On Data, a business intelligence and analytics consultancy, onboard fractional CFO to develop and put 5-year strategic business plan into place.
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On Data is a data analytics and business intelligence consultancy, helping the hospitality sector solve their data challenges and improve business performance using value-driven data. In recent years, this has also included introducing AI and machine learning into hospitality businesses to improve processes and customer experience.
Despite having a bookkeeper to handle day-to-day financial processes, On Data's Founder, Edward, was missing a peer that he could strategise and discuss future business plans with. Edward had clear goals for the future and needed someone to help him make a multi-year business plan, streamline processes and prepare his business for the next 5 years. Someone with heaps of financial experience to act as a sounding board and work through big strategic decisions with.
“As a small business, the main thing I missed was having someone to talk to who knows the numbers. Having Alpesh to bounce things off, get advice from and have someone hear me out has brought me a lot of clarity and confidence in what I’m doing with the business.”
Edward knew he wanted a Fractional CFO to help him achieve his goals, as On Data is a small company and doesn’t have a requirement for a full-time CFO or Finance Director. Having access to financial expertise on apart-time basis suited Edward and his needs.
On Data was introduced to Ferrock through a mutual contact who is a wealth advisor for entrepreneurs. Edward was matched up with Portfolio CFO, Alpesh, who specialises in companies servicing the hospitality sector.
The partnership with Ferrock has provided On Data with crucial clarity and a simplified approach to their future business strategy. Alpesh’s specialised experience has provided Edward with the advice and confidence to make better, more informed choices for his business.
The fractional model offers the professional help needed ata cost-effective price, proving to be a valuable and necessary investment for the company's growth without the financial strain of a full-time hire. Edward isa happy customer and would recommend Ferrock's services to other businesses in a similar position.
“As a business owner, your cognitive resources are scarce so having someone to ease that mental pressure, especially knowing they’ve done it all before, makes life a lot easier.” – Edward Miles, Founder, On Data
“Critically, I needed a robust business plan. Alpesh hadthe knowledge and experience and took the time to understand my goals before wesat down and figured out what the next 5 years needed to look like. Also beingable to pay for only what you need, to get someone in for one day a month, wasideal for me as a small business. It allowed me to access superior financialknowledge where I otherwise might not have been able to.” – Edward Miles,Founder, On Data
Key Takeaway
Ferrock’s fractional CFO provided the Founder of On Data someone he could speak to about his numbers, and collaborate with to create a robust, future-focused business plan. Crucially, Ferrock enabled him to access superior financial knowledge that he might not have had access to as a small business.
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