Entrepreneurial report: Riley CFO Services
I had the privilege to interview Tom Riley the owner and CEO of Riley CFO Services, a company that provides their customers with the necessary tools to start, operate or enhance a business. The company offers the CFO services at a cost that start-ups and small companies can meet the expense of. The services provided are divided between the two markets of the company which are:
1.-Start-up: help configuring the best legal and tax structure, help the entrepreneur to transform the idea to reality, help with the business plan and financial projections, help with fund raising, help with investor pitch back, bookkeeping and release of monthly financial statements, HR (payroll processing) among other managerial services.
2.-Small company*: consulting services to solve problems or to improve areas of the business. Offering a set of managerial tools through experienced and reliable experts: lawyers, tax accountants, HR, IT, etc.
The company reaches the public through referrals, even though they have some online media like a webpage. Since the beginning the first customers of the company was an acquaintance of a friend of the owner of Riley CFO Services (Tom Riley). Riley’s friend sent his acquaintance to Riley CFO Services to receive guidance for his new start up, subsequently Riley CFO Services closed its first deal. The referral process to acquire new customers, which the company likes the most, is because of the principal that people who refer their acquaintances, are most likely to be serious, reliable and smart about business. The company is not focused in gorilla marketing campaigns, because of the market that it is looking for, which is start-ups with a good idea*. Considering the characteristics that the company looks for in its clients, both being a referral and having a good idea, makes it necessary for the company to have a great network of acquaintances.
The service offered by the company is also offered by others companies in the Seattle area and outside the Seattle area as outsourced CFO Services. What differentiates Riley CFO Services from the competition through the eyes of its clients, is that with Riley CFO Services delivers immediate trust, because of the network link they have through their acquaintances or personal relationships. Trust in this business is crucial, because of the services provided, for example a mistake setting the legal or/and taxation structure of the company, could consequently bring serious repercussions to the business.
In conclusion Riley CFO Services will help you kick off your start up and will guide you through the entire process. Riley CFO Services will become an important ally for every single step of the process and will always be there to diagnose and offer your business the best solutions, from the daily problems (Structure the legal side, open a bank account, to complete the legal and administrative requirements to sell a product, or to raise funds) to a complex situation that the company could face.
*Small companies: Under $10MM revenue
*Good Idea: According to Riley is a feasible and interesting idea.