The financials and numbers of the business are just the start for a CFO. There are several facets of the role of a CFO, all of which can be handled on a part-time, fractional basis, at a cost that fits most budgets.
Financial management is much more than preparation of monthly financial statements. Analysis of the financial statements and key performance metrics provides insight about the performance and direction of the business. Add budgeting and forecasting to this process and you’ll also understand how the business is performing against your expectations. A strong financial management process is essential for truly understanding your business’ performance and is the foundation for growth and increased success.
A key focus of a CFO is business performance improvement. Collaborating with the organization to identify opportunities for sales and profit improvement, and then developing and implementing the tactics to increase top and bottom line results.
How do you turn a Vision into Results? A Business Plan. Incorporating the Business Owner’s vision into a business model and business plan with periodic reviews for refinements to capture business changes. Creating strategies and tactics to reach the business’ goals.
What is risk management? By definition, it is decisions to accept risks or reduce vulnerabilities by either mitigating the risk or implementing cost-effective controls. Risk management services include oversight of business processes to ensure appropriate level of checks and balances are in place, the business’ exposure risks are adequately protected against, and the liquid assets are working for the business.