Who Should I Have on My Finance Team?
If you’re an online business owner, coach, or course creator, chances are you spend more time thinking about your next big product launch or client call than managing the nuts and bolts of your business finances. But as your business grows, having a solid finance team isn’t just nice to have; it’s essential for your long-term success. So, who should be on your finance team, and how do you know when it’s time to level up? Let’s break it down.
Essential Finance Functions You Need Covered: Bookkeeping and Tax
Preparation
Every business needs a few core financial tasks handled, and it doesn’t have to be complicated. This could be one person or two, but you need someone to manage:
Paying the bills: This isn’t just about avoiding those awkward “Hey, you still owe me” conversations; paying your bills is an essential part of running a business.
Filing taxes: Besides avoiding IRS nightmares, a good tax professional will also help you take advantage of deductions and tax-saving strategies.
Paying the people: Whether you have employees or contractors, getting payroll right is crucial. Late payments can damage relationships and, in the case of employees, even create legal issues.
Keeping your books: You need up-to-date, clean financial records so you know where your money is going and can make informed decisions.
.Making sure all your payments come in: It’s not just about sending invoices but also ensuring your clients are actually paying them. Cash flow keeps the business running.
Ready for the Next Level?
Once you have the essentials covered, you might start thinking: “Okay, what’s next?” That’s when you bring in more strategic financial support. Moving beyond the essentials means having someone who can help you use financial data to run your business better. Here’s what they should do:
Help you read and understand your financials: Those monthly reports your bookkeeper sends? You should know what they mean. Financial data can be a goldmine for making better decisions.
Guide you in making data-based decisions: For example, which of your courses or services is most profitable? The answer will help you focus your energy where it matters most.
Alert you to unnecessary expenses: Small leaks can sink a big ship. Knowing where to trim fat is key to maximizing profit.
Advise you on when and how much to pay yourself: Many business owners either overpay or underpay themselves. You want to strike a balance that’s sustainable.
Plan with you for new hires: Hiring too soon or too late can stunt your growth. Financial insights can guide you on the best time to add to your team.
What to Expect from Your New Financial Team Member
It’s less about the title—whether they’re a CFO, financial advisor, or financial strategist—and more about what they do for you. Here’s what to look for:
Regular meetings focused on the future: You should discuss past performance briefly to learn from it, but the focus should be on planning ahead.
Actionable financial insights: They should bring valuable financial insights, helping you make informed decisions without telling you how to run your business.
A comfortable working relationship: You should feel free to ask questions. If you’re afraid of looking silly, find someone you’re more comfortable with.
Clarity after meetings: You should leave financial discussions with a better understanding of your business. If you’re still confused afterward, that’s a red flag.
Wisdom born from experience: You want someone who brings seasoned expertise to the table—someone who can anticipate potential pitfalls or opportunities for your business.
Want to talk about this with someone who can offer guidance and solutions without any pushy sales tactics? Schedule a meeting with me.
