What is financial boldness? Financial boldness is the courage to make a strategic change that may initially cost you revenue. It’s not recklessness, but a calculated risk where you get comfortable with losing money in the immediate to make more in the future. It’s a move that requires a strategic plan and a well-vetted idea.

How can a business with limited cash reserves make a bold financial move? Before you make a bold financial move, your plan needs to be well vetted. The goal is to make a change that can be a fall or a stutter step, but not something that completely upends your business. You must be in a position where if you fail, you're not knocked out, but can get back up and try again.

How do you convince your team to get on board with a risky new business strategy? As a leader, you need to sell your vision to your team. You don't want to create panic by revealing the full picture, but you must make them feel a sense of shared purpose and mission. You need to make sure they come on board and understand what you are trying to do.

How can a founder make their business less dependent on them? The goal for any founder is to eventually be hands-off. One way to do this is to empower your managers and senior managers to the forefront. This not only takes the burden off of you but also allows new clients to be closed by your team members.

What is the "right person, right seat" principle in hiring? The right person has a "we can" mentality and fits into the company culture. The right seat means they have the right skill set. You need both to build a strong foundation and a team that can execute on your vision.

What tools and strategies can a business owner use to make a financially bold move? Before making a bold move, you should seek out an advisor who can offer an external perspective. They can help you identify blind spots and make sure you've carefully thought out the plan. It’s also crucial to perform a SWOT analysis to understand your strengths, weaknesses, opportunities, and threats.

Watch the full episode at https://youtu.be/U_DoX4fOhgw
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