Why your Business needs a CFO
1. You know your business can be more profitable.
Business owners often expect that their company will minimize expenses if they handle CFO functions themselves. You rely on your bookkeeper for routine financial transactions. Your accountant manages year-end reporting, financial statements, and tax planning.
Who handles the rest? Most likely you. Owners of sole proprietorships, farms, family businesses and other companies already have a full-time job: You run the business, handle the operations, and strive to improve sales, profitability, and sustainability.
In hiring a Part-Time CFO, you delegate certain financial management tasks, such as cash flow management, risk management, dealings with banks and investors, and strategic financial planning. A CFO is an efficient and cost-effective decision that frees more time for you to grow your business.
As your business continues to grow, your company may need to directly employ a full-time CFO, controller or other senior financial manager. The experience of working with a Part-Time CFO will make that transition easier.
2. Your business is changing.
A CFO can assist a company that is experiencing
Immediate Operational Challenges
- Experiences cash flow problems such as inability to meet payroll or an unexpected expense.
- Challenges in obtaining financing or raising capital.
- Cannot afford a full-time CFO, VP Finance or similar position.
Financial Analysis and Tools
- Relies on a controller, accountant or bookkeeper for strategic financial planning and risk management.
- Lacks adequate reporting and forecasting tools.
- Makes reactive rather than proactive decisions.
- Requires updated accounting processes and procedures.
- Operates in a sector with business cycles.
- Fails to meet investor or sector benchmarks.
Planning for the Future
- Lacks an exit or succession planning strategy.
- Anticipates turnover in its senior financial leadership.
- Anticipates divestitures, mergers or acquisitions.
Browse the pages of our website to learn how a CFO can help your business become more profitable, and be well-positioned for change.