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What does the CFO do and how will you know you need one? Is it worthwhile for a young startup that has just raised money to take on a full-time CFO? Should the CFO be an expert in finance or economics so that he or she is also proficient in investing and fundraising? Check out the answers below by our legendary CEO & financial services leader, Aviad Sorek.
The need to pivot, as it is known in the industry, is an issue that many startup companies encounter. A pivot is frequently prompted by an insurmountable technological barrier, or when a company discovers that their product has little or no demand, or is simply not cost viable. When the market reacts unpredictably, undermining all underlying assumptions, the company may need to make a significant shift. When the decision to pivot is...
We are pleased to share this fantastic podcast by our Co-Founder & COO, Tomer Haims in collaboration with Evil twin, Bad Ass tech & startup marketing agency. Trust us, you don't want to miss it. Check it out.
"Many firms at that stage don’t have a full-time CFO managing their finances because they mostly have basic accounting needs, but they increasingly need someone to fill the gap when more complex financial questions arise... Such part-time CFOs help establish processes and make operational decisions, for example how to create financial forecasts or whether to expand to new markets". Check The Wall Street Journal article about exte...
"As a young entrepreneur, I listened to a lot of criticism and advice of what to do and what not to do and it sometimes led me astray. Nonetheless, I've always been focused on fulfilling my dream and found my way back״. Meet Ruvik Milkis, the CEO of Team Finest. Team Finest is an Israeli Esports organization that fields competitive players in some of the world's most popular video games. Listen to his interview to learn about h...
There are three major reasons why CEOs should work with a budget: 1. Maintain a cash burn rate and ensure that the company has enough cash to reach the next milestone. 2. Working with a budget necessitates that the company's entire management backbone plans and executes control based on the planning. This ensures careful future planning and assists the CEO in prioritizing what is needed and when. 3. It's a great way to keep in touc...
"Should I hire more employees and try to expand, or should I stay small, develop the product, and sell it?" is a big question. Meet Sizer Technologies's CEO, Adam Marc Kaplan, who pioneered a new approach to body measurements that's changing the way people shop online. Adam Marc Kaplan faced some obstacles along the way, but it's no surprise that he overcame them all thanks to his creative mind, out-of-the-box thinking, and positiv...
Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough. So how can you set up a good budgetary control process for your company? We've outlined the steps your company should take below. First, examine the revenue table of the company’s recent year, and together with the CEO/entrepreneur, build the expected revenue plan for the current year. Anal...
Our first physical open experts meetup, finance Vs. legal, was a blast! On the Mic there were three talented entrepreneurs: Ana Lipnik Levy, our CMO that Hosted the event, Tomer Haims, our COO, and last but not least Paul Weinberg, Founder and CEO of Weinberg & CO Law Office. At The-Founders, we often see the benefits of connecting different disciplines. These are issues that may seem simple but have complexities and implicati...
Congratulations! You’ve built your start-up, recruited a successful first round, and entered the development phase. Now you're facing complex financial challenges that require ongoing budget control, professional conduct with investors and dealing with unforeseen challenges along the way. We’ve put together the key elements you should pay attention to. Check it out.
What are the common mistakes entrepreneurs make while funding a startup and how should they deal with them? What are the basic tools that entrepreneurs should have today? When should external consultants be considered? These questions and more will be answered on this awesome podcast by our COO, Tomer Haims. Thank you, Gilad Bregman for hosting! Check it out.
The most important contribution of a CFO service is preventing a scenario where a venture with real feasibility, an original idea, a widely needed product, and fantastic people, fails merely because of financial problems. Or rather, because of poor economic management. The answer for this one is simply all of them. And to be precise: any startup that needs professional financial management and still can’t afford a full-time CFO. It’s especially recommended to take advantage of such services prior to raising capital – at least a full quarter before the start of the process.
Startups at the beginning of their journey face a dilemma. On the one hand, money is a critical resource that should be managed by a skilled, experienced professional: a Chief Financial Officer. But employing a full-time CFO is a major expense. Fortunately, this dilemma has one incredibly effective solution: outsourcing.
Naturally, the work of an external CFO must be tailored to the specific needs of each startup at each point in time. Among other things, the service’s responsibilities include the following:
- Optimizing financial management according to the startup’s goals.
- Tight control of budget and cash flow, as well as accurate forecasting, so that the company always has the resources to finance its essential needs.
- Insights that form the basis for optimal decision-making.
- Advising on economic issues.
- Mainly, peace of mind, that is, the ability of CEOs to concentrate on what they do best, developing their business’s core product.
If your startup is in growth stages and you do not see the need for a full-time CFO but you still want a person with experience and knowledge to understand the company and to build an accurate work infrastructure you are definitely suitable.