The challenge

Whilst generating sales and onboarding new customers is one of the most important parts of starting a business, there are other unique, financial challenges and processes that need to be considered and actioned. OTUA’s Founders needed a financial expert to advice and support them on the right steps he needed to take to set his business up for success, as well as someone to establish the required processes and registrations whilst Shane and his co-founders went out to market with OTUA.

“We needed someone to provide a steer on things financially. Someone to help with housekeeping, getting registrations in order, setting up payroll, applying for certain tax incentives and ensuring we are an attractive, investable start up.”

The solution

OTUA was referred to Ferrock by their lawyer. Ferrock'sfractional CFO solution provided the perfect fit, offering the expertise of asenior finance professional without the commitment of a full-time hire, whichis not something OTUA were able to commit to in their ultra start-up phase.

Thomas was selected by Ferrock as the most suitable CFO forthe job. He came in, assessed the landscape and made an action plan to supportOTUA in becoming an established, investable start-up.

Thomas worked with OTUA to create processes and procedures, as well as supporting on investment pitch decks and meetings.

“He sought to understand how we work and then went hand and glove into it which we really appreciated. One of the things that impressed me most about Thomas was he had that entrepreneurial flare about him.”

The results

Ferrock provided Shane and his fellow co-founders with ago-to financial expert in the form of Thomas. Someone experienced in supporting early stage start-ups and who was able to direct them on exactly what they needed to do to position themselves for sustainable future growth.

Thomas continues to support OTUA on a fractional basis, overseeing the company operations and being on hand to answer any questions or challenges as they arise.

“The level of individual that Ferrock provides is more senior. A start-up typically can't afford those kinds of people on a full-time contractual basis. These people can come into a new business, quickly assess the battlefield and make a plan. We’re not telling this person what we want to get done. They're telling us what needs to be done.” – Shane Simms, Founder,OTUA

"When you’re in the ultra-startup phase, you don't want to commit to long-term arrangements because you don't know what's around the corner. Ferrock’s fractional CFO solution was perfect for us. They gave us the strategic direction we needed to get our financial house in order, and now they provide the flexible support to keep it that way. It's a great service that solves a critical problem for businesses like ours.” – Shane Simms, Founder, OTUA