What I know from my background as an insolvency accountant CPA, turning a distressed business around that we purchased during the GFC to win national franchise of the year in the first 2 years and mentoring business owners is…
Your ability to make the impact you say you want to make in this world and to create the life you dream of, the one where you get to:
Choose the work you want to do and who you work with. The hours you want to work so you can make time to spend with yourself, your family, friends, move your body each day, have slow mornings or afternoons off, enjoy your hobbies, go to your appointments, write the book you've always wanted to write, go to speaking events, to travel and experience new things. Purchase the home that's been on your vision board, drive around in your dream car, shop at your favorite brands and eat at your favorite restaurants. Whilst investing in investment properties, a new business or other businesses, building your investment portfolio, increasing your superannuation payments or a mixture of these so you're building your wealth and not only living the life you want now but also making sure your future self is being looked after too.
All this, the impact you want to make in this world and the life you want both now and in the future depends on you having a financial roadmap in place and understanding your numbers so you can make a healthy PROFIT in your business.
But what I also know is that like most business owners you struggle when it comes to understanding your numbers, managing your money and making financial decisions.
So why is this?
I know it’s not through lack of trying or a desire to want to do so. The fact you’re here means that the sick feeling you have in your stomach when you think about your finances and money has got to the point where you can’t ignore it anymore and you have no choice but to do something about it.
Every time you open up Xero to look at your profit and loss statement you feel like you need google translate to understand what all these numbers mean and what they’re trying to tell you. You wonder what’s wrong with you. You’re smart, successful and driven so why is it so hard to understand your numbers. You tell yourself maybe numbers just aren’t my thing.
Well I’m here to tell you that it’s not because you’re not smart enough or that numbers aren’t your thing. It’s because at school and for many also at home you were never taught how to look after your personal finances let alone business finances. Knowing your numbers and finances isn’t an inherent skill, it’s something we all have to learn how to do.
On top of that, ever since you were a little girl society has been sending you messages that girls are bad with numbers whilst boys are really good with numbers. As you move into your adult life you receive messages that women are bad at managing money. That your financial goals are too big and you’re inadequate to reach them, that you ask for too much and you’re not worth the amount of money you want.
It’s no wonder that you undervalue yourself and underestimate your ability to be able to deal with your finances, handle your money and make financial decisions. And when you’re always hearing in the business world that you should outsource what you’re ‘not good at’ or what you don’t enjoy, it makes sense to outsource your finances to your accountant and/or bookkeeper.
But your profit isn’t growing, cash flow is tight, you’re basing your decisions on what money is in your bank account at the time and how you feel about that amount and you’re stuck in a scarcity mentality. Focusing on lack and stressed out because you have no idea what money is coming in and going out and if you’ll have cash available to pay next week’s bills.
The reason being, yes your tax account will make sure you meet all your taxation obligations and your bookkeeper will make sure your data in Xero is up to date and accurate and send your monthly financial statements but, neither of them focus on the most important area of your finances that will make your vision board a reality.
Your bookkeeper = someone who focuses on the day to day data entry, sometimes payroll and ensuring your BAS, IAS requirements are being met
Your taxation accountant = someone who focuses on historical data, taxation strategy and making sure your taxation obligations are being met
The missing link that gets missed but can’t afford to be = someone who focuses on growth and increasing your profit so you can make your vision board a reality
This person is your Holistic CFO, the type of CFO that all purpose-led business owners need to have on their team.
Someone who:
- helps you get clear on both your personal and business visions so you can align your strategic objectives and financial goals with your mission and give you clarity around your strategy and plan moving forward
- builds strong financial foundations, systems and processes so you have a healthy environment for your money to thrive in
- creates and maintains a 12 month budget that reflects your financial goals, expected revenue, expenses and profit on a month by month basis so you can make aligned decisions that move you closer to your goals
- develops and maintains a cash flow forecast for you so you are always proactive around your cash flow position and can make sure you have cash available when you need it
- translates financial data into meaningful commentary, trends and actions so you know what actions and changes you need to take in your business
- optimises business operations and systems and makes sure that every arm of your business is performing sustainably at peak performance
- helps you navigate your way by understanding what factors and activities drive change in your business so you know what is worth spending your time on and what’s not
- supports you to work on your relationship with money and identify any money blocks that may be holding you back
- helps you implement new beliefs and habits that are aligned with the woman and leader you want to become because it all starts with you
The role of Holistic CFO is the most important member of your finance team if you want to grow your business and build a sustainable and profitable business so you can enjoy more wealth, impact and fulfilment.
In the earlier stages of business it’s most likely you who will be stepping into this role and then as your business grows and you have less time you will look to outsource this role so someone else can come in and take the high level finance tasks of your plate.
When it comes to finances you don’t have to do it alone. If you need:
- support stepping into your role as Holistic CFO check out my Ignite Your Wealth 3 Month Program
- a strategic financial partner and business wing-woman who will come into your business and take the high level finance tasks off your plate check out Your Holistic CFO Package
- to create Your 12 Month Financial Roadmap but don’t need ongoing support check out my 12 Month Financial Roadmap Intensive
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