Podcast Episode 03 graphic The 4 Finance Pros You Need in Your Business

Episode 03: The 4 Finance Pros You Need in Your Business

Podcast Episode 03 graphic The 4 Finance Pros You Need in Your Business

What makes a bookkeeper different from your accountant? Do you need a financial advisor or a CFO? What does a CFO really do? Do you need all of these people at this stage of your business?

If these questions sound familiar, you’re not alone. I’ve found that entrepreneurs sometimes confuse the different roles that financial experts can play in their companies. So, today we’re going to go over the 4 key finance pros and bring some clarity to what each role means, what those professionals are best at, and how to know if they’re the people you need in your business right now. 

From filing taxes to investing to planning your financial future we’ll explore how to find the best “numbers people” and how the right finance pro can help you grow your impact and your bottom line.

Plus, if you still aren’t sure who to hire right now, I’ll give you a sure-fire way to make that decision easier.

If you’ve ever worked with one of these professionals before and thought, ‘I’m really not getting what I want out of them. Aren’t they a numbers person? Maybe they’re just bad at their job.’… Just remember, there are four or five very distinct finance people that you might need in your business.

In This Episode We Explore:

  • The 4 financial professionals that you may need in your business right now
  • How to know if you’ve got the right person for the right role in your business
  • What makes a bookkeeper different from an accountant or a financial advisor
  • Which pros can help you plan for more than just your business’ financial future
Take The Quiz

Find out which finance pro you need in your business right now by taking the quiz here.

Want more of the 100 Degrees of Entrepreneurship podcast?

Follow me on Instagram: @stephanie.skry (Tag me in your screenshots of the podcast and I’ll be sure to share!)

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Podcast Episode 02 graphic How Speaking is an Opportunity to Serve with Jessica Rasdall

Episode 02: How Speaking is an Opportunity to Serve with Jessica Rasdall

Podcast Episode 02 graphic How Speaking is an Opportunity to Serve with Jessica Rasdall

I’m really excited about this episode of our podcast because today I get to introduce you to my speaking coach, Jessica Rasdall.

Jessica Rasdall is a Motivational Speaker, Best Selling Author, Public Speaking Strategist, and the host of The Speak to Scale Podcast. She partners with entrepreneurs to help them scale their business (and impact) from the stage.

She has shared her story of turning her “mess into a message” for over fourteen years and has been featured on major international media outlets such as ABC’s 20/20, Katie Couric, The Guardian, MTV, Netflix, and much more.

Jessica is a public speaking powerhouse and the go-to person I called on to help me craft my talks. 

So, naturally, our conversation went beyond the typical “tips and tricks” you might find elsewhere. We dove into the ways that speaking is a true act of service for your audience and we explored everything from stepping out of your comfort zone to overcome the nervousness that public speaking brings to how speaking at events can become a functioning part of your business and why it’s not a “one and done” thing if you do it well. 

So, if you’ve ever felt called to speak, wondered if your business could benefit from booking speaking engagements, or you’re just ready to get out of your own way and share your message with the world, this episode is going to get you inspired and give you concrete steps to go for it.

I have goosebumps just thinking about it, but that’s when you start to realize, “Okay, this wasn’t really about me.” Look what I was able to do for them. If you can just tap into that feeling before you hit live play or whatever, it becomes a lot easier to just show up and serve them well.

– Jessica Rasdall

In This Episode We Explore:

  • What role speaking can play in your business no matter what industry you’re in
  • How to get out of your comfort zone and step into your role as a speaker (And how Jessica helped me make that happen)
  • How your talks create a pathway to the “next steps” your audience will need to take to solve their problems, tackle their challenges, or shift their mindsets
  • Why speaking is a service to your audience and how to make sure you leave them better than you found them when they hear your message
  • The best way to overcome the nervousness that often comes with speaking at events (Yes, even if you’re an introvert)
Connect With Jessica

To connect with Jessica Rasdall, follow her on Instagram @jessicarasdall or visit her website Jessicarasdall.com

Want more of the 100 Degrees of Entrepreneurship podcast?

Follow me on Instagram: @stephanie.skry (Tag me in your screenshots of the podcast and I’ll be sure to share!)

If you want to stay in the loop about what our next episode is live, enter your email below

Ready To Step Outside Your Comfort Zone And Make A Bigger Impact?

New Podcast Episodes Drop Each Week. 

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To avoid a surprise a monthly budget tracker with a pen and cash bills and coins

There is such thing as a bad surprise

You will not achieve your goals if you don’t make them a monthly habit.

Not quarterly. Not annually. Monthly.

If you are surprised when your tax accountant tells you how much money you made last year when they’re preparing your taxes, you’re doing business wrong.

How much you make…

How much you spend…

How much cash is in the bank… 💰

…Should NEVER be a surprise! 😲

Savvy business owners who grow to 6- and 7-figures look at their numbers every single month – both what happened last month and their forecast for next month – so there is no surprise.

But what should you actually DO every month?

1. Do your bookkeeping. Make sure your numbers are accurate and reconciled.

2. Review your Profit & Loss statement and key metrics.

3. Update your projections for the rest of the year.

Have you ever been surprised by the numbers in your biz? Grab our Profit Playbook to build your own plan and never be surprised again! http://100degreesconsulting.com/profit/

If your Profit Playbook is helpful, please share on Instagram and tag me @stephanie.skry

Podcast Episode 01 My Story 100 Degrees and No A/C

Episode 01: My Story: 100 Degrees and No A/C

Podcast Episode 01 My Story 100 Degrees and No A/C

Welcome to the first episode of the 100 Degrees of Entrepreneurship Podcast. I’m Stephanie Skryzowski, a globetrotting CFO who empowers leaders like you to better understand your numbers, grow your impact, and your income. The 100 Degrees podcast is designed for purpose-driven entrepreneurs who want to get inspired to step outside of their comfort zones so they can grow their businesses and live their purpose. 

In today’s episode, I’m sharing my story. From a field trip where I fell in love with the idea of being a lawyer to that all-too-common feeling of, “Is this what I really want?” that I had when I landed my first job after college, the hills and valleys of my journey have led me to the work I do today and I’ve learned some powerful lessons that I can’t wait to share as our podcast evolves.

This first episode is designed to give you a glimpse into why I started the podcast and how I can help you make a bigger impact as you reach your business goals. 

I got to push through the hard stuff. And when I pushed through the hard stuff, the impact is what’s on the other side… It changed my entire outlook.

In This Episode We Explore:

  • How the 100 Degrees of Entrepreneurship podcast got its name
  • What it’s like to feel like you’re failing right before you start to live your true purpose
  • My story of how I went from sitting for the LSAT and working at law firms to traveling around the globe
  • Why I’m so passionate about helping you get outside of your comfort zone
  • Why money (and the numbers you sort through to make more of it) are so important as you work to make a difference in the world
Want more of the 100 Degrees of Entrepreneurship podcast?

Follow me on Instagram: @stephanie.skry (Tag me in your screenshots of the podcast and I’ll be sure to share!)

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Click here to read the full transcript.

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Photo with a notebook to track your time study results

You’re going to hate this idea

Okay, friend.

I’m going to share a time when I had hit a wall.

I was trying to schedule an important meeting and the only time that was free was in the evenings after my girls were in bed. I ended every single day with a longer to-do list than when I started and I dreaded clicking that Zoom link yet again.

Intentionally working “after hours” was never part of my business plan.

My schedule had become filled with things that I didn’t like doing and that I wasn’t good at, and I knew something had to change.

Instead of metaphorically burning the whole business down (although I threatened it!), I decided to track my time for a few weeks and see where it was going!

Here’s the thing:

Time is an input to results.

We all want results, like hitting a certain revenue goal or serving a certain number of people. There are things we can do to help those results along, and spending our time is one input to our results.

So I looked back at my calendar for the previous five months to categorize and assess exactly where my time was going.

The results?

I spent about 2.5 days a week on calls! I got instant clarity on why I was feeling crunched.

Are you feeling the calendar crunch too? I suggest you do a time study!

Just like analyzing your finances is worthless unless you’re going to use the information to make smart decisions, the time study was pointless unless I actually did something about it.

I started batching calls, blocking time for no-meeting days, and adding rest and creative work time into my schedule so my weeks were more conducive to achieving my goals.

Are you investing your time in what activities will get you closest to your goals?

PS – Your weekly schedule should be a direct reflection of your biggest goals, so make sure that your time is spent on your goals!

Follow along on Instagram to see how my weeks look >>> @stephanie.skry

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Are your habits aligned with your goals?

 

Welcome to February, the month where New Year’s resolutions go to die!

***thinks of 25 year old Stephanie who made long rambling lists of things to accomplish in 365 days, like “learn to sail”***

Here’s what I’ve learned:

Everything doesn’t need to get done immediately.

True instant gratification doesn’t exist when it comes to our big goals.

For example, I thought about starting a podcast last year but knew that there was important groundwork I needed to lay before doing that. Rather than rushing it and releasing an okay version of the podcast just to check it off a list, I decided to wait until I was ready to do it right. (Hint, hint, exciting things coming!)

I’ve learned that little steps that become daily habits are much more effective to achieve your goals and have a bigger impact. And sometimes the little steps are actually just daily habits that we want to cultivate that will eventually add up to a much bigger impact.

When I wrote this, I went back and looked at my daily routine over the last five years and it has shifted and changed as my goals and priorities have changed. But the common thread is that my routine is always aligned with my goals.

Right now, my daily routine includes:

  • Exercising first thing every morning
  • Reading before bed
  • Drinking at least 64 oz of water
  • Tidying my workspace and the rest of my home
  • Writing in a journal

These daily habits keep me grounded, calm, focused, balanced, in control, and growth-minded. It’s like a mini checklist towards achieving my goals.

If your money or finances are part of your goals this year, your daily routine might include:

  • Checking your bank balance
  • Reviewing your forecast
  • Journaling about any mindset blocks
  • Check in with a friend
  • Practice self-care

PS – Daily routines are mini steps towards our big goals, so make sure that your days look like where you want to go. Want bite-sized pieces of content like this? Follow along on Instagram >>> @stephanie.skry

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The 100 Degrees Consulting 2020 Client Wins

Unprecedented. Challenging. Tumultuous. Uncertain. 

We’ve heard just about every adjective to describe the year 2020, and in some ways, it’s exciting to bid adieu to a year that was weird and hard, and welcome in what we hope will be a fresh start. 

For me, while there were many challenging moments, like figuring out how to run a business with a preschooler and little baby at home without childcare for several months, it was a year filled with opportunity and abundance. Personally, I’m ending the year with incredible gratitude and love for my family, my team, and my clients. (Want to read my full 2020 recap blog post? Click here )

My team and I spent some time going through our entire client portfolio to see what wins they all experienced this year too, and it blew me away so I thought I’d share with you. Sharing these wins is, in no way, meant to take away from the tough things that many people experienced this year too – illness, death, depression, loneliness, fear, insecurity, poverty, injustice – but I often find hope and inspiration when I see others’ successes and I hope you will too. 

Without further ado, the 100 Degrees Consulting 2020 Client Wins:

Many nonprofits were hit incredibly hard this year. Uncertainty in the market caused a significant drop in charitable donations, and many organizations could not operate their programs because of the pandemic. But nonprofit leaders are some of the more adaptable and resilient people I know.

  • Landed partnerships with major companies to help support programs
  • Secured significant grant funding, some specifically for COVID relief and others for general operating and program support, ranging from $10k to $3M
  • Adding staff to help with grant writing, fundraising, and operations
  • Increased net income by up to 100% from last year
  • Pivoted in-person experiences, programs, and galas to virtual events that were highly successful
  • Acquired a $150k low interest SBA loan to support production of artisan goods
  • All of our nonprofit clients received fully forgivable Paycheck Protection Program funds to help support payroll expenses during Q2 and Q3

Businesses didn’t fare much better across the US. As we sadly watched small businesses in our local towns close their doors, many online businesses did really well in a new reality where we’re all spending our time behind our phone and laptop screens. Entrepreneurs and small business owners are innovative and determined and our clients had some major wins:

  • Grew net income by 100%+ from last year which means these business owners were able to save for houses, increase their charitable donations, and grow their team – what an amazing ripple effect on a whole community!
  • Pivoted sales outlets; moving from in-person events to online, from online to strategic shop locations, from Facebook advertising to organic reach, from organic avenues to Facebook advertising. So many leaders tried new things this year that worked!
  • Added new team members to keep up with increased workload
  • Acquired new companies to help further expand their reach and support their mission
  • Opened retirement accounts and began contributing monthly
  • All of our small business clients received fully forgivable Paycheck Protection Program funds to help support payroll expenses during Q2 and Q3

I move very quickly, too quickly sometimes, and forget to celebrate the wins, no matter how big or small. So before diving directly into the new year, I am celebrating our client wins across the board and thinking about the words that describe the amazing leaders we work with:

Resilient. Innovative. Adaptable. Creative. Determined.

What was one of your favorite wins in 2020, big or small?

(Are you looking to set yourself up for stability, clarity, and success in the new year? First, download our Profit Playbook for a template to help you easily visualize your numbers, then schedule a call to chat with a CFO! Click here to get on our calendar)

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5 Ways to Maximize Your Money Before December 31

Lists are kind of my thing. If there are more than two of anything, I will make a list. So December, with its shopping lists, gift guides, and year-end planning to-dos galore, is my favorite time of year.

Speaking of year-end planning, I wanted to share a few things that you can do as a leader to potentially save on taxes and maximize your money, friends!

Many of our clients had a really strong 2020, meaning a large net income. That’s amazing and worthy of celebration, but also comes with a potentially larger tax bill. I like to look at my taxes with gratitude (it means it was a great year!) but I also want to maximize my money because abundance leads to more abundance! 

Here are some ideas to maximize your money:

  1. Max out your retirement accounts. I’ve had a SEP IRA for a couple years now and always aim to max it out as early in the year as possible – this particular account lets you contribute 25% of your salary which is awesome. It’s a deductible expense for your business AND tax deferred savings for your future. I know it sounds intimidating, but it took me about 10 minutes to open and contribute to an account. My SEP IRA is at Vanguard.
  2. Donate to your favorite charity. My biggest challenge in donating to charities is choosing which one! I’ve worked with nonprofits for over a decade so it feels nearly impossible to choose just one worthy cause. Charity Navigator and Guidestar are great places to start researching nonprofits if you aren’t sure where exactly to donate. Charitable donations are also tax deductible, so win-win (just check with your CPA on any limits).
  3. Pay all your bills. If you’re looking at significant net income (that’s the money you have left over after all expenses), that also might mean a significant tax bill. To reduce that amount, pay your bills! Examples: you owe your coach a few more installments of your annual coaching program or your second payment for your website design is coming up in January. Pay them all now to increase your 2020 expenses and reduce your tax bill.
  4. Make any large purchases. Okay, listen very carefully. I am, IN NO WAY, advocating purchasing things you don’t need just to reduce your tax bill. However, if you have the cash in the bank (after setting aside your 3 month reserve), and there are major purchases you were going to make in January anyway, buy them now to reduce your net income and tax bill.
  5. Delay your income. Again, this is a strategy for those business owners who have significant net income at the end of the year. If you were planning on billing a client at the end of December, perhaps send your invoice in early January instead, so the revenue is collected next year. In a sense, this is “kicking the can down the road” but who knows what the next 12 months will hold, so why not take the benefit now.

Did you have a year of abundance? Which money maximizing strategies are you using in the next two weeks? 

If you want to get on our calendar to maximize your money all year long, schedule a time to chat here >>> 

If you aren’t sure which finance pro you need on your team, and the terms bookkeeper, CFO, and CPA are confusing, take our quiz here >>>

 

Note: This is not tax advice. Please talk to your CPA for specifics on how this applies to your business and personal tax situation.

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2020 Year In Review

My word for 2020 was expansion. I planned to expand our client portfolio, expand our network through speaking engagements around the country, and expand my family’s adventures by taking our new family of four to Switzerland.

Then the world shut down and life was canceled. 

But I didn’t cancel my word of the year.

What you focus on expands is written on the white board in my office and I’m reminded of my word of the year daily.

And despite the pandemic, it actually shaped up into a great year. 

Impact

100 Degrees Consulting is represented across the globe! We have clients all over the United States, Canada, Haiti, Iraq, Kenya, Burundi, Rwanda, Uganda, Ecuador, Panama, the Dominican Republic, and Nicaragua! 

Their missions are what keep us coming back to the laptop and the spreadsheets every single day. Knowing that our work to help keep these companies and nonprofits financially sustainable will impact the lives of probably millions of people around the world is all I need to get up every day!

Speaking

We were so privileged to share our message far and wide. Our mission is to help leaders better understand and use their numbers to help them increase their impact and income, so these webinars, presentations, and talks are our main way of doing that. I spoke about:

Storytelling with Financials
Budgeting: How to Build Your Roadmap to Growth
Strategic Planning: Building Your 2021 Strategic Roadmap
How to Create a Monthly Finance Routine

And sent dozens of emails, partnered with many companies and other entrepreneurs, and wrote dozens of blog posts. There was no shortage of information coming from my brain into the hands of purpose-driven leaders!

Resources for Our Community

In early 2020, I was working with my speaking coach and developing a talk that I was slated to give at a conference for mom entrepreneurs and influencers. In the midst of our brainstorming session, she asked what type of services I have to offer the business owner who isn’t ready to bring a CFO on board but desperately needs financial advice, accountability, and templates to help them manage their numbers. I told her we had a free template, but that was it, and she immediately suggested that we create a membership.

And thus, The Entrepreneur’s CFO Corner was born! We launched this membership in May and 20 amazing purpose-driven leaders joined us. Inside the membership, we help leaders go from scared and confused to energized and confident in their numbers through CFO support and accountability, training, and templates. It has been a huge resource to many entrepreneurs and a fun experience for us too!

Investments

While 2019 was a year of internal capacity building, 2020 was truly a year of expansion. 

Team. I invested heavily into our team and client success by adding 3 new CFOs, an Operations Director, and a Marketing Director. We’ve built incredibly strong project management systems, client onboarding systems, and improved our infamous finance workbook that we use to help our clients see into the future of their businesses. 

Website. While our old website made me nostalgic for the humble beginnings of 100 Degrees Consulting, I knew it was time for an upgrade. We hired a top notch branding firm to make my vision for this company come to life and then had our brand new website built. It was a massive undertaking but we love the end result!

Treadmill. I talked a lot this year about removing all barriers to success and for me, that meant having a treadmill in my home so I could exercise regardless of schedule, pandemic, or time of day. It arrived in October and I am literally excited for my 5am run every day!

Personal

Time. Like everyone else in the world, 2020 was a sweet time for our family. We watched my baby grow from a newborn into a toddler, got creative with activities for our preschooler, and completed more puzzles than we had in our entire lives (no joke). We baked a lot, spent every minute of our summer outdoors, and planned pandemic birthday celebrations. Nothing was as I had envisioned it, but I’m grateful to have spent every single minute of my two little girls’ lives with them this year.

Home. We’ve done a ton of small and medium-sized home improvement projects to make this home exactly how we want it, and have plans for a big kitchen renovation in 2021. We made a decision that we will be staying in Buffalo for the next 10 years or so – if you know our moving history, this is a huge deal for us! – so making our house the dreamy, inspiring place where we spend our time is a major priority.

Legacy. We finally invested in a financial planner for our family. Although I’m a CFO, I believe it’s always wise to bring in external, expert eyes, to help you see what you may have overlooked and bring a new perspective. Our financial planners have helped with risk management, insurance, contingency plans, as well as the fun stuff – creating a plan to help us invest in real estate in the next year!

What’s Coming in 2021

It’s probably safer not to plan too much of 2021 if we’ve learned anything from 2020, but I can safely say that improving the services we deliver to clients is on the top of the list. And hey, that’s totally pandemic-proof!

I’d also kind of like to start a podcast…I have lots of ideas and even sometimes pretend to do my podcast intro when I’m alone in the car! Stay tuned…

Wrapping Up

If you’ve been following along with our journey, or are a part of our journey (hello clients, members, partners, and friends!), THANK YOU. I am so incredibly grateful for the community that we’ve built over the last five years, the knowledge that’s been shared, and the lives that have been changed, and can only imagine what the next five will bring.

What’s coming up for you in 2021? Leave a comment below – I’d love to hear!

 

You can see our past Year in Review posts here! 2015, 2016, 2017 (Must have skipped this one! I blame it on moving from Ohio to New York in November), 2018, and 2019.

 

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How to Set Goals for Your Nonprofit Organization

As originally posted on nonprofitinformation.com

Many nonprofit leaders are hesitant to create major goals this year, given the instability and uncertainty across the country and in our industry. The fundraising landscape has changed drastically in the last year as donors are reconsidering priorities, so nonprofit leaders are being forced to pivot and adapt constantly.

It may seem easier to stay the course, aim low, and hope for the best in terms of fundraising and programmatic objectives. However, it is vitally important, now more than ever, to create goals for your organization.

What you focus on expands.

Goals help us give regular focus to the end result we want to achieve. When we institute goals, we naturally steer focus there, which drives success.

A big goal without a tactical action plan is not likely to be successful. We need to understand the smaller steps that lead to a larger goal. So the process and plan we discuss below gives you a roadmap to get from where you are now to where you want to be and create the impact you want to achieve.

Goals may look different in each season, but the process of setting goals in your organization remains the same. Here are the five steps your organization should consider to set a strategic plan for the year that you will actually follow and achieve.

  • Shift your goal-setting mindset. Rather than thinking of your goals, strategic plan, or budget as rules that you must live by, think of them as a flexible roadmap to help you carve a path to your mission and vision. Instead of creating goals rooted in scarcity (e.g. We can only raise $100k this year so let’s see how much we can cram into that budget), create goals rooted in abundance (e.g. We need about $250k to operate the organization effectively and run our programs, so let’s figure out how to raise $250k). Remember, your goals should be a flexible roadmap to abundance!
  • Format your goals for success. A goal without a plan is just a wish, and a list of wishes won’t get your organization very far. I recommend using a template that breaks down your biggest vision into achievable tactics so you can look back on the year knowing you’ve accomplished it all.
    1. This starts with your big picture vision – in three years, where do you want your organization to be? 
    2. Then comes 3-5 strategies to help you achieve that vision  – what are the major initiatives you’ll need to accomplish to get you closer to the vision:
    3. Finally are 3-5 tactics under each strategy to actually get things done. These are SMART (Specific, Measurable, Attainable, Relevant, Time-Bound) and will comprise your to-do list throughout the year.
  • Align your goals and your budget. Your budget and goals must work together. You don’t want to set out to achieve some lofty goals then realize you didn’t budget for any of the resources you’ll need to actually achieve those goals. Review your goals, determine exactly what resources you’ll need to accomplish them, and include those in the budget.
  • Involve the team in goal-setting. When nonprofit leaders involve their teams in goal-setting and are transparent about the direction the organization is going, the team gains a greater sense of ownership for the success of these goals. When your team has a greater sense of ownership, they will be more engaged and committed to accomplishing the goals. But how do you actually involve your staff?
    1. Create teams either by department or cross-department, depending on the size of your organization
    2. Set parameters for the team so the goal-setting process doesn’t become a wishlist exercise. An example is: What are our three most important strategies for next. year?
    3. Bring the team’s work back to discuss as a larger group and incorporate suggestions into the organizational goals.
  • Roll out your goals. Many organizations fall into the habit of setting ambitious goals, getting the team fired up about them, then promptly forgetting about them until it’s time to set goals once again. This is a surefire way to not accomplish the impact you want to have. Here’s what to do instead.
    1. Share your goals with the entire team. Even if they didn’t participate in the goal-setting process, share your vision, strategies, and tactics with the entire organization (board too!) so you can get excited together about where you’re headed and hold each other accountable.
    2. Make your goals visible. Instead of printing them out, putting in a binder, and filing that binder away for the year, hang your goals on the wall! Give each team member a laminated copy to hang at their desk. Put them in the office break room. 
    3. Hold everyone accountable. Report on your goals at your staff meetings at least quarterly, so everyone understands the progress and how they can contribute to the organization’s success.

Now that you know the five steps to creating goals for your nonprofit organization that will actually help you make the impact you want to have this year, it’s time to implement. The beginning of a new year, when you’re also creating your budget, is perfect timing to set these goals, but starting fresh anytime is okay.


Stephanie Skryzowski is a Chief Financial Officer that helps purpose-driven leaders better understand and use their numbers to make smart decisions and grow their impact. She is the Founder and CEO of 100 Degrees Consulting which provides CFO and bookkeeping services to nonprofits and purpose-driven businesses around the globe. When she is not crunching the numbers in Excel, Stephanie is hiking and exploring with her husband and young daughters.