The CFO'S Perspective

Why A Business Change of Ownership Needs CFO Services

At CFO Selections, we work with many types of companies, from the large and complex to those more straightforward and easier to understand. They have vastly different finance and accounting structures. One size or type certainly does not fit all.

Topics: Planning Change Management

Moving Beyond a Cost Reduction Strategy

Expense reduction services and cost reduction consultants have been extremely busy over the last year as organizations scrambled to overcome pandemic-related barriers and an overall downturn in the economy. Many companies that had been thriving before the pandemic saw their future success threatened and quickly froze their spending on everything from marketing to R&D. Others took a more measured approach, tightening spending across the board instead of cutting any areas altogether. And while their intentions were good, many businesses missed the mark when it came to executing cost containment strategies.

The reason too many cost reduction approaches fail is because they are predicated on the wrong assumptions. The assumption is that reducing costs will improve cash flow to allow struggling or compromised companies the breathing room needed to stay in business.

Topics: Finance Cash Flow Expenses Strategy

Lessons Learned as an Outside Director for an Early-Stage Startup

Admittedly, I am a sucker for entrepreneurs. I love working with people who are passionate about starting their own venture to bring their new and innovative products and services to market. It is the primary reason I started my own business and worked as an outsourced CFO for over 30 years.

In this passion, I served as a board member for the Northwest Entrepreneurship Association and was involved with several angel groups. I believe the spirit of entrepreneurship and the willingness to take risks are the primary drivers of our U.S. economy.

Topics: Leadership Start-up

Increase Profitability through Back Office Improvements

Back office operations are not always glamorous, but they are some of the most important daily functions for a company. Back office areas like IT, accounting, finance, HR, compliance, legal, and administrative activities work behind the scenes, making up the backbone of a company’s brand promise. Despite being non-customer-facing, the back office portion of an organization is every bit as important as the front office (which is made up of departments like sales, marketing, and customer support).

As such, investing in improving your company’s back office can result in both internal and external wins. Internally back office improvements can increase employee retention and enhance the workplace culture, while externally these improvements can boost profitability and revenue.

But with so many areas falling under the back office umbrella, uniting them under a single set of improvement initiatives is a difficult premise.

Topics: Planning Financial Process Automation

How Can a CFO Improve Your Hiring Strategy?

Knowing when to hire employees and how much to pay them can make or break a hiring strategy. However, this is not the entire picture. Benefits are just as important to your strategic hiring plan. In light of the growing number of people leaving their jobs in recent months, which has been dubbed The Great Resignation, understanding this concept has never been more important than it is these days.

Topics: Recruiting Planning CFO Responsibilities