Just finishing up a CFO/COO review of our company. That means we had an external consultant come in and tell us all the things that are wrong with how we manage our financial and operations house. Verdict: Not bad at all! What a nice find. We had some gaps in our GAAP accounting on transactions that we’ve corrected for and we needed to modify the operating agreement to reduce the voting power of the founder a little; doing that soon.
I think it’s invaluable to have some external review from time to time. Even with the smartest people around you – when you get accustomed to how you do things, it’s sometimes hard to identify your problem areas and a fresh set of eyes is a great way to do that.
We also had the team look at our pro formas and growth assumptions (both cost and revenue) and help us remodel our projections. Verdict – not bad at all (and that means really good). Love that too.
Next is overhauling the business plan. It used to be a fundraising plan, now it’s more of an operational plan and a way for us to judge our progress.