135 The One with Adam Lean
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How\\xa0do you know how well you are doing if you don\\u2019t measure it?\\xa0
Ok, how about this...\\xa0 How would you know who was winning if they dint keep score?\\xa0
Now try this: How do you know how you are doing if you aren\'t keeping score?\\xa0\\xa0
And the better question is: how do you get better if you don\\u2019t know to get better?\\xa0
I am talking about metrics.\\xa0 Metrics is how we can keep score on everything we do.\\xa0 If it has and input and an output, you can measure it.\\xa0 But the thing is, most of us don\\u2019t measure anything.\\xa0 How long does it take you to\\xa0service and account, run a test, write a report, or sale a new customer?\\xa0\\xa0\\xa0
Peter Drucker\\xa0said\\xa0\\u201cWhat\\xa0get\\u2019s\\xa0measured\\xa0get\\u2019s\\xa0improved.\\u201d\\xa0
So, if we aren\'t\\xa0measuring, we don\\u2019t have the structure to improve.\\xa0
One of the things we need to measure in business is our business.\\xa0 The is a limitless supply of items we can measure in business.\\xa0 But\\xa0measuring\\xa0them is only step one.\\xa0\\xa0Know\\xa0what to do with that data and then how to know you are\\xa0improvement\\xa0is what is needed.\\xa0
I\'m\\xa0guessing you are like me and you use a handful of metrics.\\xa0 But what about the ones you don\\u2019t know to use because you\\u2019ve never heard of them.\\xa0 Those could be the ones that solve that problem you are dealing with.\\xa0 IF you don\\u2019t know\\xa0what they are, you cannot benefit from them.\\xa0\\xa0
That\\u2019s why I partner with people that know more than I do.\\xa0 Napoleon\\xa0Hill\\xa0in Think and Grow Rich mentioned how Henry Ford admitted under oath that he didn\\u2019t know\\xa0everything\\xa0he needed to know about business.\\xa0\\xa0But\\xa0he had access to those people he needed\\xa0to help him fill in the gaps.\\xa0 What are your gaps?\\xa0\\xa0How\\xa0will you fill them in?\\xa0
Having a partner like Mr. Ford alluded to is key.\\xa0 Today I talk with one of those partners,Adam Lean of The CFO Project.\\xa0 Adam lets us know what we should be thinking\\xa0about\\xa0when it comes to tracking how we are doing in business.\\xa0
Many have asked me about how they can find someone to help them\\xa0in particular areas\\xa0like:\\xa0
- Financial (CFO)\\xa0
- Technical\\xa0
- Virtual\\xa0assistance\\xa0
- Insurance\\xa0
- And the list goes on...\\xa0
I and the Scaling UP! H2O team have partnered with individuals and companies we trust and can help you with your questions.\\xa0 Remember, Henry Ford didn\\u2019t know everything, he just knew who had the\\xa0information\\xa0he needed when he needed it.\\xa0\\xa0Isn\'t\\xa0it time you started thinking like Mr. Ford?\\xa0\\xa0\\xa0
Go to scalinguph2o.com/ta to find a trusted advisor to help you today.\\xa0
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Timestamps:
Hear more about Adam\\u2019s background [08:48]
At what point does a business need a CFO? [12:50]
What aspects of financials are important to consider for a successful business? [16:41]
Understanding sustainable growth rate [22:17]
What does the relationship with the CFO look like? [29:30]
Important metrics for businesses to track [41:10]
Where to start learning more about your financials [45:11]
Lightning round questions [47:40]
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\\xa0Quotes:\\xa0
\\u201cMore often than not accounting is just looking at what happened, not how to be proactive to make something happen.\\u201d\\xa0 - Adam Lean
\\u201cFifty percent of all small businesses\\xa0will fail within the first five years. It\\u2019s because\\xa0they did not focus on the right things that matter to have a profitable business.\\u201d\\xa0 - Adam Lean
\\u201cMost business owners are very busy and are focused on the day to day operations because that is what they enjoy doing. In order to stay in\\xa0business\\xa0you\\u2019ve got to focus on the most important things needed to have a profitable business which turns into cash flow.\\u201d\\xa0 - Adam Lean
\\u201cImagine going to a baseball game and you\\xa0don\\u2019t know what the score is. So many people run their businesses that way and they simply don\\u2019t realize how much that information can lead to better decisions\\u201d - Adam Lean
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Connect with Adam Lean:
LinkedIn: in/adamlean
Schedule a time to talk to Adam!
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Links Mentioned:
Covid-19 Webinars\\xa0
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Books Mentioned:
The E-Myth Revisited by Michael E. Gerber
Financial Intelligence for\\xa0Entrepreneurs by Karen Berman and Joe Knight
The ONE\\xa0Thing by\\xa0Gary\\xa0Keller
Bad Blood by John\\xa0Carreyrou
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