Small businesses need the right financial advice to continue growing, yet are often at a disadvantage because many cannot afford a full-time Chief Financial Officer (CFO). If your business is one of them, perhaps a virtual, partial CFO or vCFO could be useful instead. What can we, as a virtual CFO, do for your small business? Here is everything you need to know to get started.
Within an organization, a CFO performs many important functions that can be broken down into three different categories:
All of these roles are equally important, yet many small business owners in Tucson overlook them because they feel they only apply to larger companies. Others may not tackle them because they lack the technical expertise to do so. No company is too small to make smart decisions, and a lack of know-how isn’t an excuse to forget about these important tasks. A virtual CFO or partial CFO helps you by providing people with the same quality of services as what would normally be found in a larger company.
A vCFO or fractional CFO may perform several duties within the above three roles, a few of which may include:
We think communication is one of the most important parts of this kind of relationship. Because of this, one of our virtual CFOs can meet with you on a regular basis (via zoom or Google Hangout) to discuss your systems, cash flow, or forecasts. We take into account what works best when determining a schedule. Many small businesses find that 15-30 minutes each week along with quarterly meetings of about an hour or so work perfectly. Of course, we are always available in between meetings to discuss your needs or answer any questions you may have.
Virtual CFOs provide small businesses with amazing benefits. The biggest one is that you can enjoy the benefits of a full-time CFO without all the expense. Our packages are customizable to fit your needs, so you will only pay for the services you need. Finding someone to fill this role in your local area will not be a problem, since a vCFO can work from anywhere. Other benefits you may enjoy are:
Small business owners wear many hats, and must often learn new roles as they go. For many, learning the financial aspects of a business is one of the most challenging roles to learn, yet is also the most important. When you hire a virtual CFO, you have one less role within your company to master and more time to focus on your employees and clients. Not only can a vCFO eliminate a great deal of stress, but it can also leave you free to develop other talents.
Are you a Tucson business owner who would benefit from a virtual CFO? Please contact us for more information!
This is a recently revised version of a previous post.