Ambitious About Your Business?
A fractional Part Time CFO is the answer.
A Chief Financial Officer, or CFO, is essential to make sure your company's finances are on track with your growth strategy. However, committing to a full-time CFO may not be in the budget just yet. As an alternative, adding an interim or part-time CFO to your team can provide your business with financial direction without making a full commitment to high wages and benefits. An interim CFO also provides your company with on-demand financial management services and expertise that measures and guides operations to success such as cash flow management, risk management and exit strategy planning to save you time and money. Read on to learn about the benefits of having an interim CFO on your team.
Improves Productivity
Part of a CFO's job function includes monitoring the productivity of employees. By hiring an interim CFO who visits on a weekly or monthly basis, you automatically gain the benefit of an extra set of hands and eyes to take note of how well your team is performing. An interim CFO can do more than just help you track your operational and financial key performance indicators, or KPIs. He can help you interpret and establish KPIs and other financial information to show you which functional department impacts any underperforming sector of your business. He can also help you know where to focus your improvement efforts by building a framework of controls.
Supports Vision Creation
With an interim CFO, you can work on growing your company. An interim CFO offers insight and experience that can be used to steer future business endeavors including building support or opposition for an investment. A CFO can help you decide whether the purchase you plan to make is a smart decision that will provide a return on your investment and helps you outline the company's strategy and vision from a financial position. A part-time CFO also provides fractional services that offer valuable, long-lasting effects such as devising a feasible revenue strategy to bolster your company's operations. By adding a forward-thinking strategic business partner to your roster, you can create a vision that enhances business development.
Aligns Cash Flow With Company Strategy
Traditional CFOs file financial records and provide reports on historical and current financial data to manage the flow of cash. However, by hiring an interim CFO with a focus on financial management rather than accounting, you get more than just number-crunching tactics. You can free up time to handle the operations of the business while the CFO provides insight on how your money flows in and out of the company and forecasts that can be used to bolster financial decisions when creating political buy-in. An interim CFO can also help you see how to improve overall cash flow management to align with the company's growth strategy.
Supports Risk Management
An interim CFO helps you manage risks that you may not have the time to see and works with you to reduce them. You can benefit from a part-time CFO's risk assessment skills to avoid financial pitfalls that can negatively affect your bottom line with risk analysis-based forecasts your interim CFO provides, giving you the financial direction you need. Your part-time CFO can also coach you and your management team during change processes to coordinate departmental functions that allow for a cohesive operation. By pursuing to unite operational, marketing and strategic goals within a financial framework, your part-time CFO will help you reduce risk.
Provides Exit Strategy Assistance
When you add a CFO to your team, you reap the benefits of time and money from a devised exit strategy once you are ready to sell your business. He helps you ensure that you are making the right decisions by helping to create an exit strategy that maximizes proceeds from the sale of your business while minimizing after-tax costs. Your interim CFO also creates a plan to help train the successors of your company and help you decide which parts of the business you would like to sell. Choose a CFO that has experience with exit strategy planning to optimize your experience.
Whether you need the expertise of a seasoned CFO to provide strategic insight for your startup while on a limited budget, or whether you're just transitioning to a new stage of your company's growth cycle, hiring an interim CFO offers benefits that save you money and time.