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Columbus Business First’s Fastest Growing Companies

Columbus Business First’s Fastest Growing Companies

2021 Fast 50 List includes 7 FocusCFO Clients

Congratulations to FocusCFO clients Earthly, Luke’s Auto, JT Bates Group, Ohio Power Tool, Steward Construction Services, Arlington Urgent Care and Leading Edje for making the Columbus Business First’s Fast 50 List 2021. We’re honored to walk alongside you! Congrats to all of Columbus’ fastest-growing companies.

BBI Logistics 
Signature Closers LLC
Davenport Aviation Inc
Earthly Wellness 
Clarus R+D
Lower
Summit Technologies 
Restoration LLC 
Lifetime Quality Roofing and Storm 
Pearl Interactive Network 
Foxen
First Ohio Home Finance Inc
Reliant Capital Solutions LLC
Agility Partners 
Richardson Marketing Group
Acoustic Ceiling and Partition 
Golden Reserve LLC
Environmental Remediation Contractor
Feazel
Facilities Management Express LLC
Luke’s Auto
Right Way Medical 
Wolfrum Roofing & Exteriors LLC
Link Real Estate 
Remember Me Gifts LLC

JT Bates Group
Pat Scales Remodeling
Zipline Logistics LLC
WSA Studio
Jeni’s Splendid Ice Creams
Futurety
Cats Only Veterinary Clinic 
Easyit
Test Double
Ohio Power Tool Inc
Jendco Safety Supply
Steward Construction Services LLC
Asset Strategies Group
Ease Logistics Services LLC
Nexceris
Arlington Urgent Care Inc
MCR Medical Supply
Choice Property Resources 
Vision Communities 
Leading Edje
3 Pillar Homes
Everhart Advisors
Overmyer Hall Associates 
Champion Trading Group
Hamilton Capital LLC
Gilbert Group

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Welcome Susan Chiancone

Welcome Susan Chiancone

Welcome to the Team!

 

Susan Chiancone is a proven leader with over 30 years of extensive financial and operational experience in retail, real estate development, construction, and not-for-profit industries. Susan works directly with business owners to problem solve and maximize their value and growth opportunities by providing significant experience in financial planning & analysis, real estate development, portfolio management, contract negotiation, cash flow management, debt and equity financing, and process & workflow improvement.

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Speeding Along but Out of Gas (Cash)

Speeding Along but Out of Gas (Cash)

By Michael Stier

Michael Dell, the founder & CEO of Dell Technologies has oft admitted, “We were always focused on our P&L. But cash flow was not a regularly discussed topic. It was as if we were driving along, watching only the speedometer, when in fact we were running out of gas”.
Like Michael Dell, many small to medium size business owners are laser-focused on profits. However, that’s not enough to truly be successful. I am often asked by many successful owners, “We’re making money, so why is there no cash in the bank?” It doesn’t matter whether they have a $1M or a $50M business, many owners struggle with the concept of profit vs. cash. Understanding that difference is critical to understanding how cash flow works — and employing a CFO to master the practice of proper cash flow management for the business can pay for itself many times over.
It’s important to understand:

Your business can be making a profit but still have a negative cash flow.

Your profits won’t equal your cash if you:

1. Did work/sold product but didn’t get paid yet (increase in Accounts Receivable)
2. Paid for things, like payroll, before you got paid
3. Made investments for the future (e.g.,buying inventory)

Some Best Practice Ideas for Cash Flow Management

  • Calculate Gross Profit Margin
  • Implement Job Costing
  • Understand Your Fully Loaded Labor Costs
  • Measure DSO
  • Delay in Payroll Start by 2 Weeks
  • Automate Invoicing
  • Get Paid in Advance (If Possible)
  • Get A Deposit Upfront
  • Set up a Retainer
  • Bill Weekly Instead of Monthly
  • Bill Milestones, if not Weekly
  • Bill Immediately at Project Completion
  • Assign a Collections Owner
  • Automate Collections
  • Call clients 5 Days Before Due Date
  • Prepare for Collections calls
  • Fire Low Margin Clients
  • Sort A/R Aging by Amount Due
  • Semi-Monthly vs. Biweekly Payroll
  • Accept Credit Card Payments
  • Establish a Written Credit Policy; Check
  • Background, Rating & References
  • Audit Expenses
  • Implement Pay Slow Rule
  • Experiment with Your Pricing Model
Read on for further detail on some of the listed best practice ideas above:

Gross Profit Margin

Gross profit margin provides insight into:

1. Are you pricing your jobs right?
2. How do cost overruns impact profits and cash flow?
3. Which sales reps or marketing campaigns generate the most profits?

Implement Job Costing

The biggest benefit of true job costing is knowing that nothing slipped through the cracks and you’re getting paid for all the value that you delivered.

Understand Fully Loaded Labor Costs

Understanding your true fully loaded labor cost will help make sure your proposals and price quotes achieve your target gross profit percentage. Having visibility into real costs allows you to include details of all your value and time spent in your proposals.

Measure Daily Sales Outstanding (DSO)

DSO measures the number of days it takes to collect a dollar of sales. Every day that you’re doing work that your client hasn’t paid for upfront, you’re essentially giving that client a loan. The easiest way to reduce DSO is with timely billing through lightning-fast invoicing, and fast payment incentives like keeping a credit card on file or shortening net terms for payments.

Automate Invoicing

One of the most important ways to improve cash flow is to map out the steps involved in getting a bill out the door. Ask yourself questions like:

1. How many people are involved in creating an invoice?
2. Once you’ve completed a job, how long does it take to get the invoice into the clients’ hands?

Bill Weekly Instead of Monthly; or Bill Milestones

Billing weekly can significantly improve the timing of payments. According to Vistr, if you issue invoices on the same day each week, the data suggests you should send invoices on the weekends to get paid faster. Whereas invoices sent on Tuesdays, Thursdays and Fridays take a full 10 days longer to receive payment.

Get Paid in Advance or Deposit Upfront

Getting an upfront payment or deposit that covers your out-of-pocket costs will completely change your company’s cash flow.

Assign a Collections Owner and Prepare for Collections Calls

A bad collections process will lead to unnecessary cash flow problems. Collections are often the last
thing anyone wants to do, so often times it rarely gets done well. Don’t assign collections to a receptionist or office manager unless you’ve made it clear where it fits on the priority list and given them sufficient time to do it right. One quick way to improve collection performance is to train your staff to anticipate what the client might say when you ask, “When can we count on you to pay your bill?”

Audit Expenses

If you can cut expenses by 10%, the effect on your profits will be exponential.

Experiment with Your Pricing Model

You should put more thought into optimizing your pricing model, as this will have the biggest impact on cash flow. Consider the pricing model that fits best for your business: Value-Based, Fixed Fee, Time & Material, or Milestone Driven. So how do you optimize your pricing model to increase your company’s profitability? You turn to your Dashboard and look at the Key Performance Indicators (KPIs). KPIs should help you figure out if you are pricing your jobs right, and also to help you to really understand who your most profitable clients are, and what makes them profitable.

Do you see practices above that you should be implementing, but not sure how? FocusCFO can help. It is very common for our CFOs to create detailed cash flow models for our client’s businesses and implement customized cash flow improvement practices.That allows our clients to know and understand their numbers, and have the confidence that comes with proper cash flow management.

Michael Stier is an Area President for FocusCFO based in Charlotte, NC. 

Founded in 2001, FocusCFO is the leading onsite fractional CFO services provider in the Midwest and Southeast. 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. For more information, follow us on LinkedIn.

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Welcome Robert Zeid

Welcome Robert Zeid

Welcome to the Team!

 

Over thirty years of experience as a CFO. Managing Director, CEO and Business Owner. Industry experience includes Third Party Logistics, Wholesale Distribution, Industrial Supply, ESOP Company, and Dealership Retail and Wholesale operations. Experience also includes, start-ups, acquisitions, roll-up mergers, and the sale of business. Strong executive management experience in strategic planning and analysis.

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Welcome Paul Hido

Welcome Paul Hido

Welcome to the Team!

 

Paul is an experienced financial professional with a diverse background on both the accounting and the finance side. Paul is skilled at change management, working with acquired companies, or troubled companies, and leading them through transition.

Paul has also had responsibility for HR, IT, and Operations. Paul is also an entrepreneur and has been an adjunct professor in accounting and finance at Kent State University and Walsh College.

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Foodbank Fundraiser 2020

Foodbank Fundraiser 2020

Community Involvement

 

Feeding our Neighbors

Our 2020 fundraiser involved raising money for foodbanks in the markets where we operate.
Our nearly 100 associates raised $31,725 to support the following foodbanks:

  • Good Neighbor, Inc. – Akron
  • Stark County Hunger Task Force – Canton
  • Middleburg Heights Food Pantry – Cleveland
  • Pickerington Food Pantry – Columbus
  • People in Need of Delaware County, Inc. – Columbus
  • Salvation Army – Coshocton
  • Life Food Pantry – Cincinnati
  • The Foodbank, Inc – Dayton
  • Livonia Blessings in a Backpack – Detroit
  • 2nd Harvest Food Bank – Erie
  • North Hills Foodbank – Pittsburgh
  • Seagate Food Bank – Toledo

We encourage everyone to consider a gift to one of these organizations, or an organization in your community.
Every gift, no matter the size, matters.

THE DETAILS

About FocusCFO

What is FocusCFO?

We are passionate about working with small to medium-sized businesses and providing CFO-level support to organizations that do not need a full-time CFO or may not have the budget for one.

Core Values

Learn about what sets FocusCFO apart from other CFO service companies.

History

Learn more about how FocusCFO got started.

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