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What to Know When You Can’t Hire a CFO

Download this week’s activation guide, our Business Scorecard, to help you take stock of your business’s financial health so you can take the right Next Step for your organization!

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About This Episode

The most important aspect of keeping your business afloat is how you manage your finances. However, not every startup and small business out there can afford to make the leap of hiring a CFO.

In this masterclass episode, Tricia and LZ will dig into the question: While you’re still building your business, what tools are essential to making sure you keep your finances in order to scale your company?

1. Review your financials monthly.

Not every other month. Not quarterly. Monthly! You have to always be on top of your financial situation and know what’s going on, so you can see trends and adjust quickly if needed. Your bookkeeper or CPA can prepare the budget and run the numbers, but you need to be involved and making the decisions.

2. Don’t use a tool just because it’s “cool” or another competitor is using it.

Make sure any software or a financial tool you purchase is right for you at that moment. You don’t need all the bells and whistles, especially when starting out. You need something simple that will get the job done.

3. Never be your own bookkeeper.

And don’t hire a family member either. Bring on a professional who you can trust with your numbers – someone who will get the job done and allow you to make the decisions.

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