Let’s be honest, there’s no better feeling than seeing growth in your business. But even with all that growth, you might not be sure how your company is actually doing or where to go next to make sure that growth lasts. Virtual CFO services can help you make sense of your financials and make better decisions about the future of your business.
Figuring out how to successfully scale and manage your company more effectively is one of the key benefits of hiring a CFO when you’re staring into the face of an overwhelming amount of financial and operational growing pains. Not only can a CFO bring expert insight into managing the financial challenges that come with growth, a CFO can help get your company on the right path towards scalability.
Having to balance your financial statements, cash flow, and revenue can seem impossible sometimes, much less the day to day strategic management of your company. CFO consulting services focus on helping your company conquer these financial and operational problems while strategically looking towards the future.
What Are the Benefits of a CFO for Small Businesses?
Usually, your business may need a CFO if you’re facing the next challenges of knowing how to better manage cash flow, when to take on debt to scale, how to reduce financial risks, and a number of other things that are probably beyond your training and experience.
While you may already have a bookkeeper or even a controller in your business, the role of a CFO is to help you understand your financial position, guide you through making financial decisions, and help you leverage finances to achieve your business goals.
A CFO brings high-level financial insight to your business so you can make better decisions about your business management and growth. CFOs help you get a handle on a wide variety of challenges that face growing business, including:
- Managing cash flow and revenue
- Forecasting financials and planning
- Assessing and managing financial risk
- Identifying financial strategies for scaling
- Guidance on business debt
CFOs with operational backgrounds also bring the additional benefits of helping you manage your company's growth and help you understand data to make it meaningful and do more than the average CFO does.
As a virtual CFO, I work with businesses to help them understand their data, systems, softwares, digital technologies in addition to financial strategies to give more comprehensive guidance on the issues growing businesses face.
Why Virtual CFOs are Perfect for Small Businesses
It’s actually pretty rare when companies actually need to hire a full-time CFO for their business. As a result, most small businesses think of a CFO as primarily something reserved for big businesses and that the benefits a CFO could bring to their company are out of reach.
But even small businesses can benefit from the insight a CFO can bring and get that insight in an economical way and often financial benefits outweigh the costs of working with a CFO. In most cases, small businesses can get all the benefits of an CFO by working with a CFO consultant, which is also called an outsourced CFO, a fractional CFO, a virtual CFO, or even digital CFO.
Rather than having to hire on a full-time employee, you can get the same benefits from CFO financial services without the hassle of having to expand your full time team or the additional overhead costs. An additional benefit of working with outsourced CFOs is they can see your business from an outsider’s perspective and see problems you may be blind to yourself.
As a virtual CFO, I specialize in working with small businesses to help them discover saving opportunities, highlight areas where they are able to control or cut costs, and even improve the productivity of business systems.
Could My Business Benefit from Outsourced CFO Services?
If you’re struggling to balance your growing business or make total sense of the numbers and data you see, or you don’t have the data you need to make decisions in the first place, you’ll probably benefit quite a lot by gaining the insight outsourced CFO services bring. It can be hard to know when your small business needs to bring in an outsourced CFO but I generally recommend CFO services for small businesses that have grown quickly, are struggling to create efficiencies, have hit a growth ceiling, or are trying to figure out how to get on sure financial footing.
I work with clients to make their numbers work for them as much as possible and help them make sense of the direction their company is headed. You can save a lot of time and energy spent on making accounting and technologies make sense and know more about the decisions you need to make to scale your company successfully.
I offer initial consultations to help you understand how you can benefit from working with me for virtual CFO services. Book your Good Fit call to learn more about what it’s like to work with me and what to expect.