More than just a finance manager, a CFO is a strategic and business partner to the CEO/business owner who can impact bottom-line results while freeing your time to focus on the operations of the business. You may be wondering if your business could benefit from the expertise of a CFO. The answer is yes! A CFO can not only help you protect your existing business, but can also help you take your business to the next level.
You may think of a CFO as you think of your CPA or accountant, but the role of a CFO in your business is much more comprehensive. A CFO is the key financial advisor and strategic partner to help you achieve your business’ goals and objectives. Simply stated, a CFO’s objective is to guide the business toward financial strength and sustainable growth.
As a CEO or business owner asking “Why does my business need a CFO?”, the following are some of the benefits a CFO could bring to your business:
- Ensure that you and your management team have a thorough understanding of your financial statements and how the business’ performance and financial status compare to its plans and expectations.
- Based on financial results, assist in revising or developing plans and strategies to react to issues and take advantage of opportunities.
- Cash flow improvement.
- Cash flow forecasting to avoid surprises and anticipate any cash funding needs.
- Long-term and short-term business planning, budgeting and forecasting.
- Profit improvement/expense reduction/operational improvements.
- Assistance in obtaining financing and evaluation of best financing options.
- Strategic and business advice to the business owner/CEO on day-to-day tactical decisions, as well as long-term strategic decisions.
- A business partner for the CEO/business owner.
- Peace of mind that the business’ current finances and future financial direction are well managed, allowing the CEO/business owner to focus on other areas of the business.
- A little less stress for the CEO/business owner!
Suncoast CFO Solutions offers part-time CFO services to smaller businesses in the local community, providing CFO expertise at an affordable cost and avoiding the need to hire a full-time CFO at a significantly greater investment.