May 27, 2020
During the current pandemic, financial peace of mind is what many business owners seek. Your Outsourced CFO is a partner in financial process and strategy, allowing CEOs and their team to progress from financial uncertainty to ultimate clarity. Through a long-term partnership with businesses, Your Outsourced CFO embeds itself in the entire financial process to understand a company’s operational history and current financial situation with the goal to streamline operations, generate clear reporting, and monitor cash flow for strategic planning. The company serves business owners across a variety of industries by empowering and improving key staff, helping to evaluate new technologies for process efficiency, budgeting and forecasting, monitoring key performance indicators, and connecting businesses to wider networks. Your Outsourced CFO has grown successfully over the years and the company has helped many small businesses in Philadelphia do the same.
The Start of Your Outsourced CFO
“I started the business seven years ago. I realized that small businesses lacked critical CFO strategic support to help CEOs and owners make informed and timely decisions about their growth, so I thought there’s got to be a more efficient and inexpensive way to provide this to the market,” said Founder Jeff Bruno. Realizing that every small business owner may not be able to afford the average amount for such services, he adopted a low-priced retainer model charging $1,500-$2,000/month, which made it possible to attract his first set of clients. Jeff then began working with a team to develop how his company would consistently help CEOs in the long term, not only with reporting financials, but with strategies to map out where their business is going and why.
“I don’t care what your historical financials look like. I’m interested in what you do, where you want to go, and why.” -Jeff Bruno, Founder
To stand out in the market, Jeff offered unique services specifically catered to individual businesses’ needs. “We’re always looking forward for the client, so we can provide real, actionable financial strategies, consistently at a low cost and as a long-term partnership. That’s the main differentiator from our service.” said Jeff. “I don’t care what your historical financials look like. I’m interested in what you do, where you want to go, and why. Then, we map the financial strategy around that.”
Your Outsourced CFO has since grown tremendously. For 2019, the company was ranked #36 on the Philadelphia100® fastest growing companies. Also, Your Outsourced CFO recently received a trademark for FIGSSCORE™ (Financial Intelligence Growth Score), the company’s internal metric tracking tool. Jeff anticipates that by the fourth quarter of the year, Your Outsourced CFO will have a new internal management and client vetting tool that is focused around using FIGSSCORE™, which will ultimately transform the way their company will scale and grow.
Partnering with PIDC
Your Outsourced CFO’s relationship with PIDC started three years ago when PIDC partnered with the company to bring its services to small businesses at a critical time in the businesses’ development. Through the partnership, select PIDC clients receive monthly reports generated via the FIGSCORE™ (Financial Intelligence Growth Score) process, with analysis and assessments of their financial operations, financial reporting, financial metrics, and business intelligence. This gives the client, PIDC, and YOCFO a clear assessment of the client’s financial and operational position, as well as understanding how well leadership is doing at meeting their current and future growth targets. During the engagements, Your Outsourced CFO benefits the client via a needs-based assessment that evolves as the company grows.
Many PIDC small business clients have seen tangible results while working with Your Outsourced CFO. Pedro Vitor, owner of Northeast Philadelphia butcher shop and grocery store, Don Pedro Meats & Market, is one example. “When we came into the picture, Pedro didn’t have his financials in order. He was taking on alternative debt, and he struggled to manage his weekly and monthly financials,” said Jeff. “But after a few months, he started to trust our process.” Soon after, Don Pedro Meats & Market began to flourish. Your Outsourced CFO helped Pedro secure a line of credit from PNC Bank for Don Pedro Meats & Market to get more leverage to grow. “From 2018 to the end of 2019, Pedro grew his company 93%,” Jeff remarked.
Another PIDC client, Marc Coleman, owner of Center City digital transformation and software development agency, The Tactile Group, was able to produce a higher winning percentage on his company’s proposals due to Your Outsourced CFO’s process. “Marc was an owner who was overleveraged and teetering on the edge of insolvency when we came in. We managed his alternative debt. We pushed back his payments. He is amazing at generating revenue, but he did not have the financial savviness or support to bring him clarity on financial best practices and decision making. He gave us full reign, and he has totally turned the company around.” Jeff consistently notes that the major drive behind his clients’ success is the fact that 1) they understand how to generate revenue, and 2) they are willing to listen to and trust Your Outsourced CFO’s guidance.
From Partner to PIDC Client
Your Outsourced CFO was at a scaling point in 2018 due to the rapid growth in clients. With only three people on staff at the time, Jeff needed to hire more people to manage the high demand in services. “I was about to hire eight or nine people, but I couldn’t hire fast enough for the demand,” said Jeff. “I turned to PIDC and said, ‘I don’t think I can get a lot of bank financing. I want to support more clients and I want to grow. Can you help me?’ We got a Working Capital Loan from PIDC, which set us up to be able to hire more people.”
Pushing Forward Through the Pandemic
Through this unprecedented time, Your Outsourced CFO is helping business owners with actionable strategies to sustain their business, especially regarding updating their pre-COVID-19 business model. Jeff and his team are helping business owners with new scenario planning around this issue. His team recommends business owners consider their ability to generate revenue, and if they are unable to do so, find new ways to pivot their business operations. They have also helped business owners with their state and federal applications (PPP & EIDL) for COVID-19 funding in their time of need. “Now, clients are really understanding liquidity and the need to have more moving forward. [In navigating these issues], we’re right at the forefront with them,” said Jeff. Here, he offers three simple things business owners can do to stay afloat during times of uncertainty:
- Watch trends and stay at least six months to a year ahead in planning.
- Make sure your team is productive.
- Curb extravagant business and personal expenditure.
Get More Information
PIDC looks forward to continuing our work with Your Outsourced CFO. For more information on how PIDC can finance your business growth, click here.