Jenn Wells is a virtual CFO and money maven working with six & seven figure creative entrepreneurs who are working in the online space. Jenn has been an accountant for decades, and has previously worked with hundreds of small business owners for almost 30 years. Jenn loves to work with creative women entrepreneurs and help them grow their business, understand their finances, develop their money mindset, all whilst creating a well balanced work and personal life. We chat to Jenn about her career path, the pitfalls of being in business and ways in which entrepreneurs can learn to manage their business finances.
Welcome Jenn, thank you for coming on board with us, can you introduce yourself to us?
I’m Jenn Wells, money maven. I am a virtual CFO, accountant, money & money mindset coach, working with coaches and creative entrepreneurs.
Can you talk us through the path you have pathed to where you are now as a virtual CFO?
I have been working in small business accounting for decades, having had my own accounting practice for over 25 years. Several years ago, I had wanted to join the coaching world and I took a coach training program for two years. In doing that, I found I love working with other coaches and creative entrepreneurs, helping them understand and master their money.
I still offer monthly accounting services, but I also offer a more in depth relationship where I am actually helping with the day-to-day financial aspects and part of the team for clients as their Virtual CFO. After my coaching program, I added Money Coaching to my accounting practice, and recently am starting to do more Money Mindset work, and will be introducing Money Alchemy work soon.
What does a typical day look like for you?
A typical day for me starts with my own morning routine and money work. I generally will work on my CFO clients first, making sure their daily needs are met. The rest of the day I am on coaching or connection calls and work on my monthly clients, making sure their accounting records are updated and they have their financial reports from the prior month.
Can you give us 3 ways in which entrepreneurs can learn to manage their business finances?
- Set up systems for tracking that work for you. There are many ways you can track your money, but the most important aspect of choosing a system is getting one that you will use. When you are starting out, you can use spreadsheets to track income and expenses. If you need to send invoices, there is software that provides that with simple tracking of expenses. Once you are established and want a more robust system, I suggest Quickbooks Online. You have more bookkeeping capabilities and can get financial reports that will help you understand your financial position, your profitability and your cash flow.
- Have regular Money Dates. Set aside regular times in your schedule to handle your bookkeeping and organise your money. Make sure you have ample time to handle all your tasks; invoicing, paying bills, updating your bookkeeping records, filing receipts and paperwork, and analysis of your financial reports. Make this time to honor your money, see where things need to shift in your business, and head off problems or cash shortages before they become a crisis.
- Get support. Whatever part of your business finances you do not understand, get help to master those areas. When you no longer have time and can afford to hire someone to do your bookkeeping, find someone to become a part of your team. Find a tax professional or CPA to meet with at least once a year to make sure your business is set up and operating in the most tax efficient way.
How are you working towards your own personal development|?
I have always been a personal development junkie. I have rituals and habits I follow, such as journaling, reading, and following certain people who inspire me. I have always connected my spirituality with my personal development, and have been a life-long student of different modalities. I have studied the Tarot and am currently getting my certification in the Akashic Records, which I will be using in my business to help clients explore their past money stories. I usually always have a coach and a mastermind partner. I also try to live holistically, connected to the Universe, and practice the Law of Attraction.
Number one rule in business you stick by?
My Number One rule of business I live by is to honor money. I have seen so many businesses fail that did not have their eye on their money. And I’m currently seeing creative entrepreneurs struggle to understand their business finances or they have their head in the sand, procrastinate, or make un-educated choices around their money.
I not only suggest having regular money dates, but also create rituals to honor your money. Give gratitude and love your money. Treat it with love, respect, and self-care. Take steps needed to understand and master your money. Money is energy and a tool to help you achieve your desires and goals.
What are your preferred marketing methods?
My Preferred marketing method is referrals. The vast majority of my clients have all come one way or another from the first person who hired me several years ago when I started to work with coaches. There is no greater compliment than a client telling people they need to work with you! Giving excellent customer service and fulfilling a drastically needed service has made sure I have a thriving business.
Can you share one pro and one con of running your own business?
One pro of running my business is I get to work from two homes in different states, and I get to travel and work from the road. I love working from home on my own schedule. Without a long commute and office drama, I can lead a well balanced life, with plenty of time to have a social life and practice self-care. My motto has been to create a life I don’t need a vacation from. And I have achieved that. I don’t feel I need vacations, since my life and business meld together, I love what I do so much, and have a strong passion for my work. I travel, take time off, and enjoy my life immensely.
The one con of my business is isolation. Without that commute and office, I don’t interact with others, except on clients calls, throughout my day. It’s easy to get lonely working from home by yourself and requires effort to be sure I am getting out and about in my community.
What does #BEYOUROWN mean to you?
I feel #BeYourOwn means I own my life. I own how I work and how I feel. I am responsible to grow my business and take it in the direction that best serves me. I am responsible for my happiness and making sure I am doing what I need to do to be healthy; with my body, my mind, and with my relationships. It means being the The Boss and CEO of my life!