TTP #108: Why Your Business Will Fail w/ Adam Lean (Winter Business Series #3)

Would you rather read the transcript? Click here. Does anyone else get a cold sweat and chills when you go to check your Quickbooks? Do you even use Quickbooks? Does the term “P & L” strike fear – or worse, stark confusion – into your heart? You’re not alone! Talking about numbers and digging into finances are some of the hardest tasks for mental health practice owners. Luckily, Adam Lean is here to provide support for us. As the president of the CFO Project, Adam lives and breathes financial information for small businesses. Here are just a few things that we get into: * The reason(s) that most small businesses fail within five years* What all those financial terms mean* Which numbers to pay attention to in your financial information* How to track the important numbers Cool Things Mentioned * The CFO Project* Financial Intelligence for Entrepreneurs by Karen Berman (affiliate link)* Iron Sharpens Iron Mastermind groups The Testing Psychologist podcast is now approved for CEU’s! I’m excited to announce that I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health! About Adam Lean Hey! I founded The CFO Project because I know what it’s like to be a struggling business owner. I started my career as an accountant but decided, instead, that I was meant to be a business owner. So, I started a business in 2006 (an eCommerce store). In 2010, I hit a low point. A very low point. Profit (and cash flow) was getting smaller and smaller every single year. It was only after using my accounting background and diving deep into my numbers that I found the path to profitability. I developed a 4-step process for finding the profit in my numbers; then using them to grow profit and revenue systematically. I stopped being the “doer-of-all-things” in my business and started running the business “by-the-numbers” like an owner. And that’s when I finally got the freedom I really wanted when I started my business. My mission is to help other small business owners gain the freedom (and profitability) they deserve. About The CFO Project We simply help small business owners make their business profitable by untangling the financials and showing them exactly which levers to pull to maximize profit and freedom. Our goal is simple: to help our clients go from feeling overwhelmed, stressed about cash, wondering “where’d all the money go”, to feeling confident, knowing that they’re running their business like a CEO, with the numbers driving the decision making. We do this through our unique 4-Step process, led by a caring Chief Financial Officer, who the business owner gets to meet with on a regular basis. About Dr. Jeremy Sharp I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and grew to include 12 licensed clinicians, three clinicians in training, and a full administrative staff.