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!