10 Reasons You Need a CFO
1. You want to increase your profits
Sometimes a business will plateau at a certain level of sales or profitability. An outside pair of eyes can often see new opportunities for growth.
2. You haven’t prepared an annual budget
A budget should be your yardstick for measuring your performance. A budget provides comparative data to help you determine whether your business is on track.
3. Cash-flow is unpredictable
Cash flow can be an unruly monster. As a business owner you need to know ahead of time when there might be shortfalls.
4. It’s time to prepare a strategic plan
You wouldn’t drive across the country without a map, why run your business without a plan?
5. You need to find financing for your business
If you need a loan, a line of credit, venture capital, or mezzanine financing then you need a CFO to prepare and present the financial reports creditors are looking for.
6. Financial statements are going to be audited
If you have a CPA audit your financial statements, you can save time, money, and headaches by having your financial information prepared ahead of time.
7. Business performance is inconsistent
Your sales may be growing but not your bank account. Your employees are working longer hours but there’s no increase to profits. A CFO can analyze your financial results and locate the issues.
8. You don’t know what your financial information is telling you
You started your business because you are good at what you do, not because you’re an accountant. But you do need to understand what the numbers are telling you so that you can you be proactive about growing your business.
9. Business is growing fast
Growth is great! But it also costs money and cash-flow. Do you know how much extra cash you need to support your growth?
10. Need to control costs
Cutting costs should be done strategically, not with a chainsaw. We can help identify areas for cost-saving that will still allow your business to operate effectively.
Regardless of which of the 10 issue are affecting you and your small business, a CFO can help find the answers and help you sleep better at night. You can even start with a part-time CFO to get all the expertise you need at a cost you can afford.