Client Situation
A privately-owned company designed and sold footwear, primarily for women. The company did not have a budgeting/forecasting system that enabled it to make profit & loss or cash flow forecasts easily and quickly. Additionally, communications between the Finance Department and the CEO and other departments in the company were strained.
Solution
E78 chose a team approach to address this client’s needs, utilizing two executives who could provide immediate results. The first E78 executive created a new budgeting/forecasting system that was more user-friendly and flexible than the prior system. Another E78 CFO was brought in to oversee and stabilize the finance team until a permanent CFO could be hired. The E78 CFO worked closely with company executives to establish a new credit agreement while the permanent CFO search was conducted.
Results
The experience of the E78 team helped the company to achieve improved operational and financial efficiency from:
- The new budgeting/forecasting system that enabled the company to get greatly improved visibility on its operations and expected performance in a timely manner
- Significant improvement in communications between the Finance Department and the CEO and other departments
- A new credit agreement providing more flexibility that was finalized
