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Is Your Budget Telling the Whole Story?
In this episode of the $4M Strategies™ podcast, host Carl J. Cox, CEO of 40 Strategy & 40 Accounting. sits down with Sean Healy, CEO of Accounted4, to discuss one of the most valuable tools for financial assessment: the Financial After-Action Review. Many business owners rely on their gut feeling to gauge success, but without hard data, it’s tough to know if they’re truly winning. This episode dives into how to compare your actual results to your budget in a way that provides actionable insights.
Why Comparing Actuals to Budget Matters
Every month, businesses generate data that can indicate performance trends. But understanding what these numbers mean requires a structured approach. Sean introduces the Financial After-Action Review, used by elite organizations like NASA, the Navy, and high-performing companies to drive improvements.
How the After-Action Review Works
The Financial After-Action Review is a simple yet effective process. First, review your budget projections. Then, look at your actual results. Sean explains that the review involves answering specific questions:
- What did we expect to happen?
- What actually happened?
- Things that went well, and why?
- What didn’t go well, and why?
- Takeaways for next time?
This structured process helps teams and leaders align on where they stand and how they can continuously improve.
Applying Insights for Business Growth
For many business owners, budget variances can indicate issues in labor, expenses, or sales that require adjustments. With Sean’s insights, you’ll learn how to tackle these challenges proactively.
Podcast Sponsor: Oswego Private Wealth Management
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