myCFO

The owners of this business were tired and could see no light at the end of the tunnel. Even though they were working 60 to 70 hours per week that were still not seeing the rewards for their efforts. Cash flow was a constant battle and valuable time with the family was often sacrificed in order to try and keep their heads above water.

With myCFO this family has reclaimed family time and relieved the business owner of financial stress so that he can focus on the operational aspects of the business. Customer invoices are processed and sent out daily rather than in large batches at the end of each month. Delinquent payers are also followed as soon as trading terms are breached. In addition, profit margins have improved as a result of identifying efficiencies and key costs savings at critical times. As a result the cash flow of the business has improved significantly and the underlying profitability of the business is starting to match the investment.

Most importantly the owners of the business are working at least 10 hours less per week meaning that they are spending more time with the people that matter, their family.

The future plans for the owners are exciting as new opportunities are explored.

This business was paying approximately $130,000 per annum to internal staff and external consultants for little or no positive benefit to the business. There was no clear direction and as a result the business was lagging behind in a fast moving market.

With myCFO the Directors of the business now have a clear strategy and understand who is accountable. They have less people to manage and new ideas are being injected into the business on a ongoing basis. Regular and real-time reporting allows them to make fast decisions. They are now more innovative as a result of being able to focus on other areas of the business and having insights to support their fresh ideas. Oh – and they have reinvested the savings for increased growth.

In an ultra-competitive marketplace this business was struggling to get the rewards for their efforts. Whilst they had endeavoured to surround themselves with qualified advisors there was no collaboration between them and there was no framework to execute plans or hold people accountable. As a result many opportunities slipped by and money was left on the table.

With myCFO the Board has a more transparent view of the business operations and confidence in supporting new investment. The CEO is empowered by the real-time data and confident that the team are accountable to their KPIs. The improved model of financial management and planning has inspired innovation in risk management and other areas of the business.