Benefits of having a CFO for your small business
Are you a small business? Maybe a contractor with your own team? Let’s face it, we can’t always do it all and when we try it can feel impossible to get everything done on time and to a quality standard.
Thats why I am here to tell you about all the benefits of outsourcing a CFO (Chief Financial Officer) as a small business owner.
As a small business owner working can often feel overwhelming, like you are constantly trying to put out fires without really progressing and moving forward in your business.
That is where a CFO comes in, not only is a chief financial officer responsible or your financials, they can also help you develop a strong, achievable business plan and goals.
Outsourcing is invaluable and an inexpensive, low risk way to up your business game and delegate those tedious tasks so you as the business owner can focus on what’s really important, growing your business.
Heard of a CFO? A Chief Financial Officer is a very valuable part of any business. The right CFO can assist you in creating and formulating different strategies for optimal financial growth
- Manage Risk– helping you create the right risk prevention plan and guiding you on your financial controls. Always making a responsible decision.
- Negotiate with suppliers and customers – Since a CFO is a genius in all things financial and business, they can get you the best rates, terms and conditions plus more beneficial payment methods.
- Be more strategic – Having a CFO will guarantee a strong plan/strategy around marketing, services, pricing and competition.
- Manage growth – Creating company goals is much more important than many realise. A CFO will keep you on track with your goals and can help analyse those metrics that will give you accurate insight into how your company is performing financially.
- Establish relationships – Since you now have someone by your side who is well versed in all things financial, you have the inside connection to all of the best resources and someone who is an expert in the area. Stopping you from making financial mistakes that will damage your business.
- Keep business running smoothly – Like I said earlier, it can be tough being a one man show trying to manage a large group of tradies. It can feel impossible to manage all of the financials on top of that. A CFO is a cheap alternative to handling your finances, business goals and progression. Outsourcing a CFO will definitely be beneficial to your business.
- Budgeting – Are you having issues with overspending or sticking to an achievable budget. That is what a CFO can help you nail down in a few easy steps. Budgeting is crucial for any business as overspending and losing profit can be extremely damaging
You may think your business is too small for a CFO or you will just wait until you start making a profit.
However, bringing in a CFO early on in your business journey is extremely smart as they have the best knowledge and tips on how to grow your business and finances.
We wanted to leave you with a few of our other articles that give you helpful tips and tricks on how to grow your business and profit and the difference between small and large businesses and why a CFO can be so beneficial for a small business.