ACE Coaches Roundtable: Mow Money, Less Problems by Mastering your Finances

Prioritize knowing your numbers: Treat your financials with the same importance as operational efficiencies, as they are crucial for strategic decision-making and sustainable growth.

Implement regular financial check-ups: Conduct annual financial health check-ups and quarterly KPI reviews to proactively identify strengths, weaknesses, and areas for improvement.

Educate your team on financial impact: Use simple analogies like the 'penny exercise' to help all team members understand how their daily actions influence profitability and overall business health.

Understand the 'language of business': Familiarize yourself with key financial terms (e.g., liquidity, indirect expenses, EBITDA) to effectively communicate with financial professionals and make informed decisions.

Focus on 'live financials': Ensure your accounting system provides real-time data, allowing you to react quickly to financial trends and pivot strategies within the current month, rather than being 45 days behind.

Evaluate acquisition opportunities: Consider 'bolting on' businesses, especially those with a strong maintenance book, as a strategy to increase company size and potentially boost your business valuation and multiple.

Invest in financial expertise: Whether through internal staff or outsourced services, having dedicated financial analysts and accounting support is critical for accurate reporting, strategic planning, and identifying growth opportunities.