Developing Accountability Systems for Profitability With Brooke Lively

Brooke Lively is the Founder, CEO, and President of Cathedral Capital (CathCap), which empowers entrepreneurs to achieve their financial goals. As a CFO and profitability strategist, she helps business leaders in fast-growing companies turn their organizations into profitable, thriving businesses. Brooke has been named Top 25 Women to Watch from 2016-2020, Diversity Journal's Women Worth Watching, and Fort Worth’s 2016 CFO of the Year.

Here’s a glimpse of what you’ll learn:

[3:10] How Brooke Lively became a CFO
[5:38] The roles and responsibilities of a CFO
[7:31] A process for accelerated growth
[11:05] How to enforce accountability systems
[17:26] Leveraging EOS to delegate tasks

In this episode:

Some business owners want to grow their companies enough to retire early. This requires understanding cash flow and making data-driven decisions. How can you boost profitability to offboard yourself from your business?

As a CFO, Brooke Lively says businesses must analyze each service to determine production costs and profit margins. This allows you to identify ideal marketing and sales efforts and give team members a strategic direction for the company. Brooke recommends implementing the Entrepreneurial Operating System (EOS) to empower team members to follow data-driven processes and move the company forward.

In today’s episode of Systems Simplified, the Founder, CEO, and President of Cathedral Capital, Brooke Lively, joins Adi Klevit to discuss small business growth and profitability. Brooke explains why small businesses should acquire a CFO, how to delegate tasks using EOS, and a CFO’s roles and responsibilities.

Resources mentioned in this episode:

Quotable Moments:

“Business owners weren't running their businesses based on the numbers. They were doing it on gut instinct. And that is scary and hard."
"Small businesses are something like 80% of the US economy power, and yet it is only those giant multinational companies that have a CFO."
"A CFO is that person that sits at the table and has interdisciplinary knowledge that can help you look down on your business."
"The team that sinks half their shots takes 100 shots per game. They shoot at every opportunity."
"Inaction will absolutely kill you."

Action Steps:

Implement data-driven decision-making: By prioritizing data over gut instinct, business owners can make informed decisions that lead to faster growth and increased profitability. This approach addresses the challenge of missing key financial insights, which often results in lost profit opportunities.
Evaluate and optimize profit margins: Analyzing the cost and profitability of products or services can reveal areas for improvement, such as adjusting pricing or finding more cost-effective suppliers. This step is essential for businesses looking to grow faster and become more profitable.
Enhance collection processes: Ensuring that all owed money is collected can significantly impact a company's bottom line. This action addresses the common issue of businesses under-collecting revenue.
Introduce accountability systems like EOS: Adopting a structured approach such as the Entrepreneurial Operating System (EOS) can help maintain discipline and ensure consistent execution of business strategies. This system provides the necessary framework for interdepartmental coordination, giving companies an edge in achieving growth.
Delegate and empower through integrators: Hiring or promoting an integrator can help manage daily operations, allowing visionary leaders to focus on strategic growth and innovation. This action prevents founders from inadvertently stalling progress by spreading their attention too thin.

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