I recently visited Harry Potter World at Universal Studios in Orlando, FL, and let me tell you, it was like stepping into a magical world where I felt like a kid again!
As I strolled through the enchanting Diagon Alley, clad in my wizard robes and wielding my wand, I couldn’t help but wonder:
What if every small business in Diagon Alley had its own financial wizard? What invaluable and magical advice would this wizard impart to the business owners?
If I were a wizard and not, as Harry and his friends would say, a “muggle,” these are the top five financial “spells” I think a financial wizard would teach to business owners.
1. Learn the Value of Long-Term Planning. Just as wizards in the series face long-term challenges and adversaries, small business owners must prioritize long-term financial planning.
By setting achievable goals and making strategic decisions that consider the future, they can ensure sustained growth and prosperity
2. Seek Wise Counsel. Much like Harry seeks wisdom from mentors like Dumbledore and his friends, small business owners can greatly benefit from seeking counsel from a financial team, seasoned mentors, or fellow entrepreneurs.
Drawing on the expertise of an outsourced CFO or financial team can help navigate financial complexities and steer clear of common small business finance mistakes.
3. Be Adaptable and Resilient. These are key traits in the wizarding world, where characters must constantly adapt to crises and persevere in the face of adversity.
Similarly, small business owners should cultivate these qualities to weather economic downturns, market shifts, and unexpected challenges that may impact their finances.
4. Invest in Financial Education and Skill Development. Just as Harry’s friend Hermione has dedication to learning and skill development, which aids her in overcoming obstacles, small business owners should invest in continuous education and skill enhancement to strengthen their financial literacy.
5. Build Strong Business Relationships. Like Harry’s strong bonds with his friends and allies, small business owners should prioritize building robust relationships with customers, suppliers, employees, and other stakeholders.
These connections can serve as pillars of support, providing invaluable opportunities, referrals, and business community that can ultimately benefit financial health.
By embracing these principles inspired by the wizarding world, small business owners can embark on a journey towards managing their numbers with the confidence of Dumbledore in his epic wand match with Voldemort!
If you’re ready to see what a Chief Financial Wizard (CFO) can do for your small business, Book a Financial Consult.
-Tricia
Tricia Taitt is the CEO and Chief Financial Choreographer of FinCore. She holds an M.B.A from The Fuqua School of Business of Duke University, and a BS in Economics with a Finance concentration from The Wharton School at the University of Pennsylvania. For over 20 years, she’s been a finance professional. Half of the time was spent working on Wall Street while the other half was spent in the trenches side by side with small business owners. As a result of working with FinCore, clients have been able to take control of their numbers and feel more confident in their ability to make decisions, while increasing profits by 10% and building a cash stash to invest in growth. Follow Tricia on LinkedIn and Instagram.