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Finance Forward: Expert Insights With Jody Grunden

In this episode of Small Business Nation, our guest is Jody Grunden, the owner of Summit CPA Group. Jody joins the show to discuss the financial side of businesses and how to maximize profits, minimize taxes, and increase cash flow. Summit CPA Group is a division of Anders CPAs and Advisors, which is the first fully distributed accounting firm and leading provider of virtual CFO services in North America. Jody is also an industry speaker and author of the book “Digital Dollars and Cents,” which helps digital companies create a financial roadmap to success.

KEY POINTS FROM THIS EPISODE: 

  • Jody is the guest on Small Business Nation and he helps business owners dive deep into the financial side of their businesses to maximize profits, minimize taxes, increase cash flow.
  • Summit CPA Group Summit merged with Anders CPAs and Advisors in 2022, now a division of Anders is the first fully distributed accounting firm and as the leading provider of virtual CFO services in North America.
  • Summit provides professional virtual CFO services for over a hundred companies across the United States.
  • Jody’s company, Summit CPA Group, started as a traditional accounting firm but shifted to a virtual CFO service.
  • The company used SEO and inbound marketing to grow its client base, and also niched its service to focus on the creative agency industry.
  • The company’s revenue has grown significantly, currently at $12 million with 60% of clients in the creative agency space
  • The company is 100% remote and 100% inbound marketing, with clients coming to them without the need to reach out to prospects.
  • The virtual CFO helps business owners make decisions by sitting alongside them in weekly or monthly meetings.
  • The virtual CFO helps business owners to be a stronger leader and make sound decisions by sharing worries, issues and all the different things that are affecting the company.
  • A strategy for pipeline adjustment is used to determine short-term capacity and resource needs for a business
  • Subscription business models are preferable because they provide predictable revenue that can be counted on for payroll and managing growth
  • Four key metrics to focus on for a successful business: cash metrics, production metrics, financial metrics, and pipeline metrics.
  • Reach Reporting is a tool that can be used for reporting and forecasting, and Gaff JIRA V and Plant Guru are also useful for forecasting.
  • Common financial mistakes include not having enough cash in the bank, and taking all of the money out of the business.
  • The rule of thumb for cash in the bank is to keep at least 10% in reserve at all times.
  • Paying taxes is a good thing, as it means the business is doing well.

LINKS MENTIONED IN THIS EPISODE:

Summit CPA Group

Jody Grunden on Linked In

Jody Grunden on Twitter

Andrew Brockenbush on Twitter

Beefy Marketing

Beefy Marketing Blog

Small Business Nation