Congratulations to two outstanding clients for being nominated for an NC Tech Award.  Constellation Digital Partners is nominated for the Top 10 Startups to Watch Winners in the Technology Corporate Awards and Carolina Advanced Digital is nominated for Customer Service in the Use of Technology Awards category. We are so proud and happy for these clients!!

 

“We are so excited that Malcolm ClarkeJohn Griffin and Phil Sandy have all decided to join the Rankin McKenzie team.  They are great additions as they have over 20 years of experience each with growth companies of varying size and industry”, say Director of Business Development and Partner, Beth Mullaney. Please read more about each new Partner by clicking on the links above.

By: Beth Mullaney, Director of Business Development, Partner

You’re the owner of a small to medium sized business and are pulled in a million directions. Did you know that a part-time CFO can help with this? Many people don’t realize that an on-site part-time CFO can provide a financial perspective on your business operations. They can also own and complete projects that will help you have the right financial data at your fingertips to support important decision making.

Here are five reasons you might need a part-time CFO for your business.

  1. You are concerned about your company’s financial future and need higher level expertise but don’t have the money to hire a full-time permanent CFO.

Part-time CFOs are much more affordable for small to mid-sized businesses as those companies often do not require a full-time CFO to get the job done. At Rankin McKenzie, our CFOs have over 20 years of experience which makes them adept and efficient when it comes to solving company issues quickly.

  1. Help with your company’s breakeven point.

Most business owners understand the concept of overhead but it can be time consuming and require detail-oriented calculations to figure out how many products or hours of service they need to sell to pay that overhead. This is known as the breakeven point and a part-time CFO can help you calculate this number and make recommendations.

  1. You have trouble with cash flow management.

A part-time CFO will help get a plan in place and monitor the preparation and evaluation of accurate, timely cash flow forecasting. This is key for CEOs to make strategic decisions for the business. Also, the part-time CFO can develop “what if” scenarios and use a created or revised financial model with management to evaluate future cash requirements.

  1. It seems like you and your staff are putting more and more time into the business but aren’t generating more profits.

A part-time CFO can assist in solving this problem by digging into the data, helping to analyze gaps, and make recommendations – whether it’s by increasing prices, creating more efficiencies in processes, or improving your profit margins.

  1.      You’re planning to eventually sell your business.

When selling a business, the potential buyer will want to see a myriad of financial data that spans several years. If a part-time CFO knows the owner’s goals for the sale, they can help the owner set things up to their best advantage and put together a plan to get ready for the sale of the business.

As you can see, by having an interim or part-time CFO focus on the financial aspects of the business, you and your staff can focus on growing the business, taking care of your customers, and generating higher profits for the business.

 

By: Jeff Bell, Partner at Rankin McKenzie

A business plan is a compass that can lead entrepreneurs to make the right decisions over and over again. However, many business owners find excuses to not write a business plan. Here is a list of just five of the many reasons why a business plan can fast track your success.

  1. You are forced to be clear about your strategy. By answering questions about your target market, products offered, and pricing models, you can properly find your niche through your business plan. Once your niche is clearly defined, you can make decisions about the best strategies to focus on those customers.
  2. You assess the competition. A SWOT analysis (strengths, weaknesses, opportunities, threats) helps you identify how to be successful in the market by offering benefits and solutions that your competition may be neglecting. In addition, the SWOT analysis helps you anticipate and prepare for potential problems (threats) that could arise in the future- social, economic, and regulatory and others.
  3. You develop a marketing plan. Using the SWOT analysis and the crucial niche, the marketing plan further develops the target market, the most effective promotional strategies, and can even define the brand voice of the company. Without a defined marketing strategy, companies often fade into the sea of other businesses in their industry.
  4. You set goals, objectives, and proposed milestones for the future of the business. These projections can fuel the growth of the company as business owners and employees work to meet those standards. Everyone needs a little motivation and the business plan can be where it all originates.
  5. Finally, you forecast revenue and expense projections for a particular length of time, usually at least two years. It is essential to figure out how long it will take to be a profitable entity. By going through the exercise of listing all the expenses (rent, utilities, technology, salaries, etc), you calculate how much revenue needs to be generated for the company to be profitable on a monthly and annual basis. If your business is offering an amazing service but won’t be able to pay the bills for the first year, the business plan can be the reality check you need to realize that you might need more cash to get started.

Clear strategy. Analysis of the competition. Marketing plan. Business goals, objectives, and milestones. Revenue and expense projections. Just five of the many ways a business plan gives you a competitive advantage.

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“Christine’s experience working with top management to design and create accounting and business solutions for all sizes of companies, from start-up to large, public companies is a great addition to our team”, says co-founder, Robert McKenzie. Please read more about Christine here – Christine’s Bio.

Congratulations to our client, Brii Biosciences and our CFO, Jim Klein!! #greatpartnership

Read the full article here – This startup CEO swiftly gained $260M and a dream team of biotech backers — on both sides of the Pacific

Rankin McKenzie is very excited to be working with these dynamic companies! Please join us in welcoming our newest clients and learn more about who they are:

Kurtosys, SusteonStealth VigilanceSengenix and DHIC .

 

Congratulations to our client, Element Genomics, on a successful acquisition!!!

Read more – Element Genomics gets acquired

By: Robert McKenzie, Co-Founder and Partner at Rankin McKenzie

A business that doesn’t budget sets itself up for an array of financial problems down the road. This is true for businesses of all ages and sizes. For startup entrepreneurs, a budget is like a roadmap that can help them set goals and assess the soundness of their business concept. For established businesses, a budget can be used as a pulse check – determining how the business is performing year-over-year and helping identify potential future investments. Conversely, businesses that develop short- and long-term business objectives by creating a detailed business plan can design a blueprint for financial success and opportunities to expand.

 

Carefully constructed budgets help businesses continually track where they are financially. This allows for strategic, long-term planning and forecasting for everything from operating costs to potential expansion. By regularly consulting a budget, businesses can compare actual figures and catch potential business shortfalls or other problems early. Knowing where the budget stands opens up the ability to hire employees, invest in new products and set earnings goals in line with the organizations’ corporate financial objectives. Budgets and forecasting can also be instrumental in winning over investors, convincing banks your business is a good loan risk, or bringing on new customers or partners.

Bottom line: Without a budget, business owners are flying blind. A solid budget identifies current available capital, estimates expenditures and anticipates revenues. And businesses should continually refer to them as a way of measuring performance against expectations.

 

Perhaps the single-most potential benefit of formal budgeting and forecasting lies in ensuring that knowledgeable and responsible executives take time each year — and again at fixed intervals throughout the year — to think about their operation thoroughly/comprehensively/exhaustively. Typically this process is led/driven by the company’s chief financial officer. Hiring an interim or part-time CFO can help focus on key financial elements rather than get lost in the day-to-day operational details of the business. Part-time CFOs are cost effective and offer an outside perspective that delivers invaluable input and insight to strategic decisions. Click here to learn more about Rankin McKenzie’s part-time and interim CFO and Controller services

 About Rankin McKenzie: For 16 years,  Rankin McKenzie has been a trusted resource serving as part-time CFO’s or Controller’s to growth companies in the Triangle. 

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Rankin McKenzie is thrilled to be working with these exciting and forward thinking companies! Please join us in welcoming our newest clients and learn more about who they are:

Zig Zibit, CompostNow, Anuva Resources, Kurtosys, Daymaker, Clear Sky Horizon and Mine Capital.