Financial Foundations for Team Growth: What Every Business Owner Needs to Know

Is your business ready for your next hire?

As business owners, we often focus on revenue growth, sales strategies, and marketing plans—but there’s an equally important foundation that’s frequently overlooked: your financial readiness for team expansion.

After 14 years of helping business owners build high-performing teams, I’ve seen one pattern emerge time and again: hiring without financial clarity leads to stress, resentment, and sometimes even business failure.

That’s why I invited financial expert Lisa Turner, founder of Accounted For You, to join me on the Big Dreams Great Teams podcast. Lisa has 20 years of experience in finance and accounting and specialises in making numbers feel simple for business owners.

Financial Warning Signs and the True Cost of Hiring

Before you post that job advertisement or sign a contract with your next team member, Lisa suggests watching for critical red flags in your business finances.

“If you find yourself checking your bank balance before making decisions, this is a red flag,” Lisa warns. Many business owners fall into this trap, looking at what’s available in their account without considering upcoming tax obligations, superannuation payments, or necessary business investments.

Another warning sign is when you’re seeing strong sales but wondering where the money went. This disconnect between revenue and available funds often indicates that what you’re selling isn’t profitable enough to support team growth, or your invoicing and payment collection systems need attention. Both issues need resolving before you can confidently expand your team.

One of the most valuable insights Lisa shared was about calculating the real financial commitment of a new hire. It’s not just the hourly rate you need to consider, but also superannuation, insurance and workers’ compensation, initial training time (where productivity may be lower), legal contracts and compliance requirements, plus equipment and workspace needs.

“Often business owners get the pressure in growth and hire too fast,” Lisa explained. “They don’t look at the financials and work out if now is the right time or what other things they need to have in place.”

The Financial System That Transformed My Business

During our conversation, Lisa and I discovered we both use a similar financial management approach that has transformed our hiring confidence.

Instead of operating from a single business account, Lisa recommends a minimum of two accounts: an operating account for regular income and expenses, and a dedicated savings account for taxes, profit, and major investments. I personally use three accounts—adding a separate profit account that has been game-changing for my business decisions.

“It makes such a huge mindset shift because it takes that stress off you,” Lisa shared. “You’ll be surprised how empowering it is when the [tax] bill is due and you go ‘done, paid, I have nailed it.'”

If you’re considering team growth, Lisa also recommends regularly reviewing three key financial reports: your Profit and Loss Statement showing your overall business health, your BAS Report to keep your finger on the pulse of tax obligations, and your Accounts Receivable Report tracking outstanding payments due to you. Understanding these reports gives you the clarity needed to make confident hiring decisions instead of reactionary ones based on feeling busy or overwhelmed.

Moving From Financial Fear to Confident Team Growth

One theme that emerged throughout our conversation was how many business owners experience shame or avoidance around their finances.

“People might not want to talk about it, so I thought I would share some common [attitudes] so people know it’s not just them,” Lisa noted. These include overwhelm and avoidance (thinking that because you’re running a business, you should automatically know all about finances), fear of judgment (worrying about being seen as unsuccessful or not clever enough with numbers), and hesitancy to outsource (being uncertain about what financial aspects you can delegate).

The good news? These feelings are incredibly common and can be overcome with the right support and systems.

After speaking with Lisa, here are the three most important financial habits I believe every business owner should develop before expanding their team:

1. Plan for cash flow and tax obligations by saving money aside regularly
2. Regularly review your financial reports and understand what they’re telling you
3. Consider outsourcing your bookkeeping even if you can do it yourself—your time is better spent on strategic growth

Ready to Build Your Financial Foundation for Team Growth?

If you’re feeling inspired to get your finances in order before your next hire, I’d recommend starting with Lisa’s advice about setting up those separate bank accounts. This simple step can dramatically change how you view and manage your business finances.

For those ready to dive deeper into strategic team building, my Strategic Clarity Session provides focused guidance on aligning your team structure with your financial reality and business goals.

Remember, the goal isn’t just growing your team—it’s growing a sustainable, profitable business where both you and your team can thrive.

Want to hear my full conversation with Lisa Turner? Listen to the episode “Financial Foundations for Smart Team Growth: Essential Money Moves for Scaling with Lisa Turner” on the Big Dreams Great Teams podcast.

About the Author: Paula Maidens is a CEO & Team Advisor, Hiring Strategist, and Leadership Coach who helps business owners build high-performing teams. Through her Premium Advisory Program, Strategic Leadership Circle, and Strategic Clarity Sessions, Paula provides business owners with the frameworks, knowledge and confidence to be the strategic, effective leaders their business needs.