Andrea Jenson, founder of the Cash Flow CFO, knows that if you want to reach 7-figures or beyond, you’ve got to have the right people along for the ride.
Most business owners have a great bookkeeper that they rely on to keep their accounts in order, but that may not be enough to get you from where you are now to where you want to be. Andrea describes it like this:
“If you’re the business owner, you’re driving down the road and your accountant or your bookkeeper and your tax preparer are sitting in the back seat. They’re looking out the rear-view window of the car telling you where you went, how much you spent-that’s their job. They’re looking historical data. Your CFO is sitting in the front seat next to you looking out the front windshield telling, you, “Hey, here’s what’s coming up, here’s how to plan, and here’s how to be profitable.“
They’re crafting that financial strategy for you that you as the business owner go and implement and then your bookkeeper records how it went, right? And then your tax person just gives strategy on how to minimize your tax bill, so everybody in the car has a very important role to play in a business, but they’re all going to give you very different targeted advice, because that’s their training.”
Business owners who are focused on scaling need a solid grasp of their finances to make the smart decisions that take their business to the next level.
When you are clear on your finances and understand how your money is moving through your business, you have the ability to pinpoint your highest revenue streams and find hidden money leaks that impact your bottom line.
With a strong financial team on your side, you’ll stay on top of every dollar that comes into your business, and you’ll know exactly where it’s going. You’ll have the strategies and financial forecasts that help you decide how much to budget for every area of your business, when to hire, and how much you can afford to reinvest in your company.
Check out this episode of Building Your Empire with SophieZo to hear more on Andrea Jenson’s excellent financial advice, then join her Facebook group Money Secrets of 7-Figure CEOs for more easy to implement financial strategies and tips!