Why hire a CFO in the first place? A capable finance person in your team will allow you to focus on the most important aspect of your business — GROWING it! Watch the video for more insights!
You might have already heard about CFOs and how they can rapidly change the course of your business. Other companies and organizations have their own people in charge of their financials, which is vital when you’re trying to climb the ladder to success. But what exactly is a CFO and how important are they in your business roadmap?
Your CFO’s Financial Expertise
Well, simply put, a CFO refers to a Chief Financial Officer. They have a wide range of responsibilities and duties that are mostly related to finance and accounting. They are defined as the highest-ranking financial person in charge of the financial health of the business. Think of them as a business strategy consultant but they’re leaning towards your financials. It is important to hire somebody who knows their numbers well. Without a good understanding or grasp of numbers, it would be impractical to start a business. This is why business owners or those who own an IT consultancy business hire people who really know their stuff!
For starting or budding businesses, a CFO might not be in their game plan or business roadmap. It can be expensive to hire one when you do not have a set budget yet. But it is crucial! How crucial? Well, think of your entire business as a car. To build a car, you will need an engine, wheels, seats, battery, etc. Basically, the CFO is the engine. You cannot run efficiently on a faulty or broken engine. It is the same with a business. You can work without a good financial plan but chances are you will end up failing pretty fast.
A Deep Understanding of Business Model and Banking Relationship
Even if you can’t afford to recruit a CFO or part-time CFO, you should at least consult with somebody who knows how to properly budget your plans before starting a business. This can be a certified public accountant or even a financial controller. This is not viable in the long run. But as your business starts to increase in revenue and becomes more riddling with challenges, then it is high time you recruit a CFO or part-time CFO. That way, you are able to easily face any financial budgets or tight plans with relative ease. It won’t be such a curveball that you need to bend over backward just to dodge. A good fiscal plan means being able to face any issues or budget problems without losing a large sum of your revenue or capital. That is the main reason why you should recruit a CFO or part-time CFO.
Here is a list of things a Chief Financial Officer is in charge of:
● Creating an excellent finance and accounting team
● Making sure that the numbers all match
● Ensuring that expenses and revenues have a check-and-balance system
● Recommending actions in relation to acquisitions and mergers
● Taking charge of FP&A (financial planning and analysis) functions
● Collaborating with different department heads to create an efficient budget plan
● Streamlining accurate budget reports
Imagine the scope of responsibilities one person has to handle. This is why they need a reliable team in their corner to ensure every need is met. However, if your budget doesn’t cover an entire team, then you should recruit a CFO or part-time CFO if:
If You’re Growing Rapidly
When your business grows, it’s a guarantee that your revenue will also grow. This is challenging, especially if you don’t have a set budget plan in place. There will come potential complexity, which is limited to financial analysis and resource allocation. That’s why it’s important to recruit a CFO or part-time CFO for your business. They will save you the hassle and migraine of dealing with numerous paperwork and numbers!
If You’re Not Satisfied With Your Profits
If you’re not satisfied with your profits, it means you’re doing something wrong. There could be a disconnect between your budget and your productivity. If that’s the case, a CFO or part-time CFO is able to identify what’s profitable and what’s not. Additionally, they can check for bottlenecks that exist within your operations.
Get Your Own Business Strategy Consultant!
A business roadmap isn’t easy to create, especially if you don’t have any experience or if there’s nobody working with you. But rest assured, you’re not alone in your plan to have a successful business! Loading Growth is one of the best IT consultancy businesses out there, one that is to assist you every step of the way. It boasts of accelerated growth, especially in terms of attracting the right prospects, managing the business efficiently, finding the right staff and freeing up your time in order to focus on more pressing matters.
The All-In-One Services Provider
It’s difficult having a business – especially if you’re unaware of what’s the next best course of action. When it comes to your financials, this is especially tricky. This is why you should recruit a CFO or part-time CFO. Because you will have more time for your personal life and be better equipped to handle the challenges and hurdles going high towards your business.
A business strategy consultant is one of the biggest investments you can have. They work hard so you don’t have to! And with Loading Growth, the process takes only three steps! All you have to do is book a one-on-one strategy session with Ian Markram. He is one of Loading Growth’s Business Guru and he will discuss what your pain points are, how to solve them, and most importantly, how to grow your business! If you’re ready to grow, all you have to do is book a 15-min IT business consultancy call with one of the lead generation specialists. Or if you have more questions you want to ask, you can always reach out through email: firstname.lastname@example.org!
If Your Money Is Not Growing
When your money stops growing, you’re in big trouble! But rest assured, a CFO helps your business grow by creating a strategy that fits your expenses and profits. They’ll take a look at your numbers and identify amazing opportunities that will ensure maximum productivity and profitability.
At the end of the day, as the CEO of your business, you’re the one calling the shots. It’s your choice if you want to recruit a CFO or part-time CFO. With Loading Growth by your side, you will realize the importance of having these officers in charge of your financials. You simply cannot wing it because you’ll be the one paying the price.
SKYROCKET Your Business in the Most Effective Way
An IT firm is not the easiest business to grow. It’s hard work and will require many sacrifices, especially without the right people. But rest assured – a CFO or part-time CFO is one of the best investments to have in your business roadmap. Think of them as your secret weapon in cultivating in-house leaders that will handle specific departments in your business. Be warned, however. You need to chose a CFO who understands what you want for your business so find one that you’re compatible with!
What are you waiting for? Book Today and be busy with Loading Growth! All it takes is one email or one call to get started on your accelerated growth!