If you’re business is achieving rapid growth, and you plan on expanding to accommodate your growth trajectory, having a virtual CFO can provide immense value.
Here’s why your business might want to consider the benefits of working with a virtual CFO.
Your finance team or your bookkeeper may need some additional senior level support. There may be a knowledge gap that makes dealing with issues more difficult. Virtual CFO support can help and improve confidence in your financial reports so you can make key decisions in confidence.
A virtual CFO can analyse your company finances and provide expert advice to help you make more informed, strategic decisions for ongoing profitability. That senior level financial oversight can help you understand any risks or weak spots, identify opportunities, and create a realistic and actionable business plan that steers the company precisely where you want it to go.
Finding access to funding is important when it’s time to scale your business, expand operations, launch a new product or service, or invest in a new joint venture. A virtual CFO can suggest the best ways to raise funds, whether that might be seeking venture capital, business loans, industry grants, or crowdfunding. A virtual CFO can also help fine tune your budget to discover ways to cut costs and spend money more wisely.
Your business is an asset that needs protection from any potential risk that may threaten its ongoing success. A fire or flood, cyber attack, or employee theft can all cause long-term damage if you don’t take steps to protect your business. A virtual CFO can undertake a risk assessment and ensure you are investing wisely, have appropriate insurance and that your sensitive data, equipment and inventory are secure.
When a business is in a transition period, it’s valuable to have a part time senior-level manager overseeing the numbers to measure and assess long and short term business performance. If the business is in flux and finds itself in a negative cash-flow position, your virtual CFO can quickly help you determine the key factors and take immediate action to correct.
