These Ten Small Business Owners Used a CFO to Get Unstuck
We served 59 small business owners in 2022, and we are blushing with pride at how much they triumphed after working with us in the Impact Lab.
Here’s how a handful of our entrepreneurs gained financial freedom and grew their businesses with the help of our finance experts last year:
The challenge: Joshlyn Turner, founder of a healthy food truck business, wanted to increase her revenue so she could pay off debt.
What wasn’t working: Joshlyn had tested a new product line, but she didn't have a plan in place to get the momentum going.
The stakes: Without a focused plan to launch her new product or knowing exactly what to spend her time, money, and attention on, Joshlyn would still be in debt.
How we helped: Our finance experts helped Joshlyn put a new product plan in place, and we were able to figure out how much of that product she needed to sell in order to pay down her debt.
The Results: Joshlyn launched her new product – healthy popsicles – and they quickly sold out. Plans are in place to generate partnerships with food manufacturers as the demand grows in wholesale markets. Most importantly, she has a clear plan for how to pay off her debt!
2 — Mary Pacio, Court Vision Academy
The challenge: Mary Pacio, founder of basketball training business Court Vision Academy, struggled to understand her numbers, create boundaries for a healthy work-life balance, and understand how to pay herself well.
What wasn’t working: There was a market for Court Vision Academy, but Mary was unable to scale on her own without burning out.
The stakes: Without a financial plan in place, Mary wouldn’t be able to pay herself enough to sustainably grow her business.
How we helped: We paired Mary with a finance expert, who helped her create a three-year financial plan, which guided her through personal and business dilemmas. Our expert also helped Mary navigate boundaries with her business to preserve the longevity of Court Vision Academy and her own wellbeing.
The results: Mary is able to more effectively communicate with her staff, earn a living wage, and grow her basketball training business. She’s also gained more confidence as a leader!
3 — Olivia Kingston, Madhouse Dance
The challenge: Olivia Kingston, founder of Madhouse Dance, wanted to expand her business, but she was weighed down in its day-to-day operations.
What wasn’t working: Despite a clear passion for her business and a talent for leadership, Olivia struggled to come up for air long enough to do things like budget for future years or plan for expansion.
The stakes: Without knowing the value of her time, Olivia was at risk of having to do it all, taking her away from big-picture-growth activities.
How we helped: Olivia worked with a finance expert to figure out how much her time costs and where it would be more lucrative to hire.
The results: So far, Olivia has been able to hire on more staff and expand her studio’s class offerings. She now uses a budget and tax payroll options that give her a framework to stay on track.
4 — Jeffrey Fox, Star Fox Media
The challenge: Jeffrey Fox of Star Fox Media had a business that was full of potential, but financially, he was in the red, and he wasn’t able to pay himself.
What wasn’t working: Jeffrey was an expert in marketing, not finance. He also didn’t have the resources to hire someone else to handle his company’s finances.
The stakes: Without one-on-one financial strategy and support, Jeffrey’s business was at risk of bleeding out.
How we helped: Jeffrey worked with our financial expert to simplify his business and organize his revenue streams in a way that makes more sense for him and his clients.
The results: Star Fox Media doubled its revenue throughout Jeffrey’s time in the program. Most excitingly, they’re out of the red, and Jeffrey was able to begin writing himself a paycheck earlier this year!
5 — Jason and Poppy Wurz, LIVID
The challenge: Jason and Poppy Wurz of LIVID digital marketing agency wanted to strengthen the infrastructure of their growing business.
What wasn’t working: As COO and CEO, Jason and Poppy were already wearing a lot of hats. Most of their time and energy was going toward customers rather than internal operations.
The stakes: Without a strong infrastructure at the foundation, Jason and Poppy knew that their business couldn’t grow forever, and it would eventually plateau.
How we helped: We paired Poppy and Jason with an experienced CFO who helped them gain clarity around their current finances and work toward a few of their future goals, like hiring more employees and increasing revenue.
The results: Poppy and Jason were able to take LIVID from barely breaking even to making a profit and doubling their previous revenue. Even more exciting, now that they have a framework for checking in with the current state of their business, Poppy and Jason can plan for years of sustainable growth in the future!
6 — Elisa Summiel, Illustrated Melanin
The challenge: Illustrated Melanin owner and artist Elisa Summiel was passionate and creatively talented, but she needed some help with the financial nuts and bolts to create a sustainable business.
What wasn’t working: Elisa knew she was taking on too many projects that didn’t allow her to maximize her profits, and took away from the time she had for what she really wanted to work on.
The stakes: Without clarity on exactly which products were driving revenue, Elisa was split in multiple directions, feeling like she was doing everything without getting strong results on anything.
How we helped: Our finance expert helped Elisa gather data on which areas to focus on and which areas to cut.
The results: Now, Elisa is better-equipped to make decisions that optimize her own time, energy and revenue.
7 — Amaya Ford-Marrs, Mya’s Catering Company
The challenge: Amaya Ford-Marrs, founder of Mya’s Catering Company, wanted a more sustainable business model to help build generational wealth for her daughter.
What wasn’t working: Despite the amount of time and attention that went into creating each of her products, Amaya’s menu items were underpriced, making her revenue lower than it could have been.
The stakes: Without better sales and pricing strategies, Amaya would not be able to start building generational wealth for her daughter.
How we helped: After working with a finance expert in the Impact Lab, Amaya decided to increase her prices. She also generated ideas for new sales strategies in the years to come.
The results: Amaya came away with a clearer financial vision and renewed confidence in her ability to provide for her daughter.
8 — Stephanie Butterfield, Activate House
The challenge: Steph Butterfield wanted to grow her boutique fitness studio, Activate House, but she didn’t have the strategy to do so.
What wasn’t working: Although the Activate House brand was centered around intentionality, internally, it wasn’t clear to employees what they should be focusing on.
The stakes: Without a clear focus for Steph and her staff, team members would not be able to own their roles and grow the business.
How we helped: We paired Steph with a financial expert who helped her discern which areas of her business were most profitable. From there, she was able to communicate with staff and ask them to set goals and focus on membership and merch sales moving forward.
The results: Now, Steph has a third-party accountant who gives her more financial visibility without adding more to her plate. Best of all, she’s able to take ownership of where she wants her business to go.
9 — Ruth Young-Loaeza, Neet Sheets
The challenge: Ruth Young-Loaeza, founder of an innovative linen business called Neet Sheets, saw a big demand for her product. But as a team of one, she needed backup.
What wasn’t working: Ruth had an increasing amount of orders from larger customers, but she had limited access to cash flow for operating expenses, and she was having issues with her manufacturer.
The stakes: Without strong financial practices in place and the push to find a reliable manufacturer, Ruth would be stuck with an amazing, patented product, but no customers.
How we helped: We gave Ruth a grant that helped her purchase inventory and get help with other aspects of her business like marketing and bookkeeping. She also came up with a new-and-improved sales plan.
The results: Ruth got the kickstart she needed to scale her business toward future success, and she’s already scored a big client because of it.
10 — Chris Brown, Haul’n Off
The challenge: Chris Brown, founder of dumpster rental service Haul’n Off, was feeling weighed down by the logistics of running a small business on his own.
What wasn’t working: Chris was his own bookkeeper, schedule coordinator and truck driver, so he didn’t have time to focus on big-picture items like goal-setting and optimizing SEO (one of his goals for his time with us).
The stakes: If he didn’t delegate non-revenue-generating tasks to others, Chris would soon burn out and his business would be at risk.
How we helped: Our financial expert helped Chris figure out that the subcontracting side of his business could help him earn more revenue while freeing up his time to focus on strategy rather than logistics.
The results: Now, Chris is freed up to work “on” his business rather than “in” it.
Want to be like one of the entrepreneurs you just read about? Apply for our next Impact Lab cohort.
The Impact Lab will help you:
✅ Gain clarity on finances so you can confidently know if your business is actually profitable.
✅ Update your pricing so your business is more financially sustainable.
✅ Pay yourself more so you can live the life you want to live.
Best of all, this program is completely free. 🤯
We are now accepting applications for our next Impact Lab cohort!
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See how Impact Lab could help you gain financial clarity for your business in 2024
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