Episode 24: How to grow your bottom line and your impact
Drumroll Please!! Stephanie Skryzowski is a Chief Financial Officer who helps purpose-driven leaders better understand and use their numbers to make smart decisions for their business. She is the Founder and CEO of 100 Degrees Consulting which works with clients around the globe to help them grow their bottom line and their impact. She is here to help you do that so you can build your business while sustaining your way of life.
In this episode we talk about:
- Stephanies background as a CFO, chief financial officer, and how her passions developed into her purpose
- The difference between bookkeepers, financial advisors, CPAs, and CFOs
- Building your budget (planning your profit)
- Understanding how to allocate expenses (how much to save for taxes, pay yourself, spend on business expenses, etc)
- Understanding cash flow
- How to Protect yourself and the importance of adequate contracts
- and more more MORE!
Here are some awesome quotes:
(03:36) "I feel like I just got so much clarity on the four different financial people that you may need to hire in your business and everyone's doing."
(06:42) "I like to start by budgeting the revenue piece of our budget."
(07:37) "Start by building those, the revenue building blocks. Because I think at the end of the day when we are thinking about our goals for our business, we all think we all have a revenue goal. Maybe your revenue goals on a 20,000 maybe it's 2 million. Like it doesn't matter what it is, but you can use this methodology no matter what it is."
(08:20) "..we gotta pay those expenses for our business, what we're paying ourselves, our owner's pay, and then profit. So we want to make sure that we always save something like aside."
(09:03) "A couple of things I don't like are opening like 10 different bank accounts or how many of our bank accounts you recommend to open. For me that's too much and I'm a numbers person. I don't wanna manage a ton of for bank accounts at two different banks, so I have two bank accounts for my business."
(12:58) "There are going to be months when your expenses are higher and so maybe you take a lower owner's pay that month or maybe your expenses are lower and you want to buy like Christmas cards."
(14:31) "Yeah, so cashflow is one of those things that you don't really pay attention to until you have to. So I, I've asked this question in lots of different sessions I've done too and I'm like, okay, so who is managing their cashflow by just like looking at their bank account and like, oh the balance feels good then."