Every company is different, with different business goals, financial requirements, and company structures. That means there’s no standard answer when you’re wondering if your business needs a chief financial officer (CFO). With an outsourced CFO, companies of all sizes can benefit from the skills and experience of a seasoned financial professional without paying the salary of a full-time CFO. If you are trying to decide if you need the services of a CFO, consider these points:
Are you getting all the financial information you need to make decisions? It’s critical to have the information you need at the point you need it to make sound business decisions. Even companies with good accounting and bookkeeping systems don’t always have the right data available to make decisions about company mergers, capital acquisitions, structuring loans, or increasing headcount.
Is your company growing rapidly? As companies increase in size, their financial needs become more complex. Growth is good, but unmanaged growth can prove risky for young companies, particularly if they overspend or over-commit. A outsourced CFO can establish a business plan, based on your company’s financial projection model, and develop the structure your business needs to manage its growth. A CFO can help manage mergers and acquisitions, providing appropriate due diligence and interpreting the results.
Are your revenues increasing? Rapid revenue growth means that you have funds that must be monitored and managed. A CFO can help manage your company’s current financial condition, factoring in both liquidity and risk. Your CFO can help you develop a capital structure that provides the right balance of debt and equity, making sure you have the appropriate funds on hand for daily operations while not missing opportunities for investment.
If you’re wondering if your company can benefit from the services of an outsourced CFO, make an appointment to speak with a financial professional at CFO Strategic Partners by calling 407-426-8288. We’ll conduct a free business analysis and review your company’s financial structure, and help you decide if your company needs the services of a CFO to help manage your growth.