The Biggest Financial Mistakes Entrepreneurs Make
Brad Ebenhoeh, co-founder of Accountfully, envisioned a new type of accounting firm that would one day revolutionize the industry.
By zeroing in on bookkeeping and providing valuable services to small businesses, Brad and his crew flipped the traditional accounting model on its head and hit it big.
What was their secret?
Nailing product-market fit
Finding the perfect timing
and really tuning in to what customers need.
Accountfully’s innovative approach to bookkeeping includes making things efficient and offering flexible schedules, which has led to a great work-life balance for the team. In this episode, Brad also drops some wisdom on working with your spouse, setting boundaries, and taking breaks to hang out with family and friends. Today, Brad's journey shows how far innovation, balance, and listening to your market can take you.
Takeaways
Focus on a specific niche and provide valuable services to that market.
Timing and product-market fit are crucial for success.
Listen to your customers and adapt to their needs.
Maintain a healthy work-life balance by prioritizing efficiency and offering flexible schedules. Setting boundaries and segmented responsibilities with a spouse who is also a business partner is crucial for work-life balance.
Taking breaks and enjoying time with family and friends can help entrepreneurs recharge and avoid burnout.
Technology, such as software as a service, has played a significant role in modernizing accounting services.
Common financial mistakes entrepreneurs make include managing their business solely based on their bank account and neglecting to invoice and follow up with clients.
Maintaining financial health and stability while scaling a business requires consistent financial reporting, understanding margins, and not growing too quickly.
Chapters
00:00 Introduction and Pre-Call Conversation
04:31 Challenging the Traditional Accounting Firm Model
12:25 Transitioning from Corporate Accounting to Founding Accountfully
16:20 Maintaining Work-Life Balance at Accountfully
32:24 The Role of Technology in Accounting Services
35:24 Common Financial Mistakes
40:40 Maintaining Financial Health and Stability
BRAD EBENHOEH | CEO and Partner • Accountfully
Never one for suits and ties or long days in windowless offices, Brad Ebenhoeh left the world of corporate accounting to start Accountfully, a modern outsourced accounting firm for contemporary brands and businesses. By challenging the traditional accounting firm model, embracing technology, and emphasizing work-life balance for himself and his team, Brad has shown that with imagination and hard work, accounting can be as cool as the clients he partners with.
