Our audience will learn how business owners / employers can overcome the hurdles and challenges of inflation and high interest rates. Our listeners will gain a better understanding of how inflation impacts them, as an employer, and what steps to take to adapt and thrive financially.
Businesses / Employers: How are inflation and high interest rates impacting your business? What new strategies and solutions might help to counter inflation’s negative impact on running your company and compensating your employees?
On this episode my guest, Brian F. Califano, CPA, Co-Founder of the fractional CFO firm, AcceleratingCFO, will discuss tips for businesses to survive – and even thrive – through inflation and other economic challenges that lie ahead.
Website – https://www.acceleratingcfo.com
00:55 – 15:20: Eric Sarver welcomes his guest for tonight’s episode, Brian Califano. He was on the show back in March 2021. He is Co-Founder of the fractional CFO firm, AcceleratingCFO. This firm provides fractional CFO services for businesses with revenue between 1 million and 40 million dollars in all industries with a focus in entertainment, media and technology. Brian talks more about his journey into co-founding this firm. He mentions how he helped lead a 260 million dollar IPO (Initial Public Offer) offering. One of his roles was to work with smaller companies that ranged between a million and 20 million in revenue. It was the first time where he would work with owners of small businesses. He felt that business owners never really had someone like him helping through the process in things like understanding about having to drive their business and provide information to a company so they can disclose information financially. Soon after is when he decided to start AcceleratingCFO. One of things that also inspired him was working with entrepreneurs. He says that he loves the small-medium sized business community and takes his experiences with big companies and brings it to this other level with these businesses. Brian also discusses inflation and about doing scenario planning with his clients to look at what the budget process may look like coming into 2022.
17:35 – 29:48: Eric and Brian discuss how some of the ways inflation and high interest rates might impact employers and business owners. Brian mentions that when the Fed starts to combat inflation, it starts to raise interest rates. For many business managers and owners, for many years now, it’s been an unusual time where there was low inflation and interest rates and now they have to adapt by looking at their supply chain and prices. When it comes to interest rates, he explains that if you’re going to borrow money or refinance your loan, do it now because it will be more costly going forward. In order to be successful during this period of increasing interest rates and inflation, Brian mentions that one thing that is common with his clients is realizing that employee costs and wages are going higher. What he tells companies is that if you have a good employee, make sure that they are well compensated. He also mentions different factors as to why it costs much more to bring in new employees. Brian says that by budgeting and planning, you become proactive instead of reactive.
31:53 – 44:26: Eric and Brian continue their conversation on inflation and interest rates, what they mean, and the current state of them now. Eric asks Brian whether there is a risk where the government’s actions combating this can trigger a recession. Brian says that one thing he always discusses with his clients is about what happens if your company and its sales goes down 20 percent or if you lose your biggest supplier or customer. He says that’s as close to a recession as one can get. He tries to focus more on a “globally, act locally” kind of philosophy. You should see what’s going on at a macro level and then apply it down to your business and what happens if these situations occur. Most businesses today now talk and strategize about what can happen and what can be done. He brings up points about now that this is happening, business owners can also strategise on how and what they spend their money on whether it’s a marketing campaign, technology , travel, etc. So you don’t always want to move with fear but rather be more prepared. Eric also asks Brian about his unique approach at AcceleratingCFO. Brian says that they consider themselves as a small boutique consulting firm. With his firm, they have a central philosophy that everyone understands and adheres to, and so the quality of the work is consistent no matter the industry their clients are in.
45:56 – 57:35: Eric talks with Brian about companies who are starting out now and what kind of advice Brian would give them. He says that if you’re starting your business now, its not necessarily bad as there are no preconceived notions or ideas. But he says that if you’re serious about leaving a job and starting your own business, to make sure that you have all of your personal finances in order before doing things like getting a loan. Although planning can’t solve all of the problems, it can give you a psychological way of handling business. If you want to hear more about topics like these and more, AcceleratingCFO has a blog that they send out at acceleratingcfo.com and they also post on Linkedin. You can follow him on Linkedin by searching for “Brian Califano” and you can also send an email to him at email@example.com.
About Employment Law Today
Helping Business With Employment Law Issues.
For many business owners, it can be overwhelming to keep up and comply with the federal and state labor and employment laws that govern how they run their business. With the COVID-19 pandemic, there are new laws and regulations regarding hiring, firing, and workplace practices and protocols — all of which can increase business owners’ anxieties about regaining traction or thriving again. On my weekly show, we will be discussing the most common employment law related questions and challenges that business owners have been facing in these uncertain times.
The show will have three main goals: (1) to inform businesses about employment law updates, (2) to inspire businesses by giving them the tools to move forward, and (3) to demonstrate how some business owners have overcome their employment law problems, walked through the challenges imposed by this pandemic, and have taken steps to regain traction during the reopening phases of this pandemic.
Our guests will include professionals who advise businesses from an H.R., legal, and financial perspective, along with thriving business owners who will share their experiences and insights into running a successful company while complying with labor and employment law mandates during COVID-19.