From Startup to Scale: A Tech Company’s Growth Journey

Seed-stage companies and small businesses may not have the resources to hire a full-time CFO; however, they do not have to go without strategic financial advice. Salient, an early-stage software company, wanted a virtual CFO to help build a financial model and forecast so it could better understand its cash runway.

They needed to identify the impact of hiring additional team members, obtaining grant funding, venture debt, and landing customer deals. Not only was Salient seeking a vCFO with a modeling tool sophisticated enough to run side-by-side scenarios, but they needed a customized approach – that’s where Execor stepped in.

They needed to identify the impact of hiring additional team members, obtaining grant funding, venture debt, and landing customer deals.

Challenge

Salient had outsourced their accounting but was given a one-size-fits-all approach to budgeting and forecasting. This left them with an Excel file that was a maze of formulas and links, making it difficult to update assumptions or utilize the file.

As a seed-stage company, they also had a hard time getting the attention of their CFO. Salient knew that the value in a vCFO is understanding their business and consulting with them through regular ongoing communication.

Although a vCFO can be part-time, they still need to be available when you need them, listen to your challenges, understand your industry, and have the ability to offer concrete advice and guidance. As an early-stage company, Salient was seeking a reliable partner that could meet their unique needs and build out their financial future.

Solution

Execor’s experts worked hand-in-hand with Salient to customize their financials and chart of accounts. Our team also worked with the executive team to understand Salient’s specific reporting needs and performance metrics to prepare a detailed forecast, and model four cash flow scenarios over 24 months. After attending board meetings for forecast feedback, our team makes updates and thoroughly reviews the sales pipeline and its use within the financial forecast.

Execor’s vCFO also assisted Salient in reviewing draft venture debt agreements, providing insights and recommendations on areas that may be negotiable. We offered guidance in preparing and reviewing their 409A, implemented a new credit card and spend management tool, and customized our vCFO services to help Salient optimize their back-office.

Results

150%
Revenue Growth
Increased by 150% within 18 months after implementing our strategic plan.
$5M
Funding Success
Secured $5M+ in Series A funding after optimizing business strategy.
200%
Market Reach
Expanded into 3 new markets, increasing customer base by 200%.
90%
Customer Retention
Improved retention rate from 60% to 90% with targeted marketing and enhanced customer experience.

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April 18, 2025

I look forward to seeing how these developments will improve service levels and customer satisfaction in the freight industry!

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