For many small to midsize business owners, finding the right time to ingratiate a chief financial officer into your company is a timely and often difficult business development decision.
After years of hard work and dedication, your company has achieved many of its business goals, your staff is cohesive and productive and your outlook for the future is bright. Profits are continuing to soar and though success ensues, your company is missing a key player in the executive branch of the office. A logical next step for most leaders would be to hire an in-house CFO, yet as a small to mid-size company the costly price tag for a top tier professional may not be the best solution. So what are the options for a soaring small to mid-size company? The answer may be outsourcing.
Outsourcing a CFO is a rare trade in the financial industry, yet one that most companies should be familiar with and have the opportunity to consider when making strategic business decisions. Shannon Carbone of CFO Strategic Partners believes that small to mid-size companies should consider outsourcing a CFO, for the following five reasons:
Collaborative Knowledge — CFO consulting firms offer clients a diverse network of experienced and dynamic financial minds to empower a company with a collective knowledge and expertise of an entire team. A pooled resource base is an extremely powerful tool.
Cost-Effective — Hiring a CFO from a consulting firm saves the company costly overhead charges of adding a new executive member to the team and offers no additional obligations for a pricey benefits package.
Growth — A top tier CFO brings a high-level visionary approach to businesses that, because of their size, would typically not have access to that proactive level of CFO thinking. This advantageous approach allows a company to achieve unparalleled success and growth.
Flexibility — A hired CFO will work around a company’s schedule based on their particular corporate needs and objectives. Once again reflecting the cost-effectiveness of outsourcing, the flexibility of a CFO’s schedule allows a company to maximize their effectiveness and plan accordingly.
Funding & Banking — Unlike the traditional cookie-cutter CFO, consulting firms offer extensive knowledge and expertise in the banking industry and can offer a company a tailored funding plan to help a client position themselves for growth.
“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