This month, we continue to profile the work that John Lafferty has done to refocus and maintain the financial stability of various companies. As you read through these profiles, ask yourself, “Does this sound like an issue that my business is having”?
Week 4 – Specializing in Specialties
Company Type: Specialty Products
The Situation: A specialty products company was undergoing rapid growth, and in the midst of this, some management processes suffered; inventory was rapidly building, reducing inventory turns, and tying up cash—causing financial distress.
What happens when a company has trouble projecting their sales and margins, thereby putting a strain on finances? How are they supposed to deal with managing the finances of the company during the blur of rapid growth?
The John Lafferty Solution
Enter hands-on professional, interim Chief Financial Officer (more commonly referred to as CFO) John Lafferty. Under his guidance and strong recommendations, he managed to help the company reassess their “future sales levels so it could anticipate the necessary level of outside financing.”
The CFO-Pro Solution: Using his clear, well-honed talents of assessment, he was able to not only recommend an executive search for a general manager to help smooth out the day-to-day operations, but also to keep the company focused on sales and expenditures. The general manager they found then helped the company land a bank line of credit that dramatically stabilized their finances as they grew.
Struggles with inventory and profit, while simultaneously dealing with rapid growth, is a situation that could easily leave you feeling helpless; what do you deal with first? What issue do you focus on? You need to have the right financial guidance to give you peace of mind and help alleviate some of the stress of a difficult and multi-faceted situation. Contact John Lafferty at 630-269-7646 or JLafferty@CFO-Pro.com today!
Usually, we start the month with a series of posts that help businesses stay on track for financial growth. This month, we are profiling the work that John Lafferty has done to refocus and maintain the financial stability of various companies. As you read the profiles this month, ask yourself, “does this sound like a issue that my business is having”?
Place: Salt Lake City, Utah
Company Type: Real Estate Broker
The Situation: A company finds itself in the enviable position of rapid growth — but with the unenviable and daunting situation of being ill prepared to manage an unexpectedly large increase in working capital needs.
The question on every one’s lips is, when a company finds itself in this position, how is it to conduct itself in order to make the most of its sudden opportunity? How do they handle the very real challenge of avoiding mismanagement, with the possibility of losing out on a real opportunity of growth?
The John Lafferty Solution
Enter hands-on professional, interim Chief Financial Officer (more commonly referred to as CFO) John Lafferty. Using his keen insight and business sense, he uses his financial prowess to aid the rapidly growing company in the development and implementation of a guide tailored to their needs.
The CFO-Pro Solution: He proceeds to assist in creating a sustainable plan covering everything from tracking cash flow to recreating their financial reporting format, highlighting where and how they can achieve their goals — “to double their number of agents within a tight time frame” — without the use of outside funds. Mr. Lafferty provided their company with the invaluable tools needed to capitalize on their opportunity and make their time of growth a smooth moment in their business’ history.
Rapid growth is a gift and a curse. You need to have the right financial guidance in place to ensure that growth does not become your demise. Contact John Lafferty at 630-269-7646 orJLafferty@CFO-Pro.com today!