Susan Richards, FCPA, FCMA is an entrepreneurial accountant with 20 years of financial leadership experience in the Ottawa tech sector. Over the past 15 years, Susan has served as CFO and/or Financial Advisor to over 40 start-ups. An entrepreneur at heart, Susan is co-founder of Numbercrunch which provides a full suite of financial management and bookkeeping services to startups and scaling businesses as well as previously Susan co-founded Givopoly in 2012 (sold in 2018).  Susan is a community champion presently serving as Co-Chair of the Board of Directors at Invest Ottawa and Director at the Kanata North Business Association.

Can you tell our readers about your background?

My background is a combination of Accounting and Entrepreneurship experience.  I was the kid with the lemonade stand, cleaning cars for money, and teaching dancing lessons before I graduated high school.  I got a Bachelor of Business with a major in accounting from the University of Prince Edwards Island and then spent the next two decades as a corporate accountant in the tech sector in Ottawa, Ontario.  My focus has always been managerial accounting (the combination of strategy, management, and accounting), which eventually earned me a spot as a Fellow of the Society of Management Accountants of Canada receiving my FCMA designation.  My 20-year professional journey eventually resulted in the co-founding of numbercrunch, an outsourced finance solution to scaling startups, which is now in its 5th year of business.

What inspired you to start your business?

I had been working as an independent contractor providing virtual CFO services to small and medium-sized businesses and I recognized that most of my clients could benefit from much better bookkeeping.  Entrepreneurs all need better bookkeeping, reporting, and strategic guidance and that requires more than just a CFO and more than just a Bookkeeper.  A team-based solution is the goldilocks solution.

Where is your business based?

We are based in Canada’s National Capital – Ottawa, Ontario.  We have an office located in Canada’s Largest Technology Park. 

How did you start your business? What were the first steps you took?

I and my co-founder were already working as independent contractors when we had the idea to start numbercrunch.  The first thing we did was name the company.  It took five submissions to get the name approved.  Persistence was key.

What has been the most effective way of raising awareness for your business?

Our business was structured to be synergistic for banks and accounting firms. We receive referrals from both and because we pride ourselves in helping business owners our local reputation is strong.  But for the next five years, we expect to benefit from a strategic marketing focus to increase awareness outside of our geography. 

What have been your biggest challenges and how did you overcome them?

Our service business requires our owners to work in the business while also working on the business.  Client needs often get in the way of our ability to focus on our business.  

How do you stay focused?

Our company name has often kept me from drifting down different paths.  We keep coming back to the core of what we do, which is using numbers as our core driver to drive better financial performance for our clients.

How do you differentiate your business from the competition?

When we created the business, we were unique in the landscape.  Now there are more and more competitors hitting the market.  We continue to stay authentic to the expertise of our founders and stay focused on the needs of our clients.  We are not attempting to emulate anything different from who and what we are and we take great pride in meeting our own standards (which are often higher than our clients). 

What has been your most effective marketing strategy to grow your business?

We made a few strategic sponsorships that make us visible to the market.  This keeps us top of mind when needs arise.

What's your best piece of advice for aspiring and new entrepreneurs?

Create a financial forecast that lays out your plans and assumptions. And then measure against it.  We are only truly in competition with ourselves and if we stay focused along the journey we’ll eventually reach our goals. 

What's your favorite app, blog, and book? Why?

I consume a lot of youtube videos from a variety of sources.  Every morning I watch or listen to motivating content to start my day off well.  I love consuming business content and self-help content. It’s never done. there is always more…. 

What's your favorite business tool or resource? Why?

I don’t really have a favorite  - unless google counts.  I google often.

Who is your business role model? Why?

I have never really had one – but at the same time, I am inspired by many different people on a daily basis.  It just isn’t in my nature to aspire to be just like anyone else – and yet I have very common traits. 

What is your beauty routine? What are some of your favorite products?

I wash and blow dry my hair every day.  I like Clinique skincare and Smashbox makeup and I have gorgeous organic hair products that feel luxurious.  I enjoy fragrant body washes from Bath and Bodyworks.

How do you balance work and life?

I don’t.  I just focus on what matters to me and find if I am spending too much time in any one area that I’ll naturally feel the urge to shift focus.  I pair walks with talks.  I listen to podcasts while cleaning.  I get up early and get items done before others awaken.  I maximize conversation time with the kids going to and for sporting practices and games.  I take advantage of every spare minute in my day.

What’s your favorite way to decompress?

A glass of wine and Netflix. 

What do you have planned for the next six months?

Navigating through COVID-19, teaching more life-skills to my three sons, and running more.

How can our readers connect with you?

Connect on LinkedIn.  Just mention you read this blog. ☺