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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
It’s no surprise that virtually all larger well-established businesses employ CFOs. After all, they can afford them and understand the real value of a CFO’s services.
But what about less established or smaller businesses? Is it possible for them to acquire the services of a CFO without incurring the expense of a full-time, on-staff executive?
It is.
Savvy small-to-medium sized businesses are outsourcing their CFO services so they can enjoy valuable financial guidance at a fraction of the price of a full-time employee. But what are these smaller businesses looking for when they hire an outsourced CFO service?
Let’s take a look at the top five things a CFO will bring to your business.
If information is late coming to you, and if the quality of that information is questionable, you may have a hard time maintaining cash flow and making quick decisions. Books that are out of order and missing receipts and invoices can take a serious toll on your time and attention. A CFO will ensure your books are up-to-date and accurate.
When your business experiences periods of rapid growth, you might feel a bit out of control. It’s hard to know where to focus your attention and the issues to address first.
A CFO can allow you to address the flood of challenges that accompany quick growth. A CFO’s focus on the bigger picture will keep you on track to sustainable profitability.
As a business owner, you have strengths and talents, but if administration is not your thing, CFO services can help. Bookkeeping, accounting, compliance, and budgeting are all essential components of a business, and if they’re neglected, your organisation will suffer.
CFO services can manage your administration so you can focus on the things you’re good at.
In the day-to-day operations of your business, it can be hard to find time to strategise about future growth. CFO services can help you to devise a plan, create cash flow projects and finance structuring, and help with budgeting, compliance, and profitability monitoring. Doing all that work by yourself can seem overwhelming, so get the expert advice and help you need.
At some point, you’ll want to leave your business, whether you retire, leave for health reasons, or decide to sell up. Whatever your reason for exiting, it’s important that you have a solid succession plan. Your plan should include information about who will take over your business, how the finances will work, what risks need to be addressed, and how all of this syncs with lease agreements and other legal matters. It’s a big job. But fortunately, a CFO can work through all of these issues so your bases are covered.
Clearly, a CFO can bring a lot of expertise and assistance to your business, allowing you to function at a high level and focus on the aspects of your business that you manage best.
For more information on why an outsourced CFO service might be right for your business, get your free copy of our eGuide below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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