How to know when your business needs a Chief Financial Officer
Updated: Jan 6
Exciting times ahead! Your business is in growth mode – Sales are rapidly increasing, and you are doing your best to keep up with the rise in demand for your services.
As the stakes get higher you need to make more complex decisions and more commonly than ever before. You may realize that you are not equipped to make these important financial decisions alone. Furthermore, you may be noticing some symptoms that concern you such as:
- Low cash flow,
- Arrears payments to suppliers,
- Lack or shortage of funding,
- Your business is not able to provide for you the shareholder
- Overworked staff,
- Mental exhaustion and/or,
- Fear of making the wrong financial decisions
This seems like the right time to consider hiring a part-time Chief Financial Officer (CFO) for your business. This individual is there to help you address the issues above and tap on the potential and goals for the short and long-term. By engaging a part-time CFO you will be providing your business with the support and care it deserves.
Engaging in a partnership with your CFO can be a great resource for you and your business as you will have another set of eyes identifying patterns and proposing courses of action to grow your business sustainably.
Working with a part-time CFO will help you overcome these difficulties, find alternative approaches and more importantly, keep you accountable to correct existing issues within your growing business. This part-time CFO will review your books, analyze the current issues and meet with you on a regular basis (monthly) to put in place action plans. Follow ups will come on the following month.
If you are interested in learning more about working with a part-time CFO contact us.