Need: Value Creation

Maximizing Customer Retention: Strategies for Loyalty, Long-Term Relationships

May 23, 2023 Brad Gerick

What is Customer Retention?

Customer retention measures how well a business maintains its customer base over a specific period. It’s an important metric because it is often more cost-effective to retain existing customers than acquire new ones.

When customers consistently choose your brand over competitors, they bring repeat business, provide valuable feedback and often become brand advocates.

Start Your Project

Achieving high customer retention isn’t easy, though. It requires careful strategizing, meticulous execution and continuous improvement. This is where third-party resources can make a significant difference. Partnering with experts or leveraging cutting-edge tools can save you valuable time and resources.

Whether it’s designing an attractive loyalty program, implementing effective CRM systems or refining your customer experience, industry specific service providers have experience and expertise you need.

Let’s dive deeper into customer retention and how it can help your business.

Understanding The Importance Of Customer Retention

Building customer loyalty is a critical element of customer retention. The value it brings to business growth is immense as loyal customers often translate to repeat business and referrals. There are several key factors influencing customer loyalty, including product quality, customer service and overall customer experience.

Effective customer retention strategies play a pivotal role in fostering long-term relationships. They involve an array of initiatives ranging from loyalty programs to personalized customer engagements. Examining successful case studies can provide a insights for companies looking to improve retention.

READ MORE: Voice of Customer Process: Methodologies for Better Service

Implementing Customer Loyalty Programs

Customer loyalty programs are designed to incentivize repeat business. There are different types of loyalty programs, each with its own benefits. For example, a points system might encourage frequent purchases, while a tiered system could inspire larger transactions.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

When designing a customer loyalty program, several key considerations come into play. These include understanding your customers’ preferences, setting clear and achievable rewards and ensuring the overall process is straightforward and accessible. Implementing and managing these programs effectively can have a significant impact on customer retention.

Contact BluWave

Enhancing The Customer Experience

An outstanding customer experience can turn one-time customers into repeat clients and casual buyers into brand advocates. Employing strategies to consistently deliver exceptional experiences can significantly improve customer loyalty and retention.

Using CRM systems to manage customer relationships can have numerous benefits. They can help track customer interactions, provide personalized service and identify trends in customer behavior. Similarly, leveraging customer lifecycle management can enhance customer retention by delivering targeted engagements at each stage of the customer’s journey.

READ MORE: Understanding Voice of Customer: Metrics, KPIs, Analytics

Loyalty Management and Measurement

Effective management of customer loyalty initiatives is crucial to their success. This includes not only the implementation of the programs but also ongoing performance monitoring. It’s crucial to track key performance indicators (KPIs) like repeat purchase rate, customer lifetime value and churn rate. Interpreting and acting on these metrics, however, may require a certain level of expertise that specialized third-party services can provide.

Successful customer retention strategies are not set in stone, but are rather dynamic and adaptive. Continual refinement based on customer feedback, market trends and business goals is paramount to their sustained effectiveness. The process of monitoring and adjusting your customer retention efforts can be intricate and time-consuming. Expert third-party service providers, well-versed in data analytics and strategy adaptation, can be an essential asset in this journey.

READ MORE: What is the Voice of Customer Survey?

The journey of customer retention, from understanding its importance to implementing effective strategies, is an intricate, ongoing process. Customer loyalty programs, enhanced customer experiences, CRM and lifecycle management are all tools in your arsenal to foster loyalty and long-term relationships.

The value of maximizing customer retention is clear, but the path to achieving it can be riddled with complexity. BluWave is here to bridge the gap.

Our research and operations team is here to connect you with industry-specific, expertly vetted service providers to help you navigate the complexities of customer retention.

Set Up a Scoping Call

Technical Recruiter (IT): Find the Right Candidate Fast

May 18, 2023 Brad Gerick

What Does a Technical Recruiter Do?

A technical recruiter is in charge of finding, interviewing and selecting qualified candidates for technical roles like software engineering, data analysis and technical writing. They seek candidates who have the necessary skills to fill specialized positions in information technology, data science and engineering.

Technical recruiters work for either a company’s human resources department or a technical recruiting agency to fill open positions within a technology-focused company. Oftentimes, an expert technical recruiter who has experience across your industry can be the best way to find an exact-fit candidate, and fast.

Start Your Project

“Any specialized recruiter is going to have a better network. They’ll also have a much better idea of ‘what good looks like’ and can help a hiring team calibrate the applicant pool more reliably,” says Houston Slatton, BluWave’s head of technology.

The digital revolution has emphasized the necessity for specialized roles within organizations, bringing to the fore the importance of technical recruiters. They possess an intricate knowledge of the necessary skills and experiences required for these roles and are adept at identifying candidates that align seamlessly with the organization’s unique needs.

Interim CHRO

Benefits of Technical Recruiters

These recruiters bring a nuanced understanding of the rapidly evolving tech industry and the dynamic skills it demands. This expertise allows them to source candidates who are a perfect fit for both the role and your organization’s culture.

Another substantial benefit of partnering with a technical recruiter is their extensive network within the tech industry. This serves as a rich reservoir for discovering both active and passive talent, often making the difference in finding the ideal candidate.

READ MORE: Hire an Interim CHRO

Moreover, IT-focused recruiters can provide significant time and cost savings. The recruitment process, particularly for specialized roles, can be both time-consuming and expensive. By leveraging their experience, technical recruiters can speed up the hiring process, ensuring you secure the best candidate on the market.

Start Your Project

“We used a recruiter to hire a data engineer, and that recruiter knows the products in our tech stack, so he can better vet the candidates before we talk to them,” Slatton says. “In addition, he knows what the job entails so he can better ascertain up front whether what’s in a resume will actually be a good fit for us because he’s spent so much time in the data space.”

READ MORE: Interim CHRO Interviews

Technical Recruiter vs. Regular Recruiter: Differences

While both technical recruiters and regular recruiters play essential roles in the hiring process, their areas of focus differ significantly. A technical recruiter specializes in filling technical roles such as software development, product management and data science. They hold a comprehensive understanding of the tech industry, with responsibilities including interviewing and assessing candidates for specific technical proficiencies.

On the other hand, regular recruiters manage the hiring process for a variety of job roles not confined to the tech industry. They may work independently or as part of a company’s talent acquisition department, managing the complete recruitment process for various open roles across different industries.

READ MORE: What is Technical Debt in Due Diligence?

Securing the Right Technical Recruiter

Connecting with the ideal technical recruiter often involves multiple approaches. While you may consider seeking recommendations from trusted industry associates, performing online searches for technical recruiting firms, or even attending industry events to meet technical recruiters, these methods can be time-consuming, costly and don’t always yield the desired results.

READ MORE: Tech Stacks of Companies: How To Choose

The most efficient and effective route is to collaborate with an outside resource that can connect you with a tailor-made third party. BluWave’s invite-only network exists for just that purpose.

We offer a bridge to industry-specific, expertly vetted tech recruiters who can guide your recruitment process. By working with our research and operations team, you can focus on running your business.

Start Your Project

Hire Interim CTO: Benefits, Advantages

May 16, 2023 Brad Gerick

Why should a private equity firm or a private or public business hire an interim chief technology officer?

In today’s fast-paced digital landscape, technology leadership is crucial for businesses seeking to innovate, streamline operations and stay ahead of the competition. But finding the right CTO can be a challenge, particularly for private equity firms managing a portfolio of companies, or private and public companies undergoing significant change. This is why outside resources that are intimately connected to the top temporary tech executives can give you a huge advantage.

Start Your IT Project

“For companies with tech products – internal or external – a good CTO can provide necessary leadership to make sure those products are built on time, at budget and with high quality,” says Houston Slatton, BluWave’s head of technology. “They can also play a role in architecture, validating the tech stack and helping determine the right path forward in growing organizations.

Interim CTOs can serve as a stopgap solution to either turn things around or simply keep the business moving forward while a long-term solution is sought.

Here are five benefits of hiring a temporary CTO.

sales and marketing

ALSO SEE: Data Consolidation: Benefits, Challenges, Process

1. Improving Technology Operations

An interim CTO can provide a quick but comprehensive assessment of your technology operations. They can identify areas for improvement, streamlining processes, upgrading outdated systems and optimizing technology usage to drive operational efficiency and productivity.

Implementing a new IT asset management system, automating manual processes or transitioning to a cloud-based infrastructure could be part of the transformation. These changes not only free up your team for more strategic work but also enhance your disaster recovery capabilities while reducing IT costs.

Hire an Interim CTO

2. Bringing in Best Practices

Interim CTOs, with their vast experience across various industries and companies, can introduce best practices into your organization. They can guide your team in implementing agile development methodologies, which can shorten your product development cycles and accelerate time to market.

Additionally, they can help establish a robust cybersecurity program to safeguard your data from cyber threats and lay out a comprehensive disaster recovery plan, ensuring business continuity in the event of a disaster.

READ MORE: Platform Modernization: App, Software Upgrade

3. Developing a Technology Roadmap

Interim CTOs can craft a strategic technology roadmap that aligns perfectly with your business goals. They can help you identify key technology trends that could impact your industry in the next 5-10 years and develop a plan to adopt these technologies.

This foresight can provide a competitive edge and enable you to prioritize your technology investments effectively based on your business objectives.

Get More IT Resources

4. Overseeing Technology Projects

Whether it’s a complex digital transformation initiative or a software development project, an interim CTO can provide expert oversight. They can manage the risks associated with these projects, coordinate the efforts of multiple teams and ensure that the project aligns with your business objectives, all while making sure the project is delivered on time and within budget.

READ MORE: How To Extract Data from ERP Systems

5. Providing Strategic Guidance

Strategic guidance from an interim CTO can be invaluable to your executive team. They can help develop a plan to invest in new technologies that will drive business growth, keep you informed about the latest digital trends and advise you on making technology investments that align with your business strategy.

READ MORE: AI Data Analytics: Business Intelligence Tools

Specialized Interim CTOs

There are interim CTOs who specialize in specific technology areas, such as cloud computing, cybersecurity or data analytics. For instance, if you’re considering a cloud migration, an interim CTO with cloud computing experience can assess your needs, develop a migration plan and manage the transition. Or, if cybersecurity is a concern, an interim CTO with cybersecurity expertise can help you assess risks, implement security controls and train your employees on cybersecurity best practices.

Meet Your Next Interim CTO

The strategic advantage of hiring an interim CTO is evident. They can provide the expertise and guidance needed to enhance technology operations, drive strategic initiatives and position your business for success in the digital age.

Hiring the right interim CTO can be challenging, which is why engaging a third-party expert in the selection process can be a huge advantage. At BluWave, we excel in presenting tailor-made candidates who align perfectly with your specific requirements. Our deep network of pre-vetted interim CTOs, curated through rigorous evaluation, ensures that you get access to the best of the best. Even better, we can deliver these top-tier candidates within a single business day, enabling you to act quickly and confidently.

Contact our research and operations team to set up a scoping call and leverage the strategic advantages of a temporary chief technology officer.

Start Your Interim CTO Project

M&A Integration Timeline: 10 Keys To Success

May 15, 2023 Brad Gerick

Navigating a merger or acquisition is a complex, multistage process that requires careful planning, strategic decision-making and effective execution. Understanding the timeline and key phases can significantly affect success, minimizing disruption and maximizing potential synergies.

Let’s look at an overview of a typical M&A integration timeline, breaking down each phase into clear, actionable steps. From pre-merger planning to ongoing post-merger optimization, we’ll explore each phase in detail, offering insights that can help private equity firms and businesses better manage their M&A processes, align teams and objectives and ultimately achieve their strategic goals.

Start a Project

“Instead of hoping that all the pieces will simply fall into place once a merger gets underway, top PE firms use specialized PE-grade merger integration advisors from BluWave’s Business Builders’ Network to help guide and keep portfolio company acquisitions on track,” BluWave CEO Sean Mooney says. “These merger integration experts know what steps need to be taken and when they need to be taken in order for an acquisition to live up to its full potential.”

ALSO SEE: Merger Planning & Integration: Best Practices for PE Firms

Start Your M&A Project

1) Pre-Merger Planning and Strategy: Even before the deal is official, the two merging entities should work together to create a vision for the combined company. This involves defining the strategic objectives of the merger, such as expanding market share or diversifying offerings and identifying potential synergies. Thorough planning during this phase can lay a solid foundation for a successful merger.

“Although mergers can help companies create value very quickly, they can actually have net negative effects – from clashes between newly integrated teams to a lack of alignment on core objectives,” Mooney says. “To minimize these risks companies should use expert third-party resources to ensure that they’re accounting for potential misalignments and identifying areas where they can build on shared strengths with their partners in the pre-merger phase.”

2) Due Diligence: This is a crucial phase where both companies conduct thorough evaluations of each other’s financials, legal standing, market position and more. It’s a rigorous process that helps uncover potential issues that could affect the merger, such as legal disputes, financial discrepancies or operational inefficiencies. The findings from this phase can significantly influence the terms of the deal.

READ MORE: What is Commercial Due Diligence?

3) Integration Planning: Once the merger is confirmed, detailed plans for combining the businesses should be developed. This includes plans for integrating technologies, processes, personnel and more. The objective is to ensure a smooth transition with minimal disruption to ongoing operations.

4) Communications Planning: Proper communication is key during a merger. A comprehensive communications plan should be developed to manage internal communications with employees and external communications with stakeholders, customers and the public. Clear, timely communication can help manage expectations and reduce uncertainty during the merger process.

“During any major shift of change, people are often fearful of what this means for their personal and professional futures,” Mooney says. “By offering insight into what is happening immediately after you close your transaction and sharing what will happen, even if it’s not what they want to hear, employees can embrace an integration with less trepidation. Be sure to promptly follow your communications with aligned actions.”

READ MORE: Hire an Interim CEO

5) Regulatory Approvals and Deal Closing (Day One Readiness): This phase involves obtaining necessary regulatory approvals for the merger. Once all approvals are secured, the deal can officially close. On “Day One,” the merged entity should be ready to operate as a single unit, which requires significant preparation.

6) Integration Execution: This phase involves implementing the integration plans developed earlier. It’s a complex process that requires careful management to ensure that all elements of the businesses are combined effectively and efficiently.

7) Change Management: Mergers often bring significant changes and managing these effectively is crucial. This can involve cultural integration, operational changes or strategic shifts. Proper change management can help to minimize disruption and ensure that all employees are aligned with the new direction.

8) Talent Management and Retention: Mergers can create uncertainty among employees and it’s essential to identify and retain key talent during this time. This involves clear communication about changes, reassurance about job security and potentially, adjustments to roles and responsibilities.

READ MORE: Hire an Interim CHRO

9) Synergy Realization: After the merger, the focus shifts to realizing the synergies identified during the pre-merger planning phase. This could involve cost-saving measures, leveraging combined resources for growth or other strategic benefits. Tracking and measuring these synergies is crucial to evaluate the success of the merger.

10) Ongoing Integration and Optimization: The final phase of a merger is an ongoing process. The newly merged entity should continually evaluate its operations, looking for ways to streamline processes and pursue synergies. This process can improve efficiency and profitability.

“If you’re in a leadership role, don’t pass off important steps of the process to lower-level managers, particularly with more nuanced or difficult changes. Lead by example and show that you have bought into the task at hand by holding others and yourself accountable for the outcomes,” Mooney adds. “Make acquisition integration part of your leadership meetings and make sure the buck stops with a key leader in your organization who can catalyze buy-in and action.”

More Merger Planning & Integration Resources

Mergers and acquisitions are complex undertakings, requiring a comprehensive understanding of every stage of the process and an ability to navigate potential pitfalls. From the initial vision and strategy phase to ongoing integration management, each step is crucial for driving value creation and achieving strategic objectives.

At BluWave, we understand the intricacies of the M&A process and the importance of ensuring seamless integration. With our deep bench of PE-grade, pre-vetted merger integration resources, we can connect you with the expert you need based on your unique industry, budget and other parameters. Whether it’s conducting due diligence, crafting effective communication strategies or managing and retaining talent during the transition, we can help you navigate the process with confidence and precision.

In the world of M&A, leveraging third-party resources and expertise can make the difference between merely combining two entities and truly creating a new entity that’s greater than the sum of its parts. Contact our R&O team and let us help you turn your M&A vision into a reality.

Start Your M&A Project

EDI Specialist: Get Help with Technical Implementation

May 11, 2023 Brad Gerick

What is an EDI Specialist?

An Electronic Data Interchange (EDI) specialist is a technical expert who designs, develops, implements and manages EDI systems and processes. EDI systems facilitate the efficient and secure exchange of data between organizations or within an organization.

Besides monitoring, troubleshooting, and enhancing EDI transactions and applications, an EDI specialist should possess excellent communication, analytical and problem-solving skills, and stay current with technology trends.

Start Your Project

EDI specialists are instrumental in helping businesses eliminate record errors, expedite transactions and reduce data processing time. They implement and install operating systems tailored for data interchange, boosting efficiency across all functional areas. As these systems utilize digitally acquired records, error reduction and effortless retrieval become possible.

With the increasing need for businesses to exchange data electronically, the demand for EDI specialists is on the rise. As more companies adopt electronic data interchange, this trend is expected to continue.

Let’s dive into more details about this important role, and discuss how you can get an expertly matched EDI specialist for your specific situation fast.

READ MORE: 10 Cloud Migration Use Cases: What is it for?

The Role of an EDI Specialist

An EDI specialist’s responsibilities extend beyond setting up and configuring EDI connections. They also develop and test EDI messages, troubleshoot EDI problems and provide EDI training to employees. An EDI specialist’s primary duty is to design, develop and implement all EDI-related processes within a company or organization.

Their expertise in data exchange enables them to develop and refine methods for securely receiving and transferring data to and from various trading partners, ultimately optimizing supply chain operations.

READ MORE: What is Technical Debt in Due Diligence?

The Skills and Qualifications of an EDI Specialist

An EDI specialist should possess a comprehensive understanding of IT and various business units, working knowledge of EDI translation software packages, and a solid grasp of EDI standards and practices such as EDIFACT and XML. Additionally, they need to have a general understanding of networking protocols and web architecture.

Soft skills like strong communication and organizational talent are crucial for an EDI specialist. They must have an independent, structured, and responsible way of working to collaborate effectively with different teams and stakeholders and troubleshoot issues during EDI system implementation.

Start Your EDI Project

The Salary of an EDI Specialist

In the U.S., EDI specialists typically earn between $50,000 and $100,000 per year. Factors influencing their salaries include experience level, education, location, and industry.

Working with an EDI Specialist

Collaborating with an EDI specialist can help you streamline business processes and enhance supply chain management. They can assist in automating business processes, reducing manual data entry errors, and cutting costs by eliminating paper-based transactions. This results in a more efficient and cost-effective operation.

READ MORE: Platform Modernization: App, Software Upgrade

EDI specialists play a vital role in modern businesses, allowing them to efficiently and securely exchange data with their partners. By hiring the right EDI specialist, your organization can benefit from streamlined processes, fewer errors and improved efficiency in the long run.

As technology advances, the demand for skilled EDI specialists will only grow, making it increasingly important to invest in hiring the right candidate to support your organization’s data exchange needs. Partnering with BluWave can make this process seamless, as their extensive resources and industry knowledge are ready to help you connect with the ideal candidate for your organization.

Their vast network of resources ensures that they already know the right candidate to meet your needs before you even contact their R&O team. They understand your specific industry and situation, making them the perfect partner in the hiring process.

Start Your EDI Project

CFO Executive Search Firms: Financial Executive Specialists

May 10, 2023 Brad Gerick

The Importance of Hiring a Strong CFO

The role of a CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner. CFOs also manage the company’s financial planning and analysis, risk management and overall financial strategy.

Hiring a strong CFO is essential for an organization to thrive. Some of the benefits include access to years of experience and industry expertise, the ability to predict and forecast instead of reacting, improved processes and internal systems, better data and accurate reporting.

Start Your Project

It’s no wonder that such an important role can often be so difficult (and expensive) to fill.

That’s why it’s pays to work with a tailor-made recruiting firm that’s familiar with your specific industry and situation. The Business Builders’ Network is full of exactly these kind of organizations.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

In this article, we will discuss the qualities to look for in a CFO, how to hire the right one for your company, the role of CFO executive search firms in the hiring process and the average CFO salary.

What to Look for in a CFO

Skills and Experience

A strong background in finance and accounting is crucial for a CFO. Their deep understanding of financial concepts and ability to analyze financial data will help them manage the finance and accounting divisions effectively. CFOs should also have experience in leading teams and collaborating with other executives, as they are responsible for ensuring the accuracy and timeliness of the company’s financial reports, financial planning and analysis, risk management, and financial strategy.

Leadership and Communication Skills

The ability to lead teams and communicate effectively with other executives is essential for a CFO. Possessing strong leadership and communication skills enables them to convey financial information to non-financial stakeholders. Since they are responsible for managing the finance and accounting divisions, CFOs play a critical role in ensuring the company’s financial reports are accurate, completed in a timely manner, and effectively support financial planning, analysis, risk management, and strategy.

Financial Acumen

In addition to having a deep understanding of financial concepts, a CFO should demonstrate strong financial acumen. They need to be able to analyze financial data and communicate their findings to non-financial stakeholders. As the person responsible for managing the finance and accounting divisions, a CFO ensures the accuracy and timeliness of the company’s financial reports while overseeing financial planning and analysis, risk management, and financial strategy.

Specialized Recruiter Resources

Strategic Thinking Skills

The ability to think strategically and develop long-term financial plans is another essential quality for a CFO. A strong strategic thinker can communicate financial information to non-financial stakeholders, which is vital for their role in managing the finance and accounting divisions. CFOs are responsible for ensuring the company’s financial reports are accurate and completed in a timely manner, and they play a significant role in financial planning, analysis, risk management, and financial strategy.

Industry Knowledge

Having specific industry knowledge allows a CFO to better understand the context in which the company operates. This knowledge enables them to communicate financial information to non-financial stakeholders effectively. As the manager of the finance and accounting divisions, a CFO must ensure the company’s financial reports are accurate and completed in a timely manner while overseeing financial planning and analysis, risk management, and financial strategy.

Cultural Fit

It’s essential for a CFO to be a good cultural fit within the company. This means they should align with the company’s values, mission, and work environment. A CFO who shares the organization’s vision and can adapt to its culture will foster a positive and collaborative atmosphere, making it easier for them to work effectively with other team members and stakeholders. In addition, a strong cultural fit ensures that the CFO can effectively contribute to the company’s financial planning, analysis, risk management, and financial strategy while maintaining a harmonious working environment.

Start Your Project

How to Hire a CFO

Create a Job Description

Creating a job description is the first step in hiring a CFO. A job description is a document that outlines the responsibilities and qualifications for the position. It should include information about the company, the position, and the qualifications required for the position. The job description should also include information about the salary range and benefits package.

The job description is important because it helps you attract the right candidates. It also helps you screen candidates to ensure that they have the necessary skills and experience for the position.

Identify Your Ideal Candidate

This step includes determining what skills and experience are required for the position. You should also consider the company’s culture and values when identifying your ideal candidate.

When identifying your ideal candidate, you should consider the following:

  • Skills and experience: You should identify the skills and experience required for the position. This includes technical skills as well as soft skills such as communication and leadership.
  • Company culture: You should consider the company’s culture and values when identifying your ideal candidate. This will help ensure that the candidate is a good fit for the company.

Conduct Interviews

Once you have identified your ideal candidate, you should conduct interviews to determine if they are a good fit for the position.

During the interview process, you should ask questions that will help you determine if the candidate has the necessary skills and experience for the position. You should also ask questions that will help you determine if the candidate is a good fit for the company’s culture and values.

Conduct Reference Checks

After conducting interviews, you should conduct reference checks to verify the candidate’s qualifications and experience.

During the reference check process, you should contact the candidate’s previous employers and ask questions about their performance and qualifications. This will help you determine if the candidate is a good fit for the position.

Make an Offer

Once you have completed all of the steps above, you can make an offer to your chosen candidate.

When making an offer, you should consider the candidate’s salary requirements and negotiate a salary that is fair and competitive. You should also consider other benefits such as health insurance, retirement plans, and vacation time.

Start Your Executive Search

CFO Executive Search Firms

A CFO executive search firm is a company that specializes in finding and recruiting top-level financial executives for businesses. The process of hiring a CFO executive search firm can be complicated and costly. However, an expertly matched executive recruiting firm can help with this process.

The staff at an executive search firm already has thorough knowledge of the industry and may already know candidates who are qualified for your position. Once you give them a detailed description of what you need in a CFO, they can search their community and find the best candidate. Engage with recruiters and executive search firms to hire the CFO based on your predetermined requirements.

ALSO SEE: Private Equity Recruiting: PortCo Resources

The benefits of hiring a CFO executive search firm include saving time and stress. The challenges of hiring a CFO executive search firm include ensuring that you are working with the correct entity and that your preferred search firm must demonstrate expertise.

CFO Salary

The average yearly salary of a chief financial officer (CFO) can vary based on a number of factors, but the median compensation for a CFO in the U.S. as of May 2021 was nearly $400,000 per year.

The primary factors that impact the median salary of a CFO include geographic location, the size and complexity of the organization and the candidate’s experience and qualifications. Base salary and bonuses make up roughly 80 percent of the total compensation a CFO should receive within a given year. The other areas of compensation are bonuses and benefits, as well as perks.

Hiring a strong CFO is crucial for the financial success and stability of your company. To hire the right person for the job, you must focus on identifying the necessary skills, experience and cultural fit that align with your organization’s needs. By utilizing CFO executive search firms, you can make this process easier and more efficient, ensuring you find the best candidate for your company.

BluWave has the resources and expertise to connect you with the right executive search firms to select your ideal CFO. With a vast network of professionals and deep knowledge of various industries, BluWave can help you streamline the hiring process and ensure you find the perfect match for your organization. Contact our research and operations team today to get started.

Start Your Project

Supply Chain Diligence Helps Food Company Identify Synergies, Cost Savings

Service Area: Operations Diligence

Client Type: Portfolio Company

Service Provider Type: Operations Consulting Firm

Industry: Food and Beverage

The Need
Operations Diligence: Viability Assessment

A portfolio company in the food and ingredients industry needed help assessing the viability of integrating three distinct supply chains. They were looking for a supply chain diligence provider with industry expertise.

The Challenge
Consolidating Supply Chains

The client had two food platforms and was in the early stages of putting them together. They also had a third business they were considering integrating for human capital synergies. They had three distinct supply chains for various ingredients, all of which were outsourced. They needed to assess the viability of integrating them to identify potential opportunities for cost savings, operational efficiencies and a competitive advantage.

How BluWave Helped
Synergies Found in Supply Chain

BluWave presented the client with multiple industry-specific resources in less than a business day, including operations consulting firms with expertise in the food/snacking/ingredients space. The client engaged one of the recommended service providers, who conducted a thorough supply chain diligence assessment.

The service provider assessed the sustainability and scalability of the client’s three distinct supply chains, which included co-manufacturers in the US, Mexico, and Canada. They evaluated the potential synergies and opportunities for integration and identified areas of potential cost savings and operational efficiencies.

The Result
Expectations Exceeded

The supply chain diligence assessment provided the client with a clear understanding of how they could integrate their three distinct supply chains. The service provider’s deliverables and reports were high-quality and exceeded the client’s expectations. They were flexible and responsive to the client’s needs and provided valuable insights into potential opportunities for cost savings and operational efficiencies.

Data Consolidation: Benefits, Challenges, Process

May 8, 2023 Brad Gerick

What is Data Consolidation?

Data consolidation is the process of gathering data from various sources and storing it in a centralized location. This can be done manually or using data integration tools.

The purpose of data consolidation is to improve data quality, increase data security and facilitate data analysis. In this article, we will discuss the benefits and challenges of data consolidation, the process involved and the tools and software available to help.

Start Your Project

We’ll also cover best practices and emphasize the importance of having an industry-specific service provider to assist you. This complicated process often goes much smoother when you have expert assistance for your specific industry.

This is where BluWave comes in, with their ability to connect you with just the right resource for your unique situation.

READ MORE: How To Extract Data from ERP Systems

READ MORE: The Power of AI, Data Analytics in IT Due Diligence

Benefits of Data Consolidation

One of the main benefits of data consolidation is improved decision-making. By providing a more complete and accurate view of the data, businesses can make better decisions based on data-driven insights. Data consolidation can also increase efficiency by eliminating the need to manually collect and manage data from multiple sources. Additionally, it can reduce costs by eliminating the need to maintain multiple data storage systems.

READ MORE: Colocation Security: Facilities, Services, Meaning

Challenges of Data Consolidation

Data consolidation presents challenges. One of the biggest is ensuring data quality. Data consolidation can only be successful if the data being consolidated is accurate, clean and reliable. Additionally, data security is a concern, as consolidating data can increase the risk of data breaches. It is important to implement security measures to protect data during and after consolidation. Finally, data consolidation can be a costly process, especially if it is done manually. It is important to carefully consider the costs and benefits of data consolidation before making a decision.

Start Data Your Project

How to Consolidate Data: The Process

The process can be broken down into the following steps:

  1. Identifying the data sources: The first step in data consolidation is to identify all of the data sources that need to be consolidated. This can include data from internal systems, external sources, and even social media.
  2. Transforming the data: Once the data sources have been identified, the next step is to transform the data. This may involve cleaning up the data, converting it to a common format, or filling in missing data.
  3. Loading the data into a central repository: Now it’s time to load the data into a central repository. This can be a data warehouse, a data mart, or even a spreadsheet.
  4. Securing the data: It’s also important to secure the data. This may involve implementing security measures such as encryption, access controls, and auditing.
  5. Maintaining the data: The final step in data consolidation is to maintain the data. This means updating the data, correcting errors, and purging old data.

Data consolidation can be a complex process, but it can be a valuable tool. By consolidating data, businesses can improve quality, increase security, and make it easier to analyze.

Download the AI White Paper

Data Consolidation Tools and Software

Data integration tools are used to extract data from disparate sources and load it into a central repository. These tools can help improve data quality by cleaning up the data, converting it to a common format, and filling in missing data.

Data warehouse tools are used to store and manage large amounts of data. These tools can help businesses analyze data and make better decisions.

READ MORE: Data Warehouse Types: Choose the Right One

Data mart tools are used to store and manage a subset of data from a data warehouse. These tools can be used to improve data access and performance.

Data visualization tools provide a single view of data from multiple sources. These tools can help businesses make better decisions by providing them with a more complete and accurate view of their data.

The choice of data consolidation tool or software will depend on the specific needs of the business. Factors to consider include the size of the data, the complexity of the data, and the budget.

More BI, Analytics & AI Resources

Data Consolidation Best Practices

  • Plan carefully. Before starting data consolidation, it’s important to have a plan. This should include:
    • The goals of data consolidation
    • The data sources
    • The tools and technologies that will be used
    • The budget for data consolidation
    • The timeline for data consolidation
  • Use the right tools. There are a variety of tools and technologies available. The right ones will depend on the size and complexity of your data, as well as your budget.
  • Get buy-in from stakeholders. Data consolidation is a major project that will impact many people in your organization. It’s important to get buy-in from stakeholders early on in the process. This will help to ensure that everyone is on board with the goals of data consolidation and that the project is successful.
  • Test thoroughly. Once you have a plan in place and you’ve chosen the right tools, it’s important to test the data consolidation process thoroughly. This will help to identify any potential problems and ensure that the data is accurate and complete.
  • Monitor and maintain the data. Finally, it’s important to monitor and maintain the data. This will help ensure that the data is accurate and up-to-date. It’s also important to have a plan for how to handle changes to the data sources.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

Navigating the complexities of data consolidation can be challenging, but you don’t have to do it alone. BluWave can help by connecting you with expert third-party resources that make the process more efficient and effective.

The Business Builders’ Network is is full of pre-vetted service providers with experience in data consolidation, data integration and data management. The invite-only process ensures that we only connect you with providers that have a proven track record in your specific industry.

By partnering with BluWave to find the right third-party resource, you can streamline your data consolidation efforts and reduce the risks associated with the process. The team will work closely with you to understand your specific needs and goals, and then connect you with the best provider to help you achieve them.

Start Data Consolidation Your Project

Sales Pipeline Funnel: Methodology, Process for Businesses

May 4, 2023 Brad Gerick

A well-structured and efficient sales process is key to bringing in revenue. One of the most effective tools for doing so is the sales process funnel, also known as the sales pipeline methodology.

What is a Sales Process Funnel?

A sales process funnel is a visual representation of the steps a prospect takes on their journey from initial contact to closing a deal.

Start You Project

The funnel is divided into stages that represent different levels of commitment from the prospect, with each stage requiring a higher level of engagement and investment from the sales rep.

Let’s take a deeper look at the benefits as well as the process for setting up a sales process funnel.

READ MORE: How To Raise Prices Strategically with Sales Team Buy-In

Friendly customer support female operator with headphones writing notes to notebook taken from smartphone at office

Benefits of Using the Sales Process Funnel

Provides a Clear Roadmap for the Sales Process

The sales process funnel provides a clear and structured roadmap for the sales process, breaking it down into stages that represent different levels of commitment from the prospect. This helps sales reps stay organized and focused, ensuring that no opportunities fall through the cracks. By providing a clear path from prospecting to closing, the sales process funnel helps sales reps move prospects through the funnel more efficiently and effectively.

Access Our Latest Exclusive PE Insights

Helps Track Progress and Identify Areas for Improvement

The sales process funnel provides a systematic approach to sales, making it easier to track progress and identify areas where sales reps may need to improve. This, in turn, allows them to refine their approach and make data-driven decisions to improve their sales process.

Builds Relationships with Prospects

The sales process funnel is not just about closing deals, but also about building relationships with prospects. By taking a structured approach to the sales process, sales reps can develop a deeper understanding of their prospects’ needs, pain points, and objections. This, in turn, allows them to tailor their approach and build stronger relationships with their prospects. By focusing on building relationships, sales reps can not only close more deals, but also build a loyal customer base that can provide valuable referrals and repeat business.

Start Your Sales Pipeline Project

Increases Sales Effectiveness and Efficiency

By providing a clear and structured framework for the sales process, the sales process funnel can help sales reps become more effective and efficient. By focusing on the most promising prospects and moving them through the funnel more quickly, sales reps can increase their productivity and close more deals in less time. This can also help sales teams work more collaboratively and efficiently, as team members can share a common understanding of the sales process and work together to achieve common goals.

Generates Data and Insights

The sales process funnel generates valuable data and insights about the sales process, which can be used to improve sales effectiveness and efficiency. By measuring key performance metrics at each stage of the funnel, sales reps can gain insights into which activities are most effective at moving prospects through the funnel and closing deals. This, in turn, can help them refine their approach and make data-driven decisions to improve their sales process.

READ MORE: How To Analyze Sales Data: Tools, Examples, KPIs

Sales Effectiveness & Training Resources

Build an Effective Sales Process Funnel

To build a successful sales process funnel, there are several key steps to follow:

Define Your Sales Process Stages

It is crucial to define the stages of your sales process funnel as this provides a clear roadmap for your sales team. The stages may vary depending on your business and industry, but generally, they can include prospecting, lead qualification, needs analysis, proposal, negotiation and closing.

By defining these stages, your team can easily identify where a prospect is in the sales process and what actions need to be taken to move them to the next stage.

Identify the Key Metrics

The second step is to identify KPIs or OKRs.

For example, in the prospecting stage, you may track the number of cold calls made, the number of appointments scheduled and the number of leads generated. In the needs analysis stage, you may track the number of discovery calls held and the number of proposals sent.

By measuring these data points, you can evaluate the effectiveness of your sales process funnel and identify areas for improvement.

READ MORE: Interim CFOs for a Financial Crisis

Implement a Sales CRM

A sales CRM, like Salesforce or HubSpot, can help your team manage the sales process funnel, track prospects, and automate tasks. It can also provide insights into prospect behavior and help your team personalize their approach to each prospect.

Start Your Project

Train Your Sales Team

Your sales team should have a clear understanding of each stage of the funnel, the key metrics for each stage and how to use the sales CRM tool.

Proper training can help your team work more efficiently and effectively and improve their sales performance. This is a key aspect of sales effectiveness and training.

Continuously Evaluate and Refine

Finally, it is crucial to continuously evaluate and refine your sales process funnel. By regularly reviewing the key metrics and identifying areas for improvement, you can make data-driven decisions to optimize your sales process funnel, keep existing clients engaged and also acquire new ones.

ALSO SEE: Buy-Side Commercial Due Diligence

Sales methodology doesn’t just vary from one industry to another, but also between the different businesses within an industry. That’s why it can be so valuable to have help from an expert third party that thoroughly understands your exact situation.

The Business Builders’ Network is full of handpicked service providers than can help you with this exact challenge.

The BluWave research and operations team knows the best fit for your business before you even contact them, and they’ll make introductions within a single business day.

Contact us when you’re ready to take your portfolio company, or private or public company’s sales effectiveness and training to the next level.

Start Your Sales Pipeline Project

Lighting Company Gains Competitive Edge from Market Study

Service Area: Growth Strategy

Client Type: Portfolio Company

Service Provider Type: Market Intelligence Research Firm

Industry: Manufacturing – Commercial Lighting

The Need
Comprehensive Market Study

A portfolio company specializing in commercial lighting solutions recently appointed a new CEO, who sought help understanding their market and customer channels. The CEO wanted to conduct a comprehensive market study to gain insights into the competitive landscape, target customers and best practices for engaging with distributors and agents as part of its growth strategy.

The Challenge
Understand Customers Better

The client needed a partner to conduct a thorough market study to gain insights into their market and customers. They wanted to understand their competitors, target customers and best practices for engaging with distributors and agents. This required a deep understanding of the value chain for new builds and retrofits, as well as the various players in the commercial lighting industry.

How BluWave Helped
Manufacturing Market Experts

BluWave presented the client with four options within a single business day for conducting the market study. The client selected a digital marketing firm with experience in the manufacturing industry. The service provider conducted a comprehensive market study, including qualitative customer interviews and competitor benchmarking. They also broke down the market into segments and analyzed pricing, value-added, and competitive insights.

The Result
Better Customer Engagement

The market study provided the client with a deep understanding of their market and customers. They gained insights into their competitors, target customers and best practices for engaging with distributors and agents. The study also helped the client identify areas of white space where they could differentiate themselves and win in the market. The client was better positioned to grow their business and secure a revenue stream by expanding their reach to tier 2, 3 and 4 distributors and OEMs.

The service provider’s qualitative customer interviews provided an honest view of the market, including feedback on what makes the client’s competitors differentiated. This allowed the client to refine their strategy and define a game plan to better engage with their target customers. The market study also helped the client develop key selling points and a competitive benchmarking analysis to position themselves more effectively in the market.

Effective B2B Debt Collection Strategies for Improved Cash Flow

May 2, 2023 Brad Gerick

Efficient B2B debt collection practices are essential for maintaining a healthy cash flow and ensuring the growth of a business. In today’s competitive market, many organizations offer generous terms on accounts payable to win over customers.

This approach, however, may not always be sustainable, especially given changing trends and future concerns.

Start Your Project

Let’s talk about the importance of B2B debt collection strategies and how partnering with a specialized consultant can lead to improved cash flow and business growth.

READ MORE: Why Cash Flow is Vital to Businesses

B2B Collection Challenges

Offering generous terms to customers may seem like a good idea initially, but it can lead to a significant increase in outstanding debts and negatively impact cash flow. As the business landscape evolves, there’s a growing need to develop more effective B2B debt recovery strategies to keep the company financially stable.

Some of the key challenges include:

Lack of Communication

One of the biggest challenges in B2B debt collection is a lack of communication between the business (creditor) and the client (debtor). This can be due to a number of factors, such as the debtor’s unwillingness to cooperate or the creditor’s failure to follow up promptly.

Complex Legal Issues

B2B debt collection can also be complicated by complex legal issues. For example, if the debtor is located in a different state or country, the creditor may need to follow different laws and regulations.

Time-Consuming and Expensive

B2B debt collection can be a time-consuming and expensive process. This is because it often requires multiple phone calls, emails and letters. In some cases, the creditor may also need to hire a collection agency or file a lawsuit.

READ MORE: Why Hire an Interim CFO?

Despite these challenges, there are a number of steps creditors can take to improve their chances of collecting unpaid debts.

Establishing Clear Payment Terms

One of the best ways to prevent B2B debt collection problems is to establish clear payment terms with customers. This should include the due date, any late fees and the process for disputing charges.

Following Up Promptly

If a customer misses a payment, it’s important to follow up promptly. This shows the customer that you’re serious about collecting the debt and that you’re not going to let it go unpaid.

Being Professional and Respectful

It’s important to be professional and respectful when dealing with customers who owe money. This means avoiding threats or harassment.

Using a Collection Agency

If you’ve tried everything else and you’re still not able to collect the debt, you may want to consider hiring a collection agency. They are trained experts who can help you recover your money  more quickly and efficiently.

Start Your Debt Collection Project

Benefits of Hiring a B2B Debt Collection Agency

Working with a B2B debt collection agency can provide numerous benefits. These agencies bring expertise in B2B debt recovery, helping your business develop customized strategies and solutions tailored to your unique needs. Additionally, they have access to advanced tools and technology that can improve the efficiency and effectiveness of your debt collection efforts.

READ MORE: Interim CFO for a Financial Crisis

Here are some more specifics around why using an agency is a good idea:

Increased Recovery Rates

Debt collection agencies have a proven track record of recovering debts. In fact, studies have shown that businesses that hire a collection agency are more likely to recover their debts than those that try to collect the debts themselves.

Reduced Stress and Workload

By hiring an expert third party, you can free up your time and resources to focus on other aspects of your business.

Improved Cash Flow

When you recover unpaid debts, you can improve your cash flow and avoid financial problems.

Protection from Legal Liability

Debt collection agencies are familiar with the laws and regulations governing debt collection. This means that you can be confident that they will collect your debts in a legal and ethical manner.

Peace of Mind

Knowing that your debts are in the hands of a professional collection agency can give you peace of mind. You can focus on running your business, knowing that your debts are being handled by a qualified and experienced team.

Steps to Develop an Effective B2B Debt Collection Strategy

Analyzing Current Collection Efforts (1-2 weeks)

The first step in developing a new B2B debt collection strategy is to thoroughly analyze your current efforts. This analysis should identify areas of improvement and evaluate existing customer payment terms. Understanding where you stand in terms of your current collection practices will provide a solid foundation for developing a more effective approach.

Designing a New Collection Strategy (3-4 weeks)

Once you have a clear understanding of your current collection efforts, it’s time to design a new strategy. This process should include setting clear credit policies and terms, implementing a proactive approach to collections and utilizing technology and automation.

Setting clear credit policies and terms can help prevent potential issues down the line. For example, establishing a standard credit application process and conducting credit checks on potential customers can minimize the risk of late payments and defaults. Additionally, offering early payment incentives and enforcing late payment penalties can encourage customers to pay their invoices on time.

A proactive approach to B2B collections means staying on top of outstanding debts and addressing them before they become problematic. This can involve sending regular payment reminders, maintaining open communication with customers, and monitoring their payment history to identify potential risks.

Utilizing technology and automation in your B2B debt collection efforts can streamline the process and save valuable time and resources. For example, using an invoicing software that automatically sends reminders and tracks payments can help you stay organized and improve your overall collection efforts.

Start Your B2B Project

Considering Implementation Support

Implementing a new B2B debt collection strategy may require training and support to ensure a smooth integration with your existing processes. A B2B debt collection agency can help with this, allowing your team adapt to the new strategy and ensure its success.

READ MORE: Hire Expert Pricing Strategy Consultants

Tips for Choosing the Right Agency

Industry Specialization and Experience

When choosing a B2B debt collection agency, look for one that specializes in your industry and has a proven track record of success. This will ensure that they understand the unique challenges you face and can provide tailored solutions to address your specific needs.

Transparent Pricing and Fees

A reputable B2B debt collection agency should be transparent about their pricing and fees. Make sure you understand their fee structure and any additional costs that may be involved before signing a contract.

Proven Track Record and Client Testimonials

Before deciding on a B2B debt collection agency, research their track record and client testimonials. Positive feedback from other businesses in your industry can provide valuable insight into the agency’s effectiveness and reliability.

The invite-only BluWave-grade network of service providers only admits resources that have successfully completed multiple positive projects with positive reviews from PE firms, portfolio companies and private and public companies.

Investing in a robust B2B debt collection strategy is essential for the financial health and growth of your business. BluWave’s dedicated Research and Operations team can help you connect with an expert third-party resource to fine-tune your approach to B2B collections, addressing your unique needs and challenges.

Taking the time to analyze your current efforts, design a new strategy and consider implementation support can set your business on the path to improved cash flow and financial stability. BluWave’s R&O team already knows a tailor B2B debt collection consultant with industry specialization, transparent pricing and a proven track record for your exact situation.

Start Your B2B Debt Collection Project

Don’t let uncollected debts hold your business back. Begin your journey towards a more effective B2B debt collection strategy today with the help of BluWave’s expert resources, and experience the difference that a PE-grade approach can make for your business.