Melissa Houston is a Chartered Professional Accountant (CPA), a Business Finance Coach, a regular contributor at Forbes.com, and the host of the Think Like a CFO podcast. Melissa’s passion is to help entrepreneurs understand the importance of knowing their business numbers and helps them set up a system using her signature CFO Money Method Framework.
Please tell us a little bit about your company – what is CFO Money Method all about?
I am a CPA and a Business Finance Coach who is passionate about helping entrepreneurs understand their business numbers so that they can make more money in their business. Through my 20 years of business experience, I noticed a common trend among entrepreneurs and business owners in that they had brilliant ideas and visions, but their financial systems were not operating well and put their business at risk. I knew that this was a skill I could teach them and started working as a Business Finance Coach to help them manage their business finances so that they could alleviate their financial stress and develop a financial system within their business designed to keep them aligned with their business goals while making more money in their business.
The CFO Money Method is my signature framework program that guides entrepreneurs through the 4-step roadmap to organizing and managing their business so that they can focus on their numbers and make their business more profitable.
Tell us about your background and how you started your business?
I’ve been a CPA for over 20 years helping business owners and project managers understand their business finances. The best part of my job I found was when I was helping people with their business problems, but it was a small part of my job.
I also noticed a lack of financial knowledge that entrepreneurs had, and knowing how important that information is, I wanted to help bridge that gap.
I decided to become a Business Finance Coach, where I could combine my social work experience and my expert knowledge together and help people on a regular basis.
What would you say are the top 3 skills needed to be a successful entrepreneur, and why?
Resilience – because things won’t always go as planned and you need to be able to take the emotion out of decisions and look at feedback as where there is room for improvement.
Resourcefulness – because as an entrepreneur you are required to wear many hats and learn many skills. You can’t do it alone and in order to achieve what you want you need to know who or what can help you do that. This speeds up the process.
People skills – because business is based on relationships with clients and other entrepreneurs. I believe in building strong networks with other entrepreneurs and helping each other achieve our goals. There’s enough room for everyone.
What are your plans for the future, how do you plan to grow this company?
I am currently working on a book to expand my reach to other women entrepreneurs and help them understand what they need to know when in business for themselves. It is my passion to help others, so I’d like to continue helping entrepreneurs to make more money in their business by teaching them how to understand their business numbers and use those business numbers to help them grow and scale their business.
How do you separate yourself from your competitors?
I don’t think about competitors – I’m a firm believer that there is enough room for everyone. However, I know what I bring to the table is unique to me. As a former social worker, I work with openness and human touch. Yes, I am an expert in my field, but it doesn’t mean I haven’t made my own mistakes. I’m not infallible nor do I expect anyone else to be.
What were the top three mistakes you made starting your business, and what did you learn from them?
Not investing in a good business coach immediately. Although I had a strong business acumen, my blind spot is definitely marketing. I really needed help in understanding marketing and took too long to ask for help.
I made a poor investment in an expensive course that promised to get my business to 6-figures within months which was a mistake. There is no fast path to success, and it takes time and patience to build your business and your brand.
Not talking about my business and wins enough was a mistake. I felt weird about “bragging” about myself and had a hard time speaking to the business and how I am the best person who can help you set up a financial management system within your business.
What has been the most successful form of marketing for you?
Having my own column with Forbes.com has been an excellent credibility marker for me. It allows me to reach more people with my message.
Building valuable relationships with others is important as well. Connecting with others and helping them and have them help you is beneficial and a quicker way to reach others with your message.
Having a podcast is a great way to network with other podcasters and grow my audience. I love meeting and interviewing different people and guesting on other podcasts.
What must happen for you to consider your business a success? and when do you predict it will happen?
When I can fully retire my husband, I will consider this all a success. My husband has had some serious health issues over the years, and I want him to step away from work and enjoy life to its fullest. I feel that this will happen within the year.
What are the top 3 online tools and resources you’re currently using to grow your company?
- Instagram is a great place to meet and connect with people and to build my network. I have met some fantastic people and partners through IG.
- CRM software is valuable to track contact with people and build relationships.
- Zoom is a fantastic tool to keep me connected with clients and partners.
What are three books or courses would you recommend to entrepreneurs?
Impacting Millions – I recommend this course as it is the course I took to understand how to get media exposure for my business and it gave me the tools and confidence I needed to pursue my goals. Selena Soo is a valued mentor of mine.
The CFO Money Method – My program shows entrepreneurs how valuable money management skills are in their business and teaches them how to understand the impact of their business decisions on their financial reports. The aim is to make your business as profitable as it can be with pricing strategies, profit calculations, proper financial planning and monitoring your results against what you had planned.
Marie Forleo – Everything Is Figureoutable. This book helped me to identify my strengths and believe in myself to take the jump into entrepreneurship with both feet at the same time. I listened to it on audio and found Marie’s voice to be very encouraging and she truly helped me to believe in myself and my vision.
If you had the chance to start your career over again what would you do differently?
I would have started my business 10 years earlier. I would have listened to my gut instinct and follow my dream. I would have invested in a good business coach and stopped making excuses for myself and just taken the risk and gone for it.
If you only had $1000 dollars to start a new business, knowing everything you know now, how would you spend it?
I would invest in marketing and likely start a podcast earlier to build my audience. The best investment you can make is in marketing strategy and getting the word out about your business. A podcast is a cheaper and effective way to share your message.
What is your favorite quote?
A goal without a plan is just a wish.
Who should we interview next and why?
Liz St-Pierre, Business Coach and creator of the YES! You Need A Blog course, is the best kept secret. I met Liz in a course that we were both in and we became fast friends. I signed up for her courses and I honestly feel they were the best out there. The detail she puts in her courses makes you feel like you’ve received a ton of value for your money. She cares about offering quality information to her clients, and I’ve implemented her strategies and they work.
How can we get in touch with you?
You can contact me by visiting my website melissahoustoncpa.com or connect with me on social media Instagram, Facebook, and LinkedIn.
Author Interview: Dorota Pawlak – Juggling Motherhood While Running a Business
