LETs with Amplify
By amplifyadvisors.ca
LETs with AmplifyMay 30, 2023
Ep. 4 | Apocalyptic Tripwires | LETs with Amplify
In this episode, we delve into the unexpected yet highly impactful reasons that could lead a business to failure. We explore five overlooked challenges: the paradox of quick success, the implications of using other people's money, cash flow hurdles during rapid growth, the importance of a guiding 'North Star,' and the pitfalls of excessive risk aversion. By understanding these less-discussed factors, you can better strategize to avoid common business pitfalls. Key Takeaways: • Quick Success: Rapid success can lead to scalability issues. To prevent this, businesses must prepare contingency plans and implement robust forecasting and scenario planning. • Other People's Money: When businesses use funding from outside sources, it's crucial to maintain financial discipline. A detailed financial plan outlining fund allocation is essential. • Cash Flow Challenges during Growth: Growth can strain cash flow with increased costs. Implementing solid financial forecasting and cost management practices can help manage these challenges. • No 'North Star': Businesses must maintain a clear vision of their core purpose to avoid straying from their mission, while adapting to changing market conditions. • Excessive Risk-Aversion: Being overly risk-averse can lead to stagnation. Businesses need to balance risk and reward by embracing calculated risks that have the potential for long-term return. Expert Tips: Planning and forecasting are recurring themes in managing these challenges. It's critical to understand that these factors, while surprising, are equally significant and can severely impact a business's success. Mitigate these risks by incorporating strategies to handle them in your financial forecasting and business planning. In the dynamic world of business, maintaining your eyes wide open is crucial. Remember, it's all about planning ahead. Join us as we untangle these unexpected business pitfalls and provide strategies to navigate them successfully. Prepare your business for the future by understanding the subtleties that could make or break your success story. #businessowner #businessmindset #podcast
Ep. 3 | Navigating Business | LETs with Amplify
Are you a growing business facing challenges in hiring and managing a finance leadership team? In this podcast, we discuss the importance of financial leadership in scaling a business and achieving long-term success.
Key takeaways:
• Investing in the right people and leadership is crucial for business growth. It involves finding the right people who align with the company's core values and purpose and placing them in the right seats on the executive bus.
• Aligning business partners and shareholders requires patience, understanding, and a willingness to work together towards a shared vision. Prioritizing the core values and purpose of the business and maintaining open communication can help overcome obstacles and achieve success.
• Having the right financial leadership in place, particularly a skilled and experienced CFO, is crucial in scaling a business and achieving long-term success. CFO services provide a solid foundation for financial strategy and decision-making while reducing business risk.
Expert tips:
• Develop a clear growth strategy, identifying your target market, understanding your competition, and developing a marketing and sales plan to reach your goals.
• Invest in the right people, including a CFO to provide financial leadership and strategic planning.
• Implement scalable processes and technology, such as an ERP system like Netsuite, to manage financial and operational data, automate processes, and improve efficiency.
• Manage risk effectively, by having adequate insurance coverage, developing a disaster recovery plan, and maintaining sufficient financial reserves to weather unexpected challenges.
By prioritizing financial leadership, aligning business partners, and implementing scalable processes and technology, businesses can overcome challenges and achieve long-term success.
Download the E-Book 📕 on Navigating Business here, https://amplifyadvisors.ck.page/2dffbfff5a
Ep. 2 | Let's talk Talent & Recruitment | LETs with Amplify
In this episode of our podcast, we discuss how aligning team objectives with a company's mission is key for leveraging talent, establishing an empowering employee experience, staying on top of technology to remain competitive in the market and more. We learn that recruitment should take into account values and purpose to create a positive organizational culture. Background checks, culture assessments and getting to know potential hires are recommended steps. Work-life flexibility, paid time off and learning/development opportunities also foster job satisfaction while on-the-job learning can provide more value than textbook or course learning. We cover organizational structure by considering hiring decisions, costs/benefits of investments and resource mix for growth. Lastly, we focus on the implications of quiet quitting and how to address it proactively in order to mitigate damage while prioritizing employees for motivation and better results from everyone involved. Download the E-Book 📕 on Talent here, https://amplifyadvisors.ck.page/d1c2383c91
#hiring #recruitment #employment
Ep. 1 | Let's talk about Cash Flow! 💵 | LETs with Amplify
Cash flow is a critical aspect of any growing business.
In this episode, we discuss how to manage cash flow effectively to avoid surprises and major issues that can impact your business. We share insights on predicting future flows, understanding inflows and outflows of cash, and managing the timing of finances.
Key Takeaways:
Cash flow management is crucial for the growth and success of businesses. Invoicing and revenue collection are essential components of bookkeeping and financial strategy. Clear processes and communication with clients can help ensure successful collections. Implementing a payables schedule can help ensure timely payments while also allowing for predictability in cash flow. Obtaining an operating credit can serve as a buffer during times of uncertainty.Expert Tips:
Send invoices within 30 days of completing services to avoid longer collection periods. Have a clear process in place that aligns with your strategic finance plan and communicate expectations with clients during the sales cycle. Implement a payables schedule that limits payments to biweekly or weekly to ensure timely payments while also allowing for predictability in cash flow. Obtain debt when in a positive cash position to secure funding for future growth and avoid unfavourable terms that may come with borrowing during difficult times.By following these tips and strategies, businesses can better manage their finances and set themselves up for long-term success. Don't let cash flow issues hold you back from achieving your goals - take control of your finances today!
Download the E-Book 📕 on Cash Flow and Cash Management, here, https://amplifyadvisors.ck.page/cf82859dba