The CFO'S Perspective

How Do I Choose the Right Bank for My Company?

For many owners of growing companies, the choice of a bank is a crucial decision.  A solid relationship with a bank can make or break a company.  Banks provide relatively cheap capital to fund expansion as well as the everyday transactional and payment services that enable everyday operations. 

A poor relationship with your bank can hinder growth plans and even put you out of business.  Still, many business owners simply stumble into doing business with a bank because of convenience or with the mistaken assumption that all banks are all the same.  A wise business owner puts effort into developing and maintaining a relationship with their bank, just like they do with key customers and suppliers, to ensure their long term success. 

Topics: Finance Resources Financing

How to Identify and Avoid Obsolete Inventory

Whether you are in retail, the supply chain, or are a manufacturer you have inventory. Ensuring that your inventory is “fresh” is a key to achieving profitability. Obsolete inventory can adversely impact your bottom line.  Today we are discussing how to analyze the various inventory phases to eliminate or reduce your obsolete inventory.

Topics: Inventory Management

How a CFO can Increase the Long-Term Value of a Company

For business owners and executives working toward an exit from their company, a CFO who is skilled in the entire lifecycle of a business transaction is invaluable. An experienced CFO will take the steps needed to increase the value of the company. By focusing on the drivers that increase value today, the business will become worth more to a buyer in the long-run. As a result, the owners will be able to exit with more profits than those who take a short term or last-minute approach.

Topics: CFO CFO Responsibilities

What Really Matters to Improve Employee Retention

With current unemployment rates remaining at historical lows, businesses around the Northwest say their number one challenge is finding and retaining employees. For a business with an existing team, it is vital for them to retain their employees and increase engagement.

Not only are the costs of finding, hiring, and training new employees (if you can find them) high, a team of passionate employees often leads job seekers to your company. Investing in the happiness of your existing team will generate a big return on your investment.

Topics: Hiring HR Leadership

When an Accountant is Not Enough (is it Time to Hire a CFO?)

If you're a business owner or CEO, you need some kind of financial guidance. Maybe you create addicting video games for smartphones, run a local real estate agency, or are a health services provider. No matter what your trade involves, being in business can be a challenge.

But unless you run a CPA firm, you probably didn't go into business to stare at numbers and comply with financial regulations. These are often perceived as a pain, but they are a necessary piece of any successful endeavor. Hopefully, you already have some help in this regard.

Unfortunately, hiring financial help is often either an afterthought or a hastily made decision, and you don't get the guidance you need and deserve. Even worse, your business meanders down the wrong path and ends up being just another scary statistic.

A successful business needs not only financial assistance but also guidance that is effective. On the one hand, you might just have the wrong accountant in your corner, but there's also a chance that your company needs something more.

Topics: CFO Hiring