So what is a virtual CFO service? It’s a virtual Chief Financial Officer (CFO), based in ‘the cloud’ who works with your team remotely.
I’m going to share with you three financial structure issues holding your company back, what a virtual Chief Financial Officer (CFO) is, and how you can have expert advice for a fraction of the cost of hiring an internal resource.
So the first issue holding your company back is, that without a clear long term strategy including forecasts, your business cannot grow or expand.
You are operating as ‘business as normal’.
The big idea here is if you have accurate and timely financial information – along with practical interpretation and guidance on how best to leverage it, it will be the difference in your business success.
This is important because without financial accuracy you and your team are making business decisions in the dark. A mis- informed strategy will impact your business operations now and into the future.
The second financial structure issue holding your company back is accountability – it is vital.
The main thing to understand here is that as your business has grown, so has the complexity of the financial situation and sheer volume of transactions and information held by your team.
This means there needs to be adequate financial information security, division of responsibilities amongst your team, with clear job performance standards.
The third financial structure issues holding your company back is raising capital for future growth needs to be planned for.
Banks and investors are only going to come on board if you can present a compelling, substantive financial picture.
This is key because having a complete and accurate financial history and projections – coupled with a credible financial story – is vital to secure the capital your business needs to grow.
Now, I know what you’re thinking. It’s a big step forward to bring on a CFO.
Well the great thing is, the cost of a virtual CFO is a fraction of the price of hiring an internal full time CFO.
I’ve created a virtual services model after years in the industry, and offer you expert CFO consultancy services which can streamline your business operations, help you plan for future growth and gain the executive level support your team needs.
Hiring a virtual CFO service offers you the best opportunity to achieve your growth goals, and to do so quickly and more economically.
Is it time you considered engaging a virtual CFO?