MWE’s Managing Partner Craig Savell talks about leveraging technology to help provide clients with real time, pertinent financial information so they can run their businesses more efficiently.
Margolin Minute: Nexus is personal
Clients data is more relevant, their systems are more robust, and our ability to access some of that information, is more robust. Clients are able to close with our assistance, and make certain adjustments on a timely basis, so that instead of looking, for example at their first quarter numbers, three months, six months later when the next quarter, has already gone by, they can close within five days, seven days, they can have meaningful financial information, and accordingly we can discuss, what should we be doing real time live, as the period is existing, what changes do they need to make in the business.
Do they need to spend more in certain areas, less in certain areas, and even get an idea, of what the competition is doing. I think what's very helpful to clients, is a lot of benchmarking information. So it's great to understand my company is doing x, but, is x good, is x, you know, how much better should it be?
So are my gross profit margins for example, ahead of the industry, are they behind the industry. So benchmarking and taking that statistical data, graphing that information, showing it to them, in a way that they can appreciate it. Sometimes it's on a global basis, sometimes it's on a more granular basis. How they're doing in a local market, how they're doing in an international market, how they're doing in different states. Where are their sales coming from, where's their profitability coming from.
It is amazing how many times we look at a client who is pushing sales, thinks that they're doing great, but don't realize that their margins are slipping. And, you know, we always try to stress to a client, not to work harder, but to work smarter, and we try to help them get there.
We are in a fortunate position, where we interact with a significant amount of companies, and accordingly we can bring, the best of what people are doing. We see a lot of different things.