Operating Costs-The Best Practices of CFOs with Price of Business Guest Ben Mulling
CFO of Tente Casters Ben Mulling joined Kevin Price of Price of Business and co-host Jason Smith to discuss some thoughts thoughts on operating costs and the best practices of CFOs. Mr. Mulling, who is the Chair Elect for the Institute of Management Accountants works with small to mid-sizes businesses, and large corporations in helping them maximize profits and manage operating costs with an emphasis on day to day accounting operations.
Co-host Jason Smith shared, “The CFO is one of the most important positions in any company because they determine the profitability for the business.” Tente Casters, the company that Ben Mulling has been the CFO with for 6 years, employs about 100 individuals domestically, about 1100 globally, and is found in 21 countries. Ben shared some of the best practices of CFOs for profitability and management of operating costs that are vital to any small, mid-size, or large business.
- Utilize technology efficiently to automate and streamline processes within the company. This decreases the amount of resources spent on materials and supplies.
- Implement change. Technology is constantly changing, risks vary from day to day and it is important to stay ahead and still maintain profits.
Organizational Change and Operating Costs
Jason raised the question, “how do you get people on board for change”? Ben Mulling encouraged CFOs to take on a greater role in operations. Below are some additional points from Ben on the best practices for CFOs in operating costs.
- Build trust within the company across multiple departments within the organization, Ben suggested that departments work to “make everyone’s job easier”
- Encourage ongoing training and education for employees, gaining additional certifications to create synergy and expand working knowledge-base.