It’s all about making money, or is it? Sure, sales is the cornerstone of any thriving, flourishing business but it’s not the end all and be all. There are other key elements that need to come into play. One is to understand the language of business and that is the aspect of finance. I know a lot of people who tend to shy away from this topic thinking how complicated it may seem. But it’s not, really. Once you ease your way into the world of finance then you will understand the critical part it plays in your goal of making profits.
In this episode, let’s tap into the minds of finance experts Brian Califano and the co-founders of AcceleratingCFO. They have spent the last 20 years providing finance leadership at large entertainment Fortune 500 companies until they’ve finally decided to start their own company and lend their expertise to smaller businesses to help them grow as well as understand the power of finance and how budgeting and finance can really make a difference in steering their business towards success.
Here are the highlights of my conversation with Brian & Scott:
What you need to understand about the power of finance before going into a transaction with a buyer:
Start with sales. Sales is the nerve center of a company – market intelligence; connecting customers back to the business
Keep the company’s financial performance in mind when in front of clients and prospects. Make sure you don’t over promise and under deliver.
How to understand the finance of your prospect:
Make that phone call above a C-level executive or ask him/her to bring the CEO or CFO or set up a simple introduction.
CFO is the best place to prove out but you have to prove the value and how it translates to dollars from your company. Present data.
Go through several tiers to find out and better understand their specific challenges and pain points before even going to the CEO.
Know what your boundaries are in terms of the minimum level of threshold in making money.
Financial documents you need to look into about a company:
What to look into specifically:
Brian’s Major Takeaway:
If you need internal approvals, don’t be afraid of it and don’t duck it. Understand that the CFO you’re speaking to may be trying to protect and maintain their risk profiles. Call a presentation internally to make sure it’s about the company instead of yourself.
Scott’s Major Takeaway:
Do your research and come correct with your data. Make sure you bring the data with you and do your homework on the company and the folks that can evangelize your service or product.
Listen to Brian and Scott’s Prophets of Profit podcast
Donald is the host of the popular sales podcast,"The Sales Evangelist". He is the founder of The Sales Evangelist Consulting Firm where he helps small companies develop killer sales process to scale their business and increase growth. Donald is also an award-winning speaker, sales trainer, and coach. He's a big fan of traveling, South Florida staycations and high-quality family time. Donald has a belief that “anyone” can sell if they have the desire and receives the proper training.