Beginning Balance Jesse Mecham

After a conversation about using ChatGPT to organize the weekly recipe calendar for the Mecham household, Mark and Jesse talk about the concept of letting go of control in a business. Mark posits an idea: you can have control or you can have growth, but not both. And Mark hates it! Jesse draws a distinction between control of the business -- that is, controlling the mission of the business and the goals employees are striving for -- and micromanagement, where the business owner retains control over not only what things get done, but how they get done. Micromanagement, they both agree, is bad for both the employee, manager, and the owner.
 
Mark Butler
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com

Mark and Jesse discuss the role of customer service in a business, and how the alignment of customer expecations with the business owner's strengths (or working genius, if you like) is crucial to customer satisfaction and avoiding burnout. Mark shares an example from his virtual CFO business, which was highly profitable but making him miserable as his promise of what he would deliver was out of alignment with the type of work he enjoyed and thrived on. Jesse recounts a months-long ordeal getting his new car repaired, which ended on a good note -- a shop manager that took accountability for the mistakes of the business and personally took steps to re-align his customer service with Jesse's expectations.
 
Mark Butler
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com

Mark and Jesse discuss Patrick Lencioni's The 6 Types of Working Genius, a book exploring various personality types and the kinds of work most suitable to each. It's more than a personality test however! Lencioni's model assesses people according to their genius, competency, and frustrations in six areas:
Wonder: The natural gift of pondering the possibility of greater potential and opportunity in a given situation Invention: The natural gift of creating original and novel ideas and solutions Discernment: The natural gift of intuitively and instinctively evaluating ideas and situations Galvanizing: The natural gift of rallying, inspiring and organizing others to take action Enablement: The natural gift of providing encouragement and assistance for an idea or project Tenacity: The natural gift of pushing projects or tasks to completion to achieve results  
Mark and Jesse share the results of their assessments -- their areas of genius and their areas of frustration -- and how they have seen these things manifest in problems in their own businesses. They also discuss how understanding your genius and frustrations (notice the word frustration is employed, not weakness) helps to focus your efforts where you will be most impactful, and ultimately build better, more effective teams.
 
The 6 Types of Working Genius Assessment:
https://www.workinggenius.com/?gad_source=1&gclid=Cj0KCQjw0ruyBhDuARIsANSZ3wriydJmSn6fd5XTmzV-EF7jo6HeJf5swq4XvPmOtW7fzv2REGhNlcAaAt9oEALw_wcB
 
 
Mark Butler, Virtual CFO
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com

In today's episode, Jesse discusses his net worth tracker, a basic spreadsheet in which he records the balances of his investments and other assets quarterly. For Jesse, net worth is the scorecard of personal finance -- it's a way of keeping track of what direction you are going with your money. However, scorecard is an impersonal way to describe net worth, perhaps even suggests that one's value is tied to net worth. This could not be further from the truth! There's a lot more to a person than their net worth, but net worth does tell an important story about a person's money, and money is a vital part of a person, even if it's not their whole self.
 
As Mark has observed during his time coaching people to manage their money, people that routinely spend beyond their means -- that is, accrue negative net worth -- have allowed their desire for consumption to exceed their ability to consume. Their net worth represents a person who is out of touch with their tradeoffs. As Mark has mentioend in previous episodes, YNAB is all about making your tradeoffs crystal clear, and learning to love the choices you make to bring your money in alignment with your priorities. In short, learning to love your spending.
 
Mark Butler, Virtual CFO
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com

In today's episode, Mark and Jesse discuss money as a concept, why it exists, and how trade (using money) has created tremendous value for humans throughout history. On the YNAB Podcast, Jesse has spoken about money being far more than a tool, however, and really an extension of one's self -- one's energies and desires. Mark and Jesse then attempt to connect the dots to our modern monetary system, where debt and inflation loom large. What exactly is it about money is essential to human flourishing?
 
Mark Butler, Virtual CFO
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com

Mark kicks off today's episode with a handful of words, hoping to weave them into a broader discussion: vision, goal, strategy, plan, and tactics. Mark and Jesse discuss how many small business owners look for tactics first, various tasks focused on operations: posting on social media, starting a YouTube channel, building an email list. These may or may not be worthwhile activities -- you really need a strategy to understand the big picture of where the business is going (or needs to go), and then select the activities that will get you there. But even then, strategy is hollow, Mark argues, unless there's a why behind what you do. Unless the company has a clearly defined core identity, it will struggle to adopt a good strategy.
 
Mark Butler, Virtual CFO
The Money School: https://moneyschool.works
https://markbutler.com
https://letsdothebooks.com
 
YNAB
https://www.youneedabudget.com