Journey of Implementing Simple & Effective Financial Strategies in Business with Stephanie Skryzowski

Dec 9, 2021

If you constantly feel like you’re not saving up money no matter how much you earn, this episode is exactly what you need to change that. Tune in to find out more! 

 

Episode Introduction: 

Our guest today is a CFO and she’s not holding back on giving us note-worthy tips in order to help uplevel our financial game. 

 

Episode Summary: 

Stephanie Skryzowski walks us through her journey of quitting law and choosing finance as her field of career, the major challenges she faced, how she overcame those, as well as action steps that she would recommend every business owner to start taking no matter how far along they’re in their business. We also discuss some major roles related to finance and when you should make those hires along with simple tricks to do your own bookkeeping.

 

Main Takeaways:

• When you wish to spend your money somewhere, make it a part of your financial planning. This way, you’ll not feel overwhelmed or taken aback when the expense does take place. 
• If you have a fear of speaking in front of people or presenting something, try to get extremely well-versed with what you’re talking about. Your comfort level with the material of the presentation really helps you speak better.
• A bookkeeper’s job is to make sure that your accounts and profit and loss statements are recorded. They provide you with periodic reports about your finances.
• A tax accountant’s job is to know the ins and outs of taxation and IRS rules. They file your taxes and help you with tax-saving strategies.
• A Chief Financial Officer’s (CFO) job is to help with the business side of things such as cash flow forecasting, profitability, and revenue analysis, etc.
• A financial planner or CFP’s job is to look after wealth management such as investments and retirement plans, etc.
• Set up a separate bank account for your business and personal expenses so that you can clearly differentiate between the two.
• Get comfortable with some sort of an accounting system in order to look at your Profit & Loss.
• Allocate your money to the following categories: 

1. Taxes
2. Paying Yourself
3. Expenses
4. Profit

 

Fun Facts About Stephanie Skryzowski:

• Some of her favorite books are Profit First by Mike Michalowicz and We Should All Be Millionaires by Rachel Rodgers.

 

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Find Stephanie Skryzowski:

Website: https://100degreesconsulting.com/

Instagram: https://www.instagram.com/100degreesconsulting/

Facebook: https://www.facebook.com/100degreesconsulting

Personal Instagram: https://www.instagram.com/stephanie.skry/

Podcast: https://podcasts.apple.com/us/podcast/100-degrees-of-entrepreneurship/id1554154587

Get the visual experience, watch the videocast for the episode here: https://youtu.be/EkGpV3aF9WU

 

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