PROFILE: Caroline McAbee Offers “Innovative” Financial Consulting Services to Help Her Clients Soar

Name: Caroline McAbee

Business: Faith Financial Consulting

Located: Austin, TX

Launched: 2016

Caroline McAbee was used to incredibly long days and a tedious a commute as director of operations in both the high-tech and non-profit industries. Eventually, she burned out. Caroline decided to quit her job and take the summer off. During that “wonderful” period, several different friends asked if Caroline would help them launch their new businesses, from opening a car dealership to starting a construction company. Requests for financial- and business consulting multiplied, and Caroline had a “light-bulb” moment. After discussing her idea with her husband, Caroline took a leap of faith and launched Faith Financial Consulting. Her self-employed journey, she says, has been wonderful. We find out Caroline’s #1 tip for small business owners and learn why she believes all entrepreneurs must “keep it real.”

Note: This interview is based on a conversation between Caroline and Community Leader Leslie Barber LINK at QuickBooks Connect 2017.

Caroline, what lessons did you learn from helping your very first clients, all of whom happened to be your friends?

My friends had seen me take a small non-profit to another level, and they trusted I could help them, too. My first two clients were friends who were opening brand new businesses, and they wanted to know, “Where do I begin?”

It was fun for me to start with a blank canvas, if you will. I could explain the importance of starting your books off right and using good practices from the beginning. I was able to provide and create processes that really fit my clients’ needs, rather than having to clean up a system that was already in place.

Looking back, I think the main thing was the trust my friends had in me. To this day, I try to earn the trust of my clients. When I work with people who don’t know me, sometimes the red flags go up because I’m dealing with their finances and their business. My end-goal is always for my clients to trust me completely.

What’s the #1 piece of feedback you give your clients?

The biggest “tweak” I suggest is one that helps them really leap forward in business. I talk about the importance of looking at your expenses. I don't care how much money you're bringing in – if you're spending more than you're earning, you're not making any money.

The problem is that a lot of people haven’t really been taught about expenses. You go through the line at Target, and you think, "Well, it's just a dollar." Those dollars add up.

I help my clients look at it in a different way. I say, "If you spend all through the month on things you don't really need, at the end of the month, you won’t be able to buy the new computer.” If you will wait to spend money, and you plan for it and give yourself a budget,

then you can work on increasing your revenue. But increasing your revenue just to spend it all is never going to get you success.

If I could tell a self-employed small business owner one thing, it would be this: Pay attention to what you're buying.

Those dollar bins at Target are deadly! Caroline, I know you offer clients more than just typical financial services. Please explain your approach to providing “innovative consulting.”

I provide business consulting outside of the financial consulting, but I really like to offer those services together. If your finances aren't good, business consulting is not going to help you. I like to come in and say, "What are your needs? Listen to them." Based on my client’s input and my own research and observation, I can make recommendations. I like to offer bundles – for example, yes, I can help with finances, and I see you might benefit from working on branding.

As your business name suggests, you took a huge leap of faith when you started working for yourself. Looking back, what gave you the courage and confidence to do it?

The key thing is believing in yourself. You need to be ready and committed and know that you can do this. If you don't believe in yourself, self-doubt will decrease your motivation. If you're not motivated, you will not succeed.

You also need to have a solid base to start from, which doesn’t always mean finances. Maybe it's health care. What do you and your family need? If you’re already in debt and unable to pay your bills working a full-time job, you need to work on that prior to starting your own business. Some people might say, "Just take out a loan." For me, personally, I think you have to get a hold on what you're doing now. That’s part of being real, you know?

It’s also really important to be honest with yourself and your clients. I always try to keep it real, in a nice way, of course, even if it “being real” isn’t what everyone wants to hear!

QB Community members, if you’ve worked with a financial advisor, what’s the most helpful feedback you’ve been given?

Want to weigh in but not yet a QB Community member? Click HERE to sign up in a flash!