Chuoru | Fractional CFO | CPA, MBA
@ElevateVCFO
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I help ambitious #telemedicine founders and CEOs streamline finances, drive profitability and sustainable growth. Weekly newsletters ↘️↘️
USA|Canada|Remote
Joined March 2024
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Pinned Tweet
How is your company's financial health?
I crafted a financial health checklist which you can use to assess and monitor your company's financial health.
Download here for FREE:
#financialhealth
#smallbusinessfinancial
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@GuyTalksFinance
Coming from someone who's been married for 16 years, have a join bank account for the household shared expenses stuff - mortgage, car payments, groceries, etc.
But you should each have your own bank accounts and credit cards for discretionary spending.
It's good to talk about
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@LoganGrafTax
I don't think pricing based on avg expense is fair imo. What if a small business has few transactions but all big ticket items? Or one with lots of small ticket transactions.
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Set impossible goals, push our limit, and celebrate wins!
Happy Saturday!
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Fractional CFO is not just an accountant or finance person with a fancier name.
A good fractional CFO is your right hand person with a combination of professional expertise and diversed experience, your coach and your trusted advisor.
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Profitability analysis helps you focus on the most lucrative products/services.
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Here's why a 13 weeks cash flow forecast is crucial for the health of the company:
- Set expectation on cash movements
- Identify challenges and opportunities that may not be present in the financial statements
- Proactive on actions based on forecast
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I'm not quite sure how I feel when people say "Yo" to me in the DM while trying to sell me things...
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Had a great networking chat with
@ItsMikeBraun
today.
Having the opportunities to connect with like-minded people as an entrepreneur is extremely valuable and makes this journey less lonely.
Love to connect with more people here on X.
If you love valuable finance/accounting
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Is it just me, or is going to a networking event at a noisy restaurant seems to be a waste of time?
Everyone's talking over loud music and other's voices. It is impossible to have real meaningful conversations.
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Telemedicine has existed for over 150 years, although it has never been a mainstream regulated path of healthcare.
Since the pandemic, it has gained significant attention, and it’s expected to have exponential growth in the coming decade.
With a promising future, the industry
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Not trying to brag, but I help a new client get caught up on all of their fiscal year end lag items and identify a potential $10k savings within four days.
Friday wins!
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Simple practice to improve cash flow for your business:
- Ensure timely billing to customers
- Offer incentive to customers for early payments
- Pay suppliers on time, not early
- Build a cash reserve in a flexible interest-earning account
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Let's say you have $1M that you don't need to use for operations right away. You put it in a high-interest savings account at 5% interest.
That will generate over $4K interest income each month without flicking a finger.
Think about that.
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Instead of free pizza and after work soccer, invest in employee training to boost productivity and reduce turnover.
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When preparing financial forecasts, always build out different scenarios to manage expectations and be prepared to tackle different challenges.
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It's more expensive to get new customers than keeping the existing ones happy.
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Booked four United Airline tickets to Dallas. They auto assigned two seats. The other two seats we have to pay to choose and they won't be together.
Why are they like that?
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You are gonna find many different types of Fractional CFO out there.
Those with a strong accounting background know how to build a strong financial foundation for your business.
Those with a strong finance background create awesome financial models and dashboards for strategic
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@trentjhughes
Communicate clear deliverables and timelines. If it's a role that requires the person to be online and available regularly, then communicate the expectations early on as well.
If they can not meet the expectations and can't get work done, then maybe they are not the right fit.
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How much you understand your financial statements can impact how your company achieves its goals.
#financialstatements
#fractionalcfo
📊 Understanding your financial statements is crucial. Balance sheets, income statements, and cash flow statements each tell a different story.
#FinancialLiteracy
#CFOservices
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Costs are just like people. Some are more stable than others.
Fixed cost: Stable, but can have a significant impact on your bottom line. E.g. rent, payroll.
Variable costs: unstable, tied to your production, easier to adjust. E.g. labor, office supplies.
#costs
#fractionalcfo
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Key financial KPIs for Telemedicine companies:
- Customer (Patient) Acquisition Cost
- Customer (Patient) Lifetime Value
- Patient or User growth rate
- Revenue per User.
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Strategic sourcing can significantly reduce procurement costs.
#StrategicSourcing
#SupplyChainManagement
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A lot of SMB owners and CEOs don't realize how important it is to have the book closed early each month.
I've been hired into a few small organizations during my career, and one of the common themes of these companies is their books are not closed till after mid-month each
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Recover days are equally important, if not more important, than productive days.
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I have a secret obsession with whiteboards, and today, I got a decent size one at Walmart for $12.98.
Win of the day...
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Your bookkeepers should be keeping your books up to date on a weekly basis, at least, not at the end of the month.
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Quick tips to improve cash flow:
- Negotiate terms with suppliers to extend cash outflow
- Offer incentives to customers for early payment
- Avoid excess inventory
- Park cash reserve or excess cash in interest earning accounts.
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After spending two days in Dallas, we realized that the cost of living is about the same as Toronto.
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One of the greatest thing about being an entrepreneur is that we are "forced" to learn new things FAST.
Not familiar with a particular industry? Well, you will have to learn about it fast so that you can serve clients in that niche.
Not good at sales and marketing? Well, you
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@GuyTalksFinance
It's mainly for convenience. Different banks might have different perks, so you can take advantage of them. My own account also serves as my emergency fund account, which I don't have a debit card, so money goes it to be saved.
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@DividendBreeder
10:30 on the weekdays, and 11:30 the latest on weekends.
My husband hasn't gone to bed before 12:30 since forever...so it really depends on the person.
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How I help my manufacturing client improve their financial operations and save thousands of dollars of bank fees.
🧵🧵
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CASH FLOW management tips for Telemedicine companies:
- Prioritize patient billings
- Timely collections
- Build a cash reserve to cushion for reimbursement delay
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Regularly review your capital structure to ensure optimal balance.
#CapitalStructure
#FinancialHealth
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I start my morning by writing down 3 things that I want to get done for the day.
I write it down on a note book and cross them out when done. There's something about writing on a notebook that get things into your brain that a digital note couldn't do.
I focus on getting the
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Need financial expertise without the full-time cost? Discover our Fractional CFO services!
#FinancialExpertise
#CostEffective
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This Texas heat is something else.
The good news is that we finally had some proper Asian food today.
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Had my first meeting with my startup client today.
At the end of the meeting, he said something so impactful to me I can't stop thinking about it.
He said:"As a startup founder, sometimes it's lonely. It's great to have someone to talk through the financials and ideas each
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Use financial KPIs to monitor your business's health and performance.
#FinancialKPIs
#BusinessMetrics
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If you do it right, everything your do and want to do in your business show up in the numbers.
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@SMB_Attorney
It's exhausting to run a business with no recurring revenue IMO. unless each project is so high ticketed, it can sustain the company for a while during downtime.
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Here's one of the biggest mindset changes I have made since I started my own business:
Stop thinking about myself.
Of course, time and financial freedom are my ultimate goals, but in order to get to those goals, the key is to
Think about the others.
How can I help business
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Effective tax planning can help you keep more of your hard-earned money.
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I aspire to be as successful as Costco in my field.
Went in today thinking I only needed two things, but left with a $547 receipt....
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Having an annual budget in place can:
- Reflect on prior year financial performance
- Plan for fixed expenses in the coming year
- Headcount planning for the coming year
- Set baseline for performance benchmarking
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We are officially in August!
Where are you at your goals?
Are you still on track to reach the revenue that you wanted to reach?
Did you execute the plans that were set earlier this year?
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PSA all business owners & CEOs:
You cannot make informed, sounds business decisions unless you have supporting data that is organized, accurate, and up to date!
Get your books in order! Thank you!
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Friendly reminder to be nice to customer service reps on the phone.
Everyone's just out there trying to make a living.
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Which one are you:
A: "When is Liam Neeson going to stop making movies that have the same plot, just different titles?"
B: "I love how Liam Neeson still has the drive at this age to make so many movies."
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One of the benefits of working with a Fractional CFO is our experience with various industries and various sizes of companies.
You are getting a highly concentrated expertise with experience dealing with different sets of financial information and solving different financial
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Monitor and regularly review your operating process and find opportunities to improve efficiency.
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6 Cash flow management tips that every startup founders and CEOs should know to achieve long-term growth:
1. Cash > Profit
2. Keep a close eye on your cash inflows and outflows
3. Build a cash reserve from day 1
4. Build strong relationships with your customers and suppliers
5.
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Do you need SOPs (Standard Operating Procedure) for your business?
I personally have never been a big fan of SOPs.
It's rigid and it seems to dictate how employees manage their tasks. Because everyone has their own way of handling tasks and managing time, and frankly a lot of
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Is your company ready to expand beyond your niche?
A company that I worked with is very well-known for a certain type of product for decades.
During COVID, they decided to tap into a market of a different product that is "outside" their niche because of higher margin and
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🌱 Sustainable growth is not about seeing overnight results.
But having financial planning in place to achieve long-term goals and visions.
#SustainableGrowth
#FinancialPlanning
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When preparing financial forecasts and planning, always create a best case scenario and a worst case scenario.
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Pros and Cons of Zero-based budgeting for a company:
Pros:
- Focused operations
- Lower costs
- budget flexibility
Cons
- Time and resource intense
- Short-term operations focused
- Areas such as R&D may be overlooked
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@JasonDigital
Totally resonate with this and frankly what's on my mind every day of this week.
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Tech startup founder: "We just got $2.5M investment fund. What should I do now?"
Consider these:
1. Develop a financial forecast for the next 12 months to gain insight of your burn rate.
2. Allocate the fund for the next 12 months in your operating account.
3. Park the rest of
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Other people: "I become an entrepreneur so that I can do the things I love while traveling the world."
Me: I become an entrepreneur so that I can do the things that I love while being home every day.
The draw is the freedom to choose how and where you wanna do it!
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Practical cost saving strategies that will boost the bottom line of your business:
1. Track your expenses: If you don't know what you spend, then you won't know what to cut.
2. Evaluate your expenses: Regular review helps you identify areas of savings without sacrificing
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Your bank account is leaking money to your bank, and you know it.
We all have a love-hate relationship with our banks. You need them for your business, but they are like ticks on the bank of your neck...
A few bucks here, a few bucks there...
Bam, thousands of dollars are
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How you structure your books determines how efficient your decision-making process would be.
When your company is small, your operation is simple and straightforward, and so is your book.
But as your company sacles, your operations become more complex. You have multiple
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Good morning.
Great hack to reset your brain:
Do something that uses the opposite side of your brain.
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Your financial project tells you how external conditions may affect your business performance.
Your cash flow forecast tells you should act or react in order to maintain or boost that performance.
Both work hand in hand to help you make the best decisions.
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LifeMD had a 67% revenue growth year over year with 90.1% gross margin and 45.6% increase in gross profit.
These numbers are blowing my mind.
Thoughts?
Earnings call: LifeMD reports strong telehealth growth, plans WorkSimpli divestiture
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Understanding your customer acquisition cost (CAC) is crucial for profitability.
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Misconception about Fractional CFOs:
I come in, point out all the wrong things about your financials and tell you what to do.
Wrong.
Instead:
- I help you understand what your financials tell you about the business
- I work with you to make informed decisions towards goals
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Strategic pricing can drive sales and improve margins.
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@GuyTalksFinance
At the end of the day, every family is different. The right approach is the one both of you agree on and work for you. Down the road, you may need to change and adapt as your family grows.
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Questions that I discuss with clients during a financial review meeting:
1. How's the net cash flow for the month (positive/negative)?
2. How was the revenue compared to what we had forecasted last month?
3. What was the cause of variance?
4. Are there any areas of
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Is your company ready to hire? Here are a few things to consider:
1. Growth projection:
Is your company experiencing rapid growth? What does your pipeline look like in the next 6 months? Is this rapid growth temporary (due to one-time projects)? or will it last for at least
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You don't need a complex cash flow forecast.
With a simple table in Excel, start with your bank balance, layout your upcoming cash inflow and outflow in the next three months.
Gradually add in more details as you go.
Plan and adjust spending based on the forecast.
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Had a call with a new connection on LI today.
He's not looking for my service, and he is not my target client either. We just chat about each other's business and closed the call by wishing each other success.
Not every conversation needs to turn into business, but every
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SMB owners, if you have consistent revenue, but not much cash left in the bank each month,
It's time to:
- Analyze your margins
- Have a detail cost audit and eliminate unnecessary expenses
- Have regularly cash flow forecast
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I said that once, and I'll say that again:
Maintain lean operations without sacrificing product quality and employee retention.
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As a business owners or CEO, you should be the one who direct your bookkeeper and accountant to maintain your books on a timely manner.
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If you haven't signed up for my newsletter, I share business tips and financial strategies 2 to 3 times a week.
Occasionally, you might see pictures of my cats too.
Here's the newsletter that's just sent out today.
Subscribe link on my profile.
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Question of the day from my 11yo:
Would you rather:
Get spitted by a Llama? Or
Fall in mud in an expensive new outfit? Or
Get licked by a bulldog non-stop?
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SMB owners and CEOs, talk to your tax advisor at least once a quarter to gain strategies on tax savings.
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Started with a new client today, and this is an interesting and challenging one. I do love learning about client’s businesses and discovering things that are not obvious. Fun day!
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He did not get the value that he looked for (strawberry picking with the fam).
He felt ripped off.
But for others, it's a clean, nice little farm where they can enjoy the day and feed the animals. It's worth the price.
Same price, completely different ROI.
#ROI
#FathersDay
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The best way to induce decisions is to ask questions...
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If you have multiple businesses under your belt, talk to a tax accountant and find a good bookkeeper early to build up a good legal and financial structure.
If not, the bigger they grow, the bigger the mess you will face.
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@AustinLinney
Absolutely agreed! Constantly getting distracted by shiny objects will send you off track and make your resources all scattered.
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Me and my family are going to Dallas and Houston for a scouting trip tomorrow (for 10 days).
Any tips and suggestions?
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