Business Tips Fireside event Founders Start Up

Financial Literacy for Start Ups – Interview with Troy Schoenfisch – Startup Financial Advisor

Watch the Interview HERE

Financial leadership in the startup / entrepreneurial world is sadly lacking amongst business owners today.

Recognizing this challenge we decided to invite Troy Schoenfisch to the fireside to chat about financial literacy, what a startup needs, what a scale up needs and what investors are looking for.

Troy has worked with hundreds of businesses, spoken with over a 100 investors and private equity groups over the past 4 years and has built a healthy view of what an investor might be looking for in a start up.

So what did I glean from today’s fireside?

Know Your Basic Financial “Lingo”

So you don’t need to be a financial expert or accountant to be able to know enough about the finances in your business. You will need to become familiar with reports like cashflow, cash burn rates, sales, profit and loss and of course the balance sheet.

Not just for your operational benefit, but it will also show your potential investor that firstly you know your business, and secondly where they rank on your balance sheet.

Watch the full video here.

Not All Money Comes From Investors

Investors are the “golden goose” in financing a business, but what about other sources or inbound finances, perhaps a client, a family member? There are also often dollar for dollar programs from government and big business that will help you leverage your limited financial resources and stretch your operation even further during the start up phase especially. Perhaps it might even be a patient client who is willing to back you on this journey for the promise of a great future partnership.

Marketing Is Essential In Your Financial Strategy

As a marketer this was music to my ears. I have worked with so many start ups that have no plan to actually market their product, just constantly developing. The problem is you need to sell to make money – obvious right? Well not to some. Your financial journey needs to be extended into your marketing strategy and vice versa. A marketing plan will also be critical in your pitch to investors.

Watch the full video here.

Keep An Eye Out

If you are months away from running out of cash then you may have left the run too late. Dont assume there is another investor or financier just waiting for you to ask. Make sure you have a good plan to resource your business during the start up or scale up phase.

Always be looking at what you have and what you need – you do not want to run out by accident.

Get The Right People Around You

Don’t just go for the compliance guy who will keep you tax minimalized at the end of the financial year, but seek out a financial expert who understands business, knows what to look for and will act almost as your fractional chief financial officer. You need these people in your court all along your business journey not just at tax time and not just when you feel you have made it.

Watch the full video here.

Connect With Business In Bare Feet

If you’re starting or scaling a business and not quite sure where to begin you probably want to conserve your precious resources, yet build momentum. You want to learn a lot, you need to learn a lot. We know we have been there!

Experienced entrepreneurs and business mentors are great people to guide you and SandTracks by Business In Bare Feet gives you access to over 25 global mentors who have been down the road – sometimes multiple times.

To connect to SandTracks by Business In Bare Feet take the following steps:

  1. Join the FREE communities on FaceBook or LinkedIn
  2. Participate in the conversation – leave your questions
  3. Maybe take the next step and get group or personal mentoring with the Business In Bare Feet mentors.

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