There is a reason it’s called financial planning–you can’t run a business without having a plan when it comes to the finances. Experts such as Justin Krane, president of Krane Financial Solutions, has worked with small business owners for the past 11 years. He has heard it all when it comes to companies without a financial plan. Krane will speak to attendees at Auto Glass Week on Friday September 6, and AGRR interviewed him to give you a preview of his valuable advice. The full interview will appear in the upcoming July/August issue of AGRR.
AGRR: You will be speaking to the auto glass industry about creating financial health for your business. First give us some of your background so we know your areas of expertise.
Krane: I started out as a financial advisor about 25 years ago at a Wall Street firm. I worked my way into financial planning and became a Certified Financial Planner® professional. There is an element of that called financial life planning, which is helping people identify want they want out of their life. I started my own firm in 2008 to work with business owners: I love business! I started to realize that someone who is an entrepreneur has more control over their financial life and could have a greater potential to fund their personal goals. So I taught myself how to understand financial statements and started working with business owners to help them understand their business goals.
AGRR: To prepare for your presentation, you have spoken to some auto glass business owners. Tell us about the common threads you have found and how you can help them.
Krane: The commonality is that you can’t do everything on your own. You just can’t. You have to create some sort of team of people who can help you. You only have two hands.
One of the people with whom I spoke said he knows how to install auto glass–now he has to figure out how to manage the money. I will tell people like him how to make a plan and follow through.
AGRR: Why should people come to your session?
Krane: They might be able to find hidden money in their business. They could be throwing money away, hiring the wrong people and not paying themselves first. They will find out they are not clear on what their core focus is and how to invest to serve that core focus.
AGRR: Do most business owners you work with have a plan?
Krane: They have a plan in their head but they can’t articulate it or narrow it down to four bullets of what they have to do to implement it. If you want to hire another employee, for example, you need to put a plan into place. Make sure there is enough cash to hire the employee, for example, if its $4,000 per month, set that aside. This means you may not be able to spend the money to redo your website. You have to make a plan.
AGRR: Are you looking forward to speaking to this group and helping them strengthen their financial part of their business?
Krane: Yes. We are going to learn, get real and have lots of fun and learn how to implement ideas.