Episode 191: How To Recession-Proof Your Small Business After COVID-19

How To Recession-Proof Your Small Business After COVID-19 Do you want to RECESSION PROOF YOUR SMALL BUSINESS? KNOW YOUR NUMBERS! You've heard me say this time and time again. Today, I bring you Marilyn Parham, CPA & Jessica Mae Stafford from The Bottom Line CPA. The Bottom Line® CPA is an award-winning, 100% Xero cloud accounting practice serving as industry leaders for Amazon FBA, eCommerce, and Online Business owners. Founded in 1996, TBLCPA launched into the online world circa 2013, quickly becoming the Certified Profit Pros behind many elite online brands. We are also home to ProfitHERO™ where we serve as virtual Profit Partners who are just as passionate about the businesses of our growing family of online DIYers as they are. Biggest Take Away You Don't Want To Miss KNOW YOUR NUMBERS! You've heard me say this time and time again. In this episode, you'll learn how to secure your financial foundation, how to understand your financial facts, and how to understand your financial funding. At the end of the day, we have to fully grasp where our cash is coming in and where it is being spent so that we can stay PROFITABLE. Show Highlights [1:00] - Who is Marilyn Parham & Jessica Mae Stafford? [2:45] - How can we secure our financial foundation? [5:30] - What are the ways to understand our financial facts? [8:00] - What is the Pocket More Profit Masterclass? [9:15] - How can we understand our financial funding? Links Website: https://www.thebottomlinecpa.com/about/ Let's Connect! Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review! Click this link – Bella In Your Business Click on the ‘Subscribe’ button below the artwork Go to the ‘Ratings and Reviews’ section Click on ‘Write a Review’' Are You New Here? Welcome, I am so glad you are here. If you are a dog walker, dog sitter, cat sitter, doggy daycare or kennel owner, then you found the right place. Jump Consulting is the one place on the internet to get all the resources you need for your pet care business. Can I give you some freebies to generate sales and increase revenues for your business? Grab your freebies below. Are you starting out? Been in business for less than two years? Get your startup resources here. Do you own an established pet care business and you want to take it to the next level.? Get Your builder resources here. Transcript: This is episode 191 of Bella in Your Business. Hi there, I'm Bella Vasta from Jump Consulting. You might know me from CBS, NBC, Fox, Huffington Post, Entrepreneur, or maybe you've seen me speak on stage or read my book, The Four Dogs That Every Business Owner Needs. In any case, get ready because you're about to get your hashtag Bella Butt Kickin' in this next episode of Bella in Your Business. So what do you say? Let's get ready and jump. Welcome, everybody. I am so excited to be here with you today. I have got two amazing women that I’m going to be bringing to you, but first I want you to know the backstory. I met these ladies through a mutual contact—one of those “any friend of theirs is a friend of yours” kind of situations. They came into the COVID support group we did two weeks ago, and their session ended up being the most popular one we had. I started feeling bad that only those 200+ people got to see it, so I wanted to bring it here to all of you. Since then, everything has been changing—people are getting funded, others are facing new challenges, and there are so many questions. So, I want to introduce you to my now two friends, Jessica Mayhafer and Marilyn Parham, CPA, the co-founders of Profit Hero. If that name sounds familiar, it should—it follows the same mentality as Mike Michalowicz, who was on my podcast. Today we’re going to talk about how to recession-proof your small business during COVID. The Bottom Line CPA is an award-winning, 100% zero-cloud accounting practice that serves industry leaders in Amazon, FBA, e-commerce, and online business. Founded in 1996 and launched into the online world in 2013, this is not their first rodeo. They quickly became certified profit pros behind many elite brands and are also home to Profit Hero, which you’ll hear about today. They come alongside business owners to help them manage not just the numbers, but the decisions behind them. Because you can’t make financial decisions unless you understand your own situation first. So, without further ado, welcome, ladies. They thanked me and mentioned that it’s been a whirlwind week—definitely an adventure. There’s a lot to unpack today, and we’ve done a lot of prep to make sure we over-deliver in value. The first thing I asked was, what does it mean to secure our financial foundation? Because for many, it feels like that foundation has just been blown away. They explained that there are three key things to understand when making financial decisions: 1) secure your financial foundation, 2) know your financial facts, and 3) understand your financial funding. For the first point—securing your financial foundation—it’s all about relationships. In particular, your financial relationships: bankers, accountants, tax advisors, and business mentors. These partnerships are the foundation that supports your business in both good times and bad. Having a solid banking relationship is especially critical right now, and if you don’t have one, now’s the time to build it. Next, do you have scalable systems? We all want to grow without constantly breaking things. Scalable financial systems for your accounting, documentation, and cash management are crucial. How do you know how much cash you have? How do you plan for taxes? How much should you pay yourself or set aside for profit? That’s why they love the Profit First system—it’s all about managing cash effectively. To recap, securing your foundation comes down to strong relationships, scalable systems, and compliance checks. The next step is knowing your financial facts. It sounds simple, but when you’re busy running a business—or dealing with something like COVID—it’s easy to lose track of your numbers. You can’t make smart financial decisions without good data. This part isn’t just about business—it starts with your personal finances. Many people start businesses as side hustles or with dreams of bringing their spouse into the company, but everyone has personal financial goals that influence their business goals. Understanding your personal needs, upgrades, and dreams is critical. That’s what their Pocket More Profit Masterclass teaches—how to set financial goals that align with what you actually want from your business. Once you know what you want personally, you can plan for profit accordingly. Sales minus profit equals expenses. You take profit first, not last. That means paying yourself, playing in life and business, and preparing for taxes. Knowing these numbers makes you stronger when it comes time to discuss funding with banks—they’ll ask questions that most business owners scramble to answer at tax time. The best time to get prepared is now. At this point, I wanted to slow down and ask about the masterclass they mentioned. The Pocket More Profit Masterclass is a 90-minute, no-fluff course that helps business owners become profitable in the next 30 days. You don’t have to wait to be profitable—that’s not the Profit First way. It’s about small, intentional steps: committing even 1% of your resources to profit for the next 90 days. It’s about consistency, not giant leaps. So, to recap: Step one was securing your financial foundation. Step two was knowing your financial facts. Finally, step three—understanding your financial funding. This starts by knowing your assets—particularly your cash assets. What resources do you have to sustain your business and household? They call this the “State of the Union.” Maintaining a strategic mindset and self-care is essential. You need to keep your battery charged and your mind sharp while navigating uncertainty. Next comes understanding your debt service—your loans, mortgages, and other obligations—and exploring relief options. Everyone is in the same boat, rowing toward the same goal, and now is the best time to seek help. They referred to this as the “COVID cover.” Then comes economic aid: the opportunities available through government programs and other sources. It’s not just about what you can apply for—it’s about being strategic and using this time to set up systems you’ve always wanted but never had the chance to implement. To summarize, understanding your financial funding means knowing your cash assets, managing debt service, and taking advantage of economic aid. I thanked Jessica and Marilyn for being here and for serving our community. They encouraged listeners to stay brave, stay in community, and communicate openly—especially now. If you’re surrounded by people who aren’t open or optimistic, find new communities that are. If you’re interested in joining their community, I highly recommend it. They don’t just focus on numbers—they focus on the person behind the business. That’s what makes them so successful: it’s about the whole picture, not just the profit and loss sheet. Thank you again for joining us, ladies. And to everyone listening, remember—when life gets you down, always keep jumping. So what did you think? Did you love this episode? I sure hope you did because I put a lot of love into this for you. The best way you can show me that is by going to iTunes, Stitcher, Google Play, or wherever you listen to your podcast and leaving a review. I just might read it on the next episode. I also want to remind you that when life gets you down, remember to always keep jumping. Thanks for listening.