we know is important to us but is hard for us so For me, intentionality is one of my core values.

00:24:15.399 –> 00:24:17.399
Yep. Yep.

00:24:26.799 –> 00:24:45.799
And I often feel like I’m like floundering or twittering my thumbs or I have shining object syndrome and not being intentional like I want to be like it’s important for me to be and so I feel this pension or disconnect.

00:24:28.650 –> 00:24:30.650
Yep.

00:24:31.850 –> 00:24:33.850
Okay.

00:24:38.999 –> 00:24:47.999
Yes. Yes.

00:24:45.149 –> 00:24:54.149
While knowing that this is how I want to be, right? So we can have this stretch value or this strive value or for you being genuine, right?

00:24:49.550 –> 00:24:51.550
Yes.

00:24:53.749 –> 00:24:59.749
And even, I think it’s genuine to talk about, it’s hard for me to show up on social.

00:24:58.399 –> 00:25:08.399
Yes. But I can do it in a 1 on one setting like this, right? Like in you and I having this conversation, it’s easy in having a client meeting.

00:24:59.149 –> 00:25:02.149
Like that is a genuine manifestation.

00:25:03.849 –> 00:25:07.849
Yeah.

00:25:07.199 –> 00:25:25.199
It’s easy and having a console call, it’s easy. There is something about the minute it’s like anything tied to social media or more than one on one or one to 5 it’s like oh you know this it just it pull like and it’s a mindset thing and I’m working on it right but it’s like you said it’s a sticky it’s a sticking point but

00:25:22.599 –> 00:25:24.599
Yeah.

00:25:27.199 –> 00:25:37.199
I know I know I’m not willing to change that core value because it is who I am deep down, but I’d be remiss if I didn’t say sometimes that core value makes other things hard.

00:25:29.949 –> 00:25:31.949
Yeah.

00:25:35.599 –> 00:25:59.599
So we can, you know, quote unquote show up online in the kind of best practice way or maybe it is I don’t do social media at all because I am not comfortable and I will not be genuine and that will tarnish the trust in myself and with others, right?

00:25:35.714 –> 00:25:42.714
And it’s about finding solutions on our own terms. So maybe it is working through our mindset blocks.

00:25:49.449 –> 00:25:51.449
Yep.

00:25:53.550 –> 00:25:55.550
Yep.

00:25:58.499 –> 00:26:14.499
Or maybe it’s something in between. And maybe it is exercising that muscle. Maybe it is working with someone who can bring that out of you or show you, oh my gosh, I never knew this is how I could show up and it would feel and seem so genuine.

00:25:59.749 –> 00:26:03.749
Yeah.

00:26:15.199 –> 00:26:23.199
And yet it’s not like everyone else who shows up on line, right? So. Yes.

00:26:17.850 –> 00:26:25.850
Yep, that is the direction we’re going in right now to test it out just so you know.

00:26:22.750 –> 00:26:35.750
And it’s also one of those things like, and this is probably my personality because I get mad at myself because like if you were to show up with your hair in a ponytail and just talking and being honest, I’m not I’m not judging you, right?

00:26:37.899 –> 00:26:45.899
So why am I judging myself if I do that? Like, you know, why do I hold myself to different standards than I hold other people? Cause I wouldn’t.

00:26:45.200 –> 00:27:04.200
Another CEO mom for just like showing up and kids making noise in the background can’t clients will get on calls and they’re like sorry the kids are in the background like I’m telling you I didn’t even notice it I was tuning it out so why why do I hold myself to these different standards that I hold other people, other women too.

00:26:47.650 –> 00:26:48.650
For.

00:26:50.999 –> 00:26:52.999
Hmm.

00:27:00.999 –> 00:27:16.999
Yeah, yeah, so. Beautiful illustration of it is always a work in progress. Regardless of how well we are doing, we could always be doing more in alignment with our values or simply differently, right?

00:27:03.850 –> 00:27:05.850
I don’t know the answer.

00:27:12.800 –> 00:27:35.800
So having that check as a lens. Having that framework of here’s what I want to be working toward, here’s how I want to show up, am I doing it, and perpetually asking with everything we create, I talk a lot about in our copy, our content, and our conversations.

00:27:17.099 –> 00:27:19.099
Yeah.

00:27:33.450 –> 00:27:43.450
Everywhere we’re showing up, any decision we’re making. Values shining through for us and for you know the public quote unquote.

00:27:39.299 –> 00:27:51.299
Yeah beautiful example. So what’s been the biggest lesson you’ve learned as an entrepreneur?

00:27:45.399 –> 00:27:47.399
I love that. I love that.

00:27:52.599 –> 00:27:54.599
Oh man.

00:27:53.299 –> 00:27:57.299
Or simply A lesson doesn’t have to be the biggest, right?

00:27:55.049 –> 00:28:06.049
No, I’ve just I’ve learned I’ve learned a lot. I think one of the biggest ones for me and one of the ones that has had the biggest impact, right?

00:27:59.250 –> 00:28:01.250
Yep.

00:28:04.299 –> 00:28:12.299
So when I first started my business, Just like every other business owner. So I didn’t do both at the same time.

00:28:06.349 –> 00:28:21.349
So I left my corporate job and I had to go all in on my business, we were moving so it wasn’t like I still had a paycheck.

00:28:16.799 –> 00:28:31.799
I had to replace my full salary with with medical benefits and they paid for my CPA license all the things they put into a 400, and onek everything.

00:28:30.299 –> 00:28:40.299
So. I felt a lot of pressure. And pregnant. I felt a lot of pressure to make sure that the money kept flowing in.

00:28:39.050 –> 00:28:49.050
So, you know, if it breathed the word of accounting, I said yes, I undercharged, I over delivered.

00:28:46.401 –> 00:29:08.401
I didn’t charge people for travel time and so I really feel like not saying no hindered me I was I was so scared of saying no and then the money drying up for the pipeline drying up and so one of the biggest lessons that I’ve learned is to say no.

00:29:04.499 –> 00:29:17.499
If it’s not a right fit client or if it’s not a right fit engagement for us or if we’re not the best.

00:29:09.449 –> 00:29:21.449
Resource for them that there could be, you know, if they need payroll, we don’t do payroll.

00:29:19.950 –> 00:29:45.950
We’re not the best resource for them with payroll. And so saying no and not living in a scarcity mindset all the time has just been one of the biggest lessons and I never said yes to anybody who I I have very high ethics and morals so you know I’ve never done anything for the money but I had to take it to the next level of saying but this isn’t the right client for

00:29:46.950 –> 00:30:05.950
us I need to like yes they would pay us yes I could do a good job but like we are niche down and who we serve and so really making sure that we say no if it’s not the right fit for us because it’s important for our firm and it’s also important for that for that business owner too.

00:30:04.999 –> 00:30:11.999
Yeah, and that is a lesson that all of us, I think, have to learn and some of us are much better at it than others.

00:30:12.399 –> 00:30:22.399
Okay. But I will say sometimes the yesing at the very beginning is beneficial simply for you to learn.

00:30:13.899 –> 00:30:15.899
Yes.

00:30:19.151 –> 00:30:42.151
Oh, it’s absolutely necessary. Yes, it’s absolutely necessary for like maybe even the first 6 to 12 months, I would say because like you said, you need to you need to exercise those muscles like those sales call muscles and you need to figure out that you undercharged for this and who next time okay I got to make sure I charge more or you know to put additional language in your contracts and be like, well, I’ve never

00:30:24.700 –> 00:30:25.700
Yeah

00:30:39.251 –> 00:31:09.251
So yes, and in the beginning, like there are times you just need money, right? But, but at some point you’re gonna come to this precipice where you you can’t do more so you have to you have to figure out who is it that you actually want to work with what is it that you actually want to do and and you have to you know and it could get uncomfortable again for a little right?

00:30:41.499 –> 00:30:45.499
had somebody do that before, but now I’ve got to put that in the contract language, right?

00:30:50.900 –> 00:30:52.900
The money. Yeah.

00:31:07.999 –> 00:31:14.999
Because you might have a little like I had a little tiny dip in revenue when I was like, okay, these are the clients that I’m gonna let go.

00:31:13.099 –> 00:31:22.099
It’s not worth what they’re paying me and I’ll find someone better, right? But there might be a month or 2 or 3 where that hasn’t happened.

00:31:19.250 –> 00:31:35.250
So I completely agree with you, but be mindful of when it’s time to make that shift and to start saying no so that you can be more aligned in finding the right clients.

00:31:27.050 –> 00:31:29.050
Yeah.

00:31:31.950 –> 00:31:40.950
Yeah. Yeah, both in what you wanna offer, how you wanna offer it, who you wanna offer it to.

00:31:37.049 –> 00:31:56.049
Yeah having the wrong fit clients or the wrong fit project. Is just as insightful as oh my gosh this felt so so good I want 10 more of these right and so that is the journey we are always on.

00:31:52.300 –> 00:31:54.300
Yes, yes.

00:31:54.299 –> 00:32:06.299
And again, like our preferences might change, right? Or as your team grows, you might have capacity to do XY, or Z that you’ve never had before, or you might scale back on this because you can scale up on that.

00:31:58.349 –> 00:32:00.349
Yes.

00:31:59.350 –> 00:32:19.350
And, and so. It’s it’s such a wonderful opportunity for us to be able to Get paid as we learn these things to be able to work with real humans and still serve them, right?

00:32:01.800 –> 00:32:03.800
Yes, yes.

00:32:16.649 –> 00:32:21.649
Yep. Yes.

00:32:19.199 –> 00:32:26.199
Still certain. We’re not, like you said, you’re not taking on projects that you’re just like absolutely unqualified to deliver on.

00:32:25.199 –> 00:32:34.199
But. Yeah, but like Just because you’re qualified or just because you quote unquote could do it, you could Google your way through it.

00:32:25.350 –> 00:32:29.350
Right, that would just be unethical.

00:32:34.049 –> 00:32:39.049
You could grit your teeth through it. Doesn’t mean that you should be doing it. Yeah.

00:32:34.949 –> 00:32:36.949
Yep.

00:32:37.699 –> 00:32:39.699
No.

00:32:40.099 –> 00:32:48.099
And. That is something that’s really hard for us to learn and let go of. And really liberating once we do.

00:32:45.650 –> 00:32:50.650
It is, it is, and I’m a 3 wing too, so I’ve got that helper in me.

00:32:49.150 –> 00:33:09.150
So like I feel bad telling somebody, no, or leaving people out that we can help, but you know, I’m not really helping them and I’m not really helping myself and I’m not helping our other clients and I think that that’s a lens that I come through very often from Ashley is like I don’t wanna take away from our other clients if this client isn’t a right fit because I.

00:33:02.399 –> 00:33:19.399
Know that that’s gonna pull our time and attention and our dedication. And so I’m always thinking about it through the lens of our client experience.

00:33:17.150 –> 00:33:23.150
And so that is something that is helping. This client no because I don’t want to help them.

00:33:22.799 –> 00:33:32.799
I’m telling this client no because either I’m not the best fit for them or it would it would be harmful to our other clients who deserve our full attention.

00:33:30.799 –> 00:33:52.799
You can have resource bank. You can have all kinds of options where you don’t have to be directly serving people, working with them to be able to pass them along and serve them in that capacity, right?

00:33:30.999 –> 00:33:38.999
Exactly. Yeah, and you can have referral partners. You can have free content to point people toward.

00:33:51.049 –> 00:33:57.049
1,000%. I think if you just say no and you don’t try to help them, I think that that’s wrong.

00:33:53.599 –> 00:33:55.599
Yeah.

00:33:55.715 –> 00:34:02.715
But I think if you say no and here are some referrals or here’s some suggestions or here’s what I would recommend you do next.

00:34:01.850 –> 00:34:07.850
I think and you know and that’s how we do it and everyone’s always so appreciative.

00:34:07.299 –> 00:34:12.299
Like thank you for your honesty and thank you for, you know, helping me find the next direction.

00:34:12.050 –> 00:34:28.050
And then that person that you said no to could quite possibly still be a positive referral for you for a right fit client because you didn’t you know take them on when you shouldn’t have or simply send them on their way and say, oh no, you’re not you’re not right for me, but you really explained here’s why.

00:34:26.450 –> 00:34:34.450
Here’s why we’re not right for you. Here’s how you could get something, you know, from us, but without us directly serving you.

00:34:30.000 –> 00:34:32.000
Yep.

00:34:33.199 –> 00:34:41.199
You never know, you know, these 7 levels of separation or whatever. You just never know.

00:34:39.099 –> 00:34:41.099
Exactly.

00:34:40.450 –> 00:34:51.450
Where each conversation and opportunity is going to lead. So going into it with both eyes open, really knowing what your vision is and where your sweet spot is.

00:34:52.499 –> 00:34:56.499
Just serves everyone out. It’s the most generous way to do it for sure.

00:34:55.649 –> 00:34:57.649
Yep, I couldn’t agree more.

00:34:57.899 –> 00:35:13.899
So given your expertise in especially taxes, accounting, but even team building, whatever you want to share, what tactical tip do you have for fellow business owners, business leaders?

00:35:03.100 –> 00:35:05.100
Okay.

00:35:06.400 –> 00:35:08.400
Yeah.

00:35:11.499 –> 00:35:16.499
Yeah, okay, it has to be on the tax side because I’m just so passionate about this.

00:35:11.549 –> 00:35:28.549
So I have a couple of things. So, you know, right now as we’re starting to come into the end of the year, I, you know, now is the time to be finding a CPA or a tax professional if you don’t have one.

00:35:23.851 –> 00:35:37.851
Because I just, I feel very strongly that if you wait until January, February, March, you’re, not getting the cream of the crop.

00:35:36.950 –> 00:35:48.950
You’re getting people who are either taking you on and they’re going to be stressed, you’re getting you on and they’re going to be stressed or people who there’s a reason that maybe they have capacity and they don’t, you know, they don’t serve their clients well.

00:35:43.199 –> 00:35:56.199
So now is the time so that you don’t feel rushed. First person who who returns your call.

00:35:47.950 –> 00:35:49.950
Hmm.

00:35:54.551 –> 00:36:19.551
Now is the time to to find your CPA or your tax professional. The other some you know technical tips that I want to leave you with are make sure that you’re your financials are up to date right because doing it after the year is come to a close is not the time and more importantly you need up-to-date financial information right so what’s your revenue what are your expenses your revenue minus your expenses

00:36:17.899 –> 00:36:26.899
it’s gonna give you your net income you need those numbers to see if you should. Be working with a tax strategist, right?

00:36:21.999 –> 00:36:36.999
Are there things that you can do to, to save and spend less money on taxes, but you need to have, you know, we have so many, we’ve had many, many women want to come and work with us.

00:36:30.350 –> 00:36:43.350
You know, September, October, November to help them before the year end, but they don’t have they don’t have their numbers up to date.

00:36:42.799 –> 00:36:51.799
And so we don’t know. We can’t advise them. So that like that’s really what I want to leave you with right now is to, you know, find a person.

00:36:50.550 –> 00:37:13.550
Don’t wait until until January or February. Have your financials and your numbers up to date and figure out if it’s time for you to start working with the tech strategist not just attacks prepare somebody who’s going to work creatively and proactively with you all year long and before the year comes to an end so that hopefully you can pay less in taxes and put more of that money back.

00:37:08.249 –> 00:37:16.249
In your pocket as an entrepreneur.

00:37:15.300 –> 00:37:27.300
Yes, this is such a fuzzy, fuzzy web before I would say like 85, 90% of entrepreneurs and just humans in general, right?

00:37:23.650 –> 00:37:26.650
At least, yes.

00:37:25.650 –> 00:37:42.650
So I am so thrilled that there is someone who’s so passionate and informed. About this because for most of us it is just like, oh man, like I just did my Yeah.

00:37:28.400 –> 00:37:30.400
Yes.

00:37:39.050 –> 00:37:44.050
It’s not why you became an entrepreneur, right? Like it is not why you became an entrepreneur.

00:37:43.500 –> 00:37:57.500
It is not. So I’m so, thankful that someone like you loves to do it. Love to equip other women to be able to make the most stuff their business and their revenue and their vision so that, you know, we can do more of it, right?

00:37:48.299 –> 00:37:50.299
Legit.

00:37:52.799 –> 00:38:08.799
Yeah. Yeah, because if not you just kind of feel like we’ve had a lot of clients tell us they’re like, you know, I just I feel like I’ve got this business and it’s giving me flexibility, but it’s not I’m spending so much in taxes like is it worth it?

00:38:05.649 –> 00:38:14.649
Yeah. Yeah. Yeah, for sure.

00:38:09.049 –> 00:38:14.049
You know, like is it worth it to keep doing this? Because it can very much feel that way sometimes.

00:38:15.099 –> 00:38:28.099
So what’s something you wish you had known either about entrepreneurship or about tax strategy, accounting in general, before you got started, something you wish you had known.

00:38:28.649 –> 00:38:36.649
I wish I would have known to hire sooner. And not, not a VA, not an EA.

00:38:33.300 –> 00:38:35.300
Hmm.

00:38:36.150 –> 00:38:53.150
An actual person who could have helped me with the client work. I wish and I will say that that’s a little bit harder in my industry because it’s not like $15 an hour type job person that I have.

00:38:49.400 –> 00:39:11.400
This is a qualified person who makes a good salary. So I needed to have that ability there, but I, I really wish, the fulfilling on the client work side, which is what I always prioritized and I still like a lot of business coaches out there will tell you no focus on the marketing in the pipeline.

00:39:08.251 –> 00:39:39.251
No, I’ve built the business that I have in the in the retention rate that I have because I focused on the clients, but I wish it that impacted everything else in the growth of my business because I was always working on client delivery and client experience and I just I’ve seen the power that finding the right person has brought to the business and to me and to my clients and I wish I would have done it sooner.

00:39:40.299 –> 00:39:51.299
Amazing. So what advice do you have for women? To take confident meaningful action in their life in their business everywhere they show up.

00:39:49.450 –> 00:39:54.450
No, your numbers. Don’t be afraid. I have to it has to be numbers, right?

00:39:49.700 –> 00:40:07.700
I know your numbers. Do not be afraid to look at the numbers because that’s what that’s what I hear from so many of our clients where I was like, well, I didn’t want to look at them so I didn’t want to record my revenue or oh I didn’t want to look at my expenses so I didn’t want to write them down.

00:40:05.200 –> 00:40:30.200
I’m scared or I don’t understand them. Know your numbers, embrace your numbers most I would say 75% of your business decisions need to come from tangible data and that’s not just financial metrics right but it’s it’s your marketing metrics but you need the data and you need to not be scared to look at that profit and loss statement or that Excel spreadsheet.

00:40:29.950 –> 00:40:38.950
Don’t be afraid to ask questions. Find the right people that you can trust to help you understand these numbers, but you cannot be scared of them.

00:40:37.450 –> 00:40:56.450
You cannot avoid them. You cannot wait until January or February if you really want to run a successful sustainable long-term business and and so I want you to find ways free or paid to really become for in the numbers as the CEO of your business.

00:40:57.300 –> 00:41:07.300
I just I believe it’s not something that you can just completely pass off. I think you can outsource and find professionals like me to help you, but you still have to understand them as the CEO.

00:41:06.599 –> 00:41:17.599
Yes, yes, closing our eyes to an entire. Arm facets of our business, it will never bode well, right?

00:41:10.499 –> 00:41:27.499
So. Yeah, I think that idea of knowing your numbers and finding ways to, know know them understand them again on your own terms in your own capacity.

00:41:17.150 –> 00:41:19.150
It won’t. It just won’t.

00:41:24.552 –> 00:41:27.552
Yeah. Yes.

00:41:29.099 –> 00:41:31.099
Yes, yes.

00:41:29.200 –> 00:41:46.200
Is very, very important. Yeah, thank you so much. So If people are loving what you’re putting down, they want to learn more about your life as a mama of 4 and an entrepreneur and a firm owner and all the things, how can they connect with you?

00:41:44.799 –> 00:42:07.799
Yeah, so we have the CEO moms building wealth podcast where we have some guest episodes and some solo episodes where I do some education and then I post, we’re working on posting to Instagram at Kimberly Terra CPA and then you can always visit our website which is WWW dot terrace CPA firm and we have some resources there.

00:42:00.600 –> 00:42:13.600
You can book a call with us if you think that you’re ready to take that leap of faith with the Terra CPA firm and we have some resources there.

00:42:11.999 –> 00:42:16.999
You can book a call with us if you think that you’re ready to take that leap of faith with the tax strategist. And, yeah, but I’d love for you to send me a DM over on Instagram.

00:42:18.300 –> 00:42:27.300
I love the, love the voice memos on Instagram. That’s probably one of my favorite things about social media is like truly getting to connect with other, women, other CEO moms and getting to hear their voices.

00:42:24.799 –> 00:42:33.799
Lovely, yes. So definitely share your thoughts. After listening to this episode with both of us, tell us your biggest takeaways, all the things.