Your business is growing and the next phase is within striking distance. In order to capitalize on this opportunity you need solid, senior-level financial advice – not a traditional accountant, but someone who understands business operations and can get things done without supervision. Here are five big reasons why you should hire a part-time CFO.
Your business is not large enough to justify a full-time CFO. Whether you are the owner of a small or large business, saving money is always a good thing. Smaller businesses may not have the resources to hire a full-time CFO but they too need senior level financial advice and a part-time CFO provides the flexibility to have that resource perpetually at your disposal.
Focus on your core strengths. If you are a small business owner, you wear too many hats. Maybe accounting and finance is not your area of expertise and you could be making mistakes or missing opportunities. Hiring a part-time CFO will let you focus on running the business and your core strengths.
You have outgrown your finance team. For small and medium sized business owners, there comes a point when you can no longer manage your current accounting staff/bookkeeper or you have outgrown your current finance structure (a good problem to have!). A CFO will assess your current team, plan and implement any changes or additions and put in place a reporting package that suits your needs.
You feel alone when you make key financial and strategic decisions. Running a business without regular senior-level financial advice is daunting. CFOs have different skill sets than entrepreneurs and CEOs. Whereas CEOs and owners have long histories with their businesses and therefore may have pre-set perspectives, CFOs often look at things from the perspective of mitigating risks and understanding the short and long term financial impact of decisions, all with a fresh, objective point of view.