Today’s post is by Randy Russon, founder of TOP CFOS
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While I was going to school to obtain my bachelor’s degree in finance, I learned a very valuable lesson. I learned that finances always come first in a business. I was taught that, and the lesson stayed with me. Finances always come first long before sales. Finances in a business is like the engine in the car. Without it, you won’t get very far down the road. This reminds me of a story I’d like to share.
Years ago, I got a call from this couple who’d decided to go into business for themselves. The husband wanted to start an excavation business. They didn’t seem to be that educated, but I still remember to this day how they called me for one reason – to help them set up their books. I really admired them for this. They wanted professional help to get their books set up right. As I was helping them, I thought of how few people ever do this. These people were standouts, and were smart business people. So, what are some of the benefits of putting finances first?
One benefit is that it gives you a feeling of being in control. Instead of the finances controlling you, you are in control of them. What a wonderful feeling this is. When you are in control, you know what the next step is. This minimizes the element of surprise. In other words, you know what’s coming next. Why wait to be surprised when you can know ahead of time what’s going to happen next?
In my work as a CFO, I have noticed through the years that there is a distinct correlation between clients who put finances first, and clients who put finances last. The clients who put finances first, usually make a lot more money than those who put finances last. Who wouldn’t want to make more money in their business? I think a couple of reasons why people put finances last is because it takes extra effort to put them first. And, people are just ignorant of what comes first in a business – finances. If you want to be more highly successful in your business and make more money, put finances first!
We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Leadership category on our website and is entitled Success in Business. And, thank you for joining us!