Crisis in business can come in many forms.  Loss of critical contracts, unprofitable business divisions, lack of consistent customers and growing expenses are just a few areas that can all lead to serious cash flow issues. If your business is facing a crisis, Fulling Management may be your solution to getting back on the right track.

See below examples of how Fulling has helped our clients turn around their companies when facing crisis.


DONNA WREN

The Situation

Donna and her staff were working harder than ever but the results were difficult to measure with no firm financial reporting in place. Cash flow had become a challenge and she often felt all alone when it came to making important decisions affecting the company’s long term stability.

The Solution

Fulling Management focused on developing a cash flow forecast / budget. The forecast helped determine the desired sales goals. Once the sales goals were developed, Fulling Management worked with the Donna Wren Agency to strategize towards reaching their objectives. Each month Fulling Management helps keep Donna and her team accountable towards meeting their sales goals and staying within their defined spending plan.

The Result

"Cash in the bank!" The company has been able to build a cash reserve rather than operate in a deficit. By having well defined goals in place Donna and her team have been able to meet or exceed their sales expectations. She is able to manage using the financial statements as a tool rather than relying on decisions based on emotion. With proper measurements and tools in place, Donna’s hard work can be focused in the areas that will produce the greatest impact for her and her customers.

Testimonial

"I’ve owned an insurance agency for about five years. But it can be hard running your own business because you’re out there all by yourself. So I joined an association of small-business owners, and that’s where I met Rusty Fulling. At one of our meetings, Rusty described his business, and I thought he could give me a fresh outlook on mine. I wanted to grow my business and move forward, and I needed help with that. I knew Rusty wasn’t in the insurance business, but that didn’t matter. I could see that he knew how to run a business, no matter what it was. I’ve been working with Fulling Management since December 2008, and the things they have done for my business just amaze me! First, they got my expenses in line and showed me how to build up a cash reserve. And now Fulling Management prepares all of my monthly financial statements. But Rusty’s guidance has also given me a whole new perspective on the financial side of things — he showed me how to be less emotional and do what is right for the business. He helped me think through and plan major business decisions about hiring employees, making large purchases, and leasing office space. Rusty’s perspective is so important because most of us entrepreneurs are so deep into running our own businesses that we can’t see what needs to be done. I know Rusty genuinely cares about who he is working with. He is totally honest and absolutely someone you can trust. That was my first impression of him — and it hasn’t changed." — Donna Wren, President of the Donna Wren Agency/ Farmers Insurance


A Kansas City based medical group had experienced a decline in revenue and cash flow due to lower insurance reimbursements and rising and unbudgeted operational costs. The decline had resulted in months where the physician owners often had to go without paychecks so there would be cash flow for paying overhead costs.

The Solution

Fulling Management & Accounting, Inc. worked with the medical office as a team to identify areas of cash flow drain and looked for areas to generate additional revenue. We developed an incentive-based pay system for the physicians that resulted in positive cash flow as well as payroll bonuses rather than check-less paydays. We identified areas to leverage the physicians time appropriately to allow them to generate more revenue while working more efficiently.

The Result

The medical group recently moved into a brand new leased facility and purchased a state of the art medical billing system without incurring additional debt. Payroll bonuses are a common occurrence and income and expenses are budgeted and properly managed.

Testimonials

“In 1996, Rusty Fulling was called in to do an in-depth study of our practice. Using his financial background and objectivity, he analyzed everything from cotton balls to malpractice insurance and developed a plan to control costs. Our increased profitability was a direct result of his knowledge and efficiency. Now, our practice has a long-term relationship with Fulling Management & Accounting, and Rusty is instrumental to our success. He has restructured our physician compensation plan, helped get financing for malpractice insurance, and recommended medical management software. Rusty doesn’t shy away from difficult situations; he is willing to make the right decision even when it is not popular. Rusty is just flat out honest. I never wonder what he is really thinking. You just trust somebody like that. At the same time, he has developed a great rapport with our physicians, who rely on him for business advice. He’s allowed them to practice medicine. Rusty proved to them that we can give good patient care and still be financially successful.”– Lisa McCoskey, Office Manager, Heartland Womens Health Care, P.C.


Nexus Relocation

The Situation

This successful corporate relocation company was struggling with managing the financial operations of the company. Accuracy and inefficiencies had become major issues in the financial reporting.  According to the company’s tax accountant, the client was potentially facing several thousand dollars in taxes, penalties and interest.

The Solution

Fulling Management focused on rebuilding the company’s financial statements for the year to provide a proper representation of the taxable income. Rather than replacing the client’s accounting staff, Fulling Management developed efficient processes and procedures for their staff to follow. Fulling Management continues to work with their staff on an ongoing basis to ensure accuracy and management oversight.

The Result

Through the process of “cleaning up the books” and reviewing what had been reported, Fulling Management discovered the client had inadvertently grossly overstated their taxable income. This reduced their pending tax liability by several thousand dollars. Also with the new procedures Fulling Management and the client’s staff were able to identify new sources of revenue within their existing client base.  By Fulling Management introducing appropriate processes and assisting in managing the financial operations, the client can now focus on the new opportunities to grow the business.

Testimonial

“Fulling Mangagement has been working with my company, Nexus Relocation Group, since July 2008, and during that time they have done some remarkable things for me. They started by cleaning up my entire financial system, which at the time just wasn’t running efficiently. They went back over a complete calendar year—month-by-month, check-by-check, statement-by-statement—to properly organize our records. They set up systems to predict our cash flow, expenses, and monthly break-even point. They encouraged me to look closely at the value of my services and to charge more when it was appropriate. Fulling Management also helped me develop a tax strategy, which greatly reduced the impact of taxes on my business. Of course I am pleased with all of the things Fulling Management has done for Nexus, but I am just as impressed with the way they have done them. In the past, I’ve worked with accountants who just told me what I had done wrong but were never interested in showing me how to do things correctly. Rusty Fulling was the first person who actually took the time to learn about Nexus. He was honestly interested in finding out what I wanted to accomplish and then showing me how to get there. Rusty’s approach is not a template; he customized it to meet my company’s specific needs. Now, he strategizes with me and asks thought-provoking questions. And he often has insights about Nexus that I’m just too close to see. His skill set and objectivity have enabled us to get to the next level. The type of business doesn’t matter — Rusty just knows business in a very real, relevant way. In short, Rusty fulfills the financial piece that I need and rely on.” – Becky Oliver, President of Nexus Relocation Group, Inc.


We Are IT

The Situation

A well established and growing information technology company had begun to experience declining profits. Although the company had expanded its business lines and gross sales were up, rising overhead and management demands were causing the owner many sleepless nights.

The Solution

Fulling Management & Accounting, Inc. helped the owner refocus on the core business vision by identifying actual costs and profitability of the various divisions within the company. Fulling also helped the owner implement the changes needed to bring the company back to its original business model.

The Result

By simplifying areas of management and refocusing the company to its primary goals, the company has returned to profitability. The owner has been able to focus on new areas of growth within the business model and most importantly, the owner is able to once again sleep at night.

Testimonial

"Our company, We Are IT, was recently going through a rocky period. Instead of just waiting for things to get better, we sought out an expert. Fulling Management & Accounting helped us turnaround and refocus our business. Rusty Fulling and his team performed a S.W.O.T. analysis, so we could understand the sources of our problems and develop specific steps to resolve them. For example, we were able to implement a more profitable pricing strategy and identify unprofitable activities. A key element of our turnaround success was Rusty’s availability. He recognized the criticality of our situation and never hesitated when we needed help. Initially, I had some concerns about opening up sensitive areas of my business, but I was extremely impressed with Rusty’s sincerity and respect for the trust we had placed in him. I also appreciated his knowledge and understanding of so many business-related topics. I would never hesitate to recommend Rusty and his team." — Ed Van Buskirk, President We are I.T.

Read more about our services for crisis management or contact us for a free consultation.