From Asset Based Lending to Traditional Financing: How Director of Finance Chelsea Yarmuch Got A Win For McKillican

Are you an Executive who wants to save their company a lot of time and money?In this episode of the Executive Wins podcast, Chelsea Yarmuch, Director of Finance at McKillican, shares her journey of transitioning the company from asset-based lending to traditional financing.She discusses the significant cost savings and operational efficiencies gained through this change, emphasizing the importance of stakeholder buy-in and strategic decision-making.Chelsea also highlights the challenges faced during the process and the positive impact on her team, ultimately leading to a successful outcome that benefits the organization as a whole.For this win she was able to:Identify the issue, which was that borrowing costs were too highMake senior leaders aware of the problemFind evidence to support her thesis that they should switch to traditional financingRally all the stakeholders, answer their objections and gain their supportGet this major change accomplished in less than 8 monthsThe result?She saved the company hundreds of thousands of dollars, and also freed up countless hours of time for her accounting team to do more high-value work!Key TakeawaysAlways keep an eye on major expenses so you can find ways to reduce themStakeholder engagement is critical at every stage of a major changeDo your homework and risk analysis so you can fully understand the implications of changing your borrowing approachMake sure to add up the hidden cost of people hours that go into an activity, so you can assess whether or not to make a changeDon’t be afraid to challeng senior leaders in a constructive manner, especially when you know that you have a strong case that will save the company time and moneyVisit https://executivewins.com/podcast/ for more inspiring interviews!Executive Wins - https://executivewins.comNewsletter - https://executivewins.com/newsletterExecutive Wins Workshop - https://executivewins.com/workshopsLinkedIn - https://www.linkedin.com/in/gordonsheppard/