Step 1 of 8 0% FromEmail HeaderThank you for taking the time to complete the quiz.Your individual report is compiled in the PDF attached.Email FooterMany thanks,XXXXXXXXXXBusinessNameXXXXInstructions: Click/touch on the answer below that you feel is the most relevant. Financial Results#1 – Your fiscal year ends in 3 months. Your finance person has projected the results for the year. Are you confident you will meet the projections?YesNo Cash Flow#2 – Do you get a cash flow statement with your financial results, and do you get a 90-day cash flow projection?YesNo Financial Plan#3 – Does your company have an annual financial plan, and are the actual results compared to the plan on a regular basis (at least quarterly)?YesNo KPI#4 – Do you get key operating statistics (often referred to as KPIs) by the 3rd business day of each month?YesNo Time#5 – Do you get financial results in 10 business days or less after the monthly books are closed?YesNo Partnering#6 – Has your finance person (people) made any meaningful recommendations in the last year to reduce costs or improve operational efficiency?YesNo CPA Firm/Bank#7 – Does your finance person have a positive working relationship with your CPA firm and your bank?YesNo Final DetailsOne final step before we send you your results. Name* First Name Email* Email Consent* Yes, I give consent to securely store my details, email me my report along with future relevant tips supporting my score. Note: We will never share your details with any third party. View our Privacy Policy. Identify the most important numberTopic 1 GapTopic 2 GapTopic 3 GapTopic 4 GapTopic 5 GapTopic 6 GapTopic 7 GapTopic 1 Yes Most ImportantTopic 2 Yes Most ImportantTopic 3 Yes Most ImportantTopic 4 Yes Most ImportantTopic 5 Yes Most ImportantTopic 6 Yes Most ImportantTopic 7 Yes Most ImportantOverall Score results text for Column 1 - 0-40%Failing Grade You need to take precautions to prevent a serious outcome. Talk to your bank and CPA firm. Start to recruit a replacement ASAP. This can be done CONFIDENTIALLY. RED LIGHT -- NEED CHANGE IMMEDIATE CONFIDENTIAL REPLACEMENT Overall Score results text for Column 2 - 40-62%Passing Grade, but still marginal. Incumbent needs to be made aware of his/her weaknesses and set up a plan to remediate these weaknesses. I can recommend coaching resources. If this person’s performance does not improve, you probably will want to replace him or her or put someone else in charge of finance. DARK YELLOW LIGHT Overall Score results text for Column 3 - 40-62%Generally acceptable but still has weaknesses. It is suggested you work with this person to correct his or her weaknesses. If the person is impeding progress, there should be a plan to replace this individual. In a larger organization it may be possible to hire another person to work in the area(s) this individual is weak in. YELLOW LIGHT Overall Score results text for Column 4 - 63-84%Strong Resource You should look to work more closely with this individual as he/she can add value and insight. You should develop a plan to retain this person possibly including deferred compensation or some other incentive. GREEN LIGHT Q1 or Topic 1 Biggest Gap FeedbackFinancial Results #1 – Your financial results are usually filled with surprises, often unpleasant ones. Here are the problems you see with a weak CFO/Controller: Unplanned surprises Accounting errors No financial review meeting No explanations or advance research Poor reporting vs. budget/plan/forecast No commentary to enhance impact and time management Q2 or Topic 2 Biggest Gap FeedbackTimely Info #2 – It takes too long to close the books each month (more than 10 days) Here are the problems you see with a weak CFO/Controller : Erratic (inconsistent) closing times (all >10 days) Statements don’t all come out together (P&L without Balance Sheet or without Cash Flow) Inconsistent details – one-month good details are there, the next month they are not Highly manual and inefficient closing process Bank nagging constantly for information – quarter closings don’t go well Q3 or Topic 3 Biggest Gap FeedbackStepping Out #3 – Doesn’t step out into the functions to drive KPIs and seek growth in profitability Here are the problems you see with a weak CFO/Controller: Stays deep ‘inside’ finance function No regular reporting and analysis of KPIs Doesn’t meet with departments on KPI performance issues No proactive discussions with CEO/President on issues they see or to gain perspective Not a consultant to functions helping them with their problems from a money perspective Q4 or Topic 4 Biggest Gap FeedbackCost / Efficiency #4 – Few or no cost savings or efficiency improvement recommendations Here are the problems you see with a weak CFO/Controller: Never volunteers cost savings ideas Doesn’t think proactively about better ways to do things within finance Fails to see inefficiencies or suggest improvements in company processes involving multiple departments Points fingers at other departments when you suggest finance weaknesses Q5 or Topic 5 Biggest Gap FeedbackWorking Capital #5 – No recommendations on how to free up working capital or increase the business returns on capital Here are the problems you see with a weak CFO/Controller: Poor or non-existent working capital metrics, disciplines, and improvement goals: Days Sales Outstanding (receivables), Inventory turns or weeks of supply, Accounts Payable Days Lagging collections, bloated inventory, inconsistent payment of suppliers with frequent supplier ‘crises’ due to non-payment Weak cash flow analysis and reporting No return on investment analyses Q6 or Topic 6 Biggest Gap FeedbackPartnering #6 – Lack of partnering with Banks and CPA firms to improve the business Here are the problems you see with a weak CFO/Controller: Contentious and unpredictable relationships No business improvements or positive insights as a result of bank and CPA relationships High and unexpected fees not managed and value not determined in advance Surprises in financials which slow business ability to obtain financing Q7 or Topic 7 Biggest Gap FeedbackPlanning #7 – Lack of budgeting and planning process driven by CFO/Controller/CEO that provides growth goals and financial clarity Here are the problems you see with a weak CFO/Controller: Either no budgets or poorly understood ones which are not adhered to No meaningful budgeting and financial goals discussions between CEO and CFO/Controller Lack of cross-functional KPIs tied to budget Lack of clarity concerning company financial goals by department heads No understanding by departments of how their contributions contribute to company financial goals Call to Action for SteveI would love chat about your score, how we could help improve it, and what that would then mean for you and your company. Please email myself, Steve, to schedule an obligation-free discovery call via shuff@thehuffgroup.com Call to Action for RichardI would love chat about your score, how we could help improve it, and what that would then mean for you and your company. Please email myself, Richard, to schedule an obligation-free discovery call via richard.bond@bondandcompany.com Key Insights: Ability to project finance results is critical. If your finance person can’t tell you what is happening, it is almost impossible for s/he to help you improve your results. A cash flow forecast can’t eliminate shortfalls, but it will give the company time to pursue the least costly and disruptive solution. If you run out of cash, your bank may reduce your line of credit or move to close your account. Financial plan – Winston Churchill supposedly said if you don’t have plan to succeed, you are planning to fail. A plan without regular monitoring is of little consequence. KPIs – Monitoring your business should take relatively little time if you look at meaningful information. When I ran my family business, my father brother and I had 30-minute or less monthly meeting to review a 1-page schedule which combined operating statistics and a few finance measures. It is NOT necessary to review a complete financial package every month unless the KPIs point out significant problems. Producing financial results is not a productive activity. Many companies close their books in 5 days or less. Reducing the closing is the 1st thing a good finance person will tackle. Better software is usually required. Finance is a great position to add value, but they rarely do. Your bank can be the source of great information. If you work well with the CPA firm, you will have lower fees and get valuable advice. Call to Action for Column 1 - 0-40%Call to Action for Column 2 - 40-62%Call to Action for Column 3 - 63-84%Call to Action for Column 4 - 85-100%Question 1 results text for Column 1 - 0-40%Question 1 results text for Column 2 - 40-62%Question 1 results text for Column 3 - 63-84%Question 1 results text for Column 4 - 85-100%Question 2 results text for Column 1 - 0-40%Question 2 results text for Column 2 - 40-62%Question 2 results text for Column 3 - 63-84%Question 2 results text for Column 4 - 85-100%Question 3 results text for Column 1 - 0-40%Question 3 results text for Column 2 - 40-62%Question 3 results text for Column 3 - 63-84%Question 3 results text for Column 4 - 85-100%Question 4 results text for Column 1 - 0-40%Question 4 results text for Column 2 - 40-62%Question 4 results text for Column 3 - 63-84%Question 4 results text for Column 4 - 85-100%Question 5 results text for Column 1 - 0-40%Question 5 results text for Column 2 - 40-62%Question 5 results text for Column 3 - 63-84%Question 5 results text for Column 4 - 85-100%Question 6 results text for Column 1 - 0-40%Question 6 results text for Column 2 - 40-62%Question 6 results text for Column 3 - 63-84%Question 6 results text for Column 4 - 85-100%Question 7 results text for Column 1 - 0-40%Question 7 results text for Column 2 - 40-62%Question 7 results text for Column 3 - 63-84%Question 7 results text for Column 4 - 85-100%Question 1 %Question 2 %Question 3 %Question 4 %Question 5 %Question 6 %Question 7 %Overall Total NumberThis will simply add up all questions and give a total number of points for all. Overall Current PercentageCreation note: Change "40" to the number of total points available in this quiz. Remember each question is worth a total of 4 points. E.g. Total of 6 questions is 4x6 = "24". Total of 8 questions is 4x8 = "32". etc