White Women: The Three Simple Steps You Need To Take After The March To Make A Tangible Impact

Hi friend,

Wow, I don't know about you, but these last few days have been quite the emotional rollercoaster.

On Saturday, I spoke to the Bay Area Black Designers group at Pandora's headquarters in Oakland, CA about how to attain and maintain wealth.

Usually I talk about the nuts and bolts of wealth-building. Which investment vehicles to use, which applications are on the cutting-edge of helping you keep your finances organized...

But, my inner voice told me to share the real deal behind wealth-building.

At the event on Saturday, I shared that for people of color, the REAL work they needed to do to attain and maintain wealth is to unearth the deep-seeded anger held against white people and transmute that into forgiveness. And eventually compassion.

Until that happens, people of color will be fighting a losing battle to gain and maintain wealth.

HOWEVER, like every relationship, this is a two-way street. People of color can not be expected to do all of the work. White people also have to take part.

But, where do you start?

Over the weekend, I received a number of private messages from my white sisters who felt stuck because they were unsure of how to make a tangible impact after they marched on Saturday.

And while marching is great.

While protesting is honorable.

While reading Eckhart Tolle and watching Super Soul Sunday is progressive.

While practicing love and compassion towards all is beautiful.

We must remember that MONEY is the vehicle that yields power.

MONEY is the most effective way to spread your enlightenment.

As white people, until you vote with your dollars and make more conscious decisions with your wealth, all of the spiritual work that you do WILL BE IN VAIN.

IF you are committed to walking your talk and truly being an agent for change, here are the three steps you need to take.

1) Make a commitment to get serious about your financial health. If you have been avoiding it. Or allowing your husband or father to be your safety net, you are a part of the problem of why women (as a whole) are not in a position to create lasting change. Less than 5% of women-owned businesses break through a million dollars. And over half of women-owned businesses earn LESS than $52,000 per year BEFORE taxes. As business owners, we have to be leaders and that begins with making your financial health a priority.

2) Address the guilt you feel for the access to resources you have. As a white woman, whether you feel like you have a lot of money or not, as a collective group there is a paralyzing sense of guilt for the opportunities that have been afforded to you. At best, this guilt leads to undercharging for your services, playing small in your business and not taking the action you need to take to step up and be a grown-up about your finances. At worse, this guilt leads to gripping anxiety and waking up at 2a with downward spiraling thoughts.

3) Put your money where your mouth is. If you are serious about women's rights and helping people of color rise, talking about it is no longer enough. You must invest in your fellow woman. Your fellow black woman. If you believe in your sister's message, then take the credit card out of your wallet and purchase her services or products. Excuse my french, but liking her Facebook posts and sending sweet text messages means jack shit. If you are not helping her bank account, then you are not helping her rise. 

Take action now:

Write down three women entrepreneurs, include at least one woman of color, that you have been procrastinating on working with. Reach out to learn more about their work AND sign up for their services (or purchase her products).

 Cheers to your wealth and wellness,

Danetha

To learn more about Danetha Doe and why she was named the next-generation accountant, click here.

It takes time to make time...what I learned about my business after tracking my time for 30 days

It Takes Time to Make Time

What I Learned About My Business After Tracking My Time For 30 Days

 

Similar to other entrepreneurs, launching a business was my declaration of freedom. Freedom to authentically express my creativity. Freedom to have limitless income potential. And freedom to spend my limited time here on earth exactly how I wanted to. And thankfully, I live in a moment of history where the only limitations I have as a business owner are my imagination and the strength of my internet connection.

 

Oh, and how effectively I manage my time...

 

As Lori Greiner, entrepreneur and star investor on Shark Tank often says, “Entrepreneurs are the only people who work 80 hour weeks to avoid working 40 hour weeks.” If anyone tells you that they work less hours as an entrepreneur, they are either lying or delusional. Waking up at 5 a.m. and finishing my day at 10 p.m. is a common occurrence for me. My day can consist of photo shoots, writing, happy hour mixers, marketing campaigns, working with clients, and more… everyday is different and I love the variety in my schedule.

 

In fact, I’ve found that I am most productive when I’m not forced to adhere to a specific schedule and obsess over the time I spend on each project.

 

Or am I?

 

Was I Sacrificing Productivity In Effort to Retain My Freedom?

 

A couple of years ago, I came across a company called TSheets, the “#1 time-tracking app.” We first met on Twitter and then I connected with their team at an accounting conference. It seemed like a great product for companies with employees. But since I didn’t plan on hiring employees in the near future, I didn’t think too much about it.

 

However, as TSheets does, their branding draws you into their world and I found myself curious to learn more about them as a company. Their electric energy and passion is a refreshing addition to accounting conferences, and I fell in love with their team and mission to help others “be bold, be brilliant, and be badass.”

 

After a series of fortunate events, I connected with their Accountant Program Director, Kelly Bistriceanu, and decided to become certified as a TSheets PRO. As a certified user, I learned the ins and outs of the product and how it can help my clients. In order to recommend the product authentically, I decided to test it on myself for 30 days to see how it worked and how it could benefit my clients that are also solopreneurs.

 

OMG. Talk about resistance. I was not at all excited about tracking my time. To me, freedom is doing what I want to do and when I want to do it.  And I’ve worked really hard to build a sense of freedom in my business. Just the thought of clocking in and out brought up a sense of dread within me. But, I like to be challenged, so I decided to view it as an opportunity to learn more about myself and habits.

 

It Takes Time to Make Time

 

The first thing I did was set a reminder within TSheets to clock in. Every morning at 10 a.m. I received an email to remind me to clock in. What a wake up call! I was usually already knee deep in work by 10 a.m., but had no idea how much time I had spent on any given activity.

 

The first week, I ignored the notifications. It seemed like such a hassle to take five seconds out of my day to clock in and clock out. Hmmm, telling.

 

The second week came around and I made a conscious effort to start clocking in. But then I had trouble remembering to clock out for my breaks and when I switched tasks. It still seemed like a huge hassle to break my concentration in order to clock in and out during the day.

 

By the third week, I started having a few a-ha moments. I realized that while I like having variety in my days, my schedule was too erratic to be efficient. I would leave assignments half-finished or I was easily distracted by emails. And I was grossly inefficient on some tasks (such as social media) and completely ignoring other key tasks (like sales).

 

Let me emphasize that point. Sales. The top line of every business. I did not carve anytime within my schedule to bring revenue into the business. Nor did I have a system in place to generate sales. Marketing, yes. Sales, no.

 

That’s when it hit me. Time is literally money.

 

Keeping Track of My Most Precious Commodity

 

Similar to the discipline I have cultivated to track my expenses when I do my books, I now needed to bring awareness to how I spend my time. Because time is something I will never get it back. Not using my time efficiently was like flushing hundreds down the toilet. Or the difference between being able to buy a couple of new pairs of Tieks or wearing flats from Payless. (No shade on Payless shoes, but they hurt my feet.)

 

After tracking my time for 30 days, I feel as if I have a much better handle over my schedule and my priorities. I realized that in order to take my business to the next level, I needed to devote more time to sales activities. Before, I had zero hours dedicated to sales per week. Now I spend two hours every morning on sales activities. And since I do not have any formal training in sales, I hired a sales trainer to help me put systems in place in order to improve my results.

 

With a better understanding of my priorities and goals, I created Financial Foundations for Coaches & Consultants. This will be my focus and signature training program for the remainder of 2016.

 

Now that I have one service offering as a priority, I can streamline my day, easily manage my current client relationships while continuing to grow my company’s revenues.

 

Thank you, TSheets, for the renewed sense of clarity and structure you gave me for my business. You are more than a time-tracking app, you are a business transformation tool.

 

Danetha Doe is a financial strategist for small business owners. She was selected as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor in 2015. Her signature program, Financial Foundations for Coaches and Consultants, is a 6-week training course to help project-based solopreneurs learn how to easily track their income, expenses and tax liability on a daily basis.

 

 

#MarketingMonday featuring Kasey Bayne, Director of Marketing for Kashoo

Happy Monday!

In this week's #MarketingMonday, I caught up with Kasey Bayne, Director of Marketing for Kashoo. Kasey is a marketing guru and one of the sweetest people I have met in the accounting industry. Voted as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor two years in a row, Kasey is someone you definitely want to get to know.  

With a passion for numbers and social media, she has found a way to combine her two loves to help financial professionals find their authentic voice within the marketplace. 

In this week's video you will learn:

  1. Why it is important to establish a unique brand for yourself and your firm
  2. How to get involved with your local community to generate more business and to give back 
  3. How to balance sharing personal information on social media with your professional expertise
  4. BONUS: Why Barbie pink nail polish is essential for any work related discussion

You can connect with Kasey on Twitter, @kaseybayne. Learn more about Kashoo and why they are the #1 downloaded accounting application for the iPad on www.kashoo.com.

Need help with developing your unique brand as a financial professional? Click here to check out my Branding Guide for Financial Professionals

 

Danetha Doe (@danethadoe) is a celebrity business strategist and recognized as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor in 2015. She is the creator of the best-selling, "Creating a marketing plan for your accounting practice in 7 days" course.

 

 

Why ignoring your bookkeeping is keeping you from six-figures

Have you set an intention for your business? In my post on Monday, I shared that I was able to hear Oprah speak and my biggest takeaway was the importance of setting an intention in business.

What is your intention in business? Often times I hear it is to make "a lot of money". Well, we all want a lot of money. But, a lot of money is relative and very subjective. 

If you want to reach your financial goals in business, there are three steps you must take.

  1. Start with getting specific about your money goals. Set an amount and choose a date that you intend on reaching your goal.

  2. Write down your goals and review it twice daily. As soon as you get up in the morning and right before you go to bed. Throughout the day, keep it near your work area to serve as a constant reminder as you engage with prospective, and current, clients.

  3. Track your income everyday until you reach your goal. This is in addition to your weekly bookkeeping date. Every day, track how much money you asked for (i.e. proposals sent out) and how much money you earned. The easiest way to do this is to use a bookkeeping program, like Xero.

So, what does this have to do with outsourcing your bookkeeping and it keeping you from six-figures? 

If I earned a dime for the number of business owners that tell me, "I don't want to learn bookkeping" I just want to hand it over to a professional, I would be a very rich woman.

While I fully agree that working with a financial professional is a great idea for your business growth, it is an even better idea to have an understanding of your business finances.

Financial empowerment begins with literacy. You need to understand your money in order to reach your financial goals. Period.

If your business is not earning at least six figures in revenue, you need to be doing your own bookkeeping. 


Why?

Because as a business owner, you need to get a handle on how your cash flows. You need to know how to label your expenses. And you need to keep an eye on your income goals and if you are hitting them.

Far too often, especially as women, we hand over the financial duties to someone else. 

What you focus on grows and if you're not focusing on your business' financial health, it will not improve. Either your sales will not increase. Or if they do, your profit margins will diminish.

70% of women-owned businesses earn $54,000 per year. That's in revenue. Compared to $75,000 earned by our male counterparts. I firmly believe this is due to our resistance to tracking our books.

With technology, bookkkeeping is easier than ever. And I know you're super smart, because you wouldn't have started a business otherwise, and can more than handle your books.


In order to break through six figures, you must stay on top of books. You can do it. I believe in you.

Take action now! Scroll back up to the top and answer the three questions. Let me know in the comments when you are done.

Cheers,

Danetha

Not sure what it means to "do your books"? 

Click here for information about my Bookkeeping 101 course

Danetha Doe (@danethadoe) is a business strategist and selected as one of the Top 40 under 40 accounting professionals in 2015 by CPA Practice Advisor. 

 

Taxes and margaritas...what we can all learn about money from Oprah

Hi fabulous!
 


This week's bookkeeping tip: You are in charge of taking care of your money. If your business is earning under $100,000/year- you need to handle your bookkeeping. Once you are ready to hire a bookkeeper, require weekly reconciliation reports from him or her. If you are behind in your bookkeeping, click here to watch my workshop.


I was SO excited to watch Oprah speak at the QB Connect conference this past week. She's soooooo amazing. 
 

For starters, the biggest takeaway I had from her speech was that "your business is an energetic force and every action has an equal, opposite reaction. Therefore, be intentional with her decisions." 

With a reported net worth of well over $1 billion, you may think that she leaves all of her accounting and financial dealings to someone else. When I chat with entrepreneurs, that is certainly the goal for some.

They'll say, "I can't wait until I can hire an accountant so I don't have to deal with this money stuff."

Or they'll just ignore the money stuff completely until they do hire a financial professional.

Maybe this describes you. However,  if you are in business, making and keeping your money is the intention.  If you are just launching your business, do your own bookkeeping. Learn the process for filing taxes. If your intention is to earn money and hold on to it, you will need to learn how to manage it yourself.

If you are working with a bookkeeper or accountant, you need to be in regular communication with her. At least once a month. And this isn't because they may be stealing from you (most financial professionals are 100% trustworthy), but because you need to know what  is going on in your business. And they need to know about your goals in order to help you navigate them smoothly. 


What does Oprah do?

Even with her overflowing bank account(s), she keeps a watchful eye on her money. In her interview with CNN's Piers Morgan, Oprah reveals that she signs every check over $100,000 (which is a lot of money to most of us, but compared to a billi, it's a small drop in the bucket). And she works closely with her team of accountants during tax filing- drinking margaritas with them and the IRS when she writes the tax check.

What's the lesson? She does not leave the task to her accountants. Oprah understands the value of money and respects its role her life. And together, Oprah, her accountants, and the IRS make it a team effort to make sure everything is accurate. 

Sounds like a celebration to me. Writing a check, drinking margaritas and collaborating. That's how your relationship with bookkeeping and accounting should be---and who knows, maybe that is the secret to building a billion dollar empire.

Now I want to hear from you! Leave a comment and let me know where you are at with your bookkeeping. Are you caught up? Not even close? 
 

For more tips from fabulous women entrepreneurs, check out this small business guide from my friends at Xero.


Cheers to your wealth and wellness,

Danetha

Not sure what it means to "do your books"? 

Click here for information about my Bookkeeping 101 course

Danetha Doe (@danethadoe) is a business strategist and selected as one of the Top 40 under 40 accounting professionals in 2015 by CPA Practice Advisor. 

#MarketingMonday: Oprah's advice to financial professionals

Were you at QB Connect this past week? Wasn't it a blast?! I love any excuse to drink, dance, chat with fabulous people...

Oh, and hear Oprah speak. Because that's no big deal. 

Oprah began her speech by talking about what it means to have a "brand". With a net worth well over $1 billion, a reputation as being a media mogul and journalists constantly analyzing the "Oprah effect"  and "Oprah's golden touch", Oprah has arguably the strongest, most well-known brand in the world.

However, she revealed during her speech, that she resisted being called a brand for a long time. "I'm just a human and I'm just being me", was her quip response to people that were eager to hear her secret, scientific methodology for building a brand. 

It wasn't until I met a woman who said that my show inspired her to not hit her children, Oprah said during her speech at QB Connect, that I accepted the fact that I had a brand. And what is a brand to Oprah?

According to Oprah, a brand means consistency. And it is is developed over time when others learn that they can trust you and your perspective.

Combining this with her previous statements, we now all have the secret, super scientific methodology for building our brand. It's to be yourself, consistently. What a concept. May the heavens open and the angels sing. We all now have permission to BE OURSELVES.

The simplicity behind this concept is literally breathtaking.You can exhale and just be you, love.

And yes, that means you too. The accountant, financial professional, tax guru, that feels that you have to it all together and know all of the answers. Guess what, you can chill out.

If you hate doing taxes for clients, then do not do them. There's a million other things you can do and hundreds of tax professionals that you can outsource the work to.

If you like to wear pink ties to your shareholders' meeting, go right on ahead. 

If you hate details as much as your clients do (hand-raised and shout-out to Greg Kyte for sharing this about himself on the Thriveal podcast) that's cool too. In fact, it's endearing. Now, hire someone that does like the details or become a comedian for CPAs.

If you find accounting boring, but you love cloud technology and how it is shaping the profession- great! Shout it from the rooftops. Team up with a firm that provides accounting services and focus your practice on integrations. Or start a blog. Plan and host a conference. Because that works too.

If you would rather have a TV show and teach accounting, then actually having clients (God bless their needy souls)- FABULOUS. Change your website to state "not accepting clients at this time" and go become a star.

When it comes to marketing yourself as a financial professional, the one task that you need to do is figure out who you are.

No one is going to do it for you. And if you want to thrive, financially and as a human being, you will have to take this step. Otherwise, you will be stuck doing something that you hate and bringing toxic energy to everyone around you.

Now, I want to hear from you. Who are you? Leave a comment below.

P.S. This is kind of a deep question. Here are some additional resources to help you peel back those layers to reveal your beautiful soul.

Cheers to your wealth and wellness,

Danetha

Danetha Doe (@danethadoe) is a business strategist and recognized as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor in 2015. Click here to join her LinkedIn group- The Future of Accounting.

Need help figuring out your unique brand as an accountant? Click here to sign up for my Brand Clarity Call.

 

 

How to prepare your business for the holiday season

Hi fabulous!
 


This week's bookkeeping tip: With only two months left in the year, it's time to focus and commit to reaching your goals. Take ten minutes and write down your income goal for the month of November. AND how much you want to keep at the end of the month (hint: this is known as a business budget). If you are not using a bookkeeping program, you definitely need to check out Xero.



Are you sticking to your weekly bookkeeping date? If you need help figuring out what it means to "do your books", check out my new Bookkeeping 101 course to learn how to save hundreds of dollars on your taxes.

Speaking of bookkeeping, I am SO excited to share my following appearances and workshops. If you can make it to the Bay Area, I would love to see you.

  • Life Chiropractic West College- Hayward, CA. November 17. I'll be hosting a workshop about bookkeeping basics. Hit reply to this email for deets.
  • Bauman College- Berkeley, CA. December 8. I'll be hosting workshop about how to get funding to jumpstart your business. Hit reply to this email for deets.

As we quickly approach the holiday season, remember to keep a watchful eye on your expenses. With all the hustle and bustle in our business and personal lives, it is easy to let our weekly bookkeeping dates slide and to increase our spending. 

The best way to prepare your business for the holiday season is to set an income intention AND to create a business budget.
 

The holiday season is a BIG time for us as entrepreneurs to make great money. However during this time of year, it's also easy to spend a lot of your hard earned money on Facebook ads, marketing campaigns, and seasonal hires.

During the busy holiday season, it's easy to spend, spend, spend. Establish a business budget and stick to it.

During the busy holiday season, it's easy to spend, spend, spend. Establish a business budget and stick to it.

And while all of these expenses may be justified, do not let them get away from you. Be extra mindful when you swipe your credit card or place an online order. Because you don't want to get to January and wonder where all your money went! 

Cheers to a banging fourth quarter,

Danetha

 

Not sure what it means to "do your books"? Need help creating a budget for your business so you don't overspend? 

Click here for information about my Bookkeeping 101 course

Danetha Doe (@danethadoe) is a business strategist and selected as one of the Top 40 under 40 accounting professionals in 2015 by CPA Practice Advisor.