How does a Money-Smart CEO Change Your Business?
Do any of these quotes ring a bell?
"The more you learn, the more you earn".
"Knowledge is power"
“An investment in knowledge pays the best interest”
The point? Learning and acquiring knowledge puts you on the path to success.
We defined a Money-Smart CEO in a previous blog about what a Money-Smart CEO is and we'll recap it here:
A Money-Smart CEO is...
in control of her finances
aware of her financial position at all times
backed with the knowledge to make informed decisions that will drive growth in her business
What does a business look like when it's run by a Money-Smart CEO? That's the question we are going to answer in this article.
A Money-Smart CEO who is in control of her finances.
Being comfortable with your finances starts with mindset. All of us have some sort of block when it comes to money and our relationship to it. Whether we want to admit it or not, our upbringing and experiences around money shape how we think and feel about it today.
A Money-Smart CEO has done the work to identify and overcome those money mindset issues so she is free from their negative influence. This gives her a clear head and allows her to focus on what's important- running her business.
As well, this means her business will thrive, since she's not setting prices based on her own insecurities or making financial decisions out of fear.
Not only that, she has gained control of her finances by setting up clear processes. This could look like tracking her expenses, using a budget or cash flow forecast, and putting systems in place so she's not doing everything herself.
By taking these steps, a Money-Smart CEO has visibility into what is happening in her business at all times. She knows exactly where the money is coming in and going out, which gives her
A Money-Smart CEO who is aware of her financial position at all times.
A smart woman once said, "You can't get to where you want to be unless you know where you're starting from." (That was me - I said that!)
It's a fact - your business cannot grow if you don't know where you are today. When a Money-Smart CEO is behind the wheel, she is informed. She knows how much is coming in and how much is going out. She's got a good handle on her business' financial position so that she can intelligently set future goals.
This also allows her to identify any potential problems early on and take corrective action. After all, it's much easier to course-correct than completely change directions!
A Money-Smart CEO who can make informed decisions will drive growth in her business.
Because she is informed, her decisions are not made on emotion or a "gut feeling". Instead, they are based on data and analysis. This ensures that her actions will actually move the needle and help her business to grow.
Informed decisions also help to build trust with her team. They can see that she is not making rash decisions but instead taking the time to think things through and come up with reasonable and scalable solutions.
What separates business owners from true C-Level executives is the ability to look into the future and make data-driven decisions. Money-Smart CEOs know how to do this and as a result, they are able to take their businesses to the next level.
They're able to forecast future growth, decide where they should focus their efforts, and make the tough decisions that will help them achieve their long-term goals.
Are you a Money-Smart CEO?
If you're not sure, ask yourself these questions:
Do I have a handle on my business finances?
Am I in control of my money mindset?
Am I making informed decisions or moving aimlessly?
If the answer wasn't a resounding "YES!", then it's time to join the ranks of Money-Smart CEOs. You can do this by taking our course, which you can learn at your own space, time and pace.
You will walk away with:
An automated bookkeeping process, so you can spend less time in the weeds and more time in your zone of genius.
The ability to interpret your numbers and make empowered decisions for your business.
An understanding of how to optimize your write-offs and avoid surprises come tax time.
