EP 69: Financial Secrets for Practice Growth – With Ken Kaufman
Episode Summary:
In this episode of Practice Growth HQ we’re talking about all things business finances!
You’ll meet Ken Kaufman, who has served in CFO and President CFO roles in venture capital, private equity backed high growth organisations since 2004. Ken is also the co-author of ‘Financial Secrets to Grow Dental Organisations’, which he wrote with his daughter.
In this episode you’ll learn about clarity tools you can use to reduce anxiety around your business finances, the one major flaw if you’re letting your accountant make your financial decisions, and why you can’t just rely on accounting software to handle your numbers.
If you’re ready to release the stress around your business finances pay close attention to this episode!
What you’ll learn:
- (05:20) Ken shares his entrepreneurial journey and talks about his first business failure
- (07:50) Ken unpacks the nine required clarity tools to decrease business anxiety around finances
- (11:29) Discover the financial blind spots in your business that create a lack of clarity (and stress) with your finances
- (14:31) What does horse racing have to do with the financial information in your business? Ken illustrates a financial lesson with a powerful analogy
- (16:47) Don’t do this!: The one major flaw with having your accountant make all your business financial decisions
- (20:22) Find out why it’s so important to step back and look at the big picture of your business finances before getting into the nitty gritty details
- (24:29) Learn what the difference is between an accountant and a CFO
- (26:40) Find out when it’s appropriate to start considering hiring a CFO (even if it’s only on a part-time basis)
- (31:24) Discover why you can’t just rely on your accounting software to handle your numbers
- (32:34) Learn why it’s essential to be able to forecast your cash flow for at least 90 days into the future
- Plus loads more!
Links and Resources:
Facebook: https://www.facebook.com/kenkaufman45
LinkedIn: https://www.linkedin.com/in/kennethkaufman/Book: DEO’s Financial Secrets to Grow Dental Organizations: The 9 Required Clarity Tools
