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!
If you want to create sustainable financial success, you need to have a CFO.
If you don’t have one yet, go and recruit a CFO, even if it’s just part-time.
If you are a start-up, do you need a CFO?
Yes! Here are some reasons why and when you should:
If you’re growing rapidly
As your business grows, your revenue will also grow.
And with growth comes potential complexity, such as resource allocation and financial analysis.
You, as the CEO, might be capable of doing this but it takes you away from your main goal, which is growing your company.
Having a CFO saves you the hassle and headache of worrying about your financial strategy.
If you’re not satisfied with your profits
A CFO can improve business profitability by improving productivity, analysing pricing strategies, and controlling costs.
And if you’re not getting the projected profit you’re expecting, a CFO will be able to identify the bottlenecks that exist in your operations.
When you can clearly identify what’s profitable and what’s not in your business, you can make better financial decisions.
If your money is not growing
A CFO can help you grow your business capital by creating an investment strategy for your assets and identify new opportunities to increase your profitability.
For example, he can help transform your products or services into a new revenue stream, making it more attractive to both local and international markets.
There are more reasons why you need to get a CFO on board. After all, you, as the CEO, will be more empowered when you have a financial executive who knows how to manage the finances of your business.