Judith is passionate about helping her clients become more profitable. She offers bookkeeping, accounting, and CFO Solutions to small and mid-size businesses, combining her accounting expertise with her many years of corporate financial experience to guide her clients through the often confusing maze of financial accounting and analysis. She takes care of her client’s accounting headaches so that they can focus on other aspects of their business. Judith is an expert at taking the accounting and bookkeeping out of her client’s hands and delivering it in the most productive, technologically savvy way, making sure their accounting and bookkeeping processes will be packed with productivity to give their business the perfect platform for success. With 20+ years’ financial industry experience, Judith founded JADDE in 2005. Judith spent 15 years with Goldman Sachs in New York, eventually serving as Vice President in their Global Treasury and Banking Division.
What Expert Authority World™ is saying about the show:
- If you are a wanna be entrepreneur look no further!by Elisa Di Napoli from United Kingdom
Great podcast full of interesting insights. The host is engaging and thoughtful and I can say I have enjoyed listening to each episode!
- Amazing Interviews not to miss!!!by Jbower1282 from United States
Consistantly uniques interviews or amazing people really making it happen.
- Mario is a great host with great questions!by alexdesigns from United States
Take a few minutes out of your day to listen to Mario. He is a super smart guy and I love the questions he asks his guests.
- A great podcast for dreamers and do-ers!by Chiquita2727 from United States
Lots of great information and inspiration for anyone who wants to turn dreams into reality. Mario brings a lot of spot-on information to this podcast.
- Great Showby Palminchen from London from United Kingdom
Love the broad selection of topics for inner
- Amazing inspirational storiesby colas_18 from United Kingdom
This podcast is so good. The stories from the people sharing their stories about their struggles in life and how they overcame these struggles is just inspirational and helped me push harder when things get tough. Keep up the good work with these amazing interviews Mario.
- Fantasticby sttoggyigctdrvy from United States
Mario goes above & beyond on his show. Lots of great information for his listeners!
- Top Learningby BLNT PPTT from Hungary
Love hearing these great interviews with a great host. Keep up the good work!
- Mario inspires!by Fatherof10yrold from United States
These interviews are fantastic. Mario inspires with great questions that draw out great answers from his guests!
- Expert authority!by Tara Williams Phone from United States
Mario shares some amazing people on this podcast and they have some gold to share!
- Great show!by Karen @ Interview Valet from United States
Mario is an awesome podcast host! I love the FB Live interviews and the opportunity for listeners to engage in real time. The audio and video quality is spot on every time. Be sure to subscribe so you don't miss anything! You won't be sorry.
- A Podcasters Inspiration!by JamieKullman from United States
Mario has so much insight and delivers such incredible value through his show. I just started listening, but I've already learned so much from him and his wonderful interviews. Keep up the awesome work!!
- Quality professionalismby VirtForce from United States
I can’t say enough about how pristine and professional Mario is in his interviews. He truly wants his guests to have the best experience and recording possible. And not to mention he is fun and knows how to put people at ease in front of the camera.
- How to conquer your limiting beliefsby Dave4syth from United States
Listen to episode 103 an dlearn how to overcome your limiting beliefs. Great advice.
- I can’t believe how much I learned in just one episodeby AwesomeMontana from United States
Mario is knowledgeable, curious and able to bring great guests that deliver value that every business needs to understand! Outstanding podcast!
- Great content!by Cory Lee Leadership from United States
Mario does a great job of providing relevant information and bringing on guests to share their expertise in a variety of fields. Highly recommend his podcast!
- Fascinating interviewsby Bill Ringle from United States
Mario brings on accomplished guests and draws out their expertise and stories in a way that leaves me on the edge of my seat. Keep up the great work, Mario!
- Love It!by Laura Moreno Cabanillas from India
Loving this podcasts, an entrepreneur I really appreciate the energy and passion being shared to help us grow our business. Keep up the great work.
- Boost my Amazon sales!by SurvivalDad from United States
I tap Amazon as one of my sales channels and your interview with John Ghiorso was an eye-opener. Ignore at your own peril!
- Love It!by LauraMore from United States
I loved the Memorial Day episode, Mario! Thanks so much for creating this awesome podcast!
- Flawless interview styleby GninraeL14 from United States
Mario makes everyone appear even more interesting to me. Great format and style!
- Come here for valueby Joshua User 202! from Canada
Really appreciated this podcast for the raw, genuine interviews. Love it!
- Crisp and interesting interviewsby Joel Goobich from United States
As someone who created one of the first podcasts dedicated to video marketing, I was very impressed by your recent episode about using video. Your interview style is crisp and interesting
- If you are in business, this podcast needs to be on your playlist.by Macstephen1 from United States
Mario has a great conversational style that helps his guests shine. This show is a must if you have an entrepreneurial spirit. It provides thought provoking content that will help any businessperson in their quest for success.
- New Subscriber here and on your YouTube Channelby Angela Brown Oberer from United States
Wow Mario you have a real knack for interviewing. You ask great questions and have a fun way of keeping the conversations lively and interesting. After listening to your episode with Owen Video I subscribed to your podcast and then I hunted you down on YouTube. High Five and great job!
- Very Professional & Engaging Show!by Mitche Graf from United States
Mario is extremely engaging and can hold your attention, and is a great interviewer! He has some great guests that really get into the details of running a successful business. Keep up the great work Mario!
- Great Contentby Pilar S. from United States
Excellent! LOTS of advice from experts. The most recent episode talks about speaking–a must-listen for anyone who presents or is thinking about presenting.
- Great content!by @Mentally_Strong from United States
I really enjoy your podcast each time I listen. The content helps any entreprenur level up with they do. Keep it up and thanks for each episode.
- Professional and Informativeby Bruce at Mindfulness Mode from Canada
Mario Fachini is an excellent interviewer and has terrific guests on the show. I highly recommend this podcast.
- Great Podcastby Amber Fuhriman from United States
I love the topic of this podcast. The episode with Tod Lindsay is super super helpful!!
- Great find!by Reed Stiles from United States
Great message and content. Stumbled upon this due to the cool logo, stayed for the content.
- Great show and great host!by Laurapowers44 from United States
Love what Mario offers! So glad he is doing his show and providing all this helpful info! Keep them coming!
- Walks the walkby Me15463 from United States
Mario encapsulates everything he talks about on the show. Be sure to tune in to this!
- Honest and authenticby Deano3622 from United Kingdom
Wow, just come across this podcast. Mario is such an awesome guy. He comes across so honest and genuine. Loved the content. I honestly don’t know where you find the time?! Keep it up Mario, love how honest and real you are!
- Great and insightful!by Karty12345 from Australia
I really enjoyed this podcast, so much relevant content. Thank you!
- So much Value..!by Alex Dali Rizo from United States
Great content, I really recommend this to any Entrepreneur looking to excel in their path, Mario brings topic experts to teach and inspire your day
- Inspirational Intentional Informationby 10Kforte from United States
This podcast shares the stories from people that are doing whatever it takes to rise up and help others along the way. “What Are You Made Of” is one of the many messages shared on the podcast. There are so many takeaways that are applicable to anyone. I really enjoyed listening.
- Wow!by Tyscoaching from Australia
Just listened to the 'rescue site AED Program' episode! If you love epic stories and inspirational people, this is the podcast for you!
- Motivation on Tapby AnthonyPGarcia from United States
Mario brings on some of the most impactful entrepreneurs to hear from. He dives into the key performance factors of their business. He extracts information very well and keeps the show flowing very smoothly. Definitely a show to subscribe to!
- Starting a Movementby JustMe2say from United States
There are many areas of business and entrepreneurs have an opporunity to gain some insight with this podcast. Excellent interviews!
- Great Podcast For Entrepreneurs!by The Big Game Hunter from United States
Full of knowledgeable guests and useful information that will help you accomplish your goals in business and in life!
- Mario Truly Care About His Guestsby Podcast Junkies from United States
Having met Mario and spent time with him at Podfest I can truly say that he is passionate about his show. He’s genuine and that clearly comes through in his own story and what he brings to every interview.
- Put your thinking cap on!by Cliff Duvernois from United States
This is probably one of the most information dense podcasts I’ve listened to in many moons. Each episode could easily be expanded out into 2 or 3 hours. Mario does a great job of asking the right questions to get his guests to reveal great tips, tricks and advice. Sure a lot of information can be applied to an entrepreneur but I found a lot of advice applicable to my personal life. This podcast is definitely worth my time to listen to and I’m looking forward to more episodes to come. Great job!
- Relavant for anyone!by HarloB from United States
I really enjoy Mario and his shows. The Stress and Anger in the Workplace episode was great because it cut to the chase of all the issues around this topic. Great interview!
- Mario nails it!by Mickiezada from United States
I've listened to Mario for a long time...his podcast is well produced, his guests are influencers and authentic authority, and chock full of insights and inspiration for entrepreneurs. Love it!
- Mario is the real dealby jamesnewcomb.io from United States
I’ve known Mario personally and professionally for over a year now. He is genuinely interested in helping people succeed, and consistently over delivers in his interactions and valuable advice with fellow entrepreneurs, podcasters, what have you. In this era of showmen who “give value” only if they think they’ll get something in return, Mario stands out as a man among men. Listen to his show and learn what true leadership and value in the marketplace mean.
- Listening On My Entrepreneurial Journeyby FromLisa2 from United States
I was surprised when I stumbled over the servant leadership that shows up in these episodes. It's collaborative. It's focused on relationships with clients versus transactions. I especially enjoyed the episode on getting clients without "selling" because it's more about genuine relationship building.
- A Giftby Lisa Vogt from United States
Mario uses all his talents, gifts and abilities to produce this life affirming show. It's incredible that we are able to grow our abilities and develop our talents and gifts just through subscribing and listening. Thank you Mario!
- This show is ON FIRE!by tibor.mindsethorizon from United States
Love your show Mario! Your niche is close to mine but I focus more on mindset and manifestation in a business setting. I tuned into episode #103 with Karen Brown which is dope! Keep up the great work!
- Entrepreneur Must Listenby HWoodwriter from United States
If you’re an entrepreneur this is a must listen show. So many inside tips and thought processes behind moving your business forward. Mario does a great job with the guests by asking the right questions at the right time. He and his guests give the information you need to grow your business and leadership skills.
- What a show!!by CWLuecke from United States
Man, do I love interviews with world-changers! Mario does an excellent job gathering the cream of the crop for his show and giving insightful interviews. Check it out!
- Loved it!by Seodrigo from United States
This interview was very enjoyable. Mario brought on a wise guest by the name of Michael Lauria. I loved the interview and Michael's perspective on the topic. He had wonderful insights and around min 31, he hit something very profound. Excited to share what I learned today with others. Way to go!
- Great listenby trinity3712 from United States
Good listen. Great range of guests and topics. Something here is you keep listening will help you in many areas of life and leadership b
- Great Knowledge!by Jon Vroman FRD from United States
Great show Mario! So much valuable information in one episode!
- Excellent show, very imformative!by Shaolin Soprano from United States
Mario loving the podcast bro, great content, immense value. Enjoying these interviews!!!
- Helpful Information!by The Medicare Nation from United States
Love the valuable information on these episodes! Lots of tips & tricks for every Entrepreneur to use. Kudos Mario! Diane Daniels Host of Medicare Nation
- Love Mario’s Attitudeby marisaimon from United States
Mario’s heart shines through his interviews, making these fun and positive, and the people he brings on offer such a wealth of knowledge.
- Lots of Great Info!by DarlajPowell from United States
Mario provides lots of great info and advice in this 7 day a week show.
- Great Content!by LanceJohnson_ from United States
Mario does a great job of share valuable information that every entrepreneur could use and apply to their journey. Great work! 🙂
- Important information!by Allmenow from United States
Very engaging information. Mario draws out experiences and knowledge from his guests. Loved the show!
- Difference-Makerby Unlimited Beliefs from United States
Mario is a master at bringing out, shining a light on, and internalizing the difference-making mindset. His knowledge and experience and mission enable him to synthesize information into diamonds for all of us! What you want is accessible by taking in this show!
- Excellent Informationby Stallion golf from United States
Great advice and information with a wonderful blend of topics! Loved the episode with the british healthcare professional and the ideas shared on how to make the industry better.
- Motivating and valuable informationby Calvin Javier from United States
Great insight on mindset from business leaders and entrepreneurs making things happen. Definitely worth your attention. Will be listening and learning more!
- Good informationby FIRE NATION! from United States
Engaging interview with a british health pro, I was surprised to hear the similarties and the application she has for making healthcare better
- Greatnessby MiaSportFanatic from United States
Have had the chance to listen to one show so far but man, we should be paying for this information. Lots of greatness. Thanks for the heart to serve.
- Listen to the experts - and thrive!by The Marketing Book Podcast from United States
There's a lot of advice out there these days but, sadly, a lot (and I mean a LOT) of is from people with little to no expertise. That's not the case with this gem of a show. Listen to what the experts say and profit from the experience!
- Show is amazing!by BestMorningRoutineEver from United States
I love learning about mindset and how to master my thoughts. This show provide the tools!
- Great show!by Jefferson_79 from United States
Great information for all businesses.
- Good value!by Audrey purplele from United States
Great information that applies to any business! I really felt he provided value for my time.
- Interesting Topicby Real Estate Journeys Podcast from United States
Interesting topic. Great interviews. Keep up the hard work!
- Helpful Advice from Expertsby ichuck2 from United States
Mario talks to experts in a wide range of subject matters and asks good questions to pull out helpful advice.
- What a great show!by Christopher List from United States
Mario really brings out the best in his guests. The police dog trainer had such a great story. Can’t wait to hear more!
- Great!!!by tommye w-c from United States
Great podcast, awesome guests, incredible host!!!
- Fun & informativeby Saoirse Sky from United States
Some people want something fun, others want something informative. This podcast gives you both!
- Great show!by CJThomas6 from United States
Very inspirational show! Appreciate the advice and thoughts shared by the host and his guests!
- Great podcastby Rosie81200 from United States
Great podcast! Love hearing about the guests’ journeys and what they learned from them.
- Never Stop Learning!by Terri in Fairhope from United States
Tune in to this great podcast and host! You're probably really good at what you do (top of your game...an Expert Authority), but there is always more to learn...streamline processes and gain more freedom in your life. It's not always about the bottom line. This one is worth a listen!
- Amazing!by KatieHBrooks from United States
If you're looking for inspiration, tune in to listen to Mario and his top notch guests. I find that I am always much more motivated after listening to an episode of Expert Authority Effect!
- Wonderful show!by @IV-Heather Tieben from United States
Mario is a great host & puts on a wonderful show. The quality of his interview guests and entire production is impeccable, I couldn't recommend Expert Authority Effect more!
- You Will Not Be Disappointed!by Composer 1853 from United States
Mario does such a great job of engaging his guests from several different disciplines.
- The hardest working man in Podcastingby EOFire.com from United States
Mario brings the HEAT with real energy and FIRE...don't miss the meteoric rise of this show! ~ John Lee Dumas
- Great interviews and guests!by Mel Good Karma from United States
Thanks for hosting such great interview guests. Look forward to hearing more and kudos on so many a week and also videos!
- Fantasticby Jason A. Duprat from United States
Awesome podcast, going to be adding this one to my list. Interesting topics with great interviews, good sound quality.
- Enjoying!by Slordan from United Kingdom
Enjoy listening to Mario and how he opens up the conversations to ensure it’s as relevant to us as listeners!
- Nice variety and interesting topicsby emjgreen from United States
Love the variety of topics presented here on this show. Looking forward to listening to more of Mario's show.
- Great Content! Great Interviews!by No BS Mompreneur from United States
Wow! Really enjoy listening to all these fabulous expert authorities!! Lots of valuable take aways that I can implement into my life. I will continue to listen and share with others!! A+++
- A great addition to build authority and create an impactby Cloris Kylie from United States
A great addition to build authority and create an impact. Also, a different twist on the topic. Engaging. 5 stars!
- Filled with motivation and ideasby Thomas O'Grady, PhD from United States
Mario does a great job interviewing and pulling the stories behind people's stories or success. Good pleasant listen. If you are in a journey of your own, these episodes will give some things to bring into your on life.
- spartancvby spartancv from United States
Great job following your passion, your purpose and creating this podcast to help serve others! Keep up the excellent work.
- This podcast is the bombby Posturedoc from United States
Mario always crushed it, and this podcast is another example of his amazing insights and knowledge!! Great work.
- Wow - love the video show.by Thehighenergygirl from United States
Thank you for the encouragement and tips on how to succeed on video and the repurposing idea.
- Motivating and Inspiring!by KatyJoyWells from United States
Mario brings such enthusiasm to his shows and his content is fantastic. I’m always learning new things to implement or new ways to grow, thanks Mario!
- What a great show!by Gene_HPLN from United States
Awesome podcast! Mario brings great topic, great guests, and it is very easy to listen to. I definitely recommend for anybody interested in business success!
- It's greatby Ian Ryan from United States
Just had a chance to check out your most recent episode appreciate the great insight! Great delivery from the host & can’t wait to dig into future content.
- Love it!by Brendan @ Entrepreneurs&Coffee from United States
I love that this interview podcast doesn't feature the same old folks that everybody has on their show. Keep it up, Mario!
- Amazing!!!!by Lindsey Russo from United States
This show is so impactful! Hearing from the experts and how they take authority in their space is so amazing. Looking forward to more episodes!
- Learned what I didin't even know I neededby Camilla-Jean from United States
Great info. I love the Q episode because I get just quic interst snippets that may get me thinking about where my business might go.
- Fabulous Interviews!by Life&RelationshipCoach from United States
Mario does a fantastic job interviewing really interesting and successful business people who explain how they got to where they are - tips you won't want to miss when your trying to grow your business! Keep up the great work Mario! Coach Riana Milne
- A+ Showby Gisele_Oliveira from United States
I love this show. It's so entertaining and I learn a lot from the interviews. I highly recommend this show if you want to level up his game as an authority.
- Inspiration, transformation, success stories!by Chabo101 from United States
The title of this review should just be enough but it is just more than that. Its life lessons, its listening to personal struggles and how they over came those struggles. Love to hear from people that change the world through their struggle and the lessons that i learn from them are just more than amazing. I love this.
- Great interviews!by AlyciaDarby.com PodcastManager from United States
These interviews are well done and his guests are prepared to give really specific insights and stratagies... great podcast, Mario!!
- Inspiring story of courageby StrongHeart<3 from United States
I love that she found gratitude in her circumstances. lorie is an inspiration
- Powerful!by The Food Heals Podcast from United States
Mario's interviews cover a variety of topics and provide great value in all areas of your life! Episode 15 discusses how change is temporary and transformation is permanent which was really powerful for me. I love this message! Thank you!
- Great content!by Blakeob85 from United States
Great answers to common questions many entrepreneurs have! Thanks Mario for sharing your and your guests' insight!
- Real Actionable Tactics!by MattBMaverick from United States
What I like about Mario's podcast is that he pulls out actionable tactics from his guests that we, the listeners, can actually use. Great show!
- Great Listen!by Real Estate Investor from United States
Mario and his guests provide useful techniques to succeed in any business venture. The interview style promotes learning through real life examples of his guests. Great listen!
- Great interviews!by Matt B 1818 from United States
Love hearing these interviews and learning from people who are top in their industry. Mario is a great host and is not afraid to share his emotion!
- Love itby Duffash from United States
I love hearing interviews of successful business women and taking away what I can learn from their journey. Mario is a great host! I have enjoyed what I have learned so far. Congrats on the launch of your new podcast!
- Strong, professional, enthusiastic!by pm legs from Canada
If you're looking for an interviewer who's going to take you to investigative places to help you be your best you, through your professional life, you'll love listening to Mario!
Watch The Episode
Subscribe to EAInterviews
3 Expert Authority Insights™ To Apply Now
- It’s always how much you keep.
- We want our clients to be successful. So we want them to have a high net profit.
- Most people are good people out there, but some people really forget about it.
Wheel of Whatever™
[28:40] What would you do for a company that is on the verge of bankruptcy and failing? How would you turn it around in 30 to 60 days?
What You’ll Learn In This Episode
**Click the time stamp to jump directly to that point in the episode.**
[1:07] We thank our sponsor, Acorns
[2:11] Why you should keep finances in order
- If you don’t know your numbers, how are you going to grow
- Going through COVID the last few months, most business owners have realized they need to know
- If you don’t know it, where are you going?
[3:08] What should you be looking at
- Look at revenue
- Look at gross profit
- Look at net profit
- Look at net worth
[3:46] Why profit important
- Net profit is the profit of the business
- The greater the revenue, the greater the gross profit will be and the net profit will
- If you mismanaged, it could be all over the place
[6:02] How to increase profit margin
- Deep dive into the expenses
- If you don’t look, you don’t know
- Cut back on expense
[11:47] How Judith helps her clients
- Monthly Zoom meetings
- Going through P&L and balance sheet
- Using QuickBooks
- Check expenses
[13:51] Judith’s transformation during COVID
- Helped clients apply for PPP
- Within 48 hours, Judith had 26 clients with PPP money in their bank
- Clients were able to stay in business with the money
[13:51] Judith’s transformation story
- A client who owed back taxes
- They had some spending issues
- The personal spending was infiltrating into the business
- Judith hooked him up with someone who was able to do tax resolution for him
- He owed lots less than he did
- The payment plan was reduced
[18:07] Cash flow projections
- You want to pay your vendors a little slower but you want to collect on your cash quicker
- You see the difference of what that means to your cash
[20:15] Easy way to make a difference
- Reconcile your accounts
- If you don’t reconcile your accounts, you don’t know that your numbers are
[28:24] Is it okay to raise fees
- A lot are afraid to raise fees on clients
- There’s the fear that the clients are going to leave or go elsewhere
- If they’re happy with the service, they’re happy to pay for it
[28:45] Wheel of Whatever
- What would you do for a company that is on the verge of bankruptcy and failing? How would you turn it around in 30 to 60 days?
- We’re going to look at the expenses
- If they’re on the verge of bankruptcy, we really have to start looking at the revenue and the cost of goods
[30:23] Time out to thank sponsor, Acorns
[31:37] Imperfect Action Round
- The fastest path to the cash is just getting out there collecting on your outstanding AR, cutting your expenses, looking at your cost of goods
- The biggest problem prospects are making is come with messy books
- The fastest way to fix it is get them cleaned up and reconcile the accounts
- The best way to maximize customer lifetime value is nurture the relationship
[40:33] Thanks to our sponsor, Business Book Checklist
[40:48] Let’s take a moment to thank our sponsor, Acorns
EA Interviews Episode 182. Inspiration, transformation, success stories, and the Imperfect Action Round seven days a week. Join Mario Fachini for today’s Expert Authority Effect Interview.
Mario Fachini [0:14]
Leads, marketing, generation, going to events, running ads, doing all these different things. It’s all important for business, right? True. But it’s not the whole picture. If you don’t have the insights of your financial, you’re in for a rude awakening the financial aspect of business. I would argue to say, business is predicated on who has the strongest financials, are you profitable? Are you moving forward? Do you have reserves? Are you set up in case of an emergency? There’s so many things that you should be considering when it comes to finances and that’s why I’m excited to have Judith DeFeo here from the JADDE Financial Group. She is a financial expert, advisor. And she is going to be teaching the importance of the finances for your business. I’m going to thank the sponsor and I’m going to bring it right back up.
SPONSOR Acorns [1:07]
How would you like to grow your wealth easier than you think with the change you probably don’t notice anyhow automatically? That’s why I started the compounding interest snowball investing with Acorns and advise you do too. Get started simply and easily today at EAInterviews.com/Acorns.
Mario Fachini [1:24]
Here she is, ladies and gentlemen, Judith DeFeo. Judith, how are you feeling today?
Judith DeFeo [1:28]
I am great today, Mario. Thanks so much for having me on.
Mario Fachini [1:31]
Oh, I’m so excited to just jump right in. Because as I was saying earlier, everyone wants to know about leads, everyone wants to know about the marketing, and this ,and that and all these different things. And it’s vitally important. But I’ve learned over the years that if you don’t have a grasp on the financials, it really doesn’t matter what else you’re doing, because you’re either winning or losing, end story. Would you agree?
Judith DeFeo [1:55]
I would agree. But I need to know all those are the things too, Mario.
Mario Fachini [2:00]
Well, we’re happy to help.
Judith DeFeo [2:03]
Thank you. Thank you.
Mario Fachini [2:05]
Why would you say it’s so vitally important to have the finances in order?
Judith DeFeo [2:11]
Well, if you don’t know your numbers, how are you going to grow? It’s like driving the airplane without having controls. You have to know your numbers just bottom line. And if you didn’t think you had to know, going through COVID the last few months, most business owners have realized they need to know. And many people think they have – and some do. Some have it in their head. And they think they know it. But when you put it in black and white, it’s powerful. It’s so powerful. And it allows you to make decisions to move the business ahead. If you don’t know it, where are you going?
Mario Fachini [2:54]
Let’s break this down. What is the most important financial to be looking at no matter what’s going on in the world? You know, no matter what time of year it is, what’s the key metric you should be looking at?
Judith DeFeo [3:08]
It’s a few key metrics. You’re looking always looking at revenue. Everybody wants to grow revenue, revenue revenue. That’s wonderful. And you know, you should, but what’s the bottom line? What is your net profit? You have to look at revenue, you have to look at gross profit, you have to look at net profit, and you have to look at net worth. So those are four really strong key indicators to look at always.
Mario Fachini [3:36]
Let’s talk about the differences between them. Why is the profit so important compared to just the revenue? What if you did 5 or 10 million in revenue this year?
Judith DeFeo [3:46]
That’s wonderful. But if you didn’t bring anything home, how are you going to feed your family? The net profit is the profit of the business. That is the business profit. So you know, you could be generating 30 million in revenue and there’s business owners who can’t even take a paycheck. Because their expenses is so high or the cost of goods is so high that they have little to no net profit.
Mario Fachini [4:17]
So it’s not how much you make, it’s how much you keep.
Judith DeFeo [4:19]
It’s how much you keep. Always how much you keep. I mean, typically, the more you make, the high – if you manage your finances correctly, then the greater the revenue, the greater the gross profit will be and the net profit will. But if you mismanaged, it could be all over the place. You know, I was just reviewing some books just before for a client that we’ll be meeting with on Thursday. And you know, things are down. And it happens to be a law firm. And his revenue was about 65,000 for the month of June. His expensive. 64,000. So I didn’t dig into it yet. I will after this call. I just saw the report that my employee gave me. I’m like, “That doesn’t even make sense. Where did all the money go? What happened?” Or were those all his overhead expenses and then just the revenue is down because we’re in such crappy times right now?
Mario Fachini [5:24]
What would you say if someone’s in a situation like that? Because that sounds like a really – the lean, let’s say –
Judith DeFeo [5:32]
That was very lean.
Mario Fachini [5:33]
A really lean profit margin.
Judith DeFeo [5:35]
That was very lean. Yes.
Mario Fachini [5:38]
What would you say is a good number to aim around 5 percent, 10 percent, 50, 70, 30?
Judith DeFeo [5:45]
At net profit?
Mario Fachini [5:46]
Judith DeFeo [5:44]
At least 25 percent.
Mario Fachini [5:50]
Okay. So if someone is – let’s use that as the guideline. If someone is less than 25 percent right now, what would you say they should be doing as some first steps to increase it?
Judith DeFeo [6:02]
We’re going to deep dive into the expenses, because that’s usually the easiest place to look at and find something. Even if you’re going to cut expenses or you’re going to increase your fees to your clients, and a lot of people you know, especially now, they don’t want to go to the clients and ask for money. Everybody’s hurting. But if you look at your expenses, usually you can find something. And just in the past few months, we’ve had clients renegotiate their lease, their rent, get the rent reduced, we’ve had them get it deferred which, okay, you have to pay but not just yet. We’ve had landlords cut the rent in half for the few months until their state gets back on par to whatever the new normal will be. We’ve had clients – you know, just look at some utility bills, look at your credit card bill. If you don’t have them paid off, you’re paying high interest, just call the credit card company. Typically, as long as you pay your credit card bill every month on time, you can get that interest rate reduced on most credit cards. If you don’t look, you don’t know. You may be paying 25 percent because you were late once three years ago. But as long as you’ve kept it and you’re paying, usually, for about six months or maybe nine months on time, they’ll reduce that rate on you so that’s a place. Another place we see savings is how many subscriptions have we all signed up for and forget to cancel? And so if you don’t look at your credit card bill, you’re paying $10, $20, you know, $30 every month for a subscription that you no longer use. You forget about it.
Mario Fachini [7:56]
Or even hundreds of dollars because some of the subscriptions have stuff –
Judith DeFeo [7:59]
Or they could be hundreds of dollars. I was being kind. And if you have children who are using your card, you’re going to see iTunes charges, Xbox charges, things like that. And they just keep recurring. You have to stop it. And some of the companies don’t make it easy to stop it. But you know, those are just areas that you could just poke holes in. There’s always something we can find to cut back on expense.
Mario Fachini [8:27]
And another one I keep an eye on is, I deal with the internet a little bit. And you might have a 12 or 24 month deal, promo, whatever. Well, it’s not that long before 12 months has gone and something may have changed. Or six months into it, there’s a new promo or deal that I’m just shocked that no one ever calls about to say, “Hey, thanks for being with us for like 248 years. Would you like the best deal you can get?” No, it’s up to you. It’s up to you for most companies. And it’s just like I look at stuff at least quarterly, a lot of times monthly, just to keep an eye on it and say, “Hey, what’s going on?” I think it’s absolutely crazy that for someone who’s been with, you know, anyone for 5, 10, 20, 30 plus years, they’re given the best deals to the new people. And it’s like, “Oh, we’re just charging you.” I remember one of my original servers, I was paying six times more than I needed to for my software.
Judith DeFeo [9:34]
Yeah. Because you bought it at the time when software costs a lot of money. And technology prices have gone down, down down. And yeah, and especially because so many of the – you know, we deal with a lot of software, we work with a lot of different softwares. And you know, it’s becoming more and more frustrating that you can’t get a live person on the phone. So you can’t get that help initially, unless you pay gazillion dollars to help you –
Mario Fachini [9:59]
Yeah. Or it’s a $300 a month support package.
Judith DeFeo [10:02]
Exactly. Exactly. And many times, it’s just, you know, you’re just doing a chat or an email. And if they’re not going to have live people to help you enjoy and prosper from their software, you’re not going to have live people to call you and say, “Oh, hey, Mario. I see you’re overpaying. We have a better deal.” They’re not going to do that. They don’t do that. They don’t have the manpower for it.
Mario Fachini [10:27]
Yeah, it’s crazy. When I developed my software about ten years ago, to build WordPress websites automatically. I mean, I was for sure, looking at server cost and bandwidth and all these different things. And I didn’t look at it for the first year or two. And then one day I got a notification and was like, “What the heck is this?” And I was just shocked. And they’re like, “Oh, dooby, dooby, doo.” So I’m glad it was years ago. But I started going through stuff with a fine tooth comb going, how many other companies are doing this where it’s like, “Hey, we have you.” You know, the same thing for relationships, “Hey, I’ve known you my whole life. I’ll get around you. I’m too busy impressing the new people.” Horrible.
Judith DeFeo [11:06]
I know. And isn’t that amazing that they don’t nurture their current client base. We see that all the time.
Mario Fachini [11:16]
So do you help people cut the expenses? When you’re doing a deep dive, do you say, “Hey, how often are you using X, Y and Z? I mean, so when you’re looking at the financials, you might not know if this software is worth it. This one’s not worth it. Or staff, I know team members, you know, how often are they doing stuff, partnerships, building, stuff like that? How do you get the insight to say this expense is justified and you’re profiting from it. But this one’s probably a little bit too much.
Judith DeFeo [11:47]
So we meet monthly with our clients. We’ve been using Zoom for way longer than COVID has been around. We’ve been using Zoom for a number of years because our clients are remote. And we are meet monthly on Zoom with all our clients and we go through – you know, at a basic level, we’re going through their P&L and their balance sheet at a very basic level. And using QuickBooks, we just kind of click right into some of those expense categories and just look at what’s there. And so it’s an opportunity for the client, who just – you know, they’re running around, they’re building sales, and doing the marketing, all that that stuff. And sometimes it’s hard for them to focus on here. But when they’re on the call with us, they’re forced to focus. So they look at, “Oh, geez. What is that?” So you may see a little bit of that. And then, you know, there’s just times, you know, we caught something the other day, a software because it was a desktop software of QuickBooks. And we knew the client was online. Like, “Why are they being charged for this? They don’t use it.” So some thing’s we’re able to catch on our own. We get to know our client’s companies so intimately. So you know, if something pops up that isn’t within the norm or we know they’re not using, we’ll bring it to their attention. But many times it comes out during our monthly meetings with them when we go over line by line with them. And we’ll help – you know, this times we’ll call some company, we’ll ask for a better rate, whatever it is. We want our clients to be successful. So we want them to have a high net profit. That’s the name of the game.
Mario Fachini [13:27]
Excellent. Well, I appreciate you sharing those Expert Authority Insights. Let me ask you, who are the biggest transformations that you have with your clients? Someone that was, you know, in shambles before they came to you. And then started working with you. And then how long did it take. And what was the, I guess, the ROI and the transformation, the profit, you know, how much of a difference did it make?
Judith DeFeo [13:51]
Well, I mean, just recently, with COVID, we helped our clients apply for PPP. So this probably isn’t the answer that you’re looking for. We can get to that. But I’m so proud of the fact that we were able to turn around – not in round one. Round one, I was very disappointed. We got one loan. That was it. I was devastated. Round two, we really got to work between round one and round two. We got a great contact. Within 48 hours from the round two opening, we had 26 clients with PPP money in their bank. So that was huge. For some clients it couldn’t go on. Their businesses were shut. That was a huge, huge win and an immediate transformation for them because they were able to stay in business with this money. But aside from COVID – you know, we had a client who came to us and they had owed back taxes not just to the IRS but they owed to the state on sales tax as well. And they had some spending issues. In fact, when we got everything settled, the wife kept saying, “I’m sending you on a trip to Las Vegas.” And like, “That’s your problem.” I’m going to go to Las Vegas and you’re not going to Las Vegas. Because we fixed all this, we’re not going to mess it up again. But we went through – they owed lot of money. The personal spending was infiltrating into the business. He wasn’t collecting on his outstanding AR. So he would send his emails – his invoices to QuickBooks, which we encourage our clients to do with paperless. We don’t put things in envelopes and mail them. So everything is email. But sometimes when that happens, it could go into somebody’s spam or they can open it and really forget about it. Most people are good people out there, but some people really forget about it. And he never followed up. He had so much open receivables he didn’t follow up. We had someone on our team make phone calls, just simple phone calls. Do you know how many people gave us their credit card over the phone? I’m like, in one day, the first day like, we just collected $8,000. You know, just getting the cash in, it’s not good enough to do the business. And getting back to that revenue, that’s great if you have high revenue. But if you don’t bring the cash in, you have no money to take home either. So helping him get the cash in and then going through the expenses, we were able to create a better payment plan with the IRS. We were able to hook him up with someone who was able to do tax resolution for him. So he was in a much – when the tax resolution guy got done with him, he owed lots less than he did. So the payment plan was reduced. And we just keep him on track now. He just has to go out and sell and do the work. And we keep him on on track. He’s thrilled. His wife is thrilled.
Mario Fachini [17:18]
Well, it sounds fantastic. Because, you know, we were talking about the revenue and you can have high revenue and you should, but you should also have high profit. And it sounds like the third thing I’m hearing is don’t forget to collect the money also. If it’s not in your account, it’s better than not having it but it’s still owed to you and you should be on top of it.
Judith DeFeo [17:39]
Yeah. And you have to know that if someone hasn’t paid you in 30 days, that 30 days is going to go into 60 days very, very quickly because either they forgot – if they don’t remember after 30 days, they’re not going to remember. Or their taking advantage, you know, because –
Mario Fachini [18:00]
Now, what if you have an agreement or it’s like net 30, net 60, net 90, and you have an understanding?
Judith DeFeo [18:07]
That’s a different thing. We work very closely with our clients on cash flow projections. And one of the things that we show them is, we have this really cool tool that we use, and all we have to do is slide the little bar to show them what happens if these clients pay you in 30 days instead of 60 days. What happens to your cash? Well, it goes up for the month. You’re in a better cash position. And then reverse of that is, what happens if you pay your vendors in 30 days instead of 15 days, and so forth? So you want to pay your vendors a little slower but you want to collect on your cash quicker. And you see the difference of what that means to your cash. And when you have cash, you can purchase merchandise that you need for your business, you know, depending on the business. You may need to buy materials to work on a job. If you don’t have the cash, you can’t do that.
Mario Fachini [19:09]
And you can also get more favorable rates.
Judith DeFeo [19:12]
A hundred percent. Yes, you can. Yes, you can if you’re looking to borrow. Yeah. It’s hard to borrow when you have for cash or cash flow –
Mario Fachini [19:21]
Well, not even necessarily for borrowing. But like, even with the – we’re talking about the internet or software’s or the building or whatever. It’s, “Hey, what if I gave you all 12 months up front?”
Judith DeFeo [19:33]
Oh, right. Like that. Yeah.
Mario Fachini [19:34]
You don’t need to borrow it, but once you knock off one, or two, or six of these months?
Judith DeFeo [19:40]
Exactly. I love that. I love to get free months. We do that all the time. Yeah, it’s true.
Mario Fachini [19:48]
So I love what you’re sharing. And I just want to ask you, what else is one other thing that’s a big game changer for businesses that they can do that’s an easy win? Because I realized you said talk with a tax resolution, I realized that might be three, six, 12 months but that’s a huge win and good for him. What is something that’s, like, real easy that someone can do in 30 days or less to just make a big difference?
Judith DeFeo [20:15]
Well, I mean, just at a basic level, if they’re not reconciling their bank accounts, you got to reconcile your accounts. That’s just bookkeeping, accounting 101. And if you don’t reconcile your accounts, you don’t know that your numbers are correct. And there’s a lot of businesses that – you know, because many times clients come to us and their books are a mess. They come to us for cleanup of that first. And they haven’t been reconciled in years, years. So think they –
Mario Fachini [20:46]
Let me ask you this, what percentage of entrepreneurs come to you and the books are messed up? Is it 50/50, 90/10?
Judith DeFeo [20:54]
I’m not going to say what percentage of entrepreneurs because I can’t really answer for everyone. But out of –
Mario Fachini [21:03]
I think –
Judith DeFeo [21:04]
– the prospects that come to us, at least 50 percent.
Mario Fachini [21:09]
That seems low. That seems low, honestly.
Judith DeFeo [21:12]
Yeah. It’s got to be more because very rarely – yes, it’s definitely more. It may not be years, but there’s definitely months of cleanup that we have to do. Very rarely do we take somebody on that it’s a seamless transition. The only time that would happen is if they were working with somebody really, really good and either that person is leaving. Or for whatever reason, maybe – I don’t know what the other reasons could be. But for other reasons, they are leaving that firm. And they’re coming to us. Which just happened recently. We just had somebody review the books and, you know, I’m always looking to find something, you know, I want to show them something. And it was a stretch on this one to show them something. But yeah, so they had everything up to date. But it is –
Mario Fachini [22:06]
Good for them. Yeah. And I know some people are really good about it. But I want to make it abundantly clear for Expert Authority World. If your books are jacked up, straight up, get them fixed, but don’t feel bad about it because it’s not your skill set or temperament. I found with coaching, a lot of people speaking to audiences over the years and everything. It’s like, “Oh, I feel so bad about X, Y, Z.” It’s like, this isn’t what you do. Otherwise, you’d have an accounting business. It’s a different temperament. And it’s vital. It’s why I wanted to feature you because so many people – I don’t want to say so many people. There’s a lot. You know, I have a lot of clients and, you know, there’s a lot of people that have their stuff together. But there’s also a lot of people who don’t. So depending on who you are, how far along in business you are, you know, if you’re in the first couple one, two, three, four, five years versus 10, 20, 30. I mean, if it’s 30 years, and you’re still having them jacked up – I’ve had clients who come to me and I’m asking them about marketing and stuff. And I said, “Hey, could we get a client list?” I just want to look and see how many clients do you have? How many do you – you know, if you say you want to grow them 10 percent and you have 100 clients. Okay. Cool. We need to get you 10 or 20 more new clients and you’re happy. And I go, “Do you have the records?” You know, what about an email blast – or email broadcast, I should say. I actually hate that word blast. No one wants to get blasted with anything. But it’s like, how big is your list? What are we working with for warm traffic versus cold, this, that, the other thing? And they’re like, “Oh, Suzanne has that in a box in the back.” I’m like, “What do you mean in a box in the back?” And I’ll never forget one of them had 34 years of the clientele, thousands. Good for them.
Judith DeFeo [23:53]
Wow. In a box.
Mario Fachini [23:53]
I was trying to wrap my head around how they weren’t digitized though. And I go, “Well, this is going to be hook, line, and sinker in 30 to 60 days from now from a marketing standpoint. But your assistant is going to hate me.” And he started laughing. He goes, “Why is that?” I go, “We need all this where we can do something with it. It does you no good or us no good in a box.” And he laughed. I go, ‘”We need these digitized in the next week.”
Judith DeFeo [24:19]
And did they do it?
Mario Fachini [24:20]
Yes. But 30 years of records. So here’s the thing, you can still grow and have a profitable business because it’s pretty much who I work with. But it’s just astonishing to see some of the stuff behind. And I’m like, “You have this many post-its for real?” I’m like,”Okay. We need to get you what’s called the CRM. You’ve been around longer than I’ve been alive.” Okay. Cool. So step one.
Judith DeFeo [24:44]
So you see that sometimes when the business also gets handed down. So you have, you know, the family that didn’t adapt to, you know, electronics and computers and internet and do things like that and wants to hold on to those paper receipt. And then when they hand it down to, you know, their son or their daughter, they try and bring things up to date.
Mario Fachini [25:09]
Yeah. If it’s not digitized and all that, it’s hard to hook into anything that’s really going to give you a boost.
Judith DeFeo [25:16]
Right. And I try and tell people that that receipt that you got from the gas station that you’re holding on to an envelope, when the IRS comes to look at it, it’s going to be blind. The ink will not be visible anymore. You must scan it in. They want to hold on to this paper because –
Mario Fachini [25:31]
I didn’t think about that. Yeah, they do fade.
Judith DeFeo [25:32]
You know that paper I’m talking about, you usually get them from the gas station. But you get it from some of the stores too. The ink faces. In seven years, it’s not going to be there anymore.
Mario Fachini [25:42]
Yeah. I remember when fax machines first came out with the thermal paper.
Judith DeFeo [25:47]
Right. Exactly. The thermal paper. That’s it. Right. The thermal paper.
Mario Fachini [25:49]
That stuff is crazy. It’s useless. I mean, it’s good for about a day but not record – not archival. And I’ve seen stuff on the financial side. So let me ask you about QuickBooks before we go to the sponsor. So QuickBooks, you were talking about getting that money in. Can you set an invoice after seven days – if it’s due on receipt and it’s not paid, can you set QuickBooks to send a reminder weekly, bi weekly, monthly?
Judith DeFeo [26:22]
With QuickBooks Online, I don’t think you can set it to do that automatically. You might be able to do it in the desktop, but I’m not sure. Definitely not. That’s still a manual process. And that’s why we rely on looking at the reports.
Mario Fachini [26:41]
And that’s something to consider because I can say from a marketing standpoint, following up on leads –
Judith DeFeo [26:45]
It’s a great feature though.
Mario Fachini [26:47]
– it’s no different. If you reached out to someone and it’s a week later and you haven’t heard back, reach out again.
Judith DeFeo [26:51]
Reach out again. Right .
Mario Fachini [26:54]
Like, you said that 30 days turns – actually, that ten days turns into 30, and the 30 turns into 60, 90. And it’s like, “Well, I don’t want to bother them.” It’s like you call them one time when they weren’t there.
Judith DeFeo [27:05]
Exactly. And we get that too. “Oh, no. Don’t call -” you know, we’ll go through the AR list. And if we’re going to make calls for clients, we’ll go through that AR list. And we’ll sit – you know, go with the business owner. And sometimes they don’t want us to call certain people. They have a special relationship and we respect that, of course. But you know, you need somebody that you have to ask –
Mario Fachini [27:27]
Someone has to.
Judith DeFeo [27:28]
– the money. Somebody has to ask them for their money. And now, through COVID, they really don’t want to ask them because their customer may be out of business. So now, how do you go back and ask them? So now, you’re stuck. You’re stuck until who knows when?
Mario Fachini [27:45]
Yeah. It’s an interesting situation, but you can’t martyr yourself either. And I’ve told clients years ago, since forever – and it’s surreal to think how long it’s been because I’m still young and this much time hasn’t passed. But you can’t martyr yourself. And if you don’t have enough profits to be around in a couple – you know, “Well, I don’t want to overcharge them.” I go, “You’re doing them a disservice. If you’re not around in three or five years, do you really think your competition’s going to care as much as you?”
Judith DeFeo [28:17]
Right. Right. That’s a good point –
Mario Fachini [28:19]
Nine times out of ten they’ll thank you and they won’t even care. And if they are going to gripe about it, you have the wrong client.
Judith DeFeo [28:24]
Yeah. They do. Because you know, that’s another thing, a lot of them are afraid to raise fees on clients. There’s the fear that the clients are going to leave or go elsewhere. But historically, that has not been the truth. You know, they raise rates and if they’re happy with the service, they’re happy to pay for it.
Mario Fachini [28:45]
Well, I appreciate everything you’ve been sharing. We got one more thing to do before we thank the sponsor, and that is the Wheel of Whatever. I love this thing because it always gives the question I need right when I need it. And it always ends right where I need it to stop, which is right here today. And the question is, what would you do for a company that is on the verge of bankruptcy and failing? How would you turn it around in 30 to 60 days?
Judith DeFeo [29:13]
So again, it goes back to the numbers. So we’re going to look at the expenses. But if they’re on the verge of bankruptcy, we really have to start looking at the revenue and the cost of goods. It depends on what type of industry it is. So if it’s a manufacturer, what are the costs of goods? Because there’s hidden expenses in that. Are you ecommerce? And you have everything on Amazon and you haven’t negotiated with them, there’s hidden fees that you don’t realize. So it’s just about really doing a deep dive. Also, you know, that’s the time to think about as much as we don’t want to lose the client. That’s the time to think about can you get a buyer? Let’s go out. Maybe there’s an acquisition out there. It may not just be in your numbers. We may have to get a buyer to bail you out.
Mario Fachini [30:01]
I love that. You didn’t hesitate for a second. I love the Expert Authority insight.
Judith DeFeo [30:05]
We went through that recently.
Mario Fachini [30:07]
Oh, really? Okay. Well, so it was on the wheel. You saw where it landed.
Judith DeFeo [30:12]
[Unintelligible] [00:30:12] and they both got acquired, actually.
Mario Fachini [30:15]
Wow. Good for them. That’s awesome. All right. We’re going to thank our sponsor – oh, you’re going to like this. We’re going to thank the sponsor and we’ll be back for the Imperfect Action Round.
SPONSOR Acorns [30:23]
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Mario Fachini [31:37]
And we’re back with the Imperfect Action Round. Judy, are you ready to take imperfect action?
Judith DeFeo [31:41]
Judith DeFeo [31:43]
All right. First question 0 60 second rapid fire answers – what is the fastest path to the cash?
Judith DeFeo [31:50]
The fastest path to the cash is – I think I kind of said it before. It’s just getting out there collecting on your outstanding AR, cutting your expenses, looking at your cost of goods.
Mario Fachini [32:08]
And AR, you’re referring to accounts receivable.
Judith DeFeo [32:10]
Accounts receivable. Yeah. Collecting your AR? Yeah.
Mario Fachini [32:13]
That’s a great one. That’s a great one.
Judith DeFeo [32:14]
Pay your vendors slow and collect your money fast.
Mario Fachini [32:20]
And let me ask you this, this is a follow up from earlier. You said eight grand in the one day with that one client you mentioned, how much did you collect in total after however much?
Judith DeFeo [32:31]
He had about 60,000 outstanding. It’s a small business. He shouldn’t have had that.
Mario Fachini [32:38]
So you could go out and sell 60,000 but if you have that bad habit, you’re going to need to collect 120,000. Or you could just collect the money you already have and you’d have 60 extra thousand.
Judith DeFeo [32:52]
It’s so simple. And most people when we call them, “Oh, I’m so sorry. I forgot. He owes a credit card.” We left many messages and people call back. Who calls people back these days?
Mario Fachini [33:06]
How long did it take? Was it like 30, 60, 90 days?
Judith DeFeo [33:10]
We did it over the course of about maybe 45 days. It wasn’t quite two months that we did it.
Judith DeFeo [33:15]
Okay. But it wasn’t six months or something. But even if it was, it’s still 10 grand extra month.
Judith DeFeo [33:20]
Yeah. Oh, yeah. Oh, absolutely. And he’s better now. He’s not perfect, but he’s better. And we’re keeping on top of it closer. So you know, we’re trying not to let it go past that 30 number.
Mario Fachini [33:31]
Judith DeFeo [33:32]
We’re trying to get him to collect it up front, actually. But that’s changing habit. You know, talk about path to the cash, collecting money upfront before you do the job.
Mario Fachini [33:43]
About that ten years ago, maybe a little bit less, but when I was talking about just looking at things, I changed a lot. And one of them was pay 100 percent upfront. And I’ll never forget my first client compared to my 250th some, it’s drastically different. But the first ones, I remember, years ago, someone said, “Can I have, like, a ten on, like, 1,000 bucks?” And now I’m like – someone just wired me ten grand. This is way better. And now that’s not hanging over for the course of whatever is going on. You can enjoy it. And I believe you do have – you’re doing them a disservice by breaking up because it’s on their mind and they can’t put everything into it the way they would.
Judith DeFeo [34:35]
Yeah. Yeah. And we did a similar thing about – I don’t know – six, seven years ago, we changed and instead of sending our clients monthly invoices with how much time we spent, we went to a fixed fee. And we just ding the account on the first of the month. I don’t have to go and open up envelopes. I’m not in waiting mode. I used to always be in waiting mode waiting for that money to come in. And now, it’s just there. And so I can budget better and my client can budget better. And they were happy. I was free. I was one of those free to tell them we’re changing. But I did. And nobody said – everybody was happy about it. It’s less they have to do. They don’t have to wait –
Mario Fachini [35:17]
Yeah. Win, win, win.
Judith DeFeo [35:18]
Totally. Totally. So I encourage my clients who have, like, recurring revenue like that. You know, same amount each month. They have service subscriptions and things like that. Some of them are still sending out invoices to their clients each month. I’m like, “Stop it. Stop the madness and just get them to sign one contract. And that’s what you charge them every single month.” We set it up automatically. And it just happens. It’s less work for you. And it’s less work for them.
Mario Fachini [35:48]
Yeah. And I’m constantly praying to get everything off my plate so I can focus on others. And when you’re not thinking or weighed down in any way, whether it’s financial, business, team, relationships, whatever, you know, and the client is not weighed down, now you have everyone on board focusing on the client and you get spectacular results.
Judith DeFeo [36:12]
Exactly. Right. Right. Yeah. Because you know what also, from a business owner’s standpoint, you’re not angry because you’re not getting paid. So you’re happier and it’s easier to service them. Not that you shouldn’t service them because they didn’t pay you right away. But you know, you get –
Mario Fachini [36:29]
That’s one less thing to worry about for sure.
Judith DeFeo [36:30]
Exactly. [Unintelligible] [00:36:30].
Mario Fachini [36:32]
Yeah. So let me ask you number two, what is the biggest problem you see your prospect making and the fastest way for them to fix it?
Judith DeFeo [36:41]
My prospects? Well, like I said, they come with messy books. Just get them cleaned up. Reconcile the accounts. You find your errors. It’s your checks and balance. Somebody must reconcile those books and you find things when you reconcile You find things that you put in QuickBooks that does not belong. You can find something that was never entered into QuickBooks. So your register is wrong. Things that were not posted to the correct account. So, you know, you look at your P&L, you have negative amounts on there, just reconcile.
Mario Fachini [37:18]
Excellent. Number three, what is the best way to maximize customer lifetime value?
Judith DeFeo [37:27]
That’s a marketing question. Just nurture the relationship. Always be – don’t take them for granted. Always nurture. Pick up a phone, just check in. I mean, we Zoom with our clients, as I said, every month. But I’m not on all of those calls because I have a staff. So I try and make it my business to check in every now and then. And sometimes that’s a call, sometimes it’s a card. Sometimes we don’t wait for holidays to send them something. If we know that they had a baby or bought a house or something like that, or took a really cool trip, you know, we make those calls and send a little something. You just got to nurture the relationship and let them know you’re there. Also, they forget about you.
Mario Fachini [38:12]
Excellent. What are some books you could recommend to Expert Authority World that have helped you?
Judith DeFeo [38:20]
I love Good to Great. That was one of my favorite books. The Rockefeller Habits. Those are all books. The E-Myth book I love the E-Myth books. There’s a few of them. They’re industry specific. I like those. But I do a lot of reading. I do a lot of business reading from different groups that I belong to. They may not necessarily be books but more, you know, white pages or documents of things that different organizations have put out.
Mario Fachini [38:55]
Excellent. And that’s a great tip right there to not only focus on self-growth and business growth but industry specific.
Judith DeFeo [39:04]
Yeah. Yeah. I’ve done a lot of industry specific reading. That’s helped me a lot.
Mario Fachini [39:10]
I do a lot of both myself. And I can say some of some of the industry specific stuff. And that might be timely. It might be outdated in six months. But it might give you a three month advantage now.
Judith DeFeo [39:21]
Oh, yeah. Absolutely. And just a lot of collaboration with other colleagues.
Mario Fachini [39:26]
But on the flip side, that’s why I like the books that are – I look for books that are 100 years old or older, because it’s like, if it worked, then it’s going to work now.
Judith DeFeo [39:36]
Yes. In theory. In theory. Except for the paper that’s sitting in the drawer. You have to translate it.
Mario Fachini [39:46]
All right. Well, you’ve shared so much and I thank you for it. Where can we find more about you and your company?
Judith DeFeo [39:52]
Best thing is my website, www.J-A-D-D-E-F-S.com. And if you contact me – if someone contacts me through the website and they mentioned that they’ve heard me on here, I can give them a free analysis. I promise.
Mario Fachini [40:13]
Excellent. Well, thank you for making that available.
Judith DeFeo [40:16]
Mario Fachini [40:17]
Judith, it’s been a pleasure. I want to say thank you again. And I know Expert Authority World thanks you.
Judith DeFeo [40:23]
Thanks for having me, Mario. It’s been fun.
Mario Fachini [40:26]
All right. Expert Authority World, we have another great episode here today. I’ll see you tomorrow. Have a great day and God bless.
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