The Best CFO

In the current economic climate, having robust and efficient financial systems isn’t an asset, it’s essential. The best way to ensure this is to start at the top, and ensure you have the best possible Chief Financial Officer in your boardroom.

Finding the right person is a complicated process. You might be looking for someone to join your company long term, or just for the expertise you need as your company faces a particular challenge. In situations like that, it’s worth consulting a firm like Savannah Interim, who can find the skilled staff you need for that business change.

The Qualities You Need

Simply having a facility with budgets is not enough for someone who will be so key to the high level decision making at your business. Simon Bailey characterises the role of a CFO as “the corporate conscience, sounding board and advisor who ensures the organisation does the right things the right way”.

This requires excellent diplomatic and communication skills. They don’t just have to deliver difficult truths, but to make a real impact on your business, they need to be able get enthusiastic buy in from people at all levels of your business.

If you are starting something entirely new, this will be easier, as no one will be cite their seniority on the board as a reason to resist. If you’re trying to change the direction of an established business, however, you need an expert influencer. Speak to your recruiters and your network about the changes you are trying to make and the culture you’re trying to create. This primes them to look for someone with a long experience, someone who’s a great change manager as well as a sound financial mind.

Precision is also important: new measures proposed under the brief to be a ‘corporate conscience’ need to be linked to clear costings and rock solid budgets. If your CFO is called to justify something and cannot make their figures add up, undermines their authority in the eyes of other members of the board and makes it more difficult for them to introduce reforms.

Finally, make sure you consider exactly what your plans for your business are. A CFO will have a very different job if you have a series of big expansions in the pipeline to if you are trying to double down on your existing strengths. Make sure you get someone for the job you’re trying to do.

Why is Contract Review Important?

Contract Review

When you’re running a business, it’s important to make sure that the contracts you sign, and that you draw up to guarantee labor, expertise, or supply of goods and raw materials actually get you what you want, and don’t leave you liable for additional costs that you’ve not budgeted for.

In situations like this, not seeking legal advice is very much a false economy that could come back to bite you when you are least prepared for it. While you could make an appointment with a traditional business lawyer, there is a new breed of law specialists making life easier for people running a small business: people who might not have the time or budget to schedule an hour meeting with a lawyer whenever they want to have a contract or letter checked over.

Online lawyers are increasingly an attractive option: allowing you to schedule times to suit your needs and conduct your legal business without leaving your desk. If you need to have a single contract checked and returned to you promptly, this is likely to be by far a favorable option for you.

When a lawyer reviews a contract for you, they are making sure that any number of common sense provisions are included, and described in the correct legal language. It’s very important to make sure any agreements you’ve made in the course of negotiations are included in the contract: while you may discuss terms, concessions, and amounts while you are making a sale, or being sold to, the only way to guarantee you will actually receive those things – or give you yourself any legal recourse, is to make sure they are included in the contract you actually sign. The contract supersedes any informal discussions or emails you exchanged before.

A contract review, then, gives an expert in contract law access to your contract to break it down and then explain to you in layman’s terms exactly what that contract will get you. If this doesn’t match your expectations, you’ll need to get the contract amended before signing. If someone is trying to push you to sign a contract before you’ve had the chance to have it reviewed, this can be a sign that you need to read it in detail more than usual: there is no such thing as a ‘standard contract’, and you need to make sure it is specific to you and your situation.

How to Revive a Dooming Startup?

How to Revive a Dooming Startup

Having a start-up of your own is no more an uncommon thing. But sustaining it is a challenge at which many fail. To find that right balance between product, market, capital and employees is not a cakewalk. But do not feel dejected as failures are the stepping stones to success. Edison failed 1000 times before inventing the electric bulb. When asked about it, he said that he discovered 1000 ways by which a bulb cannot be made! Achievers need to have that kind of an attitude.

If your startup is on the verge of extinction and you are thinking of giving up on it then take a deep breath and rewind a little bit. The solution is hidden in the problem itself.

Two simple and best strategies to pump life back into your dying startup is are

  1. Re-evaluation
  2. Redefinition
  • Re-evaluation

Before taking any other hurried step re-evaluate the whole business first. This is crucial for the healthy growth of the company?. Re-evaluation helps in finding the root cause of the problem. It is basically self-assessment. The problem should be known first to find its correct solution. While re-evaluating keep in mind the following points.

  1. Vision

Is the company going in the right direction? Deviation from the determined path leads to chaos and ultimately failure. Focus is necessary. Check whether it has stayed up to its purpose, whether the right services and products are being delivered to the customers.

  1. Employees

The people who work for you are of prime importance. Your prosperity lies in their happiness. Workplace environment should be friendly and relaxed. Everybody is already enough stressed these days, work shouldn’t add to it. Are they able to deliver their 100%? For that right people must be hired for the appropriate job profile. Check for any moles who are leaking your trade secrets. Ditch the rotten apples!

  1. Market

Business will prosper if the right audience is targeted. Once you have found the perfect audience for your product then work on customer satisfaction. Happy customers will lead to increase in repeat purchases and the company’s reputation too will grow. The trust factor is very important. Customers are difficult to please. Competition cannot be eliminated completely. Give time. Be patient. Customers will soon flock towards you.

  1. Product

Product is the face that represents a company in the market. Is it unique? Is there no one else providing the same service at a better price? If these questions have positive answers then this is not your problem area.

  1. Process

Process should be cost effective and efficient. The business structure should be aimed at producing high-performance products and services. Policies shouldn’t be hindering the growth of the company.

  1. Money!

Finances, capital, inputs, costs all mean the one and the same thing, money! This is the most important factor to be considered?. Businesses fall down because of improper utilization of money. Shortage of money results in ugly cost cutting strategies which bring only loss to the company. Check whether cash is flowing in or not. Is the company in a loss making condition? Are you too indebted?

Once re-evaluation is done, the problem area will be known. The work is difficult till this point only. After that, all the failing startup needs is a bit of redefinition! Then be it financial crunch or dissatisfied customers or employees, every problem has a solution.

  • Redefinition

After the problem is sorted out, start working on it. This is when the whole face of the company is changed, new plans out to action.

Life is full of small and big bumps. These little bumps make us who we are at the moment. Look around. Every face has a story to tell, a story of their hardships and how they have managed to sort their lives despite all the upsets of life. Every failure is a story of your commitment and determination to do your task and not give up instead.

If everything in life comes easy to you, you will never learn anything. So, the more ‘waves’ the sea has, the better you get at sailing. Everything takes experience and patience.

Never treat challenges as obstacles in your life, use them instead to build character. Every experience polishes our personality and makes you better.

Just because the sea is calm and you are able to control the boat, you cannot call yourself a professional. It takes a stormy experience to realize that the practice you had in the calm seas cannot make your sail in the rough waters smooth. A skillful sailor is one who pushes through the storm and refuses to give up, someone who is able to manage to move forward.

Sometimes a bad incident hits to open our eyes to the good things and makes us realize their worth. We need to appreciate what we have, and let go of things which hold us back.

Also, have ambitions. Wish for the impossible. If you wake without a goal, go back to sleep. The passion for something is what keeps you going. Cut down the excuses and make sure you get up and do it. NOW. Because there would always be the ‘later’ time.

Keep on checking yourself. Keep on motivating yourself. Mistakes are opportunities. Look at them, own them, grow from them and move on. Do better, be better.

If we wait until we’re ready, we’ll be waiting for the rest of our lives.

Never limit your playtime, even if your brain is telling you otherwise. All of your best stuff comes from it if you allow yourself to remain open to the unknown.

Expand your horizons.

‘There’s nothing we really need to do that isn’t dangerous.’ Do the things that scare you on a regular basis. ‘Cause on the other side of fear lies freedom.

Success does not come easy. It takes an effort to reach the top. If everything was served to us on a silver platter, we would never bother to learn anything new at all. We learn when we make a mistake when we break a pattern when we experiment and fail. We learn not when we do everything right or the way the society wants it to be done.Without failure, success has no meaning. Behind every successful

Without failure, success has no meaning. Behind every successful attempt, there are many unsuccessful attempts.

Hope this article helps and guides you through all your problems.

Signs That Your Startup Is Failing

Signs That Your Startup Is Failing

Every second person that you meet may seem to have their own start-up these days, but not all of them are succeeding. The thought of having your own start-up does have a nice ring to it. But in reality, it is not everyone’s cup of tea. Truth is that running and sustaining a startup is more difficult than beginning a new one.

Keep a lookout for these signs if you feel that your startup isn’t doing that well.

Signs That Your Startup Is Failing

No audience!

This is one of the first and major problems that you may face. You may have put a lot of efforts in designing your product, making it as user-friendly as possible, but to realize that no one actually needs it is really heart breaking. Think it through, ask advice of others, consult people before launching your product.

Or there are chances of happening the opposite too, that the product receives good customer reception, people sign up to the mailing list in huge numbers, but customer acquisition rates are going down. People are just signing up but not actually buying the product.

Shrinking market

It is difficult to sustain a business in a shrinking market. If your company is unable to handle the competition, the price is becoming a concern and demand is gradually decreasing then it is time to rethink your position in the industry.

Deviation from the core product

Managing time is a real challenge and not everybody can win it. If you get more engaged in other aspects of your start-up and deviate your attention from improving the core product then you are destined to doom. Competitors do not come announced and you may never know when they might sweep your business away if you keep yourself busy in other distractions which may pop up along the way. So keeping your attention focused is a must.

Dying enthusiasm

The excitement of starting and running a new business of your own have chances of wearing off. When obstacles come in your way, the thought of running and leaving it all of behind may come in your head. After all, the stress of managing all the things from designing, marketing, financing, accounting, promotions, sales, customer care etc. is not less. Some people are born with the talent of entrepreneurship, some learn the tricks of the trade but some are definitely not meant for it. Trying it may seem tempting as it is trending these days but sooner or later the truth will come out. The point is to keep the spirits high. Don’t overburden yourself with achieving all in the beginning itself. Give it time. Slow and steady wins the race. Enjoy the journey of your business. Don’t rush it. Savor each moment.

No plans for monetization

Charity is good. But if your idea is worth it then start of monetising it if you haven’t already. Always keep the option open.

Cutthroat competition

The market is flooded with numerous start-ups. If your idea is not unique and innovative enough or it is not being marketed properly then it is a problem you should be worrying about.

If it is in a commodity market then, price wars may get into your way. Try to keep your product or service as cheap as possible to avoid being run down by other large-scale manufacturers or service providers out there.

Do not get demotivated if you notice these signs. Remember, the taste of success can only be felt after having failed. So don’t be afraid of failures.

Take them in your stride and give them a seasoning of your own endurance! Times change for everyone. The tables will eventually turn. The real question is: Are you working on your weaknesses and making proper use of your strengths and capabilities?

There are a lot of things we don’t like about ourselves. Instead of worrying about things we cannot change, we need to work on our bad habits which can be replaced by some good ones.Never limit yourself to what you already know. Embrace your dark side, and incorporate them into your work. All of the best stuff comes from it when you allow yourself to remain open to the unknown.

The world is full of examples. Examples of people who have achieved laurels in different fields regardless of their injuries, disabilities, low-income conditions, marriage bounds, or conservative families issues. This is your life. You and only you get to decide what you want to do with it. You can’t rely on someone else for your happiness. You can’t blame someone else for your failures. People tell you all kind of things, force you into decisions, but it’s you in the end who makes the decision.

You can’t rely on someone else for your happiness. You can’t blame someone else for your failures. People tell you all kind of things, force you into decisions, but it’s you in the end who makes the decision.

Regain your Freedom: Top 10 Reasons you Should Start an Internet Business

The internet has transformed the way many things work, and business is undoubtedly one of the foremost areas in which the internet has become a sure-fire key to success. An internet-based business may or may not have a brick-and-mortar home in the real world (and if it does, it’s called a click-and-mortar business), but it can certainly provide a strong financial foundation. An internet business, once it takes off, can be a gift that keeps on giving. Read on and you will find even more reasons you should consider for starting your own internet business.

  1. Increased job security
    Corporate machines will often downsize and get rid of people just to cut costs, no matter how loyal they are. On the other hand, jobs are getting scarcer and suddenly losing one can be catastrophic if you can’t get another one soon. Job security is one of the top priorities to look at before entering any venture, and it should be no different for internet businesses. The good news is that since the internet is not going anywhere for a long time, job security with an internet business is almost always high. Just think of how long Amazon and eBay have lasted (and will last for years to come)!
  1. Do-it-yourself nature
    Pretty much anyone with internet access and business savvy can create an internet business. Access to the internet spreads wider by the day and the cost falls too. Even if you can’t code, you can either learn to or hire someone else to do it for you. So no matter what your age, educational qualification or skill set is, you can set up an internet business.
  1. Smaller startup costs as compared to traditional businesses
    With an internet business, you don’t need to worry about renting office space in a prime location: any real estate you need is virtual. Domain names can be registered for lesser money than take-out at popular restaurants – BigRock and GoDaddy offer .com domain names at Rs. 200-300 per year. If your business involves creating a large database, you can do that too! To take baby steps at the beginning, all you need is a computer connected to the internet.
  1. Wider range of products and information
    If you look at ads of websites like Flipkart and Snapdeal, they boast of a wide range of products and indeed, they do offer a staggering range of products online. When ordering these products and paying for them can be done remotely on the internet, you don’t have to worry about storing them yourself. Warehouses will do the trick and the possibilities of automation there are immense.
    In addition to this, considering the limitless space available on the internet, you can also provide more and more information to your customers.
  1. PR more manageable
    On the internet, websites get ranked based on how many legitimate connections they make and how positively they are reviewed. This makes public relations and managing the company’s image much easier. For instance, if you tweet in a friendly way, you’re viewed as a company with a soul. With just a little consciousness, you can make sure that your business puts its best foot forward.
  1. Put an end to limitations
    When you set up an internet business, you take charge of your profession: you decide how long for and how hard you want to work. Of course, you can reap more benefits the more effort you put in; but if you decide to just do enough to supplement your income, you’re free to do that. And when you’re free to do what you want, you end up loving what you do.
  1. Work from anywhere
    The internet is the same all over the world. This means that you can control your business from anywhere with a computer. Your customers can live in any part of the world yet reach you with just a click of a button. Geographical boundaries mean nothing on the internet.
  1. Open all day
    An internet business need not take lunch breaks, vacation or time off on holidays. Your business need not go to sleep with you; it can remain open and make money for you as you sleep.
  1. Control your income
    You can either make your internet business your primary source of income or just use it to supplement what you already make. Put in more hours, provide good products and services and you’ll make more money.
  1. Get a share of money spent on the internet
    How do you even make money online? Well, the convenience of ordering products online and having them delivered to one’s door means that people are increasingly spending money on the internet. Your salary can very well come from that; you just have to sell something people will want to buy.

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Kick Start Your Career as an Online Entrepreneur: What to Do and What to Avoid

Starting an online business is in many ways similar to setting up a brick-and-mortar store. You must firs identify a need and a market for it, draw a strategic and practicable business blueprint, arrange for funding, develop a unique and value added product and get to work on branding and marketing for sales and profits.

However, there a few unique differences when running an online-online outfit you need to consider as an entrepreneur.

  1. Plan your business

Like every serious business, you need a roadmap that draws up the path that originates with your vision up to your mission and expectations. Your business plan will include a market analysis, your funding plans, as well as a SWOT analysis to properly position to gain market leadership.

  1. Write your business plan

After you’ve come up with a unique business concept and plan, you will need to write it down. It’s also important to keep your business plan lean, except of course if you’re planning to get a big loan from the bank. A lean business plan is easier and quicker to write and breaks done the plan to basics.

  1. Register your domain name and set up your website

Next is to create a brand-able and a keyword-rich domain name and register it using the right TLD, most preferably .com or your country-specific TLD, such as co.uk to achieve better market visibility and recognition.

  1. Make it legal and insured

There a number of guidelines to legalising and insuring your business. It is also important to get the right insurance cover to ultimately protect the business to ensure it outlasts any crisis or even the owner.

Generally, the same rules and principles apply, but there are still a few subtle differences you should take note of.

In online entrepreneurship, the most important legal requirement is the online business law which essentially aims to protect customer’s personal data, as well as their privacy and intellectual propriety.

Make sure to get yourself familiar with the aspects of business law applies to you.

5. Don’t hesitate too long to launch a product/service

There’s a common rut a lot of online budding entrepreneurs fall into when setting up their business outfits: They get stuck for months and are unable to produce or create something the market needs.

Many entrepreneurs make several excuses forgetting hung-up, but whatever those reasons are which may also resonate with you, shake it off quickly and create value and make sure your product has a solid USP and with a tangible market.

Understandably, your first attempts at creating a product or service may have some flaws, but it gets better with time, along with its money-earning prospects. It’s important to remember that success is not something that comes instantly. Many of our greatest business minds have only been able to get into the positions that they’re in today after making a series of failures, learning from their mistakes, and building a business that is successful.