Are you overwhelmed by the financial side of your business? In this episode, Patti Mara speaks with Colin Sanburg, founder of FinElevate, about the rise of fractional CFOs and how they empower entrepreneurs to focus on their strengths. Discover how these experts streamline financial operations and drive profitability, transforming challenges into opportunities for growth.
Here’s some of what you’ll learn in this episode:
Show Notes:
If an entrepreneur isn’t closely monitoring their financials, they’re likely just wasting time.
No matter how skilled you are in a specific area, you need outside perspective.
Not every aspect of business suits every entrepreneur.
People are happy to offload parts of their businesses that they don’t like working in.
A better understanding of your metrics can help you structure your business for increased productivity.
The right players want the metrics of success because they want to win.
Taking action does tremendous things for your psyche.
Top team members are unlikely to stay if they can’t access accurate metrics to evaluate their performance.
You can’t be your own sounding board.
The only sustainable way to build an entrepreneurial business is to base it on the entrepreneur's strengths and weaknesses.
Much of the financial aspect of your business relies on discipline.
People are more likely to engage with a clear reflection of their hard work.
If you measure it, you can manage it. If you can manage it, you can improve it.
If a team member sees a disconnect between lead measures and lag measures, they’ll disengage completely.
Once you focus on a small set of key metrics, you'll be surprised at how much more efficient you become.
Resources:
Who Not How by Dan Sullivan and Dr. Benjamin Hardy
The Obstacle Is the Way by Ryan Holiday
The Gap And The Gain by Dan Sullivan and Dr. Benjamin Hardy
Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne