4/27/21

Listening Time:

40 min

Episode 105: Getting Your Consulting Business Finances Right—with Jennifer Yousem

You can be the best consultant in the world, but you still have to get the money part right to have the business and life you want.

In this Craft of Consulting podcast episode, I interview Jennifer Yousem, a fractional CFO who helps non-finance business owners with finance. She shares her strategies for ensuring that you have a profitable, sustainable consulting business and you know that the cash will flow in when you need it. She also reveals how the power of EBITDA—earnings before interest taxes, depreciation, and amortization—for keeping your bottom line healthy.

TODAY'S GUEST

Jennifer Yousem

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Episode Details

EBITDA queen Jennifer Yousem knows that you should never wonder how your consulting business is doing financially.  In this episode, we talk about:

  • Understanding EBITDA and why it matters for your consulting business' bottom line

  • Having a framework to better value your time and focus on value-pricing yourself correctly

  • Looking at your operating expenses as a baseline for your consulting business

  • Avoiding pushing for volume to get revenues up

  • Productizing your business and outsourcing to give you more time back

  • Hiding bad processes with profit

  • Having the agency and intel to pick your clients in a way that serves your business and bottom line

  • Knowing your metrics to develop best-case, base-case, and worst-case scenario financial plans

  • Layering in best-case scenario “what ifs” for what your business can look like

  • Using payment models and credit lines to help you with cashflow

  • Getting paid when clients don’t pay you

  • Defining key performance indicators that will help know what’s happening with your finances and make deliberate decisions

  • Embracing the difference between a signed contract and getting the revenue in your account

  • Automating to ease payment

  • Not letting your canary die

To find out more about Jennifer:  https://iheartebitda.com/