My Local CFO Helps Businesses Build Legacies

By Durham Chamber of Commerce / Published 05.09.19
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If your business is going in the wrong direction—strategically or financially—and you can’t seem to figure out the root cause, My Local CFO can help. My Local CFO gives business owners peace by of mind by getting their businesses on the intended path, through offerings such as CFO, accounting, and consulting services. As a result, businesses are able to grow their revenue, become more profitable and stay in business. “We believe that we all grow faster and can impact more people when we connect with others,” says Principal Derrick James. “From inception, a big piece of our business model has always been to provide trusted resources to our clients, beyond our products and services.  Partnerships allow us to treat the whole business and not just one area.” My Local CFO plans to reach more businesses through a new affiliate program that is coming in the Fall of 2019.

How long have you been in business?

Since 2011.

Who/what was the inspiration behind your business?

Growing up my Father was a business owner and the only time I really spent time with him is when we were working in the business.   I knew he started his business to have flexibility in life, provide for his family, and to build a legacy.  Instead, he found himself working all the time, missing out on family events, and working harder without better results. As I got older I realized that he was attempting to do everything even in the areas that he was not as strong in.  After gaining education, and corporate experience I now help Business Owners/CEO's gain time and become more profitable.  Allowing them to get back to the number one reason why they started their business.

How many employees do you have? How many were hired in the last year?

Two employees and four contractors.

What business or community need does your business meet? 

Let’s be honest here. Most business owners are great at delivering their product or service…but not so much so when it comes to the running of the business. Businesses are making money but have no idea if they are profitable, worried about how they are going to meet payroll and other obligations, so they are fearing growth and can't figure why the revenue coming in doesn’t match what is being seen in the bank account.  Most owners think if they have QuickBooks or a Bookkeeper and a CPA for taxes that’s all they need. Well, for compliance yes, but for business growth and sustainability not so much. Who is helping you with your strategic and profit planning? My Local CFO is giving business owners peace of mind and getting your business where you planned it to be when you first started. We help you grow revenue, become more profitable and build sustainability.  This means that businesses are healthier, live longer and can impact the community in a bigger way.  The truth is business provides answers to problems.  The better off a business can be, the more impact that it can make in its community and on the world.

What is the biggest business challenge your company/business has had to overcome? How did you do it?

When I first started in business, growth each year wasn't consistent.  I felt like I was hitting a wall that would not allow me to grow further and faster.  I started my company to have flexibility in life, provide for my family and build a legacy but found myself working all the time, missing out on family events and working harder without better results (sound familiar).  I had to face the truth.  I was working in my business and not on my business. My clients were seeing great results, but I was barely getting by.  After focusing on my business, seeking advice and getting a handle on understanding my numbers, I was able to double my income now see consistent growth from year to year.

What is your business’ greatest need?

My Local CFO is looking for more business and community partnerships.  We believe that we all grow faster and can impact more people when we connect with others.  From inception, a big piece of our business model has always been to provide trusted resources to our clients, beyond our products and services.  Partnerships allow us to treat the whole business and not just one area while supporting entrepreneurship in our community.

What are you most proud of about your business?

My Local CFO is a trusted name in the community.  When we are able to assist individuals and companies to gain the tools they needed to drive their business where they originally intended, then we all win.  Nothing makes us more proud than to watch the growth of someone who was overwhelmed and stressed, become confident, take control and build a business with a stronger future.

In what ways do you hope your business will grow in the next two years?

My goal for My Local CFO is to reach more businesses through a new affiliate program that is coming in the Fall of 2019.  At our core entrepreneurship is our WHY. The more businesses we can help and the more partnerships we develop means that everyone wins. Thus our impact to the community can be greater. For more information: www.mylocalcfo.com

 

"... a big piece of our business model has always been to provide trusted resources to our clients, beyond our products and services."