Mastering Money Management and Strategic Planning: A Conversation with Colleen Lucero, CMA
In this episode of the Renowned Leadership podcast, Colleen Lucero joined Stephen to discuss managerial accounting and financial stability for small businesses. Colleen explained how managerial accounting is used to make strategic decisions and the importance of working with analytics teams, CFOs, controllers, and other departments to track the costs of developing a product. Colleen recommended YNAB for budgeting and Profit 1st for money management as a way for self-funded startups to get started. She emphasized the importance of understanding the available resources and making decisions based on those resources. Stephen and Colleen discussed the importance of financial stability for small businesses to weather a crisis like COVID-19, having a written mission statement, and leveraging resources. They also discussed the difference between good and bad debt. Colleen encouraged small business owners to calculate their break-even point and return on investment to make strategic decisions and to have a group of people in their corner to bounce ideas off of and get support. She also announced that she is starting a community to help small business owners make decisions and stay on track with their long-term business strategy. If you want to learn more about managerial accounting, financial stability, and small business strategy, be sure to check out this episode. And remember to visit renownedleadership.com for more resources and information, as well as Stephen's YouTube and social media channels. You can also sign up for a complimentary coaching call on the website.
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