Feb 15, 2012
Work-Comp Management Services, Inc.
817 Woodmere Drive
Lafayette, IN 47905
Phone: (877) 449-7473
Fax: (765) 449-8504
I am an occupational health nurse, and I started Work-Comp Management Services (WCMS) 16 years ago. We provide occupational health staffing to our manufacturing based clients, and we also have a full service drug screening clinic in Lafayette, Indiana. Until 2008, WCMS did all of the payroll, bookkeeping, taxes and general back office duties ourselves; I believed it saved money. One WCMS employee handled the books, while I managed the off site clients, marketing and handled HR matters. I didn’t want to have anything to do with the financial management of the business; I didn’t understand it and didn’t want to; it was much easier just to ask for periodic reports on how the business was doing.
In 2007 the business really started to grow, and we began staffing nurses in 10 states. Our payroll shot up to $77k every two weeks. We kept using more of our bank Line of Credit, and increased it twice to handle the cost of our growth. In 2008, I noticed that we were not paying the Line down very much, and we had large balances on our charge cards. I couldn’t understand why our debt was growing; surely we were making a large profit from the new business, and yet the debt kept growing.
In 2008, a friend of mine suggested I meet with Randy Suttles of B2BCFO. She stated Randy specialized in helping small companies streamline functions, develop a solid growth plan and maximize profit. I was hesitant; I wasn’t sure an extra monthly expense would be a good idea, but I went ahead and met with Randy near the end of 2008, about 6 months before the economy really started to nose dive. The cost seemed reasonable. Randy started working with WCMS the next week.
Randy reviewed every aspect of the business with me; staffing, roles and responsibilities, duties, and most importantly, our financial records. Randy found that the business was not making the profit we thought it was; in fact, our expenses had overrun the profit we made from our growth. I was spending a lot of my time handling HR and back office duties rather than working with our clients, and it was a real eye opener to get that clear, concise picture of WCMS.
At Randy’s direction, WCMS outsourced bookkeeping and payroll. We were able to cut staffing costs due to the outsourcing, and back office processes were streamlined. Randy understood that I hated looking at financial reports; he walked me thru my aversion/fear of those documents by having the accountant give me simple monthly reports….what money was going out, what money was coming in, and what we actually made or lost for that month and why. I became comfortable over time asking for additional reports, getting a good grasp on how my business was running. WCMS weathered the great recession well because of the changes Randy had us implement.
I have been with B2BCFO since 2008, and last year we saw sales go up 25%. WCMS is strong and profitable; more so then we’ve ever been. Randy’s services have been invaluable; I can honestly say that if I hadn’t met Randy when I did, I don’t know where the business would be right now. WCMS will be a B2BCFO client until the cows come home….it was the smartest business decision I ever made.
Julie Ott, RN, BSN, COHN-S/CM
WCMS Owner/Nurse Manager