Why Most Founders Fail Financially, and How to Fix It with Rachel Phillips
Description
Most founders don’t fail because of a lack of passion. They fail because they don’t understand their numbers.
In this episode, I sit down with Rachel Phillips, Co-Founder and COO of Fully Accountable, to break down the financial blind spots that quietly sink startups, and the simple systems that can save them.
Rachel went from practicing law to building one of the fastest-growing outsourced accounting firms in the digital and e-commerce space. But her journey wasn’t smooth. At one point, she was running payroll with $2 in the bank account, choosing to bet on herself rather than take on the wrong clients.
This conversation is packed with the kind of clarity every founder needs, especially if numbers make you nervous.
We talk about:
• The #1 financial mistake early founders make
• Why your bank account balance is NOT an indicator of success
• When you actually need a CFO (and when you absolutely don’t)
• Cutting the bottom 20% to double your profit
• How to turn your accounting department into a profit center
• Building and scaling a remote-first culture long before it was normal
• The moment Rachel realized she had to niche down or risk losing everything
If you are scaling, pivoting, fundraising, or simply trying to understand your financial reality, this episode will give you the confidence and clarity you’ve been avoiding.
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