What is a Fractional CFO and What are the Benefits
A CFO is a key advisor to a President, CEO, COO, and the Board of Directors. Often, the Chief Financial Officer is the voice of reason and can help translate exuberance into a realistic financial plan that maps out a successful course for a company. The CFOs are the leaders who measure success and perform the financial analysis that is used to increase profitability.
Not every company can afford to hire a CFO. It is not necessarily economical to have a strategic CFO for small business. However, the economy is changing. Technology is a big disrupter and is affecting all industries and professionals. Finance and Accounting is no exception. Data Entry for Finance and Accounting is being replaced by Data Automation. This new automation is affecting most industries in the US. After taking advantage of this new technology, many companies now realize they do not need full time bookkeepers and CFOs, but there are needs for a new and different expertise to deal with the automation issues.
In many ways, small business needs a CFO more than a more established business. When a small business makes a mistake, the consequences are often more dire to the sustainability of a business enterprise than a large company with significant reserves.
A Fractional CFO is the answer in that situation. A Fractional CFO is a part-time team member, who can be contracted on a monthly or as needed basis, but who can fill the key advisor role that every business needs.
When contracting with a Fractional CFO, a small business can access years of experience that it could not afford to hire. The business will also receive the advice of a key advisor for a fraction of the cost. Some of the key benefits are:
Access to experience and knowledge of complex issues and solutions that the business owner could not afford to hire.
Access to a proactive key advisor, somebody that is motivated to help you succeed and grow your business.
Access to expertise with setting up streamlined accounting systems taking full advantage of software automation and realizing the cost savings.
Access to a utility player who can be deployed on projects and tasks that make a meaningful impact to your bottom line.
Access to an independent voice that can help set realistic expectations for owners, partners, and boards.
All these services you can access will be available to your business at a substantial cost savings.
Are you a growth-minded small business? Then a Fractional CFO could be something you should consider.
To find out more, visit CFOShield.com.