Get to know Daryl LaFountain and some of his financial and political operations thoughts? In the early stages of a company, CEOs get involved in everything. As your growth ramps up, however, you must become strategic with your time. You need to put systems in place for building and scaling a financially viable business while preserving your attention for mission-critical items. As a fractional CFO for growth companies, I help clients navigate this shift on a daily basis, and I’ve found the following tips useful in nearly every situation. Every business leader understands they need a strategy for attracting and converting new leads into customers. But when you’re growing sales on a budget, you need to be creative. Instead of costly ad campaigns or branding strategies, I’d recommend you build strong, reciprocal partnerships first and that you do so as soon as possible. I’m not referring to simple networking. I’m talking about identifying companies with business models that complement your own and approaching them with a win-win proposition. The relationship can be formal or informal, but the key is to offer something valuable in exchange for inexpensive exposure to your target audience.
Daryl LaFountain‘s tricks on improving your business financial situation: Organizing your business’ finances means ensuring that it won’t run out of money. In order to do this, it’s essential to plan for your expenses by establishing an emergency fund to cover them. By doing this, you have some money ready to pay your bills when they’re due and demandable. Indeed, it’s a challenging job to get your business finances organized. However, by following the tips mentioned above, there’s no doubt your company will reap many benefits. One of them is the creation of a stable financial future for you as a business owner, your employees, and partners.
If you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but they may not know what they’re doing, like Grandma Betty, who really wants you to own your own house even though you can only afford one by taking on a risky adjustable-rate mortgage. Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with knowledge, don’t let anyone catch you off guard—whether it’s a significant other who slowly siphons off your bank account or friends who want you to go out and blow tons of money with them every weekend.
If you’re single, it’s important to establish a financial plan that not only helps you meet your immediate goals, but that ensures your future self will be taken care of. This means doing all the things mentioned above without making any assumptions that things will somehow work themselves out. A big mistake? Assuming you’ll meet someone who will take care of you and deal with the finances in your relationship. If your relationship status changes or you get married, you’ll be well equipped to plan your finances together if you already have things in place for yourself.
About Daryl La Fountain: Daryl is an energetic professional CFO with a background in politics. Daryl has done fundraising, been a candidate, and worked in politically appointed positions in Pennsylvania and Philadelphia. Daryl has worked for Democratic candidates and nominees in 18 additional states. Would like someone to do bundling and fundraising for you.