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Did you know that a successful business can be profitable on paper, but still run out of cash? How do you spot silent cash leaks that are draining your profits? Which financial systems are the only ones that keep your business successfully afloat?
In this podcast episode, Brandon Shurn discusses why more sales won’t make your business profitable with Natalia Zacharin.
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Meet Natalia Zacharin
Natalia Zacharin is a financial strategist, entrepreneur, and founder of Zacharin Consulting, where she helps business owners understand their numbers, improve profitability, and build stronger financial systems. Starting her career as an invoicing clerk, Natalia went on to build her own bookkeeping and financial consulting business, which has twice been recognized on the Inc. 5000 list. She specializes in helping growing businesses turn financial data into clear decisions, sustainable growth, and greater profitability.
Visit Zacharin Consulting and connect on Facebook, Instagram, YouTube, and LinkedIn.
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In This Podcast
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How Natalia built her business
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Why more sales won’t fit broken financial systems
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A great CFO executes on plans and data
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Natalia’s advice to listeners
How Natalia built her business
Before her current successes, Natalia started humbly. She worked as an invoicing clerk in a corporate job, her first job that got her out of poverty after a difficult divorce.
I started looking for other work, but I couldn’t find any other work, and at the time I was dating someone who is now my fiancé, and he mentioned, “Well, why don’t you start your own business?” And that was the first time I’d considered anything [of the sort]. (Natalia Zacharin)
That’s how Natalia started as a bookkeeper. Slowly, with her first client in 2019, she grew her small business on the side into something bigger, and today she’s got a successful large business that has made it on the Inc. 5000 – twice.
Why more sales won’t fit broken financial systems
A business can be bringing in over a million dollars and still be strapped for cash if its financial systems are out of date and out of sync.
To be profitable, successful, and know how much cash is available at any given time requires you to:
1 – Have a bookkeeper that keeps the books up to date
Because they didn’t have any clarity and they weren’t making decisions based on data, they were burning through all that [cash] and more. (Natalia Zacharin)
2 – Make sure you aren’t accidentally overpaying staff by offering multiple reimbursement avenues
3 – Make understanding the numbers of your business a priority for you
Remember this: profit does not equal cash-in-hand. There are multiple expenses that you may need to pay in order to know what amount of money you have assigned to various roles that you can use.
As a business owner, you probably need a much higher profit than you think because you need to be able to reinvest back in the business, have money to scale, have money to have capacity … You need extra profit and cash to pay off any kind of debt that you have, [and] to pay yourself as the owner: you deserve to make money, and to pay taxes. (Natalia Zacharin)
A great CFO executes on plans and data
One of the best assets you can add to the strength of your private practice is a great CFO who works closely with your bookkeeper and you to bring the goals and vision of the practice to fruition.
The most important factor is that a great CFO can look at the data in the books and execute on the practice’s goals with what’s financially available.
The best … CFO client that you can be is one that executes and takes the advice and does the thing that [you] talked about. (Natalia Zacharin)
Therefore, when you’re hiring for your financial management team and potentially for the position of CFO, look for these qualities.
Natalia’s advice to listeners
Make sure that your financials are up to date and accurate. If something looks funny to you, ask your bookkeeper to explain any differences.
Think outside the box, and explore the possibilities of entrepreneurship by expanding your offerings. However, first: make your business profitable before adding more to it!
Lastly, don’t wait until you’re in trouble to look for financial help!
Books mentioned in this episode:
Dan Sullivan – Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork
Useful Links:
- Work with us
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Visit Zacharin Consulting and connect on Facebook, Instagram, YouTube, and LinkedIn.
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FREEBIE: Listener Exclusive Download!
Check out these additional resources:
- The Financial Team Every Group Practice Needs with Danielle Hayden | GP 339
- Practice of the Practice Network
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Practice of the Practice Network
Meet Prof. Brandon Shurn
Brandon Shurn, Ph.D., LCPC, LMHC, AFC®, NCC, is a licensed clinical professional counselor and the founder of EmPower Me Holistic Counseling, a fully virtual Maryland-based practice. He’s also a full-time professor in Seattle University’s online Clinical Mental Health Counseling program. With extensive experience launching and directing university training clinics, Brandon now focuses on helping therapists design and grow impactful, sustainable practices. Outside of his work, he enjoys fitness, yoga, Wing Chun, golf, reading, and spending time with his family and dogs.
Visit Empower Me Counseling, and connect with Brandon on Instagram and LinkedIn. Email him at: brandon@practiceofthepractice.com
