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Mastering Business Finances: Ken Lacroix on Fractional CFOs, AI, and Profit Strategies
Richard Walsh hosts Ken Lacroix to explore the crucial role of a fractional CFO in business success. Ken discusses his background, the difference between fractional CFOs and CPAs, and the significance of forward financial planning. They delve into assessing clients, identifying financial pain points, and mastering business finance basics. Topics include risk management, monthly financial reviews, and the importance of non-urgent strategic tasks. Ken also highlights AI's impact on construction management and the balance with human expertise. The episode wraps up with tips on fostering self-awareness in business owners and staying industry-informed.
(0:00) Importance of focusing on net profit
(0:41) Sponsor: Sharpen the Spear Coaching
(1:08) Introduction and backstory of guest Ken Lacroix
(2:23) Role and benefits of a fractional CFO
(3:28) Initial client assessment process
(5:20) Identifying financial pain points for entrepreneurs
(8:06) Public vs. management accounting and formal financial reporting
(10:26) Business finance fundamentals
(12:06) CPAs vs. fractional CFOs and forward financial planning
(17:07) Business risk assessment and management
(19:27) Velocity of money and its impact on business
(21:01) Financial needs and metric tracking throughout business growth
(24:27) Monthly financial reviews for business insights
(27:00) Predicting sales and financial forecasting
(30:07) Addressing business process complexity
(31:29) Significance of non-urgent strategic tasks
(33:39) Detailed exploration of a fractional CFO's role
(36:25) Value chain comprehension for entrepreneurs
(39:27) Encouraging self-awareness in business owners
(41:47) Staying updated with industry knowledge
(44:44) Technology and AI as tools for scaling businesses
(48:23) Implementing AI in construction management
(50:29) AI in enhancing reporting and decision-making
(52:20) Balancing AI analytics with human expertise
(53:32) Episode wrap-up and guest appreciation
(54:08) Contact information for Ken Lacroix
(55:27) Closing remarks and sponsor recap: Sharpen the Spear Coaching
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By Richard WalshRichard Walsh hosts Ken Lacroix to explore the crucial role of a fractional CFO in business success. Ken discusses his background, the difference between fractional CFOs and CPAs, and the significance of forward financial planning. They delve into assessing clients, identifying financial pain points, and mastering business finance basics. Topics include risk management, monthly financial reviews, and the importance of non-urgent strategic tasks. Ken also highlights AI's impact on construction management and the balance with human expertise. The episode wraps up with tips on fostering self-awareness in business owners and staying industry-informed.
(0:00) Importance of focusing on net profit
(0:41) Sponsor: Sharpen the Spear Coaching
(1:08) Introduction and backstory of guest Ken Lacroix
(2:23) Role and benefits of a fractional CFO
(3:28) Initial client assessment process
(5:20) Identifying financial pain points for entrepreneurs
(8:06) Public vs. management accounting and formal financial reporting
(10:26) Business finance fundamentals
(12:06) CPAs vs. fractional CFOs and forward financial planning
(17:07) Business risk assessment and management
(19:27) Velocity of money and its impact on business
(21:01) Financial needs and metric tracking throughout business growth
(24:27) Monthly financial reviews for business insights
(27:00) Predicting sales and financial forecasting
(30:07) Addressing business process complexity
(31:29) Significance of non-urgent strategic tasks
(33:39) Detailed exploration of a fractional CFO's role
(36:25) Value chain comprehension for entrepreneurs
(39:27) Encouraging self-awareness in business owners
(41:47) Staying updated with industry knowledge
(44:44) Technology and AI as tools for scaling businesses
(48:23) Implementing AI in construction management
(50:29) AI in enhancing reporting and decision-making
(52:20) Balancing AI analytics with human expertise
(53:32) Episode wrap-up and guest appreciation
(54:08) Contact information for Ken Lacroix
(55:27) Closing remarks and sponsor recap: Sharpen the Spear Coaching