As your business grows, it will also encounter new and increasingly complex financial problems. In this day and age, a virtual CFO might just be the answer to your prayers. Let’s take a look at six key reasons why business owners should outsource CFO services.
As a business owner, you constantly juggle many responsibilities. You are not only in charge of day-to-day operations and meeting customers' needs; your time must also be spent on managing growth and developing strategies to increase profits. Outsourcing financial services can take a lot of work off your plate, ensuring that your business stays in good financial health whilst you focus on what’s most important: running and growing your company.
A full-time, in-house CFO is a costly hire and whilst your business is in need of financial guidance, you may not yet be ready to cover that cost. A virtual CFO works part-time and remotely with your business, which saves you a significant amount of money. For the fraction of the price of a traditional in-house CFO, you will still gain access to top-level financial management services. You will also be able to scale these services up or down as your business changes and evolves.
Flexibility is the key to survival in today's landscape. A single change can have a ripple effect on your entire company, and that means you need to be ready for anything. Outsourcing gives you the power to scale services according to your needs, whereas in-house hires leave much less room for flexibility. A quality CFO will be able to seamlessly scale services for their clients, which gives your business far greater organisational agility.
4) Quality Financial Guidance
A virtual CFO brings a wealth of experience, high-level training and in-depth industry knowledge to you. They function as a trusted member of your team who you can count on to tackle any financial problems your company is facing. An outsourced CFO has worked with many different kinds of businesses and is able to use their financial acumen to preserve and improve the financial health of your organisation. Their first-hand experience and top-level knowledge means that they are able to offer an impartial - and invaluable perspective when you have important decisions to make. After all, you can't make smart choices for your business about matters you don’t truly understand. It's like throwing darts in the dark, but with more expensive consequences!
The recent emergence of the covid-19 pandemic has left many companies across the world in a state of panic. A virtual CFO can help to prepare you for market shifts and tackle the problems that may arise in the ever-changing economic climate. If you’re worried about your company's fate during and after this crisis, hiring an outsourced CFO could be just what you need to weather any storm that comes your way.
6) New Opportunities
Although we’re living in uncertain economic times, there are still opportunities for growth. The pandemic has seen a great deal of loss, but it has also provided many businesses with ample opportunity to grow. Yes, change is scary but it can also be used as fuel for your own success when you know how to spot untapped potential - which is precisely where a virtual CFO comes into play.
As your business expands, it will only encounter more complex financial issues. Outsourcing to a virtual CFO could be the answer for businesses looking to save time and money while ensuring their company's financial health over time. A great CFO will equip you for long-term success without being a drain on your resources; it’s a real win-win.
Call us today to learn more about how our strategy can help your business.