The CFO'S Perspective

Becky Todd

Becky Todd

Becky Todd, Western Washington Practice Manager, CFO Selections Becky is an experienced financial leader with over 20 years of experience in industries that include nonprofits, aviation, software, and retail. She has extensive expertise helping small to mid-size companies and organizations gain control over their accounting/finance operations and apply their financial assets to support the accomplishment of key organizational objectives. As the Western Washington Practice Manager for CFO Selections, Becky ensures the alignment of the right CFO consultant to client organizations. Becky holds a Bachelor of Arts in Business Administration (Accounting) from the University of Washington. Becky can be reached at btodd@cfoselections.com.

Recent Posts by Becky Todd:

How to Close a Business Successfully

I have not failed. I've just found 10,000 ways that won't work.
- Thomas A. Edison

For whatever reason, you've determined that it's time to close the doors and walk away from your business. Shutting down your business may be the hardest thing you'll ever do, but it's not uncommon. In fact, 90 percent of start-ups and early-stage companies close each year in the U.S.

If it's any consolation, most successful entrepreneurs have failed previously at some venture - or several. Walt Disney was reportedly fired by a newspaper editor for having no imagination and lacking good ideas.

Currently the world's richest businessman, Jeff Bezos had several failed ideas before Amazon took off. Most notably, his auction business called zShops never gained any traction. It's important to realize that it's okay to stop pursuing an enterprise that isn't working and start doing something else.

Closing a business, however, involves more than just shutting the doors and walking away. If you do this, you could open yourself up to unnecessary fees, loss of personal and business reputation, and even lawsuits. When making decisions about closing a business,  visibility to see issues coming is vital. Good financial advice is a great place to start.

Topics: Planning Forecasting Budgeting

When & Why to Hire the Right CFO for a Non-Profit Organization

Why do we need a CFO?

The right CFO in place will optimize the returns of your organization’s activities by carefully managing all aspects of your finances.

The CFO role is strategic by nature, creating budgets, analyzing financial statements, and strategically interpreting the data. They provide an active partner to the Executive Director (ED) and bring a forward-looking and proactive stance to managing the organization’s finances.

Whether an organization begins to spiral downward or have high-speed growth, a CFO might be needed to help you respond when decisions are required in a quickly changing financial landscape.

When an Executive Director becomes burdened with too many hats, it limits opportunities.  With a CFO in place, an Executive Director can feel empowered because they have a financial executive who knows how to solve problems and run the organization financially.

The right CFO will bring clarity when you lack detailed financial analysis that is critical to making sound business decisions.

Topics: Non Profit Organizations Hiring Staffing CFO