The Scalable CFO

Established in:

2016

Active in:

UAE

The Scalable CFO

FIELD OF CONTRIBUTION

Other

PRODUCT DESCRIPTION

The Scalable CFO is an online platform to fast-track the service processes of getting high calibre professionals and engaging with them safely remotely. The platform reduces the cost and time without compromising on quality. With our initial focus on Finance Professionals, our goal is to become a global go-to platform for addressing all business support service needs of an SME, with a presence in the Middle East, Sub-Saharan Africa and Europe. In these markets, there are 111 million SMEs that are contributing trillions of dollars to global GDP.

The consulting market fails in that many of the consulting market players do not cater to the SME segment, yet the SMEs are the ones who need the help the most to sustain their business. Poor service levels and financial exclusion from top tier services is prevalent. The problem is that it’s s too expensive to service SMEs with the same calibre and in the same way that the Big4 service larger entities.

CLIENT PROPOSAL

The Scalable CFO model takes the SME through the A-to-Z journey that is necessary to engage in professional services so that the risk of quality issues is mitigated. In addition to this, Our client proposal process includes steps and tools to:
1) Understand the persona of the organisation
2) Diagnose the financial health state of the business and issues they are facing
3) Understand the budget so that we can propose competitive pricing where SMEs only pay for the number of days that aligns with their stage and budget,
4) Identify the best people to help them based on multiple factors including culture and skills,
5) issue a diagnostic report (with health scores) to allow us to monitor their progress and improvements.
6) Issue a proposal of the a flexible payments plans

Key info provided includes
- Budget
- No of years operation
- No of employees
- Financial processes in place
- Financial results (e.g as revenue, costs, assets and liabilities)
- Personality and culture indicators

Hiba Jabber FZE

United Arab Emirates

Located in:

Description:

The Scalable CFO was approached by a female-led boutique fine jewelry e-commerce retailer based in Dubai, founded in 2017 by Hiba, a young entrepreneur. The company was struggling to manage Finances – Hiba had been managing on her own and had bootstrapped the business up to this point. Being in eCommerce, the company had experienced a boom of sales during the pandemic, however, Hiba was making cash losses and she had no idea what the profitability was on a product by product and on a month-by-month basis, she could not work out how to sustain the business

What we did:

The Scalable CFO conducted a diagnostic of Hiba’s business to assess the current financial health of her business. Hiba had a set of financials, but the financial controls and processes were virtually non-existent and so weak that they cast significant doubt as to whether she could place reliance on her financials. Through the diagnostic, The Scalable CFO was able to identify that Hiba needed an operational and commercially minded CFO with experience in jewellery manufacturing, ecommerce and inventory management who could take a hands-on approach to not only advise on strategic matters, but to help Hiba overcome the operational barriers.

Hiba now has a reliable financial model and budget where she sees a clear path to double revenues, increase profit margins and hire more employees in the coming year.

Outcome:

- Increased the completeness of her processes and control environment from 30% to 80% (+112%).
- Turned around the Financial health from a net loss of 11% to a net profit of 20% (+285%).
- Reported productivity of 24 completed task vs 21 panned tasks on the roadmap (+114%).
-Improved the Pricing Model and Margin leading to a reduction in historical Accounts Payable ledger within 6 weeks of price changes saving the company from unnecessary margin losses and ensuring that profit margins and cash are optimized as the business grew sales.
- Managed compliance risk by reconstructing all comparative financials from inception gave a clearer picture of the business performance over time which led to the CFO being able to identify a professional auditor who could complete the audit at 20% of the typical price due to records being clean.

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