Welcome to another episode of Mastery Fractional CFO's Punchy Podcast, where host, Ryan Chenier, Founder and CEO of Mastery Fractional CFO Services, speaks with business leaders from all walks of life about their insights.
In this episode, Ryan speaks with Kristan Strate, President and CEO of Synergy HR. Kristan’s company specializes in fractional HR support for growing businesses and has recently developed an innovative SaaS platform, FrankHR.
The Journey to Fractional HR
Kristan Strate’s journey into entrepreneurship began in 2009 when she sought greater flexibility for her family. With over 25 years of HR experience, Kristan launched Synergy HR, which now serves small to medium-sized businesses, primarily across Western Canada. Synergy HR provides businesses with access to a senior-level HR practitioner and a team of specialists through fractional retainers, allowing organizations to build strong, scalable HR systems without the cost of a full-time HR department.
Kristan’s story is one of resilience and innovation. When faced with burnout during the pandemic, she pivoted her focus to creating FrankHR, a SaaS platform designed for small businesses. The platform simplifies HR management by automating tasks and providing tools and workflows tailored for non-HR professionals.
Fractional HR vs. Outsourced HR
Kristan makes a crucial distinction between outsourced and fractional HR services:
Outsourced HR: Task-based support for specific projects.
Fractional HR: Ongoing access to a team of HR experts, providing both transactional and strategic support.
With Synergy HR, clients benefit from a cohesive team of professionals—from HR administrators to senior practitioners—delivering everything from payroll and recruitment to high-level strategic planning.
Identifying the Need for Fractional HR
Kristan outlines three types of businesses that typically seek Synergy HR’s services:
People Pain: Organizations facing immediate HR challenges, such as employee relations issues or restructuring needs.
Proactive Growth: Companies that value investing in their workforce to foster a thriving workplace culture.
Scaling Businesses: Organizations experiencing growing pains and needing strategic HR support to maintain their culture and structure as they expand.
FrankHR: A Game-Changer for Small Businesses
FrankHR is Synergy HR’s answer to small businesses that can’t afford fractional HR support. The platform offers tools for performance management, employee reviews, and compliance. Designed for ease of use, it helps business owners implement HR best practices with minimal effort. Kristan’s experience in the consulting world shaped the platform’s user-centric design, making HR management accessible for non-HR professionals.
The ROI of Investing in HR
Kristan emphasized the measurable and intangible returns on HR investments:
Efficiency Gains: Faster problem-solving and risk mitigation through access to a team of experts.
Employee Satisfaction: Improved engagement, reduced absenteeism, and higher net promoter scores.
Strategic Alignment: Tailored HR strategies that align with business goals, enabling sustainable growth.
Advice for Entrepreneurs
Kristan’s top advice for entrepreneurs? Cash is king. Effective financial management is critical for sustaining and growing a business. Kristan’s fiscally conservative approach allowed her to bootstrap the development of FrankHR, avoiding unnecessary dilution of ownership while building a scalable solution.
The CFO Question
Kristan’s question for Ryan as a fractional CFO is about bonus payments and tax optimization. Should bonuses be paid out in the current fiscal year to reduce taxable profits or deferred to the next year? Ryan answers that, while it depends on cash flow and tax planning considerations, paying bonuses in the current year can help reduce taxable profits, provided cash flow allows it. Ryan recommends collaborating with a tax accountant specialist as well, to finalize the strategy.
Connect with Kristan and Synergy HR
If you’re interested in learning more about Synergy HR’s fractional HR services or exploring FrankHR, visit:
Synergy HR: www.synergyhrc.net
FrankHR: www.frankhr.io
For a free trial of FrankHR, reach out through the contact form on their website.
Final Thoughts
Effective HR management is essential for any business aiming to grow sustainably. Whether through fractional HR services or innovative platforms like FrankHR, Kristan and her team at Synergy HR provide invaluable support for businesses navigating growth and change.
If you found this podcast valuable, share it with others and feel free to connect with Ryan on LinkedIn. Let’s keep the conversation going!
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If your business is ready to level up its financial strategy, contact Mastery Fractional CFO Services to explore how we can help your company thrive.
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