R. Kenner French and Brandy Best discuss the importance of financial awareness for entrepreneurs, particularly in the real estate sector. They explore the role of a fractional CFO, the significance of understanding key performance indicators (KPIs), and the necessity of effective bookkeeping.
The discussion emphasizes the value of having a financial expert to help business owners navigate their finances, optimize their spending, and ultimately save money. Brandy shares her background and expertise, highlighting common financial mistakes entrepreneurs make and the importance of regular financial reviews.
Takeaways
• Entrepreneurs must track their finances to understand where their money goes.
• Hiring a fractional CFO can provide strategic financial guidance.
• Key performance indicators (KPIs) are crucial for measuring business success.
• Marketing spend should be around 20% of gross revenue for real estate businesses.
• Regular bookkeeping is essential for accurate financial reporting.
• Business owners often overlook hidden reserves in their finances.
• A virtual CFO can help optimize expenses and improve profit margins.
• Understanding financial metrics can lead to better decision-making.
• Collaboration with tax advisors and bookkeepers enhances financial management.
• Financial awareness is key to business growth and sustainability.
Sound Bites
• We're talking money.
• You could save a lot of money.
• Garbage in, garbage out.
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