Riley CFO Services

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.

 

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Blog 4

Hugo Boss

Blog 4

1.-Visit a couple of product web pages that you have considered buying or have bought in the past.

I visited Hugo Boss webpage, and I saw a few suits.

2.-Then visit news sites and social networks you normally visit.

Later that same day I entered yahoo finance to find a Stock price.

3.-What products seem to be magically showing up in ads?

The discounted suits appeared on the yahoo finance website.

4.-Are these ads effective?

Not for me.

5.-Do they make you more likely to buy?

No, I like the brand because of the quality, and I am the kind of buyer that first checks the merchandise and the next day goes and buys the thing, but if I feel that the seller is insisting too much, I usually decline in my intentions to buy the product.

Blog 1: PipelineDeals

1.- Look at the Geekwire Seattle Startup 200. and pick a company between # 100 and 200 (or smaller and not on the list): PipelineDeals

2.-Analyze their potential market:

The potential market for PipelineDeals would be companies with sales teams that need a software to organize easily, save time and use it to bring more business to the company.

3.-Who does it look like they are going after?

Their potential competitor is Salesforce.com the #1 CRM solution, with the biggest clients like banks, airlines, food companies, technology companies etc. According to the opinion published on their website by one of PipelineDeals customers (Loyalty Plant), they started to steal a part of the market share from this company (Salesforce.com), for example Loyalty Plant:

“Finally! This it the sales CRM of my dreams. I really like that I can work with all customers quickly without leaving the customers list. Salesforce.com is big, expensive and complex. Your product is simple and easy to use. My sales team is happy now.”

Vasily Dyachenko, CEO

4.-What segment are they starting with?

Right now according to their website the majority of their clients are entrepreneurial and services companies, such as Prestige Worldwide Logistics, Concentra, Cloops, Group ISO, etc. These clients mentioned PipelineDeals simplicity, price and functionality as their key factors for success.

Blog 2: Pillpack

PillPack

    • What online channels have they chosen to focus on?

Facebook, twiter, linked in, URL and blog (tumblr).

    • What seems to be their Positioning in the market?

They are positioning in the market as a pharmacy that delivers their products to your house, by using a convenient packaging which aloud you to take the right pill at the right time.

    • What is/are their Value Proposition(s)?

The problem is how complicate it is for a regular person to take multiple medication every day without missing a pill.  They are selling the solution for that, which is the service of taking care of the complicate stuff and simplified it for the client. The benefit is that the people who need to take the medicine will be able to do without the risk missing any pill and saving time, as they will receive their medication organized inside a little package with date and time, which will also be delivered to their houses. The target market of course is someone who needs to take multiple pills on a regular basis. Today people use containers that separate the pills, by day and stage of the day (morning, afternoon and evening).

    • Do you think they are they successful communicating to their target customer?

Yes, I totally believe that. Their target market is any person that needs to take multiple medication on a regular basis. They sell simplicity, they organize the medications in individual packs by date and time, they deliver right to your door, they take charge of your refills and they offer assistance from their pharmacists and they are reaching their market through different media (online and printed press).

Bibliography:

PillPack (PillPack)

https://angel.co/pillpack?utm_source=companies

Blog 3: Kontainers

  • Find a company that you find compelling:

“Kontainers” it is a company that simplifies the exporting and importing process. It does it by providing accurate and reliable information, such as rates and schedules, with the most options.

  1. Identify 3 bloggers or members of the press, that if you were their CEO, you would reach out to.

The people selected are known in the financial and economic sectors, with news related to the international markets, in both printed and online news.

  • Barry Rithotz (Chicago Tribune, Bloomberg ,etc., personal blog The big Picture)
  • Jamie Sturgeon (Global News)
  • Sam Fleming (Financial Times)

(Alan Damian Moreno)