The beginning of the year is a great time to hire a CFO!
In a nutshell, the duty of a company’s CFO is to oversee the finances of the business. The CFO plays an integral role, handling everything to do with money. That is, any financial data from the past, present, or future of the company. Integrating CFO services into your company will fill a key role, one that will scale along with your business.
CFO Services Add Value To Any Company
One of the more senior positions in a company is that of a Chief Financial Officer. Although CFO positions used to be an exclusive hire for large, blue-chip companies, in recent years (especially during the pandemic) there has been a shift. Now, businesses of any size are choosing to employ CFO services to better manage their financials. Small to medium enterprises are seeing the value of hiring a Chief Financial Officer in a part-time capacity.
A fractional CFO is often the perfect solution. These CFO services add value to your business, someone like a fractional CFO can save you time and help increase revenue. Other value-adds include the growth of your business and tax savings strategies.
How Can A Part-Time CFO Help?
1. Putting A Plan of Action in Place
A CFO can create a financial forecast for your business. With a vision in place, your business will have a solid guide to follow— usually for increments of 12 months.
How can your business achieve its goals in the upcoming year? The role of a CFO includes building financial models, which will in turn ensure that smart business decisions are made.
A CFO will help clear up any gray areas and work out intelligent and profitable decisions for your company.
2. Tracking Everything To Ensure You Meet Your Goals
A CFO meets a company’s goals through financial tracking. Important, accurate business decisions are based on tracking and reporting. They attain monthly financial goals through accurate reporting and will hold your business accountable to reach its financial goals.
CFOs will identify issues through key performance indicators. Accuracy is important to prevent problems from spiraling out of control. Hiring CFO services to keep an eye on your money will prevent unmanageable challenges down the line.
3. Becoming A Trusted Member of the Team
A CEO needs a trustworthy team member to highlight any blind spots or flaws in the business. CFOs have the expertise to identify problems and will support you through solving them. They will create strategies to help overcome challenges.
CFOs create strategies through reporting and careful analysis. In this way, they can help manage the growth of your business. Once your CFO knows your financials through and through, they will prevent your business from running out of cash.
They will keep you apprised of your company’s limits, which will result is the longevity of your business.
Factors To Consider While Hiring a Part-Time CFO Services
Not every business can afford a full-time CFO, so fractional hiring is a smart alternative. But, as with anything, there are pros and cons when hiring on a part-time basis. We unpack a couple factors below:
Benefit #1: Cost
CFOs are some of the highest-paid hires in a business. If you need the advice and leadership skills of a CFO but cannot afford a full-time hire, a fractional CFO is the perfect solution.
The downfall of this is that you won’t have full-time access to a fractional CFO if they are not a full-time hire. They will work for you on a part-time basis only, and the rest of their time will be spent with other paying clients.
Benefit #2: Knowledge
The knowledge your fractional hire gleans from other businesses gives them tremendous advantage as a hire. The expertise fractional CFOs gain while working with other businesses will only help your company. Should an uncommon situation arise, there’s a good chance your CFO has experienced it somewhere else.
Benefit #3: Playing a vital, trusted role in a team!
CFOs often form a close bond with the CEO they work for. Due to their role, they bring collaborative leadership into a business. CFOs are often the sounding board for the organization, especially when new ventures are in the works.
As your business grows and the complexity of the finances increases, you might feel overwhelmed. A CFO will put a plan in place that will take your business into the future. They will assist with strategies and plans that won’t put too much risk on the future growth of your company.
Working with a professional CFO means working with a qualified and trusted strategist. Having someone there to think ahead for you will always be of value.
Saddock Advisory Is Here To Provide CFO Services!
At Saddock Wealth, our team of professionals is here to help get a handle on your business financials. We are here to be a part of your team, to unpack any challenges you face, and celebrate with you when you win.
We are here to support you every step of the journey until we’re a natural extension of your team.
Schedule a meeting to begin the process today.