Welcome back to the Inner Edison Podcast! In this episode, host Ed Parcaut sits down with Sarah Webb, a fractional CFO and founder of WebbCFO.com, to explore the intricate world of small business financial management.
**Timestamps:**
00:00 - Introduction
02:15 - Ed discusses challenges in the industry and the importance of the right team
06:40 - Sarah explains the fraud triangle and its impact on small businesses
11:50 - Real stories of internal financial fraud: Lessons to learn
16:30 - Niche marketing strategies for private medical practices and law offices
21:45 - The "no jerk policy": Working only with good companies
27:00 - Managing cash flow and credit terms in small businesses
34:45 - When to consider hiring a fractional CFO
39:20 - The importance of having a forward-looking CFO
42:15 - Sarah's experience with IRS issues and payroll challenges
49:00 - Outsourcing services to solve staffing issues
54:30 - Selecting the right legal entity structure
58:40 - The impact of government and politics on small businesses
1:04:10 - The role of AI in improving job efficiency
1:10:50 - Financial strategy and the role of a CFO in business growth
1:17:00 - Importance of flexibility and education in adapting to changes
1:21:30 - Final thoughts and how to contact Sarah Webb at WebbCFO.com
**Key Facts:**
- Financial fraud risks in small businesses and the importance of segregation of duties.
- Cash flow management challenges, especially in medical practices and law offices.
- The pivotal role of a fractional CFO in helping businesses strategize, forecast, and budget.
- How niche marketing and a "no jerk policy" contribute to business success.
- The critical role of AI in enhancing job productivity and alleviating lower-end job roles.
- The importance of selecting the right legal entity structure and understanding government regulations.
- How businesses can adapt to unforeseen factors such as interest rate changes and political influences.
🌐 Visit Sarah Webb's website: [WebbCFO.com](http://webbcfo.com)
📢Follow us for updates:
- Website: [Ed Parcaut]
- Facebook: [Ed Parcaut]
- Twitter: [@parcaut]
- Instagram: [@edparcaut]
💡 **Quote of the Episode:** "Flexibility, education, and seeking expert advice are paramount in navigating the evolving landscape of small business management." - Sarah Webb
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