What motivates you? Is it the typical trio; money, wealth or power? In other words, why do you do what you do for a living? I was asked this question recently at a software convention, where a number of sessions were structured around this question.
I am driven by the desire to assist people, and the foundation of my business is based on this need. Our goal is to simplify client’s lives, to allow them to focus on their business. If money was our greatest motivator, we would have structured the practice completely different from what we have designed. We execute this through different services, depending on the client’s needs, goals and objectives.
We work with a number of Not-for-Profits, business start-ups and companies looking to scale their business upwards. We let the client choose how much they want us involved in their day-to-day operations. Our clients request weekly, monthly, quarterly as well as yearly services.
We have been involved with one Not-for-Profit client for over a decade. I was brought in as their Virtual CFO to assist in cleaning up their accounting books and records. Their payables were 45-60 days behind because management was not billing appropriately. Shortly after I was brought on, the Executive Director resigned. I was retained by the BOD to temporarily run the organization, until a new ED was hired.
After the new Director was brought on, we reviewed several aspects of the business. Some of the changes implemented were; dropping unnecessary vendors, enforcing internal controls, changing accounting systems and payroll providers, and regularly reporting to the BOD.
The organization has had its ups and downs but continues to grow. Recently they took over a larger service area, growing the agency in size and scope. While we handle the accounting, budgeting and treasury functions, the agency is able to serve their clients and allow the employees to have a significant direct impact on their client’s lives.
We are also working with a new franchise owner as he builds his business from the ground up. He signed with his franchisor before we entered the picture, but we have been instrumental in allowing him to remain in compliance with all of his paperwork and filing.
This client has little to no difficulties running the hands on aspect of the business. His strengths are working with his clients and securing events. He realizes he struggles with the bookkeeping part of the business, so we were hired to create a set of books and file yearly tax returns.
The client still struggles to maintain the information flow, but we have kept him on course to remain in compliance and allowing him to follow his dreams.
The next client is a legacy client. The second generation is currently running the company. They found us when they had an outstanding IRS issue and they needed assistance. We addressed the issue with the IRS to a reasonable satisfaction.
We are now working on strategically scaling up the business and creating specific responsibilities for each employee. As the owner is looking to retire, it is unknown yet whether to transfer ownership to the third generation or to eventually sell to an outside party. They continue to work at their passion day in and day out.
It energizes us to assist these businesses meet their missions and goals as they have been set forth. Knowing that we can directly impact theses business, employees and clients lives’ is the main reason why we do what we do.