Practus’ assisted the seller of agricultural products in achieving finance department objectives at a nearly 50% cheaper cost than recruiting a full-time CFO.
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About The Company
OrganicFood is a fast-growing Indian company in the supply chain space. OrganicFood’s business model is to procure, store, process, and on-sell the produce from farmers to the end consumers. The company takes on the responsibility of guaranteeing the marketability of the farmer’s produce.
- Practus played the role of an interim CFO for this company which has grown from $0 to $12 million in revenues in 4 years and is expected to be $66 million in the next two years.
- Practus assisted the company with the full range of CFO roles, with a particular emphasis on MIS and defining the reports to be delivered through a Business Intelligence (BI) tool, thinking through the scope document, assisting the company in tightly defining the expectations from the ERP, and assisting them with vendor selection and negotiations, along with inventory control.
- Practus has enabled the founder to concentrate on business while outsourcing all strategic and operational parts of the finance department.
- Proposals for developing a costing model with an emphasis on working capital as part of the product cost were well received, resulting in an accurate profit margin.
- The company was running on razor-thin margins, with working capital trapped in debtors’ and inventories for more than four months. Practus’ appointments have assisted promoters in meeting finance department goals at a cost that is roughly half that of hiring a full-time CFO.