Key Idea: Hire a CFO Sooner Than LaterBringing in finance expertise will add, not take away, from your bottom line. |
Key Question:A:
As we have learned in the past, business owners can keep up to about $3 million in annual revenue in their heads. Meaning, we can understand where our sales are coming from and where are expenses are when we are dealing with $3 million or less. A: He said he was probably at about $8 million in annual sales when he hired a CFO and now admits he should have done it sooner. We business owners tend to have marketing, sales or product development as our background, so we neglect the accounting and financial infrastructure. Perhaps we think of a CFO as a high-paid CPA and that is not at all correct. While most of us depend upon a CPA for accounting systems, a CFO is more engaged in cash management and is an integral part of the visioning team. Think about itIs this a "what comes first the chicken or the egg question?" Should you check out the availability of CFOs by the hour in your community? should you hire a CFO now? Clip from: Country SupplyOttumwa, Iowa: Meet Scott Mooney, the founder of Country Supply. Scott has over 450,000 customers throughout the USA and in several countries generating over $17 million in annual sales. Since the taping of this episode of the show, Scott sold his company to a global business. He got that unexpected knock on the door and an offer he simply could not refuse. Country SupplyScott Mooney, founder
PO Box 369 Visit our web site: http://www.countrysupply.com
Toll Free: 800-637-6721
Business Classification: Year Founded: 1984 Hire a CFO Sooner Than LaterCHRIS: Tell her to go ahead and finalize both sets of financials (Country Supply and TackOptions.com). Not a member yet? Learn! Be empowered! Join us! |
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