Rock Bottom Golf Tees Up Success With Hiline’s CFO Advisory
The whole concept of a Fractional CFO just makes perfect sense for certain sized companies. Especially startups and small businesses. And Hiline owns that CFO role, which lets us be more strategic and high level and not have to worry as much about the day-to-day stuff.
Rock Bottom Golf
Organization Mission
To offer tens of thousands of products from all of golf’s hottest brands with a focus on excellent customer service, ultra-fast shipping, and guaranteed lowest pricing.
- Relied on a full-time CFO, who eventually left the company
- Experienced high turnover, going through three different CFOs in two years
- Struggled to find a balance between growth and fiscal responsibility
- Lacked efficient financial processes and relied heavily on a paper-based system
- Implemented a fractional CFO model, which gave them high-level strategic financial guidance
- Introduced a controller position to handle day-to-day financial operations
- Increased efficiency by adopting modern, paperless financial tools like Bill.com
- Gained access to a broader network of financial expertise, particularly useful for securing new banking relationships
About Rock Bottom Golf
Tom Rath founded Rock Bottom Golf 23 years ago as a one-stop online shop for anything golfers need. Tom describes his company as – “the TJ Maxx of the golf industry.” The company carved out a unique niche in the golf equipment market, specializing in closeouts and last season’s products. While they offer a full range of golf products, including the latest gear from top brands, their reputation for great deals on closeout items is their claim to fame.
Primarily an e-commerce business, Rock Bottom Golf operates across multiple online channels, with its website, rockbottomgolf.com, serving as its primary sales platform. They also maintain a presence on Amazon and Etsy for a wider reach.
The Challenge
As Rock Bottom Golf grew, they faced several financial management challenges. When they came to Hiline, they had recently parted ways with their long-term CFO and struggled to find a suitable replacement, going through three CFOs in two years.
On top of that, Rock Bottom Golf was still accounting the old-school way – good ol’ back office paperwork style. They wanted to become more paperless and efficient in their financial operations.
Whatever partner they chose, they knew that they needed financial leadership that could:
- Support the company’s growth goals while staying on budget
- Evolve their finance systems with automation and modern software
- Give them insights and connections beyond the golfing industry
The Solution
Rock Bottom Golf needed a comprehensive financial management solution. Hiline tailored its approach to address their specific challenges and determined they needed:
1. Fractional CFO Services – Hiline provided fractional financial strategy and guidance, offering the expertise of a seasoned CFO without the full-time cost. Hiline focused on:
- Developing long-term, ongoing financial strategies, including:
- A monthly financial analysis
- Robust reporting for board members and investors
- Providing insights for business growth
- Offering guidance on major financial decisions
2. Flexible Service Model – Starting with monthly and quarterly reporting, Rock Bottom Golf gradually expanded their engagement to include accounts payable, HR services, and more comprehensive financial reporting as the company grew.
3. Modern Financial Tools – Hiline set Rock Bottom Golf up on some of the best financial software tools and systems to help them go paperless. These included:
- Streamlined accounts payable processes through better software integrations
- Payroll software for easier HR management
- Investor-grade financial reporting software for improved insights and presentations
Hiline’s team not only implemented these tools but also provided training and ongoing support to ensure the Rock Bottom Golf team could leverage them effectively.
4. Access to Broader Expertise – Hiline’s team offered valuable insights and connections, particularly useful when Rock Bottom Golf needed to secure a new banking relationship. Hiline:
- Identified potential banking partners suitable for the RBG business
- Prepared comprehensive financial packages for bank presentations
- Assisted in negotiations to secure favorable terms
The Results
1. An Enhanced, Tailored Financial Strategy – The fractional CFO model allowed for more strategic executive-level financial guidance.
2. Improved Efficiency – Implementing modern financial tools led to more streamlined, paperless operations.
3. Cost-Effective Scalability – Rock Bottom Golf gained access to a range of financial services they could scale as needed without the overhead of full-time hires.
4. Professional HR Support – Hiline’s fractional HR services provided expertise that would have been cost-prohibitive to maintain in-house.
5. Better Financial Reporting – Monthly reports became more executive-level and tailored to the company’s specific needs.
6. Valuable Outside Perspective – Hiline’s broader market knowledge proved crucial in situations like finding a new banking partner.
Finding a Financial Partner to Support Your Ecommerce Business
By implementing the solutions above, Hiline gave Rock Bottom Golf a comprehensive, scalable financial management system that addressed their immediate needs while positioning them for future growth.
Are you facing similar challenges in managing your company’s finances?
Hiline offers flexible, scalable financial services tailored to growing businesses. From fractional CFO services to HR support and modern financial tools, we can help streamline your operations and drive strategic growth.
Contact Hiline today to learn how we can support your business’s financial success.
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