Essential Financial Strategies for Small Business Sustainability

Shift or Get Off the Pot

Today we are talking about money! Specifically, the crucial world of financial management for entrepreneurs, small businesses, and salespeople. My good friend, CPA, CFO, and Business Coach, Jill Romig joins me to share her expertise on creating a strong financial foundation. Jill gives insights and tips on stretching your dollar, minimizing financial risks, and maximizing financial profits! We discuss the risks of using personal funds for business expenses, the necessity of separating personal and business finances, and the benefits of delegating financial tasks to experts.

Jill also highlights the importance of filing the BOI form under the Corporate Transparency Act, and the rising trend of fractional CFOs. Whether you're struggling to manage your cash flow, grappling with financial stress, or just looking to optimize your business finance strategies, this episode is packed with valuable insights. Plus, Jill provides steps and resources—like her Loom video tutorials—to help you stay compliant and financially healthy. So, let's get started and unravel the complexities of financial management with Jill Romig!

Timestamps

08:27 Hire experts, monitor cash flow, check reports consistently.

12:22 Businesses need reliable systems, trusted financial oversight.

18:30 Ensure bookkeeping accuracy and establish internal financial controls.

21:43 Having a CFO demystifies dealings with CPAs.

25:49 Ignoring KPIs causes burnout and stagnation.

29:22 Delegating tasks improved efficiency and time management.

37:00 Team coordination and segregation minimize business risks.

Key Takeaways

• Partition Your Finances – Keeping personal and business finances separate is essential for clear accounting and tax processes. Commingling funds can create unnecessary complexities and potential risks.
• Employ a Fractional CFO – For businesses not large enough for an in-house CFO, a fractional CFO can provide the expertise needed to maintain and grow financial health without the full-time commitment.
• Embrace Delegation – Allowing trusted financial experts to handle bookkeeping and accounting tasks frees you up to focus on high-value activities, minimizes burnout, and ensures detailed financial oversight.

Connect with Jill: www.jillromig.com
Social Media: @jill_romig_cpa
Book a Consult with Jill
BOI Link Mentioned:
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Production House: Flint Stone Media
Copyright of Kim Kelley Thompson 2024.