Service Companies Client Stories:
Growth is the goal of most small businesses, and that growth can mean a more complicated financial plan than merely looking at the numbers month by month. When a company that served as a sales arm for restaurant equipment expanded to include distribution several years ago, the owner/CEO realized that making the transition from a business based strictly on commission to one that had to monitor inventory, budgets, and cash flow was vitally important for the business' stability and growth potential. "At the same time," he notes, "we had a change in personnel. The internal change helped us look at the changes we needed overall." After consulting with the bank, he called Focus.
"Initially, we had the 'honeymoon' phase, while our Focus CFO was figuring out what we do," he recalls. "When he first got here, he digested the numbers and flowcharted the whole company-it was several months of getting up to speed."
"Now, he has the history and knows the numbers better than we do. We consider him to be part of our management team, and a valuable resource as we get into different areas that aren't our expertise."
One of those areas is the recent acquisition of another company, with another acquisition pending. The CFO has been instrumental in compiling and analyzing the data, helping construct "what-if" scenarios and the gains versus risk that comes with expanding to include new services and personnel. He is also key in planning a building expansion, as well as setting long-term budgets and goals.
Knowing that a Focus CFO is on board is an asset to the company as a whole. "He gives the accounting department the confidence that they're doing the job right. It gives the company a whole different look and feel-we brought the end of the month bookkeeping in-house, so we can be right on top of it, rather than getting quarterly reviews."
"We like the expertise and value we get out of our relationship," the owner concludes. "We don't need a full time person, so it's a perfect fit. It's done exactly what we wanted it to do, and is helping us stay on top of a dynamic marketplace."