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Cohesive Communication Strategy Prevents Massive Selloff
Vice President of Investor Relations resigned shortly after Board of Directors placed new Chief Executive Officer only days before crucial 10-Q was to be filed. Asked to assume leadership responsibility for Investor Relations with limited knowledge of subject matter.
Worked with crisis team to help develop key public relations messages communicating executive management changes. Drew up questions and answers for CEO pinpointing challenges/concerns to address within investment community as well as preserve corporate reputation and image. Positioned company to hold first Investor Day providing transparency and building confidence with investors.
Open and honest communications with shareholders reestablished shareholder support, preventing massive selloff. Investor Day announcement allowed deferral of detailed information relating to changes and was successful in managing investor expectations. Asked to lead Investor Relations after nine months with company.
New Pricing Model and Internal Controls Provide Accurate Forecasting
Company was entering new product lines that were extremely price competitive and required strict controls, making forecasting difficult during line extensions without visibility into customer profitably on other lines.
Redesigned general ledger and product lines to allow for greater visibility in reports and metrics. Established procedures and internal controls. Automated sales acceptance process by validating completion of profitability analysis and linking to Letter of Credit and purchase order process to ensure top-notch quality control. Designed and implemented key performance indicators to accurately forecast results within extremely dynamic environment.
New pricing model diminished pricing errors, resulting in 16% reduction in defective products. Additionally, improved forecasting through key performance indicators and profitability studies, providing meaningful information for mergers and acquisitions.
Vendor Discount Program Earns Dividends for Shareholders During Divestiture
Sales dropped significantly during sales director's prolonged absence, highlighting value of his relationships with customer base. In addition, sales representative contracts entitled them to commissions regardless of who closed sales. Attempted to sell company to competitor using extended product line as incentive. After sale negotiations fell through, viable solution to cash flow became imperative.
Launched initiative providing vendors with direct access to customers for discounts exceeding 20%. Vendors provided large discounts to obtain customer numbers directly, saving retailers and vendors in addition to facilitating close of business in positive manner.
Promoted Company Value Through Successful Due Diligence Efforts
Charged with sole responsibility for managing all due diligence efforts for growing company, including licensing opportunities. Situation called for confidentiality and discretion to complete sale without panicking employees.
During acquisition, completed due diligence on acquired entity. Completed process integration after acquisition and managed collections of acquired company's accounts receivable after close
On sale side, worked with outside company in preparing audits, performing due diligence and blue book. Created data room that was updated regularly. Partnered with acquisition candidates to plan and execute due diligence efforts for 70% divestiture. Built essential trust with acquiring company to reap bigger gains.
Overhauled Marketing System Reduces Costs and Grows Customer Pipeline
Internal marketing collateral system was complex, multi-functional process lacking automation, controls, and formal procedures with unapproved references and clients, which caused significant legal risk. Current users lacked confidence in system and were reluctant to use resource. Internal systems were not adequate to manage current customer pipeline without additional staffing and training.
Recruited core group of heavy users into design process to engage and obtain valuable input. In order to reduce costs and save time, contracted offshore resource to produce creative work. Reengineered process, instituting internal controls at each milestone. Automated workflow, allowing full visibility to all users and updating project status.
Reduced costs 32% and improved quality while growing internal pipeline 40% over previous year. Minimized costly copyright errors and gained end user buy in.
Streamlined Accounting and Pricing Practices Recoups $1 Million Loss
Process error in business model with unwieldy and obscure accounting system cost $1 million in losses annually within Hong Kong office.
Introduced financial pricing model to determine customer profitability as well as identify and eliminate unprofitable customer relationships. Automated pricing process to minimize errors. Launched new accounting system, creating robust financial and operating reports to facilitate effective decision-making process for higher profitability and pricing.
Restructuring business model reduces errors 60% and work force 40% in Hong Kong office, eliminating $1 million annually in losses.
New Accounting Systems Reduces Charge Backs and Safeguards Quality
Hong Kong office was using manual accounting and project management system that differed from systems used in American home office, causing erratic tracking and charge backs that were eroding profits.
Installed new accounting system in both offices, providing real-time visibility to both sides. Restructured fulfillment procedures in Hong Kong, adding guidance and controls, reducing errors, and clarifying projects. Transferred all accounts receivable to American home office for more accurate profitability tracking.
Process facilitated 40% reduction in manpower and reduced errors 60%. Additionally, new system safeguarded quality, minimized charge backs, and unified team's performance.
Strategic Thinking and Resourcefulness Drive 30% Growth
Managed operations, including talent recruitment, building teams, and relocation, during rapid expansion. Owners were reluctant to change manual processes and flat reporting structure where all employees reported to one of five owners. Company outgrew current leased space and though future growth was forecasted, rate was difficult to determine.
Restructured departments and placed middle managers in charge of daily operations, freeing up owners for long-term strategy planning. Upgraded financial processes for maximum adaptability to changing market conditions. Designed and implemented accountability metrics, disbursing bonuses for performance. Managed relocation of office to proper warehouse with capacity to accommodate growth.
Opened new channels, earning 30% of growth and improving storage capacity 50%.