In prior discussions, we’ve discussed the role and responsibilities of a CFO for any business, and the top 10 concerns of a CFO. We’ve categorized the responsibilities of a CFO into four categories (shown below) and reviewed how the functions in the Financial Management and Performance categories can add value to a business.
This discussion details the Strategic Management role of a CFO, which includes the following key functions:
- Business modeling
- Business planning
- Management alignment to organization goals and objectives
- Mergers and acquisitions
- Transition management
How do you turn a Vision into Results?
A Business Plan incorporating the Business Owner’s vision into a business model and detailed plans with periodic reviews for refinements to capture business changes. Creating strategies and tactics to reach the business’ goals sets the stage for a focused business effort to meet the established goals and objectives. Without such a plan, it is very difficult for an organization to maintain a cohesive focus on its goals and stay in touch with how it’s progressing toward achieving those goals. Few businesses are successful without a solid plan. The business plan is the roadmap to success. As time passes, the business plan must be constantly revisited to consider business changes and address challenges encountered to keep it current and relevant.
Once a Business Plan is implemented, it’s important to share the vision with the organization, at least key members of management. All key decisions should be made with the goals and objectives of the Business Plan in mind. Additionally, key management members should be involved in periodic reviews of progress toward the goals of the Plan. The Plan must be the focus of the organization in order to be successful.
Implementing a well-designed business plan describing the key aspects of the strengths and opportunities of the business, its vision for future growth, and its goals and objectives, is the first step toward reaching its vision.
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. To learn how Suncoast CFO Solutions can add value to your business, contact us for a free consultation, or for a nominal fee, an in-depth Business Analysis of your business.