“A relationship with money is exactly like a relationship with a partner.” - Aimee LaLiberte
Money - Some entrepreneurs love to talk about it, most entrepreneurs love to avoid it and all entrepreneurs need to manage it. Welcome to Brave and Boss with Kristi Soomer and in this week's episode, virtual CFO founder, Aimee LaLiberte, talks to us about money mindset, cash, flow, finances, and building a profitable business.
As the owner of My Virtual CFO, Aimee is a trusted profitability advisor to six and seven-figure
business owners who are tired of being behind in their books and are ready to uncover blind spots, course correct, and ultimately get more profitable. Aimee also is a certified life and money coach and works with business owners who seek greater confidence and unwavering drive to attract and build wealth in their businesses and lives. After working in non-profit and finance for over 16 years and helping hundreds of business owners since starting her own business, Aimee knows how important it is to have steadfast trust in the person looking after your books.
[00:01] Setting a Strong Foundation for Your Business’ Finances
- Getting to know Aimee
- At what point should a business consider hiring somebody to help with bookkeeping
- Consider outsourcing your bookkeeping at the six-figure mark
[07:05] Common Money-Mistakes Entrepreneurs Make
- Not having a system for their money
- Not maintaining your money system
[09:33] What Is Cashflow and Why Does it Matter?
- Cash flow is the inflow and outflow of money from a business. It is necessary for daily operations, taxes, purchasing inventory, and paying employees and operating costs. Positive cash flow indicates that a company's liquid assets are increasing.
- Why do I have a lot of money coming into the business, but it's not reflected in my bank account?
- Understanding Cash Flow Forecasting
- Profit First; a cash flow management system
[17:09] Hiring and Building Your Money Management System
- How to hire key financial players that you want on your team
- Bookkeeper
- A Tax expert who can view your business from their the lens of the taxability and the tax liability and create a tax strategy
- A CFO with a strategic mindset
- A money mindset coach
- A financial advisor for investments
- How to find the right people
- Hire someone you trust and make sure there is a solid rapport
[25:45] Connect with Aimee and the Hot Seat!
- Join The Finance Edit! Click here and get on the waitlist
- What’s one non-negotiable step in your morning routine?
- Coffee
- If you had an extra $1000 in your business what would you spend it on?
- Marketing
- Favorite Podcast?
- If you could wear 1 outfit for the rest of your life, what would it be?
- Jeans, Pearl Jam band t-shirt, and a black blazer
- Connect with Aimee via the links below
Key Quotes:
“Having a relationship with money from the very beginning is critical. If you are in your business for the long run, and you want to create financial goals that your heart desires, understanding how the money comes in and out of the business is going to be critical.” - Aimee LaLiberte
“The biggest financial mistake entrepreneurs can make is not having a system.” - Aimee LaLiberte
Connect with Aimee
Instagram: https://www.instagram.com/myvirtualcfo
Main website: www.myvirtualcfo.co
The Finance Edit waitlist: https://www.myvirtualcfo.co/thefinanceedit
Resources Mentioned:
- Book: Profit First by Mike Michalowicz
- https://profitfirstbook.com
- Book: The Pumpkin Plan by Mike Michalowicz
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