For years, my kids have done chores around the house to earn an allowance that I never actually let them spend. I really wanted them to understand the value of a dollar and how great it feels to watch their bank balance grow. I didn’t want them to waste it. I also know they will never learn how to be fiscally responsible if I don’t actually let them decide when and how to spend their own money.
So we let them loose this weekend. We jumped in the car with famzoo debit cards in hand and drove to target. My daughter, Lily, instantly went to the LOL and Rainbow High dolls. She cycled through a few different options; picking things up, putting them down, going back to the first choice… but in the end she told me “I love these dolls but I don’t play with my dolls as much as I used to. I think I’d rather get some art supplies and save the rest of my money”. My son, Marcus, went straight for the electronics. He knew exactly what he wanted and just had to calculate if he had enough money to get it. There was no room for indecision in his process.
Along the way, I questioned each kid to make sure that’s what they really wanted. I would equate the cost of an item to the weeks they have to work to earn that much money. Or ask if they feel like that item adds joy to their day. I think at one point I asked my logical/thoughtful son if there wasn’t a different solution he might be able to get or use at home that still achieves his goal (he wanted air pods).
My point is, my kids manage their money very differently. I have to approach each of them with an understanding of their needs and perspective coupled with my knowledge and experience. The same idea applies to your business. A virtual CFO (VCFO) brings their knowledge and experience to your Company in a way that fits your needs and circumstances. They save you the time and money of doing-it-yourself.
I’m not saying you can’t do-it-yourself. You probably know some finance and accounting information and I am certain you can learn the rest. If I didn’t believe that you could figure this out, I wouldn’t write so many blogs to help people just like you learn more about doing it yourself. Read any of the blogs in this “more time and money” series and you’ll see how much I want to help.
The truth is, you can do all the research and use it on your business but it will take time and/or money. To no fault of the author/teacher, the information you find online or in classes will be:
- Surface level information with general/generic application explanations that do not specifically apply to your business or tell you how to specifically apply them to your business
- Detailed and technical information that can be time consuming to work through and understand so that you can apply them specifically to your Company
- Some combination of general and technical with varying degrees of time required to understand and apply the information.
It’s not really a marketing ploy or scheme to keep businesses from understanding what to do next. It’s just the nature of educational material. It will either be voluminous and cover all the possibilities or surface and easy to skim through without specific applications. A VCFO saves you the time it takes to figure it all out. We know the technical details. We know how to get to know you and your business. We know how to apply the technical concepts uniquely to your situation.
A VCFO saves you the money spent or unearned through the trial-and-error process of applying new concepts …and we do it quickly. Running a business means constantly failing forward. I am not a marketing expert. I’ve trained myself on social media marketing and gotten out of my comfort zone to network. I am learning and getting better as I go but there is still a learning curve. There are mistakes made. Those mistakes likely mean lost revenue or excess expenses. A VCFO slingshots you forward on the business finance learning curve and applies the concepts in a way that increases revenue, decreases expense, and …
…puts more profit in your pocket ASAP!
You can figure out how to apply these concepts to your business and I want to make sure you have reliable information to do it well…but it’s going to take time and/or money to understand and apply them. The biggest way a VCFO saves you time and money, is by coupling our business finance knowledge and experience with your unique needs and perspective. I help my clients jump ahead in the line.
Book your FREE CONSULT CALL now to learn how I can help you grow your business through sustainable practices that increase your profits.