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 3 – Keeping On Point–Online
Place: Around the World (international business)
Company Type: Web-based Venture
The Situation: One of the first companies to make successful use of the explosion of the internet was, despite their solid marketing and massive initial success, having difficulty in managing their cash flow and meeting consumer demand. Instead, they were dealing with a high cash burn and an inability to remain objective when faced with directing their company.
What happens when a company can no longer keep objectivity at the forefront of their business? What is the first step to remedying this lack before it disturbs the management and operations?
The John Lafferty Solution
Enter hands-on professional, interim Chief Financial Officer (more commonly referred to as CFO) John Lafferty. Putting his strong directional style and leadership qualities to use, he applied his business savvy to serve as an interface between this web-based business, and audit and venture capital firms.
The CFO-Pro Solution: Acting in his role as financial mentor, Mr. Lafferty helped to provide “the objectivity necessary to obtain a new round of venture capital funding.” He also streamlined the tracking of cash flow by directing the financial reporting and realigning the delegation of duties and reporting within the company. The refocused company was so successful in fact, that shortly afterward; a larger competitor purchased it for a handsome sum exceeding $100 million.
Confusion over the direction of your business and keeping it successfully on track can create much tension. You need to have the right financial guidance to give your business solid direction and ease the tension. With the knowledge that help is but a phone call away, your success can be assured and sustained. Contact John Lafferty at 630-269-7646 or JLafferty@CFO-Pro.com today!