I'm going to get straight to the point today.

I've got some good news and some bad news for Fractional CFOs...

Let's get the bad news on the table first: 

You're probably under-leveraging the most powerful tool you have at your disposal as a Fractional CFO, and it's costing you time, money, and energy.

Yeah, you're probably using some fairly decent tools today: tools for forecasting, tax savings, project management, maybe even some super-fancy AI tool that does all the things! 

Those are all great (heck, I even use those tools myself!) - but, combined, they MIGHT have 5% of the value of the best tool I know of - and that is community. 

Now, if you're reading this and thinking either of these things: 

1. The idea of community is woo-woo, and I'm not here for the woo today! 

or

2. I get it! I'm already in a community, so you're preaching to the choir!

...then stay tuned anyway. Because I promise that you haven't considered everything I'm going to share with you today. 

Why Community?

I fancy myself to be a reasonably smart guy. 
My bet is that you're probably pretty smart as well. 

To be sure, our industry is full of really smart, hard-working people who have remarkable talents, insights, and perspectives. 

People that have tried all kinds of things, made all kinds of mistakes, and solved all kinds of problems.

As a guy that's invested literally tens of thousands of dollars to join various communities over the past several years, communities have helped: 

• Avoid feeling isolated 
• Provide accountability 
• Get valuable feedback 
• Validate and encourage me
• Solve complex client problems 
• Realize I'm not alone as a Fractional CFO
• Introduce me to great humans that have become close friends

And by not leveraging that collective awesomeness, you're leaving so much time, money, and energy on the table.

What a waste! 
(Plus, what other tool do you have at your disposal that can unlock ALL of those benefits?)

But here's the catch: 
You can't just join a community and expect to magically reap the benefits. 

The power of community comes from developing relationships within the community. And like any other relationship, that takes a little work and intentionality. 

I've found 4 keys to getting the most out of my community investments: 

1. Ask for help

This is a tough one for most of us - because it requires us to swallow our pride and check our ego at the door. 

It also means that we have to be willing to be vulnerable and admit we don't have all the answers (or at least the best answers). 

But when you ARE able to do that and throw out a question, problem, hurdle, or challenge to the group - the outcomes can be amazing! 

Application: A few months ago, I was struggling with new client onboarding. We didn't have a way to set firm expectations with clients right out of the gate, and this was causing some mild friction during onboarding. Nothing catastrophic, but I want a smooooooooth onboarding process for our clients.

I went to one of my communities and posed the problem. Within a few hours, we had some killer ideas, one of which was to conduct a quick orientation call with new clients within 1-2 days after they sign a contract. The whole point of that call is to set and manage expectations right out of the gate. 

The friction we were facing before is all but completely gone now. 

2. Actively Participate 

Get involved in the discussions. Share your perspectives. Contribute to the conversations. 

The more you show up and get involved, the more you'll build relationships and gain insights from others. 

This can be harder than it looks. 

If you're anything like me, you might tend to discount the value of your perspectives, especially when there are biggerfirms or more experienced CEOs in the room. 

"They're way ahead of me. I'll keep my ideas to myself because there's a 100% chance they've already thought of this. I'll sound stupid!" -Me, sometimes

Application: I'm in a group with mostly 8- and 9-figure CEOs. There are also 7 figure folks like me in there as well, but we are the minority to be sure.

Honestly, it's humbling. 

Recently, one of the CEOs of a high 8-figure company wanted some feedback on a marketing idea his team was floating. He posted it in one of the public forums. I had a pretty strong opinion about why I didn't love one specific aspect of it. I'm in his target market, so I felt compelled to chime in. I shot him a DM with my feedback - which felt to me like it was a bit too direct or harsh. 

He responded a few hours later, full of gratitude. He said that no one on the team had considered that point and showed me how his marketing team implemented the suggestion I made.

Now, he and I chat every week or so about life, business, and their products and messaging. 

Super cool. 

3. Network Beyond the Group

I think the real magic of community is when you connect with people 1:1 outside of the community forums or the DMs. 

The great thing about communities is that they're normally full of like-minded people. And let's be honest, in today's virtual world, it can be hard to find that! 

Find people who share commonalities with you based on: 
Niches
Interests
Geography
Business Model

Carve out time to have 1:1 conversations with those people. 
And, if you want extra credit, actually meet them in real life! 

Application: 
 

👆 Me hanging out this summer with a friend I met in an online business community 3 years ago.

4. Generosity Without Expectation of Reciprocity 

I've found that when I approach communities with a mindset of generosity, I end up getting so much more out of them. 

Perhaps counterintuitively, I have found that the people who approach communities with a mindset of giving without expectation of reciprocity find the most value in the long run. 

Try to find ways to share referrals, tools, and best practices. 

Why is this so important? It builds trust and credibility and lays the groundwork for long-term relationships within the community. It also shows the group that you are generous, reliable, and genuine. 

Application: Just a few weeks ago, I was chatting with a Fractional CFO firm owner who was looking to grow her firm by speaking on stage. She had been proactively reaching out to conferences in her niche, trying to land her first gig - but hadn't had any luck. 

Deflated, she posted inside a community she was part of that she was starting to lose hope about ever finding an opportunity to speak on stage. 

Then, someone DMed her. 

"Hey! You're looking to speak on stage? I had no idea. You've been so helpful to me in this group and I would love to have you talk at my conference this summer!" 

She took the opportunity and crushed it! 

She subsequently landed 3 more as a result. 

All because she was generous with her time and talents inside a community. 

And now for the good news: 

If you're not part of a community, they're easy to find and easy to join. 

Get involved with the group, check your ego at the door, and make a name for yourself. 

Remember:
Business is hard, but you don't have to do it alone.