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Are you leaving the numbers to someone else?
So many entrepreneurs today are amazing at what they do, but they don’t like to ‘get into the numbers’, or they just have no background in business or finance. If you fit that description, this episode is most definitely for you and also for anyone that wants to sharpen their financial chops and protect their company while moving it forward.
In this episode, Roland Frasier sits with Pam Jordan, the Founder of Pivot Business Group. Her firm walks with companies through growth AND hard times, helping them find more profit through executive-level financial services. With over 15 years of experience, Pam turns companies around and helps startups grow. She talks with Roland today about how to help your company no matter what stage you’re at.
If you want to dig a little deeper after listening to today’s episode, visit Pam’s website and read the books she and Roland recommend (see below).
“As the business owner, you need to care about the numbers, because it’s your money and it’s your company. And if something goes wrong or something goes right, you need to know, because it’s your signature on the line” – Pam Jordan
Listen For
- Why they call Pam ‘The Profit Finder’.
- How Pam’s firm ‘Fractionalizes’ executive-level financial help for companies and startups that just don’t need that service full time.
- The difference between a company with a bookkeeper, a business with a CPA, a business with a fractional CFO (Chief Financial Officer) and a company with a full-time CFO.
- The true job of a CFO.
- The advantages and benefits of having a fractional CFO and at what point a company really needs one as opposed to needing an in-house CFO (or getting by with a bookkeeper and accountant).
- How to structure a CFO incentive package to keep them driven and team-oriented.
- How to keep a CFO from over cost-cutting (in order to line their bonus pockets).
- Whether a CFO should be a CPA also?
- The Commonly seen pitfalls and gaps in systems to avoid.
- Vital checks and balances that you can put in place to protect you.
- The difference between reviews and audits, and when (and whether) to get one.
- Three Key ratios (and figures) to keep in check:
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- Debt to Income
- 2:1 Income to Expense ratio
- Always have 3 months of ‘burn rate’ money in reserves to keep the lights on.
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- Lastly, Pam shares the TOP FIVE numbers (Key Performance Indicators) to watch weekly and measure over time in order to track if there’s a problem.
References and Links Mentioned:
Profit First by Mike Michalowicz
Contact & Follow Pam Jordan
On LinkedIn
Visit Pivot Business Group
Find out more at PamJordanCFO.com
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