A locally-owned business serving the Omaha and Lincoln areas, Quality Fence provides a range of fencing and access control solutions to its customers. Residential and commercial customers seek out Quality Fence because of their material variety and quality, as well as the expertise they offer. Property owners count on Quality Fence for their gate operation and access control capabilities, which means they have to stay up-to-date with material and technological advancements to remain on the cutting edge.
Whether finding better ways to provide tried & true fencing options, or utilizing the latest technology to provide secure, reliable gate access systems, Quality Fence’s success depends on a thorough understanding of the industry in which they operate, and the profits associated with every project.
Quality Fence owner Scott Harding started his business over 30 years ago like so many American success stories, operating out of his garage. Decades of designing, building, and installing fences has made Scott and his team experts in their industry. But there’s always more to know, especially about your own business.
In 2008, as the country grappled with a recession that threatened the health of small businesses like Scott’s, he decided he needed to have a better understanding of Quality Fence’s financials so he could take action to strengthen his business amid the economic downturn. A recently-hired Cathy Meyers was tasked with getting a better grip on the company’s profit & loss statement so they could more easily apply for loans and make important purchasing decisions.
Cathy tried working with a handful of different financial service providers before landing with Mary Ferry and Advantage Insights.
“Just like you need to find a mechanic or builder you like to work with, the same is true of financial services. Mary was the fourth person we worked with and it’s one of the best moves we’ve ever made.”
-Cathy Meyers, CFO, Quality Fence
Once Cathy began to work with Mary, she was able to learn the high level of detail a profit and loss statement can provide, given the right set up and maintenance. First on the docket was to correct any errors found in their existing records. Mary was able to sit down with Cathy and restore consistency and accuracy to the information they had already catalogued.
Next, Mary helped Cathy get a lot more out of QuickBooks. Purchases and payments would be tagged according to their associated projects, as the projects themselves would be more accurately categorized according to the status of each project’s completion.
These steps have allowed Cathy to use her profit and loss statement more effectively, with a more thorough understanding of profit margins associated with each project and project type.
“We are now doing a better job of tracking what expenses go toward residential versus commercial, and the profit margins for each.”
-Cathy Meyers, CFO, Quality Fence
Mary works with Cathy in an ongoing capacity to advise, answer questions, and generally provide a backstop of expertise for any financial issues that may arise. For a small business, this expertise is incredibly valuable, as every member of the Quality Fence team is busy with a wide range of tasks to keep the business running. Now Scott and Cathy have more focus and time to put toward making customers and team members happy.
What could your business learn from a profit and loss statement like Cathy’s? It turns out, the knowledge gained impacts almost every decision. For Quality Fence, the information break-down is incredibly illuminating. They can now see how profitable projects are across various metrics such as materials used, capabilities employed, and property type. This knowledge has helped them understand where they can make price adjustments and what materials they can afford to purchase when discounts present themselves.
Aside from the many operational benefits, getting professional help with their finances has provided confidence and clarity for the team at Quality Fence.
“Scott has more confidence in me as his financial officer, because I’m more confident in what I’m doing.”
-Cathy Meyers, CFO, Quality Fence
Cathy says Mary took time with her to set up new purchasing and billing processes, and educate her on how those processes help create a more complete, revealing, and useful financial record. She feels that Mary’s personal experience running a small business makes her the perfect person to help get small business finances in order.
Thanks to the knowledge and personal attention Cathy gets from Advantage Insights financial services, she can be confident that her profit and loss statements are accurate and organized in a useful, readable way.
“I just can’t say enough--how much more I understand the financial aspect of running a business.”
-Cathy Meyers, CFO, Quality Fence
Financial services from Advantage Insights have also prepared Quality Fence for unpredictable events. In 2008, a recession led Scott to shore up the financial processes for his business. In 2020, that decision bore fruit, as Quality Fence was ready with itemized profit and loss statements, and business projections that gave them all the information they needed to apply for pandemic assistance and adjust purchasing decisions.
No amount of staring at your profit and loss statements will make them work better for you. You need an expert to show you how you can get more out of your statements through automated processes and a better understanding of what the numbers mean.
Advantage Insights offers financial management and entrepreneur advisory services that can be tailored specifically for you and your business, no matter how your records look now. Financial services can help you save money now and make informed decisions for your future.
If you want to see the difference financial services can make on your business, reach out for a free consultation!
For more information, call 402-281-3785 or email info@youradvantageinsights.com.
For the best in fencing and gate access control in Omaha and Lincoln, Nebraska, call Quality Fence at 402-896-9325 or visit their website.
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