Planning for 2021 financial success with Stephanie Skryzowski (S5E168)

Finances and legal are like four-letter words for most entrepreneurs. You know you need to have a grasp on them to run a successful business, but the amount of things you don't know about finances and legal makes you want to bury your head in the sand. In this episode, I brought on CFO consultant and founder of 100 Degrees Consulting, Stephanie Skryzowski, to share some of her best practices and advice for entrepreneurs when it comes to getting a handle on the financial side of business.  In this episode, we'll cover: Why you shouldn't run your business based solely on the money you have in your bank account (i.e., what cashflow is and why you need to pay attention to it!) How widely profit margin can vary among different industries and service providers and how often you should review yours Some helpful advice for hiring new team members How a cobbled together contract ended up costing Stephanie five months of pay Stephanie's best practices for coming up with your business's financial plan for 2021 The difference between a forecast and a budget (and why a budget can actually be freeing!) BONUS: If you're starting something new, or this episode has spotlighted areas of your business that have you worried, now is a great time to make sure your business is in good shape legally. Download our free legal checklist to make sure your business has a strong legal foundation at https://www.awbfirm.com/podcast168! Resources mentioned in this episode: 100 Degrees Consulting:  https://www.100degreesconsulting.com Free financial worksheet: https://www.100degreesconsulting.com/profit This podcast is information, not legal advice specific to your situation.