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Introduction 
It’s February and everything is new for 2009 - new year, new administration, new vcfo website, and new challenges for the economy.
Recently, the CEO of a small, privately-held, 20 year old company commented on how the downturn in the economy has highlighted areas where he and his team can be more efficient in their hiring practices, supply chain management, product development cycle, and finance and accounting. This is a very successful entrepreneur who already has a highly profitable business yet continues to seek ways to improve his bottom line. I thought that was instructive for us as we think about our clients and their needs in this environment.
A key benefit to our clients when utilizing the vcfo model is our ability to bring expertise into their organization on an as-needed basis. We often work with our clients for as little as a day or for several years, always adding value in asset management, budgeting and forecasting, or key performance indicators and dashboards to help keep them on track and with decision making. Whether your needs are in finance, human resources, or recruiting, we commit qualified people who create value in your organization.
As you determine how to prepare your company to weather the economic downturn, vcfo can help you assess your business and take full advantage of opportunities that change presents.
 Regards,
Dan Hudspeth
Managing Director, vcfo Colorado
(303) 438-5949
dhudspeth@vcfo.com
From the Field: Human Resources Tips
In today's recessionary economy, many business owners and leaders focus on near-term tactics that do not create lasting results. What can today's business leader do to position their company for long-term success in any economy?
1) Redesign compensation structures to achieve more performance-driven vs.entitlement rewards systems.
2) Focus on core competencies.
3) Eliminate low-contribution employees.
4) Backsource or renegotiate work handled by costly vendors.
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Word on the Street: Tips from our friends
How can a company keep their team motivated in the current economic environment?
Joe Wallin, Davis Wright Tremaine LLP
Make sure that every team member can keep score. By that I mean, make sure every team member understands how their individual contributions impact the firm's financial performance and their individual compensation. This is important throughout the organization, from the most junior person in the organization to the most senior.
Diana Holford, Senior VP, Jones Lang LaSalle
A team that continues to win new business and provide new services is easily motivated. In times like these, we are forced to look at the services we offer and adapt to market conditions. This adaptive period positions our team to become more creative and offer better services. For example, now that office market rents have declined, we are working with our clients to renegotiate their leases. Save them money now and take advantage of the cyclical nature of real estate (or any business!).
Kelsey August, CEO, WorkplaceToolbox.com
Use perks - those enjoyable extras - to retain and motivate employees while enhancing the environment of your workplace. Establish a “fun committee” and be sure that all employees are recognized with a birthday card/cake and remember to celebrate other milestones such as service anniversaries, weddings and baby showers. And offer special treats for reaching key company goals with massage therapy, coupons for housecleaning, or other individual rewards.
In the News: Resources on Auditing
Audit season is here, and a new guidance by the audit oversight board shows how finance chiefs can either buttress or make a hash out of a small company's internal controls.
The Public Company Accounting Oversight Board issued staff guidance revealing wisdom about the crucial role of the CFO in the audit process. The guidance makes clear that many smaller companies should be treated differently than larger companies because of the clear differences between them, and suggests that auditors focus more on the CFO when checking out a small company's controls. If the auditor finds the CFO an effective monitor of checkbook-balancing, the company could save on audit fees.
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