3 Ways an Outsourced CFO can make 2017 your Best Year
Posted on: January 20th, 2017
Happy New Year is old news. In the finance and business world, January is almost over which means companies that operate on a calendar year are already 1/12th or 8% finished with 2017. Denial is dangerous and hope is not a strategy. Neither of those produces sustainable positive results. If you truly want 2017 to be a great year, here are 3 reasons why an independent, on-demand or outsourced CFO can help make 2017 your best year:
Independent Set of Eyes: A fresh set of eyes from a highly seasoned and creative financial professional that also knows best practices of other companies, can identify gaps and blind spots in your company. Employees may be tied to corporate decisions by way of bonuses or profit sharing arrangements or are potentially impacted by ownership changes or exit plans of the owner(s). However, an independent financial consultant is not tied to those decisions allowing for clarity and complete objectivity. Even companies that have an employed CFO find it useful to have an independent CFO consultant work alongside their employed CFO to provide this additional bench strength, a fresh perspective, and
An outsourced CFO will get you there.
based financial solutions.
Analysis and Assessment: We cannot change what we do not know exists. An analysis and assessment give us a financial checkup of where the business, financial systems/processes, and operational practices are today. As an example, an assessment tells you whether or not your financial structure is adequate to accommodate your growth, identifies areas where fraud potential exists or finds leaks in your systems that are costing you time and money. Tailored financial analysis arms you with information so that you can continue to do (or do more of) what is working well in the business and reinvent (or stop) doing what is not working well in the business. As an example, it tells you how productively are you turning sales into profits, where are you really making the most return on your assets or investments, where is your cash going, and what is your company really worth today. At CFO Strategic Partners, our team of outsourced CFO’s use our proprietary tools and programs to produce analytical information that benchmarks our clients against others and/or what is needed to accomplish the owner(s)’ end goals. Some of the ratio analysis may include analyzing Key Performance Indicators (KPI), Key Performance Drivers (KPD), and Key Value Drivers (KVD) of your business and then setting a strategy for getting the results you need.
Thought Partner: Your employees will likely tell you what you want to hear. The right independent, outsourced CFO will tell you exactly what you need to hear whether you will like it or not. We often say that “the numbers don’t lie” and that sometimes the role of an on-demand CFO is to save the client from him/herself. An independent thought partner becomes your sounding board for ideas and solutions and ensures that the actions are taken protect and support your financial goals.
Making 2017 your best year ever in business is a choice for you to make. An independent, outsourced CFO can deliver sound financial based solutions, precision in executing those solutions, and then monitor the trends to stay in front of changes to come. This partnership can help ensure you have your best year ever. Reach out or see our approach.
Shannon Carbone CEO of CFO Strategic Partners
Shannon Carbone is the Founder and CEO of CFO Strategic Partners, a financial consulting firm headquartered in Central Florida offering CFO on demand, outsourced CFO, virtual CFO, and comprehensive accounting services for clients with either short-term or long-term need since 1999.