At the invitation of Cameron Herold, Founder of COO Alliance, Strategic Partner, Founder, and Managing Partner of The CEO’s Right Hand, William Lieberman, was asked to present at the COO Alliance National Event in Scottsdale, Arizona, in February 2020.
To a panel of more than 25 Chief Operating Officers, William discussed Budgeting, Forecasting, and Working Capital Management. He stressed the importance of creating a budget, what a budget provides, the components of a budget and forecast, the role of the COO in the management process, and illustrations of a budget for a subscription model business.
In a series of slides, and being the “numbers guy” that he is, William provided a sample dashboard of Actuals vs. Plan vs Forecast, what monthly reporting and reforecasting ensures, and judgment forecasting vs quantitative forecasting. He walked the guests through a financial audit and highlighted a surprising point of confusion for many: Accrual vs. Cash Accounting and Profits vs. Cash Flow (they cannot be confused to be one and the same).
He discussed Cash Generating Activities, How to Manage Your Receivables and Late Payments and Generate Cash successfully month over month. Taking from his own experience as an Entrepreneur, Founder, and CFO, he shared the lessons he’s learned, the importance of working capital, liquidity, and how best to grow and scale.
You are welcome to view the full presentation on YouTube.
You can also read the full transcript.