Virtual CFO

FOR IMMEDIATE RELEASE:
CxO To Go Secures Financing for Two Clients
DENVER, Colorado (July 13, 2010) – CxO To Go partner Keith McAslan (Denver Business Journal 2010 CFO of the Year Nominee) has secured favorable financing for two CxO To Go clients in this difficult lending environment.  Using the BankSell™ package, preferred lending sources and personally representing the Client’s with the lenders, CxO To Go was able to secure the financing.  These successful Client’s include:
A manufacturing client was not only able to renew their $500,000 line of credit with the lender but secured an increase to $700,000.  This client secured the initial line of credit one year ago with the assistance of CxO To Go to fund growth and expansion initiatives.  By working with CxO To Go as the Trusted Advisor to the CEO on an on going basis this client has increased revenues from $2.5M annually to over $3.5M and improved profitability and cash flow.
A virtual business (internet based and executive coaching) Client of CxO To Go was able to close on an unsecured line of credit with a lender to fund new product development and provide liquidity due to seasonality in the business.  Additionally, CxO To Go has been the part time CFO for this Client for over one year, helping to drive strategy and improved financial results.
CxO To Go is national professional services company headquartered in Denver, Colorado that provides on-demand C-Level expertise and best practices to client companies on a part time, flexible, and affordable basis. Contact CxO To Go at 888-745-8516, or This e-mail address is being protected from spambots. You need JavaScript enabled to view it to discuss your business needs. ###

By Keith McAslan, Partner, CxO To Go

Introduction:
Most CEO’s and small/medium business owners only review the financial position of the business with their Bookkeeper/Controller two to three weeks after the month has ended. This is like driving your car forward while looking exclusively in the rear view mirror – it doesn’t work. Most CEO’s and business owners focus on the “bottom line” (net income, EBIT or EBITDA), and fail to recognize that “Cash is King”! The Dashboard–Cashboard is a simple tool that is forward looking and helps the business understand the drivers of cash and projects the cash position.

The Key Benefits of the Dashboard - Cashboard
The benefits of a business implementing a weekly Dashboard-Cashboard include:

Introduction:

Many CEO’s and small/medium business owners do not have a Board of Advisors, or Board of Directors to help hold them accountable and direct the business towards the ultimate goal of monetization with an exit strategy. If the business cannot afford a full time CFO, a part time CFO with a broad based business experience can be that ‘Trusted Advisor’. Ideally the CFO who is the ‘Trusted Advisor’ not only has financial experience, but operating experience as well to provide global insight to issues facing the business.

 

The Value Add:

The CFO who becomes the ‘Trusted Advisory’ to the CEO delivers results-driven, professional counsel and solutions for complex situations. The key benefits for the CEO and the organization having a ‘Trusted Advisor’ include:

Every business owner/CEO can benefit by spending a little time on these 3 Tips and taking action NOW for your success in 2010: 

Are You a CxO?

Do you wear a lot of hats? How's that working for you? Most business owners and CEOs tell me they don't like it. But they are convinced that performing a constant juggling act is a requirement of the job. You're the one who has to make sure the business keeps moving forward and will do anything at any time to make sure that happens. That's true, but more effective ways exist to reduce the number of hats you wear so you can focus on growing the right things for your business. 

"Managers are there to do things right and leaders focus on doing the right things" -Warren Bennis

Unlock capital, transform your bottom line and safeguard your future in uncertain times.

Tough times sometimes call for creative solutions. Mick McLoughlin, Global Head of Restructuring at KPMG and partner in the U.K. firm, says: "As the economy slows,[having more cash] could give businesses a competitive edge, so they may not have to do all the usual things firms do when they fear recession −slash R&D spend, trim marketing budgets, lay off staff. In tough times, companies that generate cash are well placed to acquire at bargain prices." In fact, there are simple steps that produce simple gains. Take a look at eight factors to consider as you focus on cash.

Lead like Warren Buffett. Good cash management can uncover hidden process inefficiencies across the business, but if you don't get buy-in from every department, you will only find out about problems when they become too obvious −and expensive −to ignore. Warren Buffett's businesses generate cash because he has made this drive part of their corporate culture. And remember, how well you manage cash is partly driven by the caliber of information at your disposal.

Think like a private equity firm. Typically, private equity firms spend the first 100 days of an acquisition estimating how much cash they can generate without hurting the business −a strategy designed to improve working capital to grow the business's value on a three to five year plan by tightening up on receivables or extending payment terms.

Benefits of Running an Excellent Company

Q: OK, I keep reading all this stuff about making improvements so I can achieve “Business Excellence”. Why should I care? 

A: If you are happy going to your company, getting through the day, putting out the fires of the day, making some money, staying late to work on email and personnel issues and bookkeeping and restocking and inventory and paying bills and “oiling the machines” then business excellence is not for you. If you feel unhappy about how long things take and are spending your time on less valuable, menial tasks, then business excellence can help you and your company get better at doing things and get better at deciding which things to do and when.

A good Business Excellence Model covers all areas that produce results for your company. Sometimes the results are not what you want, you’ll want to you take a good look at all things in your company that produce results, those are called the enablers.  Walk with me through a day in the life of a result.

Usually a poor result is a symptom of something wrong upstream. Say you’ve had to drop prices because of increasing competition. Every business has competitors. You probably know who and what they are.  If not, take some time and think about it. You’ll be surprised at how much more there is to know about your competitors.