Why your business needs a fractional CFO
I'm sure you’ve heard about Fractional CFOs before. Maybe you wonder what a Fractional CFO is and how they can help your business. When you hear about Fractional CFOs, you might even start thinking about CFOs you hear about at large organizations like Amazon or Walmart.
You might even think that your small business doesn’t need a CFO. After all, you don’t have the same needs or issues those larger companies have.
But even though you might not face the same issues and challenges a large organization does, a Fractional CFO can still be a great asset to your company.
What’s a CFO anyway?
First, let’s talk about what a CFO is. A CFO or Chief Financial Officer is a strategist and forward-looking advisor. You may already have an accountant or bookkeeper helping you with your accounting tasks and tax returns but those services generally look into the past to make sure you’re compliant with laws and regulations.
A Fractional CFO is someone who works part-time with you in your business. A small business gets the best of both worlds. They get a financial expert and partner so they can grow their business without the large salary that a full-time CFO usually commands. If you’re serious about growing your business without wasting time and money trying to figure out the next steps to take to keep momentum in your business then a Fractional CFO is the perfect solution.
How a Fractional CFO helps your business.
Have you ever felt like when you make decisions in your business like what to spend on to move the needle or if you should hire someone that you’re throwing spaghetti at the wall hoping it will stick? Flying by the seat of your pants making decisions in your business without understanding your business numbers and the story they tell you is a way to waste a lot of time and money without getting little or any reward. As a small business owner, you’re already busy enough. So spending time on things that won’t get you where you want to go will slow down your progress.
Maybe your business is growing fast and you want more information on how to keep the momentum going. Things are happening and you might be wondering the best ways to keep them happening. Or on the other hand, perhaps you feel like your business could be doing better than it is. Maybe cash feels tight and you’re worried about paying the bills.
How I help small businesses.
As a Fractional CFO, I come into your business and spend time learning all about you, what your goals are for your personal life and your business, and I learn all about your business. I learn about how your business operates, what the market your business is in is like, who works for you and the processes and procedures you have in place to keep things operating.
Once I have a thorough understanding of your business, that’s where the fun begins! I look at your business financials and point out areas that are going great and the ones that aren’t so great. From there, I dive into your numbers and bring them to you in a way that you’ll be able to see the story your business is telling you.
And if we discover weak areas where things could be going better, you don’t need to fret because I use my financial and strategic expertise to help you develop actions you can take to strengthen areas that aren’t going so well. You won’t be bogged down with a bunch of reports that don’t mean anything to you. Instead, I present your business financial information to you in a way that makes it make sense. And makes it clear to see how things are going.
Summary
A Fractional CFO is a strategic partner for your business. They help you look into the future and develop plans and strategies that help you have a healthy and growing business. Having a CPA/tax accountant and bookkeeper is essential to your business but they’re focused on what happened in the past. Not what’s coming up in the future.
With potential turbulent times coming up in the economy, you can’t afford to not get ahead of it and plan for potential issues in the upcoming year.
Having a strategic partner to help you navigate the challenges ahead will give you peace of mind and help you to have a growing business.
If you’re ready to talk about your business and how I can help you grow it, use the link below to schedule a free consultation. On that call, we’ll figure out if we’re a good fit to work together.
This article is provided for informational and educational purposes and is not intended to be construed as legal, accounting, or other professional advice. Each situation is different, so you should consult the appropriate professional such as your accountant, attorney or other professional who is familiar with your particular situation for advice specific to you and / or your business.
