Finances and legal are like four-letter words for most entrepreneurs. You know you need to have a grasp on them to run a successful business, but the amount of things you don’t know about finances and legal makes you want to bury your head in the sand.
In this episode, I brought on CFO consultant and founder of 100 Degrees Consulting, Stephanie Skryzowski, to share some of her best practices and advice for entrepreneurs when it comes to getting a handle on the financial side of business.
In this episode, we’ll cover:
- Why you shouldn’t run your business based solely on the money you have in your bank account (i.e., what cashflow is and why you need to pay attention to it!)
- How widely profit margin can vary among different industries and service providers and how often you should review yours
- Some helpful advice for hiring new team members
- How a cobbled together contract ended up costing Stephanie five months of pay
- Stephanie’s best practices for coming up with your business’s financial plan for 2021
- The difference between a forecast and a budget (and why a budget can actually be freeing!)
BONUS: If you’re starting something new, or this episode has spotlighted areas of your business that have you worried, now is a great time to make sure your business is in good shape legally. Download our free legal checklist below to make sure your business has a strong legal foundation!
Resources mentioned in this episode:
100 Degrees Consulting: https://www.100degreesconsulting.com
Free financial worksheet: https://www.100degreesconsulting.com/profit
This podcast is information, not legal advice specific to your situation.