05 September 2018
Life as a small to medium operator isn’t easy. When the buck quite literally stops with you, then you have to be a real ‘jack of all trades’ to make sure that your business succeeds. Aside from being an expert in your core business, whatever that may be, you also need to be able to effectively manage people, property and, of course, your finances. Cashflow is the lifeblood of any business after all. Get your figures wrong and you’ll quickly discover how harsh and unforgiving the business world can be.
Larger organisations assign their financial management to a finance department led by a Chief Financial Officer (CFO). Their responsibilities include financial planning, management of financial risks, record keeping and financial reporting. It’s their job to assist and advise the Chief Operating Officer (COO) on all strategic and tactical matters that relate to budget management, cost-benefit analysis, forecasting and securing new funding.
However, as a small to medium sized business, you probably can’t afford this kind of dedicated in-house resource. Chances are that you’re CFO, COO, CEO, head of HR and ground level employee all rolled into one. Unfortunately this puts you at a bit of a disadvantage. Not having a dedicated financial expert on board means that you miss out on all the benefits associated with their experience, perspective and business advice. It means that you’re not able to properly understand your financial position and make the decisions that are best for you and your business.
If that’s you then there’s no need to despair. There is another way! Getting an outsourced CFO will give you the benefit of an independent and holistic view that will help you identify the things that are working well for your bottom line. It will also help you spot the areas of your business that are causing logjams and poor performance. To put it simply, an outsourced CFO can help you achieve faster growth, make better decisions, minimise risk and give you greater control over the future direction of your business.
What’s even better is that if you consolidate this service with all your bookkeeping and tax advice & compliance services, you’ll end up with a partner that has a complete view and in-depth understanding of your business. This means you get access to all of the benefits of having your very own CFO without the overheads associated with it.
If you’re looking to give your small or medium sized business the financial acumen of an organisation much larger than your own then get in touch with us today on 9321 3362 or click here to find out more about our virtual CFO services. Once you start seeing the benefits of what we can do, you’ll wonder how you ever got by without it!