Entrepreneur Magazine: August 2013: Sustainability Checklist

Entrepreneur Magazine: August 2013: Sustainability Checklist

by | Aug 20, 2013 | Archives

Q: How do I build a business that will last for decades? A: With very few exceptions, the answer to this question is the same for any small business, whether it’s looking to cash out in 50 months or 50 years. And it’s not really about costs; it’s about the structure of the business. Costs will flow naturally and efficiently out of a sound structure.   Many public companies operate shortsightedly, pumping up their quarterly numbers to boost their stock prices, with sometimes disastrous long-term results. A business with an owner who measures growth and progress in years, not months, is a much easier ship to steer. Follow this basic checklist to increase your chances of growing for years to come–assuming, of course, that people want the product you’re selling. Establish strong financial controls. Doing so produces solid information for decision-making and reduces the risk of theft and fraud. Put simply, until you know where every penny’s going, your business isn’t on sound footing. Minimize distractions. As a CFO, I’ve seen firsthand how an owner, freed from daily worries over cash flow, can successfully concentrate on the future–building relationships, developing new products and services and overseeing other big-picture issues. Hire trustworthy and smart people to handle the details. They’re worth it. Increase sales. Obvious? Yes, but never forget that a larger company is inherently less risky than a smaller one. Read...
B2B CFO Issues Call for Nominations for the “Smart 25 Awards™”

B2B CFO Issues Call for Nominations for the “Smart 25 Awards™”

by | Feb 14, 2013 | Archives

B2B CFO, the nation’s largest CFO services firm, is accepting nominations for the second annual “Smart 25 Awards” through March 8, 2013. The award program recognizes outstanding companies and individuals for driving smart business growth in one of the toughest economies. Honorees and finalists will be celebrated during the awards ceremony on April 26, 2013, at Studio 17 in Disney’s California Adventure Park, during B2B CFO’s annual National Partners Conference hosted by B2B CFO and Morgan Stanley Wealth Management. The Smart 25 Awards were launched to coincide with B2B CFO’s silver anniversary and recognize the critical components of best business practices that create jobs and improve the economy. Open to growth-oriented privately-held businesses with annual sales between $1 and $75 million in 2012 from around the United States. The awards honor companies and leaders for their significant accomplishments. Award categories include: * Three Year Gross Sales Average — Presented to companies that demonstrate strong sales growth over a period of three years 2010-2012. * Top Job Creators — Presented to companies that created the most jobs over a period of three years 2010-2012. * Best Working Capital — Presented to companies that demonstrate the healthiest growth in their working capital. * Smartest Idea of the Year – The smartest idea that propelled sales from zero in 2011 to an amount in 2012 “The Smart 25 Awards is our opportunity to celebrate and showcase private businesses and their accomplishments despite the economic downturn this country has seen,” said Jerry L. Mills, founder and CEO of B2B CFO. “These awards recognize the smartest business practices and provide a platform for national...
Koval Becomes Partner with B2B CFO®

Koval Becomes Partner with B2B CFO®

by | Feb 13, 2013 | Archives

B2B CFO, a firm serving entrepreneurial, growth and mid-market companies, expanded in central Pennsylvania with the addition of Steve Koval as partner. Koval joins B2B CFO after a 32-year corporate career in executive financial and IT Management he is the 30th B2B CFO Partner in Pennsylvania providing services to local business owners. Prior to joining B2B CFO, Koval served in several key senior financial and IT oriented positions at various organizations in both the public and private sectors. He has a background working with owners of many small and medium-sized businesses from $1 million to $140 million in sales. Koval’s previous experience includes telecommunications and cable TV, broadcasting and media, e-commerce and internet technology, retail and wholesale distribution, and banking and professional...
Evolution of the CFO

Evolution of the CFO

by | Jan 17, 2013 | Archives

Stereotype of number cruncher has moved on to become key player with tech-savvy acumen BY COLE EPLEY The chief financial officer has come a long way from being an organization’s chief bean counter to being i a diversified asset with intimate understanding of a company’s human resources, compensation and benefits structure and, increasingly, the technology that ties it all together. A November 2011 survey by Robert Half Management Resources found that 44 percent of CFO respondents reported they had become more involved in technology related decisions, thanks especially to information technology and company finances becoming more closely entwined. “Generally, the old stereotype of the accountant was that it was a green eyeshade wearing number cruncher that was more of a gatekeeper or a tracker of historical information,” says Dan DeNisco, a senior vice president at Robert Half. “That is certainly not the case today” Perhaps now more than ever, DeNisco says clients are looking to do more with less. And as companies continue to evolve, so does the CFO. The post-financial crisis in banking and finance and health care reform have created as many opportunities as they have obstacles for success within the sectors, and a CFO with acumen can make all the difference. Joe Fracchia, a partner in the Memphis office of executive recruiter Vaco, says ever-changing regulatory matters are contributing to the new shape of organizations’ top financial executives. “These executives are having to get more involved in compliance matters, both from an operations standpoint as well as a public relations standpoint,” he says. “CFOs have to be more involved in those discussions about how much risk...
The Shifting & Expanding Roles of CFOs

The Shifting & Expanding Roles of CFOs

by | Nov 9, 2012 | Archives

Once, chief financial officers were the bean counters, the math whizzes with calculators who churned out periodic financial statements to show a business’s bottom line was healthy. Then came the recession, and all that changed. Banks and other lenders put a tighter grip on their purse strings. Vendors, worried about their own bottom lines, no longer were willing to wait so long for payments for their goods and services. CFOs suddenly saw their roles evolving. Yes, they’re still counting the beans and putting out the financial statements, but they’re also playing important roles in charting business strategy. They’re spending more time outside the office maintaining relationships with banks, lenders, vendors and government regulators. When it comes to business today, it’s all about “show me the money,” said Jerry Mills, founder and CEO of Phoenix-based B2B CFO, which offers the services of more than 210 CFO partners to more than 900 business clients nationwide. “Businesses have to be more proactive in giving these entities information about their projected cash flow,” Mills said. “These entities don’t want to just know what a company’s financial situation is right now; they want to know what it’s going to look like six months and 12 months from now. The CFO’s role has changed from being important to critical. They have to predict the future. The CFO has to look at all possible risks.” Even though things are starting to look up after the recession, business owners remain very cautious about how they’re spending and investing their dollars. They’re worried about how future taxes and government regulations will affect their cash flow, and they know...