In this episode, our guest Lauren Colson shares her journey from working in corporate finance and accounting to becoming a successful entrepreneur. She talks about her passion for helping business owners grow their businesses and the importance of financial support. She emphasizes the value of data-driven decision-making using accurate and timely financials and highlights the role of a CFO in predicting future strategies to achieve business goals. Later in the episode she discusses the importance of understanding and knowing your numbers to make informed decisions. She elaborates on the role of a CFO as not only financial experts but also as business coaches and CEOs, helping businesses in all areas of their operations.
KEY POINTS:
- Accurate financials are crucial for valuing a business, especially when preparing for a sale.
- Knowing your numbers and the drivers behind your business’s revenue and costs allows you to make informed decisions and adapt quickly to changing economic conditions.
- The importance of having clean and timely financials, especially for businesses preparing for rapid growth or expansion.
- Taking the time to set up a strong infrastructure in the early stages of a business helps save time and effort in the long run.
QUOTABLE MOMENTS:
“So making sure you’re in a good, solid place before you even entertain the idea is going to make this process and the end result so much better.” – Lauren [00:28:35:23]
“Knowing what your future numbers look like is going to be able for you to be the most prepared for periods of tight cash flow that you want to get ahead of.” – Lauren [00:32:38:22]
“The importance of getting the infrastructure set up in your business in order to grow or expand. Taking the time early on to get that set up is such a hack, in that it will give you so much time back down the road.” – Lauren [00:36:36:02]
Links:
https://www.colsonstrategies.com/
https://www.linkedin.com/in/laurencolson/
Lauren’s Software Tool: https://upbeat-artisan-5251.ck.page/c99b0d9997
