Unlocking Growth: CFO Strategies for Entrepreneurs - Shannon on "Earn Your Happy" with Lori Harder
Oct 07, 2024In a special bonus episode of "Keep What You Earn," Shannon Weinstein shares insights from her guest appearance on Lori Harder's podcast, "Earn Your Happy." This enlightening discussion unpacks the significant impact that CFO strategies can have on entrepreneurial success.
Breaking Financial Myths
Shannon and Lori waste no time busting the myth that a tax professional is only needed once a year. Shannon humorously calls this the "April 15 one night stand," highlighting the importance of ongoing financial management. Lori’s enthusiasm underscores that keeping more of your earnings starts with proactive, year-round strategies.
Fractional CFO: A Game-Changer
One of the episode's highlights is Shannon's explanation of the role of a fractional CFO—a concept that might be new to many entrepreneurs. Unlike a traditional bookkeeper, a fractional CFO provides strategic financial oversight, turning data into actionable business insights. Lori shares her own positive experience, emphasizing the value that a fractional CFO brings by acting as both a financial expert and a business advisor.
When is the Right Time?
A key takeaway from their conversation is understanding when to hire a fractional CFO. Shannon shares an inspiring story of an entrepreneur who hired her before even hitting significant revenue milestones. This entrepreneur's proactive mindset underscores that it’s less about hitting a specific dollar amount and more about committing to making financial health a priority.
Setting Meaningful Goals
Shannon and Lori dive into the importance of setting goals beyond mere revenue targets. Shannon challenges entrepreneurs to connect their financial goals to personal values, such as spending more time with family or contributing to charitable causes. This approach ensures that financial targets are not just arbitrary numbers but are tied to meaningful life outcomes, enhancing motivation and satisfaction.
Strategic Financial Planning
Throughout their discussion, Shannon emphasizes that effective financial planning involves more than just good bookkeeping. Regular reviews, strategic adjustments, and clear goals are crucial for transforming financial data into impactful business decisions. This continuous oversight helps businesses stay on track and adapt as needed.
The Accidental Spy Advantage
Lori likens a fractional CFO to an "accidental spy," gathering valuable insights from various businesses and discreetly sharing best practices. This unique position allows fractional CFOs like Shannon to introduce innovative strategies that have proven successful in other contexts, adding immense value to their clients.
Conclusion
Wrapping up the episode, Shannon and Lori reinforce that robust financial management is essential for sustainable business growth. Shannon's insights from this bonus episode on "Earn Your Happy" make it clear that hiring a fractional CFO can offer transformative benefits, providing the strategic oversight needed to achieve both business and personal goals.
This special bonus episode is packed with practical wisdom, offering actionable guidance for entrepreneurs at any stage. By integrating Shannon’s CFO strategies, you can unlock new levels of growth and truly keep what you earn.
Check out Lori’s podcast, “Earn Your Happy” here.
What you'll hear in this episode:
06:12 Aspiring businesswoman invests in coaching and experts.
07:42 Need guidance to address business blind spots.
12:43 Goal setting for entrepreneurs requires deeper insight.
13:17 Connecting financial plans with meaningful personal goals.
If you like this episode, check out:
Don't Make This Huge Mistake with Goal Setting
Don’t Stop Playing the Long Game
Want to learn more so you can earn more?
Get $50 off your HR audit with People Principles by using code SHANNON50 here.
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
