In this episode of The Get Shit Done Experience, John Morris is joined by Larry Chester, President at CFO Simplified, to discuss entrepreneurial strategies. The conversation emphasizes the importance of innovation, creativity, and strategic thinking in business. Larry elaborates on the growing popularity of fractional work, providing valuable insights into its benefits and challenges. He introduces 'CFO Simplified', his venture aimed at helping fractional workers optimize their time by handling back-office tasks. They highlight the key aspects such as employee engagement, work-life balance, and tackling business challenges like embezzlement with effective internal controls. Concluding with inspirational thoughts, Larry advocates for pursuing goals passionately and finding fulfillment in work.customer satisfaction.

KEY TAKEAWAYS

• Belief and Strategy: Success in business and life requires belief, desire, and a robust strategy combined with effort and resilience.
• Fractional CFO Insight: The rise of fractional CFO roles due to cost savings and flexibility, allowing professionals to offer their expertise to multiple companies.
• Operational Efficiency: Importance of understanding and improving the operational aspects of a business to boost profitability.
• Embrace Innovation: Continuous innovation and improvements are crucial. Stubbornness to change can be detrimental.
• Integrity and Controls: Establishing strong internal controls to prevent embezzlement and ensure financial integrity.
• Focus on Core Strengths: Outsourcing non-core tasks (like accounting and IT) can allow business owners to focus on strategic growth.
• Work-Life Balance: Balancing business success with personal life goals leads to more sustainable and enjoyable entrepreneurship.
• Employee Engagement: Encouraging employees to take ownership and think like entrepreneurs can drive better business results.

QUOTES

• - "If you were hiring a CFO full time, what you're essentially saying is, the workload that they have versus the amount of hours in a day aren't matching up."
• - "The solution to a problem is in the detail underneath the numbers. "
• - "If you start your business so that you have enough time to be able to do the things you enjoy, that's your ultimate goal."
• - "Customers don't need that many CFO services, so it's become normalized for fractional work."
• - "You either get rid of the boat anchor or you figure another way of making it profitable."
• - "It's all about work-life balance. What are you on this earth for?"
• - "Nobody on their deathbed ever said, gee, I wish I had spent more time at the office."
• - "The biggest challenge is trust. If you trust someone completely, you've got to have control and checkups, or you might be blind to the breaches happening right under your nose."
• - "Innovation is what drives profitability."

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