Episode 215: Getting In Control of the Financial Numbers in Your Business with Jamie Trull

Financial Literacy Getting In Control of the Financial Numbers In Your Business with Jamie Trull Jamie Trull is a Financial Literacy Coach and Profit Strategist. She's fired up about helping small business owners overcome the overwhelm and anxiety of business finances. After leaving the corporate world in favor of a more balanced life. Jamie founded her Virtual CFO company, Balance CFO LLC. and quickly realized that there was an educational void for smaller business owners and self-employed individuals when it came to financial literacy training. She pivoted her business to teaching Financial Literacy to help fill that void. Jamie helps entrepreneurs maximize their profit and feel more confident about the numbers side of their businesses. She lives just outside of Nashville in Franklin, TN, and has a 6-year-old son and a 3-year-old daughter who keeps her quite busy in her spare time! Biggest Takeaway You Don't Want To Miss: Financial literacy can be exciting and fun. It’s not just about taxes or bookkeeping, it’s about making strategic decisions to put your business in a trajectory to really succeed. This way, you can pay yourself more money which is the main goal of a business. How do you keep your business up and running so that you don’t have to go out of business because of Covid? The ones that pivoted blew their businesses upwards, there is still money to be made in this situation. You just need to be comfortable in the uncomfortable, you just need to figure out how to bring in revenue in maybe a different way than what you did before. You should have a smart business strategy. Having said this, we all need to be focusing on strategy and then finding those supplemental ways that we can help ourselves through these difficult times but knowing we got to get back on our feet. Financial Literacy Show Highlights: Use this FREE worksheet to estimate your current all-in pay rate and determine if you need to change your pricing! http://jamietrull.com/byhour 1:47 – Why we’re in business 2:15 – Who is Jamie Trull 4:48 – How we actually are in business to make money 7:23 – Covid’s effect on businesses especially to small businesses 38 – What should we do or focus on now in this time of the pandemic 40 – Example on how to pivot your dog walking business during this time of the pandemic 23 – Smart strategy 22 – Are you charging enough? Links: https://jamietrull.com/ http://jamietrull.com/byhour https://jamietrull.com/group 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 215 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 to Bella in Your Business. My name is Bella Vasta, and today I want to talk about one of my favorite topics—finances. You guys have probably heard me say, “What do the numbers say?” when you come to me with big decisions, right? But I know that’s not an easy thing to figure out. The numbers should make all the decisions in your business, and my guest today is going to help explode your mind on this. We’re also going to talk about what’s happening now in 2020. My guest, Jamie Trull, is with us today, and she is a financial literacy coach and profit strategist. You might already be in her group, because if you’ve been in my group and had questions about PPP or EIDL, I’ve sent you over to Jamie, and loads of pet sitters and dog walkers are already in there. She’s fired up about helping small business owners overcome the overwhelm and anxiety of business finances. She used to be in the corporate world but left in favor of living a more balanced life. She founded her virtual CFO company, Valet CFO, and quickly realized that there was an educational void for small business owners. Can I get an amen, you guys? I know this is a topic you’re going to love hearing about today. So without further ado, welcome to the show, Jamie. Jamie thanks Bella for having her and says she’s excited to be there, though she jokes that Bella might be the only person who says finances are one of their favorite topics, since most people are on the other end of the spectrum. Bella agrees and says that while most decisions are emotional or instinctive, at the end of the day, the numbers tell the truth. Jamie agrees and adds that business owners need to remember why they’re in business—not just to serve others but to make money and build financial stability for their families. She points out that most of us never learned financial literacy growing up—not even basic things like balancing a checkbook, understanding credit scores, or making informed financial decisions for our lives, let alone our businesses. That’s why she started creating educational content that makes finance more relatable and approachable. She explains that many accountants and financial advisors talk in a way that makes people glaze over or “smile and nod.” She wanted to be a different kind of voice—one that shows how finances can actually be interesting, empowering, and fun when you understand how they shape your success. Bella says she loves Jamie’s perspective, especially the reminder that the purpose of business is to make money. Too many people say, “I don’t do this for the money,” or “I just want to help people.” Jamie agrees, saying that while helping others is wonderful, you can’t sustain that mission without profitability. A business that doesn’t generate consistent profit will eventually burn out its owner. You can’t make an impact if you can’t afford to stay in business. She stresses that many service providers undervalue their time. When you calculate your hours and expenses, you might realize you’re making less than minimum wage—and that’s unacceptable for someone taking on the risks of entrepreneurship. She encourages business owners to charge appropriately for their value and to stop glorifying the idea of running a business that never shows a profit just to avoid paying taxes. “If your deductions aren’t helping you grow your business, they’re hurting you,” she explains. “You can’t pay your mortgage or buy groceries with write-offs.” Bella brings up the emotional side of money—the frustration of working all the time and having nothing to show for it. She recalls how COVID in March 2020 revealed just how many small businesses were running paycheck to paycheck. She asks Jamie what that period was like for her. Jamie says it was heartbreaking. Before the pandemic, she focused on teaching profit strategy—helping owners plan, save for taxes, and build emergency funds. But when COVID hit, she realized her community needed something different. Businesses were shutting down overnight, and people were desperate for clarity. She pivoted her content immediately to interpret the CARES Act and explain PPP, EIDL, and unemployment. Nobody understood the 800-page bill—not the banks, not even government officials. Jamie decided to become the “translator” and help people navigate it in plain language. She says the pandemic exposed what had been brewing beneath the surface—how many businesses were barely surviving month to month. Even those with a couple of months’ reserves were quickly in trouble. Industries reliant on travel or events were devastated. For many, it was a wake-up call: you must prepare for emergencies, even personal ones, because business income can disappear overnight. Bella deeply relates, sharing her own experience running two businesses while her daughter—a micro preemie—fought for her life in the NICU. That crisis taught her the importance of building systems that can function without you. She praises Jamie for delivering financial education in a “non-dry, non-boring” way—bite-sized, practical, and emotional all at once. Jamie says her Facebook group, Financial Literacy for Women Business Owners, became a lifeline for many. People were scared, confused, and searching for guidance. She personally showed up in the group to answer questions and provide support. She encourages listeners to join at jamietrull.com/group, noting that it’s a safe and active space where she regularly engages with members. Bella then asks, “What should business owners be doing right now?” Jamie replies that while the world feels chaotic—between the election, the economy, and ongoing uncertainty—the key is preparation without panic. We don’t need to expect the worst, but we must plan for it. Early in the pandemic, too many people froze, waiting for things to blow over. The ones who pivoted quickly and served new needs are the ones thriving now. Jamie explains that pivoting doesn’t always mean a complete overhaul. Sometimes it’s just about addressing a new version of your customer’s problem. Bella gives an example: before COVID,