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.