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FocusCFO Supports Over $100M PPP Loans and Pro Bono Services Provided to Over 70 Companies & Individuals

FocusCFO Supports Over $100M PPP Loans and Pro Bono Services Provided to Over 70 Companies & Individuals

Columbus, OH − May 28, 2020 − FocusCFO announced today they have helped their clients and others with over $100 million in Paycheck Protection Program (PPP) and other CARES Act loans since the beginning of the COVID-19 crisis. Businesses receiving loans were both for-profit and non-profit organizations, all with less than 500 employees. Applications were processed by over two dozen banks in Ohio, Michigan, Pennsylvania and Kentucky.

“We are always passionate about helping business owners, but even more as they began to navigate early stages of the pandemic,” said Brad Martyn, Founder of FocusCFO. “The PPP loans were critical for employers to have some financial cushion and peace of mind so they could sustain their businesses while managing the impact of COVID-19. The application and subsequent forgiveness process have been confusing and chaotic. Nonetheless, we found it rewarding to help our clients with the vital funding and their on-going cash flow planning.”

In addition, as part of their commitment to supporting small business in the communities where they operate, FocusCFO provided pro-bono services to over 70 companies and individuals hit especially hard by pandemic closures and regulations. These complimentary services involved PPP applications, cash flow forecasting and stress modeling.

“Hundreds of hours of pro bono services have been provided and we’re really proud of that,” said David Bourke, Director of Client Services. “The small business community has been hit hard by the pandemic and we’re doing what we can to support as many as we can.”

In addition to pro bono services, FocusCFO provides complimentary resources and cash flow tools to help business owners through their website.

“Especially during business interruptions like the pandemic, the ability to access cash and understand cash flow becomes critical to every business and can determine whether a business survives,” said Martyn. “Our CFO’s are very skilled at forecasting and managing cash flow, and identifying and correcting risk. We look forward to helping our clients through the remainder of this business uncertainty so they will come out of it stronger than before.”

About FocusCFO:

Founded in 2001, FocusCFO is the leading onsite fractional CFO services provider in the Midwest, with more than 90 CFOs and Area Presidents serving clients throughout Ohio, Michigan, Pennsylvania, Kentucky, Indiana and West Virginia.

FocusCFO works closely with small to medium sized businesses, helping business owners gain control over three key financial and operational areas: increasing cash flow, reducing business risk, and creating a platform for scalable growth. This allows business owners to then realize full financial control and increased value in their businesses. FocusCFO provides CFO Services on a fractional basis, meaning clients get all the advantages of a full-time, highly experienced CFO under terms that are flexible, affordable and within each client’s budget. What really sets FocusCFO apart is their CFOs are highly experienced and work exclusively onsite at the client’s office under a recurring schedule. Typically, engagements range from two days a month to several days per week, and many clients are in the $2 to 6 million revenue range when they initially engage with FocusCFO.

For more information, visit www.focuscfo.com or follow us on LinkedIn.

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Never Let a Good Crisis Go to Waste

Never Let a Good Crisis Go to Waste

Winston Churchill knew a thing or two about crisis. He served as Britain’s Prime Minister during World War II and convinced an entire nation to fight against a Nazi occupation, knowing that to do so would mean sacrifice, loss and a new and miserable normal for Britain’s people.

Churchill is credited with saying “Never let a good crisis go to waste” in the mid-1940s as the world approached the end of WW ll. It is said that Churchill was referring to Yalta and the alliance forged between himself, Stalin and Roosevelt, an unlikely trio that would lead to the formation of the United Nations, creating opportunities in the midst of a crisis.

What is inspiring about Churchill’s quote is that it causes you to look for a silver lining during a crisis and to seek opportunities where they might not have been before.

How can business owners find a silver lining from this crisis? Brian Meewes, CFO-COO of OODA Health says industry has had a long stretch of “growth-at-all-costs,” where financial discipline may have been less critical, but challenges all businesses to now get their financial house in order.

“That stretch is officially over, and in this challenging time, CFOs have an incredible opportunity,” he said. “If you don’t think there’s an opportunity to completely transform the financial health of your business, and exit this situation far better off, you’re probably missing something. Keep looking!”

Here are some areas FocusCFO recommends you look at, to assure your business comes out of the pandemic stronger than before:

Know Your Numbers

Now more than ever, there should be an urgency to know your numbers. A rolling 13-week cash flow forecast will give you the insight that you need to see what’s coming ahead and to understand when there might be a cash flow shortfall. What we hear from new FocusCFO clients after the rolling forecast has been created for them is “I don’t ever want to live without one again”. There is no better time than during a crisis to put into place this powerful tool for knowing your numbers and having control over your decisions.

Know Your Expenses

When was the last time you did a comprehensive review of your expenses? From your rolling cash flow forecast, you will now have insight on your expenses, giving you a chance to look at each with fresh eyes. If you have contracts for supplies or services, can you negotiate better prices or terms? A crisis, it is said, brings everyone back to the negotiating table. Look at your agreements and see if there is room to gain increased margin if you pay in 25 days? Contact your suppliers and see what is most important to them. Have you had a supplier that you’ve been less than happy with, but there hasn’t been a good time to find another? Now is the time.

Know your Revenue

The rolling forecast will also give you great insight to your revenue sources because it tracks trends, payment issues and vulnerability. If your business is curtailed or shut down completely, will those revenues return when you reopen, or are they gone forever? If you’ve operated fully during the pandemic, has there been impact to a previously steady revenue source? Do you need to look for an alternative? Everyone has seen the news coverage of closed businesses that transformed themselves to help with PPE manufacturing. A distillery starts making hand sanitizer. A dental company starts making swabs. The crisis provides the motivation to take a hard look at income, profitability and growth.

Know Your People

For business owners, this may be the most difficult deep dive that they do. When it comes to people, we tend to be more subjective than objective, and it often is very personal. Certainly, the most important task is to make sure everyone is healthy, both physically and mentally, and can work safely. After your most important assets are protected, it is the time to take a hard look at each associate and decide if they are in the right seat, aligned with their skill set. If not, make those adjustments now Is everyone rowing hard and in the same direction or do you have someone on your team that just messes with the mojo of the entire firm? While making changes during a crisis might not make sense due to continuity and team morale, there is really never a good time and a crisis provides an opportunity for a reduction in your work force.

Find Your Silver Lining

Churchill also said “difficulties mastered are opportunities won.” Yes, this is a difficult time for business owners and we don’t yet know when the pandemic crisis will be over with. If you have bandwidth to look for your silver lining, you should use it. Many companies will come out of this stronger than before, ready to compete and grow at a pace that was previously unattainable.
At FocusCFO, we’re bullish on American enterprise and will help you find your silver lining. Let’s not let this crisis go to waste.

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Being Comfortable with Being Uncomfortable

Being Comfortable with Being Uncomfortable

by Sharon Magee

Twelve months ago, I was asked to participate in the Sandler Sales Training program. My employer, FocusCFO, provides Sandler training for all business development associates and since I’m the marketing maven, it made sense for me to know and understand the ideology and terminology too. I really didn’t know what to expect but jumped in, ready to learn. The program started with a two-day boot camp, followed by 12 months of weekly 1.5-hour sessions. You can easily put in an additional 1.5 hours /week on review, online content and exercises if you want to, which I often did.

Just shut up and listen.

As a marketing professional, what I found most interesting were the psychological and behavioral elements of the course. How and why people make decisions and the importance of always understanding where the other person is coming from. The only way to learn what motivates others, or what problems they are experiencing (pain), or what challenges you can help them with (opportunity), is to ask them.

Just ask them, and then shut up and just listen. What a novel notion! Selling can be very noble if you really care about others. Ask questions, listen, and see if you can help them.

You’re Always a 10

And here’s the good part, you’re always a 10! You’re born a 10, you die a 10 and you remain a 10 throughout your life. Your R score should not impact your I score. Ever. So, if you are having a bad day, or if you’ve just performed badly, or missed an opportunity, that should not impact how you think about your Identity and your value which remains a constant 10. Pretty cool, huh?

Sandler also taught that on average, people will perform in their roles only in a manner that is consistent with how they view themselves conceptually. So, keeping your I high will help you perform your Roles better.

Get Comfortable with Being Uncomfortable

My third and final biggest takeaway caught me totally off-guard and has become a personal and professional mantra since I heard it. Get comfortable with being uncomfortable. Of course, in the Sandler course, this applies mostly to the strategies and tactics of talking to people about their problems and pain, which can be pretty uncomfortable at times. But it can also apply to how you approach your own personal and professional challenges.

Pushing ourselves to operate outside of our comfort zone not only exercises our tenacity muscle but it builds confidence, strength and hardiness. It makes us more curious. Moreover, it likely makes you more empathetic to others who are just trying to grow their company, be a good employer, employee, friend, parent or spouse.

I’d like to thank Tom Thon, Mike Jones, Jordan Mullet, Ken Guest and all the coaches at The Ruby Group. It’s been a great year of self-exploration, camaraderie and super interesting content and sales strategies. You have demonstrated over and over your care and concern for your clients and your desire to help us be better business development professionals. Also, many thanks to FocusCFO’s Founder Brad Martyn, for giving me this opportunity for professional and personal growth.

 

Keep your I’s high, people. Listen more. And here’s to living outside your comfort zone.

 

Sharon is the Director of Marketing at FocusCFO based out of Columbus, OH.

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Samantha Hurst Welcome

Welcome Samantha Hurst

Welcome to the Team!


Samantha (Sam) Hurst has over 10 years of experience in operations, administrative support and recruitment, primarily in the home health industry. A proven professional with an extreme sense of thoroughness and attention to detail to accomplish large and small projects concurrently. This has served her well in all aspects of process creation and improvement. Her attention to detail allows her to identify and source top talent while providing candidate support through the organization’s discovery process.

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