Interview With Monique
How long have you been a CFO For Hire and how did you become an expert in consulting about accounting and financial strategy?
I founded Equity By Design in 2011 when my last corporate job as Director of Finance for a small, independent left-leaning publisher went away in the 2008/09 economic downturn.
Since 1976, I learned accounting and financial management on the job, first as a bookkeeper, then controller, then CFO, in a variety of industries: wine growing and distribution, real estate management, appraisal, development and sales (I even got my real estate license at one point thinking I’d go into commercial real estate), video game manufacturing, therapeutic massage and bodywork, and a few non-profits vulnerable populations.
Who are your clients?
CEOs and founders of their own companies. They want to be their own boss and yet running a business a very different from being an employee in corporate. They want to know what the don’t know about financial management so that they can make more profit in their business. They want smooth running and worry-free financial systems that support their operations and their clients.
How are you different from other CFOs for hire?
If you’ve ever paid a financial management consultant, you know what they do. They look at your financials and suggest process improvements. But what I have found in my years of doing this is you need another element. And this is where I’m totally different from them. That is: the real stumbling block to having a profitable, sustainable business is in your blind spots. So I not only work with you on how to get a bank loan or line of credit, transition from one software system to another, increase your profitability, and plan an exit strategy, I also support you through the natural hurdles that come up as you expand your awareness and come face to face with your money issues.
What kind of client do you work best with?
The people who work best with me are those who want peace of mind and confidence around their financial operations management and who are tired of stressing and worrying if they’ve left money on the table.
What kind of client do you NOT work well with?
I’m not a good fit for the people who want a quick-fix.
How do you work? What can I expect?
I work in a way that’s very different from other people. I only work with people for a minimum of three months at a time because it takes time to get the process improvement results people want. And that’s because we always run into a blind spot or emotional challenge along the way and sometimes those clear quickly and sometimes they don’t.
Can I sign up for one session with you?
In a word, no. If you’re looking for one session, there are a lot of people who will do “one offs,” but I don’t. And here’s why: it takes longer than one session to do a deep dive into the problems around lack of profitability. And I can give you a ton of good advice in one session, but the key for you to see those results in your business is to implement that advice. And that can be hard to do on your own, especially when you’re coming up against internal resistance and blind spots. It took more than an hour for the problems and dysfunctions to develop, so it takes longer than that to turn them around as well. It just serves you and your business much better to work longer term. Again, the reason I don’t is because I have found that people who want real results have to spend time with me, at least three months. I’m about long-lasting results, not quick fixes.
Does this work?
Jump on over here to read what past clients have said about working with me.
What results can I expect?
Future results always depends on the kind of work that you are willing to put in, along with external outside-of-your-control circumstances. You’ve got to want to do this and stay engaged. I don’t make guarantees about results. I can’t predict the future. What I can do is support and guide you to plan for uncertainty by building resilience in you and in your business.
So while the timing is a bit unpredictable, the stages and deliverables follow a framework. After I take a look at your current books, processes, systems, you’ll get an assessment of where you are now. This happens pretty quickly as it’s a straightforward review of the past. Next, we get you clear on what you want to accomplish in the next 3 months, 6 months, 9 months, and 12 months. Then we come up with a plan on how to get you there. Then we start implementing.
That said, here are some of the results my clients have gotten:
- Their very first $250,000 bank line of credit
- A bookkeeper and CPA that actually knew what they were doing.
- Clear actionable information about financial performance so they were able to manage their cash flow.
- Up to 10x increase in profits.
- Turnaround strategy for a business in trouble, a way out of a downward spiral.
- Discovery and repair of money leaks.
- A good night’s sleep. (I know this is probably not what you’re looking for, but having your accounting and finance under control and increasing your profits tends to relieve worry, cultivate peace of mind, and let you sleep.)
Why do I need you? Can’t I just do this on my own?
You’re not experienced in financial management, nor do you have to be. Your genius work is in event planning, or real estate, or photography, or communications, or wine making, or ___________. You do know, however, what you want to know: How much is it costing me to provide my product/service? What’s my net profit? Can I afford to hire a new employee? When is the best time to invest in new equipment? What’s my cash flow going to look like in 3 months? Am I going to run out of cash this year? Can I get a loan from the bank? Are my projects on budget?
What you don’t know is how to crunch the numbers and do the research to get you those answers in a way that you fully understand. That’s where I come in.
As the business owner, you’ll know when a financial problem has arisen. You won’t necessarily know what exactly caused the problem, what possible solutions exist, and which one is best for you at this time and for how long. That’s my job. You’ll know when your bookkeeper or CPA is working out, but you won’t know what to look for in a replacement. You’ll know when you’ve got cash flow issues, but you don’t know why and what to do about it.
I’ve had a number of clients who were working with CPA’s that didn’t return their phone calls or emails until 2 weeks went by. And when they did connect, the CPA talked over them so my clients were as confused as before. And now they felt stupid. Other clients had bookkeepers who didn’t keep the books current, who didn’t reconcile and of the bank accounts, who didn’t have enough experience or training to do the books at the level needed. The two people that were supposed to provide actionable information weren’t doing it.
Technically you could do this on your own. You are a smart person. But it would take hours and hours away from the income generating activities that only you can do: client acquisition, fulfillment and retention. A huge money leak. One of my clients did DIY it for a few years. But he always had the niggling feeling that he didn’t really know if he was doing things the best way or the right way. He didn’t know what he didn’t know about financial management and that was an energy drain on him. Another major money leak.
And another thing. We are in an information age and the thought that is that information does it. But information is not what does it, otherwise there’d be one diet book and one money book and we’d all be thin and rich.
I’m really busy and overwhelmed. How much time is involved before I see results?
Let me ask you a question. Why are you busy and overwhelmed? Is it because you are putting out fires and stressing about cash flow? If so, then investing in CFO services will transform your financial operations into a well-oiled machine and free up your time to focus on clients and marketing.
It does take time to do this work, to fix and clean up, to set up efficient systems. And that time and money is so worth it because the change is so worth it.
This is another area where I can’t guarantee the time frame for the results. It does depend on the complexity of your business, the number of transactions, how motivated you are, what time of year it is, and how much of a mess there is to straighten out. That said, three months is a good amount of time to see significant forward movement and change.
How can I get the very best results fast?
Be motivated and engaged with your numbers and financial processes. We could work weekly for 3 months, or we could work 3 times a week for 4 months. It all depends on where you are now and where you want to go. And how much time and focus you want to spend.
Make sure you’re not looking for a “magic pill” because there is none. If you’re tired of duct-taping sh*t together and just trying stuff. And that takes a bit of time.
Will I see a return on my investment?
Yes. Absolutely. But you have to do the work.
Can I contact other clients you’ve worked with?
Yes. Call me and I’ll refer you to some people.
I have a few questions for you. Can I talk with you on the phone?
Schedule your free “Financial Clarity Call” to discuss next steps so that you, too, can get these results in your business.
Revised 7.11.18