CFC #011 - 4 False Beliefs That Hurt Your Financial ResultsJul 22, 2023
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
I love that quote from Mark Twain.
It’s timeless wisdom that applies not only to life, but also to your business’s financial performance.
Operating with misinformation can lead to disastrous consequences and cost you big time.
Today, I want to clear up 4 false beliefs I’ve discovered in business owners over more than 15 years of helping them guard and grow their business’s financial performance.
As a bonus, I’m also going to share with you a huge hidden cost of harboring these false beliefs for too long.
Let’s dive in!
4 False Beliefs That Damage Your Financial Results
False Belief #1
“I have a bookkeeper and/or a CPA. I’ve got all the financial guidance I need.”
How this hurts your results: Your bookkeeper and/or CPA are focused on your business’s past performance. They help you dot your i’s and cross your t’s. They may be deep in financial details. Which is why they’re not necessarily able to look at your business’s financial big picture and help you plan strategically for your desired future.
False Belief #2
“I’ve reached this point without having a fractional CFO, so I don’t need one now.”
How this hurts your results: What got you where you are won’t get you where you want to be. Different results require a different approach. What you don’t know can hurt you, so it helps to have an expert financial advisor who understands your business’s past and present but is focused on your future.
False Belief #3
“I’m smart enough to learn everything I need to know to get the financial results I want.”
How this hurts your results: This is a tricky false belief, because it’s partially true. You are smart enough to learn what you need to know. But how long will it take you? How many costly mistakes will you make on the way? The smart move is to know your strengths and acknowledge where you could use help. This will accelerate your progress and improve your odds of getting the financial results you want.
False Belief #4
“My business isn’t some big public company, so I don’t need a fancy CFO to tell me things I already know.”
How this hurts your results: Businesses of all sizes and ownership types can benefit from financial expertise. No matter how much you think you know, there is value in getting an outside perspective. Tapping into insights and expertise you may not have. The benefit of hiring a fractional CFO is that you gain the benefits of seasoned expertise at a fraction of the cost.
A Huge Hidden Cost of Not Having a Fractional CFO
Now we’ve addressed the truth about 4 dangerous false beliefs about having a fractional CFO.
So, what’s a HUGE hidden cost of not having one?
There is an opportunity cost to not making the right financial and strategic decisions for your business.
And this opportunity cost compounds over time.
The longer you wait to make the right moves, the more potential financial success you miss out on!
The chart below illustrates this:
Now that you’re aware of these false beliefs and the hidden cost of not having a fractional CFO, it’s up to you to act on the information.
So, when you’re ready to discover how easy hiring the right fractional CFO for your business can be, book a free strategy call here.
In the meantime, I’ll continue you to bring you more actionable advice, insights, and strategies that you can use to improve your business’s financial situation and lower your stress.
PS - if you’re looking for more, there’s a couple ways I can help you:
- Watch my free on-demand training on my 5-step system you can use to get the financial results you want from your business and feel less overwhelmed. Free training here.
- I can help free you from financial stress in your $1M+ services business and discover a faster route to the results you need for the life you want. Book a call here.