Mastering Business Finances: Ken Lacroix on Fractional CFOs, AI, and Profit Strategies

Richard Walsh hosts Ken Lacroix to explore the crucial role of a fractional CFO in business success. Ken discusses his background, the difference between fractional CFOs and CPAs, and the significance of forward financial planning. They delve into assessing clients, identifying financial pain points, and mastering business finance basics. Topics include risk management, monthly financial reviews, and the importance of non-urgent strategic tasks. Ken also highlights AI's impact on construction management and the balance with human expertise. The episode wraps up with tips on fostering self-awareness in business owners and staying industry-informed.

Speakers

AI Chat

Ken Lacroix

Guest • 59%

Richard Walsh

Host • 41%

Chapters

0:00	Importance of focusing on net profit
0:41	Sponsor: Sharpen the Spear Coaching
1:08	Introduction and backstory of guest Ken Lacroix
2:23	Role and benefits of a fractional CFO
3:28	Initial client assessment process
5:20	Identifying financial pain points for entrepreneurs
8:06	Public vs. management accounting and formal financial reporting
10:26	Business finance fundamentals
12:06	CPAs vs. fractional CFOs and forward financial planning
17:07	Business risk assessment and management
19:27	Velocity of money and its impact on business
21:01	Financial needs and metric tracking throughout business growth
24:27	Monthly financial reviews for business insights
27:00	Predicting sales and financial forecasting
30:07	Addressing business process complexity
31:29	Significance of non-urgent strategic tasks
33:39	Detailed exploration of a fractional CFO's role
36:25	Value chain comprehension for entrepreneurs
39:27	Encouraging self-awareness in business owners
41:47	Staying updated with industry knowledge
44:44	Technology and AI as tools for scaling businesses
48:23	Implementing AI in construction management
50:29	AI in enhancing reporting and decision-making
52:20	Balancing AI analytics with human expertise
53:32	Episode wrap-up and guest appreciation
54:08	Contact information for Ken Lacroix
55:27	Closing remarks and sponsor recap: Sharpen the Spear Coaching

Transcript

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