Description

Welcome to a two-part special episode of the Net Profit Podcast. In this two-part special, I'm actually going to be the guest on my friend Matt Dickens's podcast. Matt invited me to share my expertise on business finances with his audience. The first part of our conversation will cover effective techniques for halting financial losses and scaling your business. So, if you're a small business owner, this one's for you! 

About Matt Dickens: Matt Dickens is a seasoned and knowledgeable Mortgage Loan Officer licensed in both Missouri and Illinois. With a degree in Finance & Real Estate and years of experience in the industry, Matt is an expert in the home-buying process. He is dedicated to serving his community and turning home-buying dreams into reality, taking the time to understand his client's unique situations and providing tailor-made solutions that align with their goals. Matt is committed to creating a stress-free and enjoyable home-buying experience, making him the go-to "My Mortgage Guy" for his clients.

In this episode, Ryan and Matt discuss:

• The key differences between a corporate accounting job and running an advisory-focused accounting firm
• How hiring a CFO or accountant can boost your small business's growth and profitability
• The importance of keeping up with pricing and payroll for small businesses and identifying inefficiencies through a CFO's perspective
• How does Profit First work and what are its advantages and disadvantages

Key Takeaways:

• Working as a CFO is advisory focused -- helping business owners grow profits while working in a big four accounting firm is compliance-focused -- keeping corporations in check. The decision to pursue one path or the other depends on personality traits and life goals.
• If you struggle with numbers, consider hiring a CFO to help grow your business profitably, particularly if you're generating half a million to a few million dollars annually.
• Sometimes business owners overlook the importance of monitoring prices, payroll, and personnel expenses, but keeping track of them is crucial for long-term profitability.
• Real estate professionals should set aside 20% of each deal in a designated account for taxes, refrain from using the funds for other expenses, and consider implementing the Profit First system while being aware of its limitations.

"You can get an accountant who is an expert in your business at a reasonable cost when you reach the six-figure level. They will take care of everything and save you a lot of time. The opportunity cost of doing all the work yourself is not worth it." — Ryan Kimler

Connect with Matt Dickens: 

Website: https://www.homesteadfinancial.com/loan-officers/matt-dickens/

LinkedIn: https://www.linkedin.com/in/m-dickens/

Facebook: https://www.facebook.com/mdickensmortgages/

Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit

Connect with Ryan Kimler: 

Net Profit CFO Home Page:www.netprofitcfo.com

Email: ryan@netprofitcfo.com

Facebook:www.facebook.com/rkimler

LinkedIn:www.linkedin.com/in/ryankfinancialclarityllc/

LinkedIn NPC Company:https://www.linkedin.com/company/netprofitcfo/

LinkedIn FC Company:https://www.linkedin.com/company/financial-clarity-llc/

Show notes by Podcastologist Andy Santiago

Audio production byTurnkey Podcast Productions. You're the expert. Your podcast will prove it.