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Suiter helps build 'sustainable success' in a down economy
ARG Conservation Services, a restoration contractor located in San Francisco talks about 'managing the downside'.
“Because we'd already been working with Vicki Suiter for several years when the recession hit, we made it through. A lot of our competitors didn't. We had a bad two years, along with everyone else. But we're still here because Vicki Suiter helped us manage the downside. (see client full story) Now, we're in a great position to take advantage of the market turning around.
We were able to make it through the recession because Vicki Suiter gave us the tools to plan for worst-case scenarios. When the worst happened, we knew what we had to do, and we did it. It wasn't pretty or easy, but it kept us in business. Now, thanks to Vicki we run a tighter and more efficient operation than we ever have.
Working with Vicki Suiter is like having our own private crystal ball. Instead responding after something happens, we make projections and plan strategies. If more contractors used Vicki's tools and counseling, we'd have a much healthier industry.
If Vicki Suiter hadn't helped us in 2005-06-07, we'd have been out of business in 2008.
Vicki Suiter helped us have our best year on record by showing us how to project and monitor our business's growth. Because of Vicki, we didn't blow through our profits. Instead, we put a governor on our spending; and when business turned down, we had enough to keep us afloat.
Because Vicki Suiter showed us how to plan for the future, we never have to worry about facing a sudden death situation, or walking away from a project. It makes a big difference to know what's coming instead having to face unpleasant surprises.
We're still here to take advantage of the upside, because Vicki Suiter helped us manage the downside.”
This is from an interview with Glenn David Mathews, CEO of ARG Conservation Services, Inc. in San Francisco, CA
Suiter helps carve out success at QuarryHouse
QuarryHouse, a stonemasonry located in the San Francisco area, has gone from $2.5 million in sales to $6.5 million in less than six years. CEO Ed Westbrook credits his company's successful growth to two things: the third-generation stone masons whose craftsmanship is unmatched and Vicki Suiter who serves as the company's business coach, consultant and outside chief financial officer.
"Vicki has taken us from a small business to a real growth company that has doubled its size and experienced 10 quarters of uninterrupted profitability," Westbrook explains.
Suiter, who is president of Suiter Financial Systems, first came to the company as a consultant for the Sage Master Builder financial software program. Her value as a financial management professional and business coach/consultant was quickly realized, and she became an integral part of the QuarryHouse senior management team.
Westbrook cites three areas Suiter focused upon:
- Suiter set up systems and structure throughout the company. She built a professional accounting department by hiring new personnel and training them to operate the new systems. "This was critical to our success," Westbrook says.
- Cash flow planning tools were put in place and used. "Cash is king for small contracting companies. We have 45 full-time and seasonal employees, so this is an important tool for us," Westbrook explains.
- A profitability reporting model was implemented. "We can't always control our revenue stream, but the key is to keep our spending in proportion. We now perform to our budgets," Westbrook adds.
QuarryHouse's mission is to build legacy homes, but it does notable public work as well. Recent projects include creation of the National AIDS Memorial Grove located in San Francisco's Golden Gate Park, restoration of the visitor's center and stone bridges at Yosemite National Park and construction of a 10,000-seat granite amphitheater for the San Francisco Symphony.
As QuarryHouse continues to grow, Westbrook says he feels fortunate to have a resource like Vicki Suiter. "She has a tremendous sense of integrity, keeps her promises and does what she says she'll do," Westbrook explains. "Through her coaching, consulting and financial management skills, she's helped this company reach the next level."
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External CFO gives contractor 'peace of mind' and increased profits
John Cochran is president of a non-union framing company that employees 400 people. The name of his company - Cabernet Construction - is perfect for a business located in Napa Valley, California. Like a fine red wine, his company has done well as it has aged. This year, the 11-year-old company will reach $20 million in gross revenue.
"I know construction, but that's only half of what makes my business a success," Cochran says. "The other half is the finances and by having Vicki Suiter serve as my outside chief financial officer and advisor, I've been able to understand the numbers and increase profits," he explains.
Cochran admits he's learned the hard way how important solid financial management is to a company. "Many business owners start out thinking we don't need someone like Vicki Suiter, but after two previous business failures and employee embezzlement, I know otherwise," Cochran says.
"You couldn't find anyone better than Vicki when it comes to the overall financial management of my company. She gives me peace of mind," he says.
Suiter, president of Suiter Financial Systems in Novato, California, originally worked with Cabernet Construction to set up its Master Builder software program. Soon she became a trusted advisor and what Cochran refers to as his "outside" controller. She also helped hire and train an internal controller for the company.
The systems and structure Suiter incorporated at Cabernet Construction allow Cochran to analyze financial information and see ways to improve profits and reduce his risk and liability. "I rely on Vicki for her financial expertise and advice," he says. "She's taught me a lot and is an invaluable part of my business."
Suiter Financial Systems focuses on building and maintaining solid financial foundations
There's an analogy the employees of Suiter Financial Systems like to use in stressing the importance of the financial review services it provides to clients. They say that taking the proper steps to assure a solid financial foundation is just as important as building a new home with a solid structural foundation. In both cases, a strong foundation allows for stability and growth.
Forde Mazzola, a high-end contracting company that builds and remodels homes in greater San Francisco, can relate to that example. The 13-year-old custom home building business employs 25 people and has maintained a solid financial foundation by using the financial review services of Suiter Financial Systems (SFS). Vicki Suiter, president of Suiter Financial Systems has a long history with the company.
"Vicki Suiter came with the accounting software program (Sage's Master Builder) we purchased and has been with us since day one," says David Forde, president of Forde Mazzola. "Her company keeps us on track and makes sure we're implementing good financial business practices."
Forde adds, "I get the benefit of Suiter Financial Systems' vast experience in the construction industry. They know what a company should be doing to be profitable in this business."
Suiter says companies relying on the financial review services of her company are essentially getting a second set of eyes to review and help manage the company's finances. "We make sure the numbers are accurate, reliable and give business owners honest financial feedback about the company," she explains.
Some of the review services provided by Suiter Financial Systems include reading and interpreting financial reports, analyzing trends, setting up budgets and forecasts, implementing cash flow projection models, progress billing, reconciling the books with supporting documentation and getting financial information in order prior to being sent to a certified public accountant.
Forde finds the dedicated, reliable service provided by SFS invaluable.
"Having Suiter Financial Systems help manage our company's finances, gives me a level of comfort that allows me to focus on the other important aspects of our construction business," Forde says. "SFS helps me maintain a strong financial foundation just as solid as the foundations that anchor the custom homes we build for our clients."
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