One of the hallmarks of a successful company is technical innovation. Innovation can boost market share, improve a company’s competitive advantage, and boost revenues. While exciting, though, innovation isn’t without cost. Small companies without chief financial officers (CFOs) can get so caught up in the thrill of creating new technology and adopting new processes that they lose sight of the bottom line. By retaining an outsourced CFO, however, those companies can monitor risks and manage finances while encouraging innovation.
Resisting innovation can be a death sentence for a company – everyone has heard stories or passed the empty former offices of businesses that kept “doing things the old way” until they weren’t in business any more. And innovation involves more than just the products or services a company provides. It means looking creatively at all aspects of the business, from sourcing materials to delivering the product to end consumers. A CFO can help your company look at the “big picture,” realizing that short-term expenses can yield long-term benefits. A CFO’s role is to help the company understand where innovation can lead to from a finance and profitability perspective.
An outsourced CFO can help your company map its entire production cycle, looking for bottlenecks or excess capacity that could be better utilized. He or she can also look for innovative ways to shorten the sales cycle or manage working capital more effectively. Shared services, outsourcing, and automation are recommendations that a CFO might make to improve functional efficiency and boost the bottom line.
Another critical innovation point for CFOs is big data, the vast collection of information and data sets that technology now makes available. CFOs use year-over-year financial data to spot trends, leveraging data to improve business functions. By compiling invoicing reports, payment statements, customer behavior, and other data sets, a CFO can help control accounts receivable, reduce fraud and loss, or increase customer retention.
An outsourced CFO resource can help your business understand the intersection of old and new technology and help you structure your company to take advantage of innovation. For a free analysis of your company, call CFO Strategic Partners at 407-426-8288. Our financial professionals can help you understand the technological tools available to help your business reach its full potential.
“Our organization was navigating an intense transition involving our government funding partners and public officials. Without the help of CFOSP, we would have experienced severe financial impacts and certainly lost donor confidence.”
CEO Central Florida Historical Society
“I applaud the stellar support provided by our CFO in embracing and understanding our budget priorities and operations that entail hundreds of financial transactions each month and several millions of dollars in expenditures annually. The nature of our business is very complex, yet your firm did not shy away from the challenge of establishing accounting processes and procedures that will sustain us well into the future.”
Kissimmee Chamber of Commerce, Experience Kissimmee
“…The services they have provided have tripled my bottom line, giving us serious profit levels that have helped fund company growth…”
President, Engineering Firm
“There is no limit to the value of the collective experience that the CFO team brings to the table. Their expertise in debt management, tax reporting, cost of funds, and in-depth analysis has been more than I could have hoped for…”
CEO/President, Hotel Corporation
“Since we began working with CFO Strategic Partners, we’re in the best financial position we’ve ever been in… CFO gives my staff and myself financial peace of mind so we can focus on clients and business at hand.”
CEO, Insurance Agency
“With CFO as our partner, we’re able to see the total picture…. Through their expertise, we’re receiving the highest level of educated financial planning that will propel us into the future.”
President, Florida Architectural Firm