Small Business Reach Your Business Potential Part Time CFO
Mar 01, 2011
In my twenty plus years of experience, seven as a partner in B2B CFO, I have noticed that many small business owners are confused when it comes down to choosing what type of financial help is best for their company - a bookkeeper, accountant, CFO, etc. The best answer for most small to mid-sized companies is a part time CFO (surprise, surprise). Companies can benefit from all the experience of a CFO, without the added cost and commitment of hiring a full-time senior staff. They work with a company on an affordable, as-need basis; using a variety of financial planning tools to help map out your company's future. There are many benefits to hiring a part time CFO, such as:
1. Many are seasoned professionals with at least 20 yrs of experience in accounting and finance. They have overcome and learned from numerous challenges, have already experienced most problems your company faces and know how to help you run your business successfully. With a part time CFO, plans and strategies can also be tested in financial models before you risk implementing them in your company.
2. They work as a member of your team to help you reach your company's financial goals. They provide financial management at a significantly lower cost than hiring an in-house senior staff and should be seen not as an additional cost, but as a way to boost profits.
3. By creating accurate financial statements, a part time CFO empowers business owners to control the direction their company is going and helps them achieve goals. By clarifying and enhancing your financial situation you will be able to see exactly where you are now and decide on future steps needed. You'll be able to move forward confidently in the direction you want with a strong foundation under you, and anticipate company needs before future events occur.
4. Having accurate financial statements is critical when trying to obtain necessary cash from banks or other financial institutions. A part time CFO can help create financial statements that will help you feel more confident in your control over your business. When a lender sees the owner knows exactly what is happening, they will have confidence in that business and be more apt to provide the working capital needed.
Experienced and thorough financial management is vital to building a successful business. Part time CFOs are skilled at enhancing and assessing your financial situation and offer advanced, affordable expertise. They help your move in the right direction for your growing business, offering strategic solutions to help your achieve long term goals, with lasting results.
