Interim Executive at a $50 million educational materials business
The challenges solved by an interim executive at an educational materials business
This article examines the impact an interim executive had while working in a 50 million dollar educational materials business when they brought in an interim CFO 2-3 days a week for 8 months to help address some of their challenges.
The CEO was looking for help with internal management information, and overall assessment of areas for improvement. During the economic downturn, sales had dropped over 30%. Cost-cutting was painful and there were banking concerns.
Implementation by the interim executive
To help address these, the interim executive did an assessment including a roadmap to move forward. Put together benchmark reports about industry and competitors giving the company more direction; and identified a niche in the marketplace; create a manual for financial processes; and monthly reporting analysis for channels, products and analytical schedules; adjusted the financial statements to show the why behind the numbers and where improvement is needed; the strategic planning is included to financial consequences for different scenarios and make more informed decisions; negotiate with the bank for better line of credit.
Results achieved by the interim executive
Through all this work the interim executive was able to help the company achieve some impactful results. Revenue increased up to 15%, elimination of slow selling skews, and adding skews in other areas with greater sales. More development of channels of distribution, and changed the bank for better service offering. The strategic plan was adjusted based on cost and budget.
Cerius Executives is one of the largest North American providers of contract executives for part-time, temporary, interim and consulting assignments. These executives are available to step into companies on short notice, to fill a sudden gap in leadership, to run a key initiative which provides specialized skills and knowledge for a temporary period of time. For more information on how a Cerius executive can impact your company, call us at 888-565-5289 or contact us at ceriusexecutives.com.