We’ve previously discussed the role and responsibilities of a CFO for any business, and the top 10 concerns of a CFO. Additionally, specific areas of responsibility have been described which address these concerns and detail the role of a CFO, summarized as follows:
This discussion focuses on the Performance Management role of a CFO, which includes the following key functions:
- Profit Improvement Tactics
- ROI on Business Alternatives
- Identification of Opportunities
- Execution of Efficiencies
- Organization Incentive Programs
A key focus of a CFO is business performance improvement. Collaborating with the organization to identify opportunities to increase sales and profit improvement, and then developing and implementing the tactics to increase top and bottom line results. Performance Management is a role that the CFO is in a unique position to administer. Given the CFO’s access to performance metrics and financial information, along with the ability to analyze and astutely interpret the information, the CFO can identify potential profit improvement or efficiency opportunities and recommend specific tactics which can be implemented to realize performance improvement.
Critical to the profit goals of the business, a CFO will put into place a constant process of financial review, evaluation and analysis, opportunity identification, meeting with business management to devise ways to improve performance, and tactic implementation. This process will assure continual business performance improvement.
Suncoast CFO Solutions provides an affordable solution for smaller businesses operating without the role of a CFO by offering part-time CFO services tailored to the needs of the business. Contact us for a free consultation, or for a nominal fee, an in-depth Business Analysis of your business.