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E156: Why You Should Hire a CFO with Adam Rundle
Shownotes:
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Todd Giannattasio of Tresnic Media leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Adam Rundle is the CEO of CleverProfits, which provides outsourced CFO services and accounting services for online businesses and entrepreneurs. Today, he talks about the power of business partnership, how it’s also critical to find the right partner to grow your business, and the importance of determining your financial viability.
Here are some power takeaways from today’s conversation:
Episode Highlights:
Taxes as a Huge Part in Running a Business
Maximizing the potential of a business is a huge part of running a business, but there's an equally huge part right next to it called taxes because it plays such a massive role in every decision you make and everything you do.
The Recipe for Success in Business Partnerships
As long as they fundamentally agree on the macro. It's actually good to disagree on the micro because that's how iron sharpens iron. That's where this tension leads to brilliance.
The financial piece of it is easy. Who earns what, the salary, the profit – all of that is easy. The hard part is, do you want to work with this person? Is there a relationship yet? Do you feel connected? Is the vision the same? Are you prepared to disagree and move forward? Take care of each other. Be open. Punch back but just go slow. You don't date someone for a week and get married. It's a process.
The 3 Primary Leadership Functions in a Business
1. CEO - visionary leadership, the one driving the ship, and making sure it gets to where it should get to
2. COO (Chief Operating Officer) - making sure that the vision can actually tangibly get done; in charge of the people resources, processes, systems structures, etc.
3. CFO (Chief Financial Officer) - makes sure that the business is financially viable. It has the ability to survive long term, so it can function long term, and that there is money in the system to do the things that need to happen, whether it's paying employees or paying the owners or growing, scaling, whatever it is.
By clearly defining those functions, you gain more clarity in your business which then translates to clarity in your numbers.
What is a CFO and the Value It Brings to Businesses
A CFO is concerned about the financial viability of the business. Is that financially viable? Is that something that is just a moonshot? Is it not going to work or is it going to work only one time? Every business needs that interpretation. You need either yourself or someone to put on the financial glasses and to look at everything financially.
Accountants are good at it, because they understand numbers. They have the ability to be good at it but you want someone to interpret the vision, interpret the operations from a financial viewpoint to either validate it or give some input.
View all episodes
By Erik Cabral
5
5151 ratings
Shownotes:
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Todd Giannattasio of Tresnic Media leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Adam Rundle is the CEO of CleverProfits, which provides outsourced CFO services and accounting services for online businesses and entrepreneurs. Today, he talks about the power of business partnership, how it’s also critical to find the right partner to grow your business, and the importance of determining your financial viability.
Here are some power takeaways from today’s conversation:
Episode Highlights:
Taxes as a Huge Part in Running a Business
Maximizing the potential of a business is a huge part of running a business, but there's an equally huge part right next to it called taxes because it plays such a massive role in every decision you make and everything you do.
The Recipe for Success in Business Partnerships
As long as they fundamentally agree on the macro. It's actually good to disagree on the micro because that's how iron sharpens iron. That's where this tension leads to brilliance.
The financial piece of it is easy. Who earns what, the salary, the profit – all of that is easy. The hard part is, do you want to work with this person? Is there a relationship yet? Do you feel connected? Is the vision the same? Are you prepared to disagree and move forward? Take care of each other. Be open. Punch back but just go slow. You don't date someone for a week and get married. It's a process.
The 3 Primary Leadership Functions in a Business
1. CEO - visionary leadership, the one driving the ship, and making sure it gets to where it should get to
2. COO (Chief Operating Officer) - making sure that the vision can actually tangibly get done; in charge of the people resources, processes, systems structures, etc.
3. CFO (Chief Financial Officer) - makes sure that the business is financially viable. It has the ability to survive long term, so it can function long term, and that there is money in the system to do the things that need to happen, whether it's paying employees or paying the owners or growing, scaling, whatever it is.
By clearly defining those functions, you gain more clarity in your business which then translates to clarity in your numbers.
What is a CFO and the Value It Brings to Businesses
A CFO is concerned about the financial viability of the business. Is that financially viable? Is that something that is just a moonshot? Is it not going to work or is it going to work only one time? Every business needs that interpretation. You need either yourself or someone to put on the financial glasses and to look at everything financially.
Accountants are good at it, because they understand numbers. They have the ability to be good at it but you want someone to interpret the vision, interpret the operations from a financial viewpoint to either validate it or give some input.