There are no doubts about the amount of work and responsibility a CFO has. From tracking cash flow, making financial planning and forecasting, building a finance and accounting team, to driving revenue. How could it be even more challenging? By becoming a franchise CFO.
Abraham Sherman, the Chief Financial Officer at EYM Group, will share his experience as a franchise CFO and some of the specific challenges that come along with that. He also dives into a CFO's role in driving cost savings and adopting a proactive attitude in identifying those opportunities.
In this episode, we discuss the role of a CFO in a franchising environment, financial strategies to save and generate millions of dollars, why CFOs need to reinvent themselves constantly, and many other interesting topics related to franchising.
What Is the Role of a CFO in a Franchising Environment?
The most significant priority of a franchise CFO is to ensure enough cash to pay the vendors on a given day. Being a franchise CFO is a very labor-intensive role that requires you to be involved 24/7 in solving problems and emergencies.
“The role of the CFO is more strategic. We need to roll up our sleeves every day.”
A Franchise CFO Saving and Generating Millions
Working for Sunroad Enterprises, Abraham took on two projects, one of which saved the company a million dollars annually and another that saved two million dollars. He describes the strategy he applied to make this happen.
“There's always an emergency happening or something you can solve. I can write a book about all the things I've faced in my time here.”
How Can CFOs Identify More Financial Opportunities?
A CFO needs to reinvent constantly, inform himself, be aware of new trends and business directions, attend financial seminars, and so on.
“You could not survive as a CFO without constantly reinventing yourself.”