Founder & CEO @ Vision One Financial Services | Fractional CFO | I help growing companies hit their growth and cash flow goals without guesswork or hiring a full finance staff
A lot of people ask me, "Hey Chris, our company isn't developed enough that I need a full-time CFO, but we still can't manage our finances well." What possible remedy is there for this? Bringing on a full-time CFO? No, it is very expensive, making it unsuitable for small businesses. Hiring a contract agency to redesign the structure and implement a new strategy for a period of time similar to three to six months? To this, I would say, "One can try, but the chances are 50/50." Because someone without financial expertise cannot maintain those strategies after the agency's contract expires, and eventually the business will collapse once more. Fractional CFOs?? I have heard about this, but not sure what they do and how they can be helpful for the business. Indeed!!!!!! Yes, I will outline the services to be expected as well as the (quantifiable) advantages of selecting one here. In many small businesses, fractional CFOs—who carry out the tasks required by the organization but are not full-time in-house CFOs—can be beneficial. How does it work??? A fractional CFO is, as the name implies, a person who, under contract, provides financial expertise to a start-up. Part-time or fractional CFOs typically assist start-ups temporarily but have a wealth of prior CFO-level experience. Fractional CFOs are typically involved in multiple start-ups. What does a fractional CFO do for growing businesses? 1. Finance - This is the CFO's bread-and-butter role. The financial procedures of start-ups grow too complicated for the founders to handle alone, even with the assistance of an accountant. They require an individual who can see beyond the details of accounting and financial reporting to the broader picture. 2. Optimize strategy - Since cash is the lifeblood of businesses, CFOs play a crucial role in developing and refining strategies as the financial gatekeepers. A fractional CFO can provide insight into the financial aspects of strategy by providing an analysis grounded in data. Put differently, your fractional CFO can evaluate your plan and let you know if it makes sense financially. And what steps can be taken to optimize it if not? 3. Implement systems - Start-ups must implement better systems as they grow in order to adapt to their changing needs. This calls for the oversight and direction of a person with experience implementing several systems in various contexts. Someone who has seen it all can anticipate potential problems and fix them before they arise. With a fractional CFO on staff, the founders can assign all audit-related duties to a professional with relevant experience. There are many more advantages, and to know more you can book an appointment with us, we provide all accounting and finance, tax tax-related solutions which will help you to utilize the resources more efficiently. Let me know in the comment sections if you have questions similar to these. #finance #money #business #cfoservices #fractionalcfo #financialadvisor #nebraska
Love this idea and suggest it to clients often!
Founder & Chief Delegation Officer @ ChatterBoss | Author | Keynote Speaker | Leading Voice on Delegation and Executive Assistants
6moI truly believe fractional is the way of the future--we've already benefitted many times!