myPocketCFO - What Founders Should Know About Financials

The Story of a Brand

Ramon Vela

Business, Entrepreneurship

5 • 145 Ratings

🗓️ 25 January 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is brought to you by Compass Rose Ventures and SARAL - The Influencer OS for Brands

Today, host Ramon Vela interviews Alice Zhang, Founder of myPocketCFO. myPocketCFO is the new intelligent finance management platform for growing eCommerce and omnichannel consumer brands.

It delivers real-time auto-bookkeeping, analytics, monthly reconciliation, and CFO advice all in one place.

Unlike traditional accounting firms that charge by the hour and deliver siloed services, myPocketCFO ingests all your transactional data daily to automatically generate financial statements that allow you to collaborate with business partners to make critical decisions at a straightforward subscription price.

Highlights:

* Her Gratitude Story

* Why, if you don't understand the numbers, you're doomed

* Jeff Bezos's quote on business cycles as waves

* Economic Forecast for the 2024-2025 calendar year

* Talking interest rates, commercial real estate refinancing, rolling recessions

* Investor's Advice for Founders

* For Founders, why it's time to focus on “value creation”

* Value creation Explained

* What is Accumulated Return or Discounted Cash Flow?

* Cost of Capital and Resetting Your Thinking Around Resources

* The Cost of Capital Concept Explained

* Financial concepts and metrics startup brands should use to measure Value

* Using Growth and "Traction" as Financial Metrics for Startups

* Explaining the Efficiency of Capital and Marketing Efficiency Return

* Why Numbers Should Carry Meaning for Founders

* Your Financials Tell The Life Story of Your Brand

* Founders should ask, “What does my ideal P&L look like?

* Case Study: How you reverse engineer your P&L

* And SO. MUCH. MORE

Join Ramon Vela and Alice Zhang as we break down the inside story of myPocketCFO on The Story of a Brand.

For more on myPocketCFO, visit: https://www.mypocketcfo.com/

Subscribe and listen to the podcast on all major apps. Search for “The Story of a Brand” on your favorite podcast player.

Today’s Sponsor:

SARAL - The Influencer OS for Brands: http://storybrandoffer.com/

Claim an "exclusive onboarding" offer for the listeners of The Story of a Brand Show. The Saral Team will work directly with you and offer weekly check-ins and 1:1 consulting until you succeed. Visit my unique link.

Transcript

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0:00.0	reading your financial statement. To me, it's like all those transactions you've done for the
0:06.4	past year, they somehow carry, it's like a DNA. They carry the style of your business. They carry
0:14.8	messages of how your business is doing. And when you put all of them together into a P&L,
0:20.8	when I read it, I can tell,
0:23.7	okay, this business looks like high growth, but very unprofitable business. Right. So it could be
0:30.9	very hockey stick, but may have weaknesses on the bottom line to use my financial way of describing it.
0:41.0	So I feel like I'm a doctor and I'm reading the health of this business person.
1:02.1	Hey, everyone. this is Ramon Vela, and this is another episode of the story of a brand.
1:06.2	Like always, we have an amazing guest and company that we're going to feature on today's show,
1:08.5	but why don't we get right to it?
1:17.2	Today, I have with me, Alice Chung, who is founder of My Pocket CFO. Welcome to the show, Alice.
1:25.3	Thank you, Ramon. My pleasure to be here. Well, I appreciate it, and I can't wait to dive in. We had an amazing pre-interview, And just for the audience, know, I always meet with people
1:30.1	before we do the interview, just so we can kind of gain some familiarity and just talk about
1:34.7	the company and so forth. And we had an amazing call. I almost feel like we should have recorded
1:40.2	our pre-interview. It was so good. And I took so many notes, it took like two or three pages
1:45.3	worth of notes. And just so everyone out there knows, Alice is full of wisdom and knowledge. And I
1:53.2	think you're going to get a lot out of this particular interview. So I can't wait. But Alice,
1:59.2	why don't we get started with my favorite question, which is a gratitude
2:04.9	question. And that is, well, before I do that, just for the audience, just for your information,
2:11.0	I love to ask this gratitude question for two reasons. One is we are stressed out. Everyone is stressed
2:17.3	out. Everyone is stressed out.
2:17.6	Everyone I know is stressed to a certain degree.
	...

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