In an exclusive interview with CanadianSME Small Business Magazine, Carleen Dehaney, Founder of FXO Consulting and a WXN Top 100 leader, shares her mission to humanize financial literacy and bridge the CFO gap for entrepreneurs and nonprofits. With over 20 years of experience in Canada and internationally, Carleen has dedicated her career to helping businesses maximize profits, manage cash flow, and build sustainable financial strategies. As a board director for Startup Canada and a passionate advocate for financial empowerment, she discusses common financial blind spots, the importance of accessible financial education, and how small businesses can leverage smart financial strategies to scale successfully.
Carleen Dehaney is the visionary Founder of FXO Consulting driven to humanize financial literacy and create greater impact with income for both knowledge based service businesses and non profit organizations.
With over 20+ years of experience spanning both Canadian and international landscapes, Carleen is passionate about elevating entrepreneurs and executives to achieve their financial goals.
As a WXN Top 100 leader, an active public speaker, published author and Board Director for Startup Canada, Carleen is passionate about shaping the Canadian entrepreneurial ecosystem.
Connect with her on LinkedIn to hear her perspectives on financial literacy, profit maximization, cash flow management and building businesses and organizations that last.
You’ve mentioned “The CFO Gap” as a key focus area. Can you elaborate on when entrepreneurs typically need more than bookkeeping but aren’t ready for a full-time CFO and how FXO Consulting bridges this gap?
Most people think of a Chief Financial Officer (CFO) as a full-time executive in a large corporation, stewarding the department and driving strategy. But startups and scaleups could also benefit from CFO-level financial strategy. That’s the CFO Gap—where startups or scaleups have outgrown bookkeeping, but aren’t yet ready for a full-time CFO.
At FXO Consulting, I do more than balance the books — I bridge that CFO gap and help businesses navigate profitability, cash flow, and long-term sustainability. I help them thrive, not just survive.
Another gap is financial literacy because Finance can feel like a puzzle for founders without a financial background. Traditional CFOs often speak in unrelatable terms, making it harder for startups to engage. Breaking down complex financial concepts into plain language helps founders take ownership of their financial strategy. My humanized approach means translating financial insights into real-world strategies that align with a founder’s goals, risk tolerance, and ambitions.
Financial literacy is often seen as a barrier for small business owners. How does FXO Consulting’s approach to “humanizing finance” empower entrepreneurs and drive business growth?
I recognize that behind every business is a founder with a vision — not just data and spreadsheets. Every business is driven by passionate people with distinct dreams and challenges. Financial literacy shouldn’t stand in the way — it should be the tool that powers their growth. That’s why I simplify complex financial concepts, turning them into clear, actionable insights and to empower confident, strategic decisions.
Entrepreneurs turn to FXO Consulting when they:
- Feel growth is unpredictable – Scaling without a financial roadmap leads to cash flow headaches and missed opportunities.
- Face big decisions – Hiring, pricing, funding—financial clarity leads to smarter choices.
- Need insights beyond bookkeeping – Strategy isn’t just tracking numbers; it’s using them to drive success.
- Want confidence in their financial decisions – No more second-guessing. I make the numbers clear so they can lead with certainty.
Many businesses treat financial strategy as an afterthought. What are some common financial blind spots you’ve observed that can stunt business growth, and how can entrepreneurs proactively address them?
One of the biggest blind spots entrepreneurs face is misunderstanding profitability. I encourage clients to think of profitability as the fuel that keeps your business running, growing, and resilient.
Entrepreneurs can tackle this by:
- Assessing their business model – Is it built for sustainable profit or just revenue growth?
- Getting clear on their numbers – What drives profit, and where is money slipping through the cracks?
- Looking beyond cash flow symptoms – Cash flow issues often signal deeper profitability challenges, not just timing mismatches.
Smart financial strategy isn’t just about keeping the lights on—it’s about building a business that lasts. Getting expert financial guidance helps uncover hidden challenges and equips founders to make informed, growth-driven decisions before problems arise.
As a WXN Top 100 Most Powerful Woman in Canada and a board member of Startup Canada, what’s your vision for the future of financial empowerment for small and medium-sized businesses in Canada?
My vision for financial empowerment in Canada is built on access, education, and inclusion—ensuring every entrepreneur has the knowledge and support to thrive.
- Financial strategy at every stage. From startup to scaleup, founders need access to smart financial insights. One-size-fits-all doesn’t work. Support should meet entrepreneurs where they are.
- Leveraging technology for accessibility. Digital tools and AI make financial education scalable and affordable.
- Championing more women in finance. Representation drives diverse, inclusive decision-making.
- Breaking geographical barriers. Every entrepreneur, regardless of location, deserves expert financial guidance.
By breaking these barriers, we’re not just improving financial literacy—we’re fueling new opportunities, innovation, and sustainable economies.
Building a successful consulting business comes with its challenges. Can you share some significant hurdles or obstacles you faced during your entrepreneurial journey with FXO Consulting, and how did you overcome them?
One of my biggest challenges was stepping out of my corporate comfort zone and into entrepreneurship. Corporate life offered structure, resources, and a defined role. As an entrepreneur, I had to handle everything—from sales to marketing to operations—often outside my expertise.
The shift in structure also required a shift in mindset. In corporate, I was valued for my expertise; in entrepreneurship, I had to sell that expertise and prove my value differently. No playbook. No guaranteed paycheck. Just determination. I focused on:
- Building my personal brand. Credibility and visibility is key to attracting the right clients.
- Changing my risk tolerance. I stopped waiting for the “perfect plan,” and took action — iterating along the way.
- Embracing sales & business development. I got comfortable promoting my expertise, networking, and creating opportunities.
- Creating a support ecosystem. Mentors, peers, and entrepreneurial communities helped me navigate the highs and lows.
As we celebrate Black History Month, what message or advice would you like to share with Black entrepreneurs looking to establish or grow their businesses in Canada?
It’s OK to be a trailblazer. You may not see many entrepreneurs who look like you doing what you do, but that doesn’t mean you don’t belong. Your presence, your ideas, and your vision matter. My advice:
- Leverage your community. Canada’s entrepreneurial ecosystem is full of mentors, investors, and networks eager to support you. Seek out accelerators and funding initiatives focused on underrepresented founders.
- Own your story. Your perspective, resilience, and lived experiences are your strengths. They shape how you build, lead, and create impact. Don’t shy away —lean into it.
- Know your numbers. I’m biased on this one, but financial literacy is a competitive advantage. Understand your cash flow, profitability, and funding options to position yourself for long-term success.
- Integrate technology. Use tech to scale, optimize, and compete. Whether automating tasks, leveraging AI, or making data-driven decisions, tech levels the playing field. If you’re not tech-savvy, surround yourself with people who are.
- Stay the course. Entrepreneurship has challenges, and being a Black entrepreneur can mean additional barriers. Resilience, adaptability and confidence in your vision is key.
