Austin McMillan, owner of Flywheel Financial, discusses entrepreneurship, business acquisition, and financial management for small businesses.
Key Takeaways
- Flywheel Financial provides outsourced accounting services for small businesses, helping owners focus on growth
- Austin emphasizes the importance of understanding financial metrics and creating a "winnable game" for business owners
- Regular team check-ins and personal goal-setting are crucial for employee retention and business growth
- Mentorship and networking with successful entrepreneurs are vital for business owners' development
Topics
Austin's Background and Business Acquisition
- Started in finance at a landscape company, then traded options full-time
- Joined Flywheel Financial, then purchased the business in May 2023
- Advises carrying debt for no more than 3 years when buying a service-based business
- Stresses the importance of betting on yourself while managing risk in business acquisition
Flywheel Financial's Services and Approach
- Provides outsourced accounting department services for small businesses
- Focuses on simplifying complex financial data into actionable insights
- Uses metrics like labor efficiency ratio to guide service-based businesses
- Helps clients grow from $900k to $5.1M in revenue over 3 years while increasing profit margins
Team Management and Employee Development
- Conducts quarterly one-on-one meetings with team members
- Uses personality assessments (Enneagram, Working Genius) to optimize roles
- Sets personal and professional goals for each team member
- Emphasizes the importance of putting people in roles that align with their strengths
Mentorship and Networking for Business Owners
- Recommends joining coaching programs with successful entrepreneurs
- Emphasizes the value of "borrowing confidence" from mentors
- Suggests connecting with local business owners doing bigger things
- Stresses the importance of continuous learning and growth
Book Recommendations
1. "Buy Back Your Time" by Dan Martell - focuses on delegating and optimizing time use
2. "Who Not How" - emphasizes finding the right people for tasks rather than doing everything yourself
Next Steps
- Follow Austin on Instagram (@austindmcmillan) for financial tips for small business owners
- Direct message Austin with the word "profit" on Instagram to receive a free guide on setting up bank accounts to prioritize profit
- Consider reading "Buy Back Your Time" and "Who Not How" for business optimization strategies
- Evaluate current financial practices and consider implementing a more structured approach to financial management in your business
Free Resource :
Wealthy Kids Gift PDF
Link: https://drive.google.com/file/d/1A1hz0SF9fFrQnzDVQh7ev3YouIq8UYui/view
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