Take a moment to see how you’d answer these seven questions about your business, which may reveal the need for a CFO. You may be surprised…
- Are you confident about how your business will perform for the next 3-6 months?
- Are your business cash flows adequate to maintain or grow your business?
- Do you have accurate cash flow projections to ensure there are no unexpected cash shortfalls?
- Do you have an updated Business Plan reflecting your business’ objectives, goals and strategies?
- Do you get all the financial data you need to manage your business in an accurate and timely manner?
- Are you able to take time away from the business for yourself and your family?
- If you plan to sell your business in the future, do you have a plan in place to maximize its selling value?
If you answered “no” or “not sure” to any of these questions, you are not alone.
Ideally, the answer to each one of these questions should be “yes” as each question relates to a basic principle of sound financial management. In larger businesses, a CFO would typically ensure that these questions could be answered with a “yes.” However, in smaller businesses, limited resources, such as time and money, can make this difficult. A CFO will add several managerial capabilities to your business:
- A CFO frees the Business Owner, CEO and other top management to focus on customer service and building the business.
- A CFO will stay on top of the financial records and deliver accurate information to the business on a timely basis.
- A CFO will help the business analyze its performance and make strategic suggestions for improving performance and growing the business.
- A CFO will work with the Business Owner, CEO and the organization in constructing a Business Plan that incorporates the direction of the business and make valuable suggestions to assure the plans are realistic and achievable.
- A CFO will maintain a clear handle on the cash position and expected cash flows of the business for the foreseeable future.
- A CFO will help represent the business with banks, investors, vendors and customers.
Whatever your business goals may be, Suncoast CFO Solutions can provide the CFO skills and expertise to help you achieve them. From improving business stability to increasing profitability to helping prepare your business for sale, Suncoast CFO Solutions provides an affordable solution at a fraction of the cost of a full-time CFO.