While the services of a full-time CFO might not fit into the budget of many small businesses at $200,000 a year or more plus benefits, paying a CFO for services as you need them may not only be a lot more affordable, it can be crucial to the long term success of a company.
CFO Services can help a business with Payables, Receivables, Inventory and Cash, making sure it’s done correctly, and accurately project revenue and expenses, map out a financial plan for the future of the business, understand financial reports and properly channel resources.
How do you know if your business can use a CFO?
CFO Services can be one of the most important strategies of any business, and relieve one of the biggest burdens from the company and everyone associated with it. Most companies can use these services at some point during their growth, and it is typically before they are able to add a full time CFO to their staff.
A few of the indicators include:
- Inventory problems
- Stressed or weakened relationships with bankers or vendors
- The acquisition of another business
- Questions about the integrity of employees
- Cash flow
If you think your company is too small to use CFO Services, think again. Corporations of all sizes, from the smallest to the largest can benefit from these services. The difference is that smaller companies don’t often need a full time CFO, but one that can work on an as needed basis.
Wide variety of benefits
CFO Services can provide a wide variety of benefits with just a few including:
- Helping to develop and execute a financial strategy including new or existing plans.
- Implementing business plans that will help you to set up or meet long term goals.
- Creating a contingency plan to make sure the business can safely get through customer demand crises or soft markets before it occurs.
- Providing insight that may help your business achieve greater heights of success.
- Share their knowledge of proven strategies based on past experience with other companies.
These services can be used as little as a few days a month to a few days a week or even more, assuring that your business runs smoothly with the valuable input of a CFO professional. It can serve to take much of the financial worries away, allowing the business owner to concentrate on the important task of growing the business and watching it succeed.