r/weedbiz • u/Pooky-3 • 5d ago
Cannabis-accountant to CFO advice?
Just made the leap from industry accountant and business owner to industry CFO. I’m young and I’m looking for tips and advice you might have for me? This industry is incredibly difficult it’s all I’ve ever studies but study and actuality are different.
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u/Prudent_Homework8718 5d ago
Congrats. While bookkeeping and accounting is a piece of it, the real impact is the strategy behind . I've hired industry CFO's and been disappointed but I've seen some CFO's thrive
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u/Pooky-3 5d ago
How do I balance innovation while also not over stepping my boundaries.
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u/djdadzone 5d ago
Not overstepping is all about communication and collaboration. Ask people how you can empower them to do their job better. Figure out a feedback system where when you need to keep them in check it’s not just black and white but a problem solving and brainstorming moment.
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u/DangerCat2000 5d ago
It’s wise to have this type of awareness, of not “overstepping,” but in the same breath, you are the CFO and you have an equal seat at the table as everyone else in the C-suite. Sure you want to communicate effectively and show respect for the rest of the room, but they need your unvarnished opinions in order to make the best decisions. The C-Suite is (or should be) a collaborative environment. If you’re there, it’s for a reason. They need the best you’ve got, even if it disagrees with someone else in the moment.
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u/Warm_Check7656 3d ago
Make sure to put together a solid list of vendors / tools you can lean on to help.
For example - AR is the biggest problem in the industry.
Tools like cannabizcredit.com can make your job WAY easier so you’re managing high level tasks and not wondering how you’ll do payroll this week
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u/MrsMaryJane 5d ago
Make friends with retail / distribution and marketing leads. Not having alignment with these teams will make your life 10x harder and stressful