Your Financial Management Team's Starting Line Up

Move To Millions  Podcast

Season 5 Episode 260 My Financial Management Team Cheat Sheet

Show Notes. (For Website):

Episode Summary

“Your financial management team is essential to you scaling and sustaining a 7-figure business.”  Dr. Darnyelle Jervey Harmon

Can I be honest?  If you have millions on your mind and you want them to enter and run through your bank accounts, you’re going to need to assemble your financial management team.  If you haven’t yet, trust me I get it.  When I first started my Mary Kay business, right out of corporate America, I kept a spreadsheet with everything I thought I needed to know.  That’s the thing though, I didn’t know what I didn’t know, and I am 100% positive that delayed my own move to and beyond the million-dollar mark.  You see, I made this decision based on the way I saw money – money is private and you keep it to yourself. 

Once I got audited the first time and ended up having to pay more than I desired in taxes because of the errors I made, I knew it was time to call in the professionals. I started with a bookkeeper and tax preparer and today I have a full-blown team supporting my business financially.  In this episode, I share exactly who is in my financial management team’s starting line up with you.

It’s true, money is personal for many; however, keeping your misaligned beliefs and blocks to yourself will mess with your money and delay your move to millions.  It’s time to dive deep into the essential components of a robust financial management team for entrepreneurs and small business owners ready to scale and sustain a 7 figure+ company. If you're a millions-minded entrepreneur looking to scale your business, this episode is for you. I break down the key players you need on your financial management team, the roles they play, and the optimal times to bring them on board. Tune in to learn actionable insights that will help you manage your finances effectively, ensure sustainable growth, and position your business for long-term success.

As I say every time I am talking about money and financial management, I recommend that you listen  to this episode from your vision point and not your vantage point so that you can hear how to steward your business so that it becomes a wealth stream for your financial legacy.

Millions don’t just happen; they are planned for strategically and financial management is at the top of the list. Your business’ financial health is tied to your financial management so grab your Move to Millions Podcast notebook and listen in to discover:

• The importance of a structured financial management team
• The 7 essential financial management team members and when to add them to the roster
• What your financial management cadence should be to build a strong financial foundation
• And so much more

Powerful Quotes During the Episode:

"In an ideal scenario, you want a team where bookkeepers support accountants and accountants support your CFO. That's going to change the game in your financial management team."

"You will not make it to the million-dollar mark if you don't have cash flow and resources to invest. It takes money to make more money because you're going to have to invest in places that will elevate and accelerate how long it takes for you to get to the next money milestone."

"Your bookkeeper is not a strategist; they are just going to report on what happened in your business. As you have that information, you can then share it with your certified public accountant or your accountant."

"A wise man leaves an inheritance to his children's children. Your estate attorney is going to help with that."

"Financial management is a key system. It's why it's one of the seven systems to seven figures because it is a big part of you being able to get your business to the next level and having the cash you need in order to fund the life that you crave."

"If you are an entrepreneur who is committed to building a seven-figure business, you've got to have the right team of professionals around you. And that team of professionals starts with your financial management team." - Darnyelle Harmon

"At the bare minimum, every entrepreneur needs to have a bookkeeper. Bookkeeping is a $200 task. You should never be doing your own bookkeeping as the CEO of your company." - Darnyelle Harmon

"Every entrepreneur needs to have a certified public accountant, a CPA. Your CPA is going to help you to do some deeper analysis in terms of your financials." - Darnyelle Harmon

"A tax strategist is going to help you to look at how you can reduce your tax outlay legally, how you can make some adjustments to your entity so that you're paying the least amount of money in taxes as possible." - Darnyelle Harmon

"Once you cross the million dollar mark, you're going to need to have a CFO in place. A CFO is going to help you to forecast, they're going to help you to look at trends, they're going to help you to make some decisions strategically." - Darnyelle Harmon

"As you continue to grow, it is imperative that you are making decisions based on data. And that's what your CFO is going to be able to help you to do." - Darnyelle Harmon

"We believe that as an entrepreneur, when you marry spiritual principles with business growth strategy, you win." - Darnyelle Harmon

Resources Mentioned:

• Move to Millions by Dr. Darnyelle Jervey Harmon – Get Your Copy
• Companion Guide for Move to Millions – Download for a detailed overview of the seven systems to seven figures.
• Join the Move to Millions Facebook Group for ongoing support and community engagement – Join Now
• Move to Millions 90-Day Business Growth Planner – Get Your Planner

Want more of Darnyelle?

Social Media Links:

• http://www.instagram.com/darnyellejerveyharmon
• http://www.facebook.com/darnyellejerveyharmon
• http://www.twitter.com/darnyellejervey
• http://www.linkedin.com/in/darnyellejerveyharmon

 Links Mentioned in the Episode:

• com
• com
• com
• Move to Millions Continuum Episode

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