Hello , Whether you're considering transitioning from the corporate world to consulting or growing your existing business, understanding the ins and outs of running a successful business makes a big difference. On episode 36 of the Wisepreneurs Podcast, I spoke with Michelle Kvello, founder of Lantern Partners (a fractional CFO business) and creator of the "Corporate to Consultant" course. Michelle's expertise as a CFO and her experience transitioning from a corporate career to running her own consulting business make her an invaluable resource for other professionals who want to work independently. In our conversation, she shares practical advice on understanding your business finances, defining your purpose, and building a solid support network – essential for success as an independent professional. Understanding Your Business Finances One of the key takeaways from my interview with Michelle is the importance of being comfortable with your numbers. Michelle says, "You have to understand it as a business owner, even if you don't feel that this is your particular skill set." To get started, she recommends focusing on three key areas:
Some definitions Gross Margin is the difference between revenue and cost of sales. It represents the money a business retains after deducting the direct costs of producing its goods or services. Net Margin or Net Profit: The amount of money a business earns after deducting all expenses, including cost of sales and overhead costs, from its revenue. Cash Flow is the total amount of money coming in and going out of a business over a specific period. It is essential to monitor cash flow to ensure a company has enough funds to meet its financial obligations, even if it is profitable on paper. Building a Strong Support Network, Michelle stresses the value of surrounding yourself with a robust support system. Seek out individuals who have successfully transitioned and professionals in complementary fields such as marketing, legal, and HR. Michelle notes, "Finding the tools are really your key to unlocking what could be the best decision you ever made." Practical Steps
You already bring a wealth of experience and expertise and stand a better chance of thriving as an independent professional by understanding your business finances, defining your purpose, and building a solid support network. Sneak Peek: Unlocking the Secrets of a Flexible Workforce in Episode 37, Friday 29 March Discover how the growing talent shortage transforms the workforce and why organizations must adapt to remain competitive. In this episode of the Wisepreneurs Podcast, Marleen Deleu shares strategies for effectively managing a flexible workforce, including freelancers and contingent workers, to navigate the challenges and opportunities of the evolving world of work. Successful Businesses Solve Problems In a recent interview on the Best Business Minds Podcast, "Future Proofing You", author Jay Samit shared a simple yet powerful idea for identifying your next business venture:
Cheers PS. If you need some advice or help with getting up to speed with your marketing Better still, talk to me on a free 30-minute coaching call https://calendly.com/13thbeachmarketing/free-coaching-session Connect with me: https://www.linkedin.com/in/nigelrawlins/ Check out all the Wisepreneurs Podcasts |
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