Is It Time to Bring in a Part-Time CFO?

Your company is in growth mode, and you’re having a hard time keeping up. You’re definitely past the point where as the CEO you can do it all: manage multiple departments, cultivate banking relationships, keep an eye on the vendors, and much more. Things are slipping through the cracks, and you just don’t have time to give sales or operations the attention they need.

Meanwhile, you’re not receiving accurate and timely financial statements. Neither is your bank, which is not making them happy. And your budget…well, what budget? Who has time to create a proper budget?

If you recognize yourself in this scenario, it’s time to bring in an experienced part-time CFO to significantly lighten your load. Some of the many services that a part-time CFO can provide include:

• Developing a strategic plan, goals and budgets – Work with senior management to create a comprehensive strategic plan, as well as goals for this year and the next four years. Then create a detailed budget based on these plans and goals.

• Analyzing all the numbers – Look at the trends, review profitability by service or product line, monitor the budget, and more. Analyze your firm’s overall financial health, and provide expert advice as to where to go from here.

• Supervising the Accounting, HR and IT Departments – Plus work with department heads to identify areas for improvement and implement trackable solutions for these issues.

• Improving your accounting processes – Help your senior accounting personnel expedite the month-end close to ensure you get accurate and timely financial statements. Create easy-to-use dashboards that give you real-time financial data for effectively managing your business. Develop a template to also capture the information that lenders require.

• Identifying and eliminating wasteful spending – See where your money is going, including looking at whether or not you’re getting the best prices from all of your vendors, and right-sizing the Accounting Department.

• Providing valuable introductions – Bring in already-vetted professionals as needed, such as lawyers, CPAs, insurance brokers and marketing experts.

• Maintaining your banking relationships – Help you obtain necessary financing, and then ensure all loan reporting requirements are met.

Having a part-time CFO on board can give you and the rest of your senior management team more time to grow sales, improve operations and strengthen customer relationships. It also enables you to get better information, which leads to better decisions and even more success.

If you’d like to explore this idea further, give me a call. Part-time CFO services are what I provide!

SHARE