Running a successful business can be hard and the financials overwhelming, but knowing your numbers is key to knowing your business.
That’s what Philip Barnes, founder of CFO Insight, told me. A Chartered Accountant, Philip has worked with over 50 business in a range of industries since 2006 in either non-executive board roles or as a consultant.
Pulling his wealth of knowledge of helping companies in distress and helping Australian tech startups commercialise in North America together, CFO Insight was founded in 2006.
The company helps SMEs solve some of the major and most common business problems, and helps them to shape their business, primarily for success. Philip holds the business owner’s hand, doing what he calls “management consulting from the numbers.”
In this episode:
What Philip’s company offers to SMEs
How Philip differs from a traditional CFO - helping businesses understand the numbers
Why external accountants often provide CFO Insight with a lot of work
Working for Andersons for 10 years and how that shaped CFO Insight
Looking at companies in distress - following the core themes to solve the problems
Philip’s background - Kiwi-born, two working parents, children, part-time jobs
Why Philip didn’t follow in his father’s footsteps and become a doctor
Education, a year in the UK, and settling in Brisbane
How CFO Insight came about and how Philip got his first client
Distinct periods of CFO Insight - distress and startups in the USA
Common problems of businesses - structural issues with their products
The three fundamental questions Philip asks his clients
What makes a good Board of Executives?
Do SMEs need a Board of Executives?
“Small businesses - those that don’t sit above the $20m mark - don’t really need a board of executives. They just need a good team of external advisors.” - Philip Barnes #Business #Executives #Board
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