Frank Lunn on Entrepreneur on Fire Podcast

Posted by | November 07, 2016 | Accounting, Entrepreneurship, Small Business | No Comments
target

Kahuna Accounting was recently featured on the popular Entrepreneur on Fire podcast.

In the interview, Kahuna Accounting CEO Frank Lunn came on to discuss an important component of business financial success: focusing on a target.

You can find the audio and shownotes here: http://www.eofire.com/income38/

Or, you can read a summary from Frank here:

 

By Frank F. Lunn

John Lee Dumas may not know this, but he and I have something in common: we were both Army officers and trained as tank commanders.

Despite our training being more than a decade apart, we both had similar experience with a very interesting piece of multi-million-dollar hardware: The M1 Abrams Battle Tank.

One of the key components and secrets of the success of this tank is something called a servomechanism.

Basically, a servomechanism is an automatic control device controlling a lot of power with a little power while constantly correcting for performance. One of the most extraordinary things I experienced during my tank training was how the barrel of the tank could remain “locked on target” despite the movements of the tank – even while moving over terrain.

tank

Imagine having your finger pointed at an object, then turning your body or walking in different directions, but yet your finger remains pointed at your objective.

Ok, so what does this have to do with entrepreneurship?

I’m glad you asked…

I love this as example and metaphor because we as entrepreneurs also need to know our target (what we want) and then lock on that so we don’t lose sight (take action).

Of course, we also need a financial success servomechanism (a bookkeeping and accounting success system) we can use in our business to stay locked on target while making easy corrections as needed to achieve the financial success we desire.

How to employ a financial success system

So with hundreds of factors that might distract us or push us askew from our desired objective, how do we employ a financial success system to self-correct as needed?

The most basic, yet often overlooked takeaway for entrepreneurs is to actually have a financial target.

Start with a goal.

Think specifically about what you want to achieve, and then start writing out the steps you need to take in order to make it happen.

Once your target is selected, stay locked on it. Use feedback from your financials to better understand and make course corrections as needed.

Entrepreneurs are sometimes intimidated by financials, but you shouldn’t be.

Accounting isn’t about math; it is about keeping score and telling a story.

Financials provide a numeric way of telling your story, so rather than be intimidated by it, ask others you trust and seek to learn more. Understanding your story through financials provides better feedback to lead and can help you focus on your target to improve your financial story.

We’re honored Kahuna Accounting is be part of EOF’s Financial Success Team. Our core mandate is, “We achieve our victories through the victories of those we serve!” We love serving entrepreneurial Victory Achievers as they achieve their victories!

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