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Eagle Team

150 Water Oak Drive

Ponte Vedra Beach, FL 32082

904-400-8486
Richard Hollabaugh, Principal

Eagle Team Blog

Why a Part-time CFO is Right for Your Business

by Richard Hollabaugh on 09/13/11

Companies that use a part-time Chief Financial Officer (CFO) tend to fall into two categories: 1) companies that had a full time CFO but found that they needed to trim expenses in these difficult economic times and were not getting the value they wanted from their full time CFO and 2) companies that need a CFO but don't have the resources to add one as a full time position.  Some CEO's and entrepreneurs  think that if they have a bookkeeper or controller they don't need a CFO and don't understand what value an experienced CFO brings to the table.

A CFO adds value to companies by working at the executive level with an accounting and strategic focus.  He or she helps companies get their financial house in order while helping to define priorities and take financial action to attain business objectives.  The CFO develops and quantifies the key performance indicators, operating budgets and cash flow projections that provide the benchmarks to determine whether the company is on track to attaining its goals and objectives and provides analysis of variances from budgets and projections.  A CFO is not an executive accountant who spends their time focused on cutting costs and reducing spending.  Additionally most bookkeepers and controllers are not experienced in and proficient at negotiating with bankers, bonding companies and investors - a primary role for a CFO. While financial risk mitigation remain an important part of the CFO's responsibilities, these responsibilities are approached with the perspective of increasing company performance, stimulating company innovation and improving the overall operational health of the  company.  Simply put, every company needs the the financial savvy and vision of a CFO.  They do not need a $100,000+ salary and benefit cost for someone to attend and host countless meetings and stir the pot of office politics.  What they need is more value with less work and this is what the part-time CFO provides.  For small and mid-size companies, the part-time CFO is a position that has proven to be essential for successful organizations for many years.

If you want to spend your time as a CEO planning the future growth and direction of your company, have the piece of mind that the financial health of your company is secure, have time to spend with your family and pursue other personal hobbies and interests, you need a part-time CFO.

Is a Management Consultant right for your business?

by Richard Hollabaugh on 08/22/11

In today’s economic climate, businesses need to develop new ways of thinking and doing business in order to survive and grow. Traditional hiring and training strategies are no longer best practice. For nearly all companies, utilizing the experience of seasoned and expert professionals on a temporary contract basis, reduces costs and brings a level of professional management to the organization that would not be feasible in a traditional employee scenario. When the economy slows and profits begin to fall, all too often businesses feel they need to look at laying-off employees as a way to increase income or reduce losses. Unfortunately, this may be just a short-term fix, hampering the long-term plans for growth, profits, and the ability to stay ahead of the competition.

In successful and growing companies methods for streamlining and new technology are leading the way. Encouraging growth and change is happening for those businesses that bring in experienced expert resources.  It is expensive to hire and train new employees. Many HR experts say that up to 30% of a new or replacement position’s salary can be spent on just the cost of searching and hiring—and that does not include the costs associated with training and benefits. Consideration should be given to engaging a short-term dedicated consultant who can provide training, technology and expertise to your team. Because of their vast experience of working in many different companies, consultants can identify inefficient, ineffective and non-value added activities and can objectively recommend and implement new systems as a means to reduce costs.

It is very important in today’s economy to relentlessly search for valuable ways to improve the efficiency and effectiveness of your operation.  You are likely to find that your return on investment in engaging a consultant is delivered to you many times over as your consultant is able to help you make significant advances in business optimization.

If you are interested in learning more about how working with a consultant can benefit your organization, contact Rick Hollabaugh with The Eagle Team by email at rhollabaugh@eagleteamone.com or call him at 904-400-8486.

Consulting services are not a cost to your business but rather an investment in your businesses.