Are you an Executive who wants to save their company a lot of time and money?
In this episode of the Executive Wins podcast, Chelsea Yarmuch, Director of Finance at McKillican, shares her journey of transitioning the company from asset-based lending to traditional financing.
She discusses the significant cost savings and operational efficiencies gained through this change, emphasizing the importance of stakeholder buy-in and strategic decision-making.
Chelsea also highlights the challenges faced during the process and the positive impact on her team, ultimately leading to a successful outcome that benefits the organization as a whole.
For this win she was able to:
- Identify the issue, which was that borrowing costs were too high
- Make senior leaders aware of the problem
- Find evidence to support her thesis that they should switch to traditional financing
- Rally all the stakeholders, answer their objections and gain their support
- Get this major change accomplished in less than 8 months
The result?
She saved the company hundreds of thousands of dollars, and also freed up countless hours of time for her accounting team to do more high-value work!
Key Takeaways
- Always keep an eye on major expenses so you can find ways to reduce them
- Stakeholder engagement is critical at every stage of a major change
- Do your homework and risk analysis so you can fully understand the implications of changing your borrowing approach
- Make sure to add up the hidden cost of people hours that go into an activity, so you can assess whether or not to make a change
- Don’t be afraid to challeng senior leaders in a constructive manner, especially when you know that you have a strong case that will save the company time and money
Visit https://executivewins.com/podcast/ for more inspiring interviews!
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