michael
THE 5 MINUTE FRACTIONAL CFO

043: 3 Tips To Drive Action

May 05, 2023

Subscribe to the Newsletter

Join 2,000+ readers of the 5 Minute Fractional CFO Newsletter and learn how to start, scale or optimize your Fractional CFO services.

043: 3 Tips To Drive Action

May 05, 2023

A big thank you to our sponsors who keep this blog free to the readers:

This week's blog is sponsored by G-Accon.

G-Accon is a live link that seamlessly connects our clients' QuickBooks Online data to our custom CFO Reports inside of Google Sheets.

The result? 

Automated, customized CFO reports with virtually no data manual entry and no mistakes. My firm saves literally 40+ hours a month with G-Accon.

πŸ‘‰ Click HERE to start your free trial and get 30% off for being a CFO Accelerator blog reader! 


3 Tips To Drive Action

May 5, 2023
Read time: 3:15 minutes 

Have you ever asked yourself why fractional CFOs even exist? 

I have. 

And the answer I keep coming back to is simple: 

We help business owners understand their numbers so they can make better decisions.

Put another way, it's our job to help our clients think differently so that they can act differently. And when they act differently, that's when we can truly start to see the impact of our work! 

I was recently journaling on this exact topic. 

I asked myself, "What are the ways in which we can get clients to think differently and act differently?" 

Three ideas came to mind.

Today, I'm going to share those ideas with you! My hope is that they inspire you to help your clients think differently and act differently. 

Idea #1: Keep it simple

The curse of our industry is unnecessary complexity.

As a whole, we tend to overcomplicate the way we explain financial "stuff" to our clients. 

I find that there are two primary reasons for this: 

πŸ‘‰ We forget that the person we're talking to doesn't have the same experience we have. They haven't spent the last 10-20 years in the numbers. So we end up talking to our clients like we would an industry peer.

πŸ‘‰ Our egos have a strong desire to sound smart. We get this internal urge to say things in a way that reminds everyone else that we are the expert. (I do it too from time to time!)

But our job is service to others. And that means that we have to put ourselves in their shoes and check our egos at the door. 

Communicating with clients in a way that they can understand is the first step in helping them understand what's going on. And that is the first step towards them thinking differently and taking action.

Idea #2: Embrace Different Roles

Yeah, our role is fractional CFO. 

But I've learned that there are multiple hats that a fractional CFO has to wear. 

βœ… Teacher: you're explaining concepts, showing down stream effects, and educating the client.
βœ… Cheerleader: you're the one reminding your client of their wins, celebrating the victories, and encouraging them to stay in the game.
βœ… Coach: you're forcing them to evaluate new perspectives, showing them where they're goofing up, and challenging them to go further.

Which hat do you need to wear at a given time? 

That's a question you need to ask yourself frequently. 

But I know that if you only wear one hat, the client will likely not stick around as long as they should.

Idea #3: Hold Them Accountable

The vast majority of CEOs have NO ONE holding them accountable. 

The truth is, most CEOs have employees, task rabbits, or cheerleaders speaking to them. And, odds are, none of them are holding the CEO accountable. 

But isn't it also true that we all need some level of accountability? 

You, as the Fractional CFO, are in a GREAT place to be that accountability partner.

Here are some pro tips to help you be a great accountability partner for your clients: 

• Help set goals for financial strategies and tactics. The key word here is "help". You, the CEO, and senior leadership should be doing this together. 
• Walk them through those goals and make sure they're realistic and properly prioritized. 
• Make sure each action item has a clearly defined owner and deadline.
• Follow up with the CEO or senior members of the finance team on your check in calls and monthly CFO calls.

No, none of this stuff is rocket science. 
But I don't see nearly enough fractional CFOs doing these basic things. Most are just setting goals and rolling out.

Look...
I LOVE our industry! 

The level of impact that we can have on our clients, their employees, their families, and their communities is second to none.

But that impact is predicated on clients thinking differently and taking action. Because without action there is no impact.

So we've got to make sure we're doing the things that will drive action so we can maximize our impact.

Your coach, 
Michael King


Whenever you are ready, here are 3 ways I can help you:

1. The Inner Circle - every month my team and I go live and share the most impactful lessons we've learned in our journey to start, scale, and optimize our own CFO firm (including live Q&A). Plus you'll get access to our private community of nearly 150 fractional CFOs.

2. The CFO Academy - This is a 7 week deep dive into the exact playbooks that I use to run my firm, KFE Solutions.

3. If you'd like more amazing (and free!) content about starting, scaling, or optimizing your Fractional CFO firm check out: 
→ The CFO Report on YouTube (if you love video)
→ The CFO Report on Apple Podcast (if you prefer audio)

Whenever you are ready, here areΒ 2 ways I can help you:

  1. The Inner Circle - every month my team and I go live and share the most impactful lessons we've learned in our journey to start, scale, and optimize our own CFO firm (including live Q&A). Plus you'll get access to our private community of nearly 200 fractional CFOs.
  2. If you'd like more amazing (and free!) content about starting, scaling, or optimizing your Fractional CFO firm check out The CFO Report.

Recent Posts

71

Feb 16, 2024

70

Feb 09, 2024

69

Feb 02, 2024

68

Jan 26, 2024

67

Jan 19, 2024

Never Miss an Email:

Get my 5 minute newsletter delivered straight to your inbox every Friday.

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.