For this week’s newsletter, we interviewed Nick DellaRova, VP of Operations and Senior Consultant at CLM Advisors. In our interview we spoke to Nick about the challenges he faces everyday in his role as a consultant, the challenges he faces with accounting and tax, and the challenges he faces in the office. Click the link below to see Nick’s answers to these 5 questions!
1.As VP of Operations, what is your biggest challenge?
The key to success with our business model is ensuring that we deploy our resources correctly and at the right time for our Clients. By “resources”, of course I mean our consulting staff’s time, but also our network of outside experts in certain disciplines like banking, insurance, personal financial and estate planning, employee benefits, human resources, and marketing. The ability to anticipate our Clients’ needs and guide them to action at the right time creates tremendous value.
2. As a Senior Consultant, what is a challenge that you see is common among your clients?
One common issue is a lack of internal systems and processes on the financial side of the business. Most of our clients are good operators, but when they come to us, they need to establish the financial reporting systems necessary to measure performance to create accountability.
3. What would you say to a business owner who is struggling to run their business?
I would say that it is similar to fighting a disease – problems can be solved if they are diagnosed early and confronted. You can’t find the cure until you are vulnerable enough to talk honestly about the problems. Those problems always show up in the financial bottom line.
4. Why do you believe that strong fiscal management is crucial to the success of a business?
Strong fiscal management leads to better business decisions. At some point in the life cycle of a business, especially as it grows in size and complexity, the business owner’s intuition is not enough. He/she is going to need reliable information that tells the story of what is really happening. Otherwise, the business owner is just grabbing at solutions.
5. What is your favorite part about your job?
My favorite part is the people. I love small business and I have great admiration for entrepreneurs. They “go to battle” every day take the risks that come with ownership. Our passion is to help our clients map the financial road to success, and when we do that well, we are not just making one business stronger – we are improving the local economy. That thought is exciting.
Stay tuned for the next newsletter when Nick takes a deeper dive into question #2!