A CFO can make a huge difference in the way a business grows and how it operates on a day-to-day basis, as well as having a dramatic impact on the financial strategy, including forward planning, capital raising, borrowing, financial and tax planning, compliance, and business owner exit. It is hard to disagree a chief financial officer or CFO services don’t add significantly to a business.
Outsourcing CFO services will give companies all the benefits of having a highly skilled and experienced Chief Financial Officer (CFO) on their team, but at a much-reduced cost.
Today’s top executives make hundreds of decisions each day. We marvel at the amount of decisions a Finance Executive and especially Virtual CFOs that act for more than one organisation has to make on a daily basis. Couple the professional decisions with family, friends, health and other life commitments and it begins to add up!
Organisations normally engage in developing a robust CFO Profile when they need to recruit, however conducting the same process within your organisation when recruitment is not the focus can have great benefits for aligning business strategy with the individual and team.
A functional Board contributes to the overall productivity of the organisation and staff often look to the Board of Directors for guidance, regulations, support, and the tools and resources to do the work that is expected of them. When a Board is lax or negligent, or does not take care of tasks and responsibilities, it doesn’t take long before staff and the daily operations of the organisation are affected.
Ever been given feedback that you disagree with? What was your response? If you are like most, then your response was probably along the lines of: Anger; “Where does he/she get off telling me that.” Denial; “That’s not how it happened.” Deflection; “He/she should concentrate on their own problems.” Righteousness; “What would he/she know? I know more about this than them.”
I have always been amazed when I hear CFOs and their teams working well into the night to fulfil their month end obligations. Journals, rework, analysis, reporting until the late hours of the evening, month after month, year after year.
There is a common misconception out there that a Chief Financial Officer (CFO) is a role only available to the large corporate. However, if you continue to hold this view you could be doing your business a critical injustice. Having the commercial guidance that a CFO can provide to get your business from where you are now to where you want to be is one of the best investments a business owner can make.
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