05 Aug Maximize Your Profits by Hiring a Virtual CFO
Hi, it’s your Money Mavens – it’s time to hire your CFO.
“A CFO? For my company? We don’t need a full-time, highly compensated CFO!”
You’re right. You don’t need a full-time, highly compensated executive like that (at least, not yet).
For your business to continue accelerating growth, you need someone who intimately knows your business numbers.
Someone who can provide expert insight and recommendations on the right direction to take your company, in full alignment with your vision and profit goals, of course.
That doesn’t mean they need to be a full-time employee.
One of the best investments you could make this year is hiring a virtual part-time CFO.
If you’re doing everything you can to run your business, a part-time CFO can help you understand and manage your business finances for even better decision-making.
What is a Virtual CFO?
A virtual CFO manages the financial requirements of your business. Specifically, they are skilled at managing important processes, such as invoicing, collections, payments, payroll, general bookkeeping, financial reporting, and tax management.
If that list of responsibilities sounds exhausting, that’s why you’re not a CFO.
A virtual CFO lives for those types of number-crunching, cash flow-moving flurry of financial data. They dream in spreadsheets!
Most importantly, they can provide oversight on budgeting, projections, and cash flow management.
There are many benefits to hiring a virtual CFO, such as:
- Delegating your business finances, which removes stress and frees up your time to focus on what you love.
- Providing peace-of-mind knowing your business finances are appropriately handled.
- Reliable revenue and expense analysis to support your profitability and cash flow goals.
- Customized reporting and data, forecasted performance, and profit projections.
- Proactive oversight helping you to see red flags or operational issues.
- Simplify processes and increase efficiencies in your business.
- Access to an experienced financial professional who is focused on creating strategies for you and your business’ success.
A Virtual CFO Can Elevate Your Profitability
Working with a virtual CFO creates more sustainable growth for your business.
Better decision-making? Check.
An informed, expert perspective specific to your business’ financial state? Check.
An internal sounding board for testing the financial feasibility of your next business ideas and initiatives? Check.
When your virtual CFO intimately knows your numbers, they can help identify and track your Key Performance Indicators (KPIs) or—as we call them—Profit Generating Activities (PGAs).
By focusing on your PGAs, a virtual CFO partners with you to focus on the lifeblood of your business: profits!
Their role can further help you identify and implement effective strategies.
Equally important, they can also see potential risks and opportunities for generating and protecting profits in your business.
What’s the First Step Toward Hiring a Virtual CFO?
Are you ready to get your business from where it is today towards where you would like it to be?
Think of the hours and energy you would free up for yourself if you moved your business finances off your plate!
A virtual CFO is a cost-effective way for you to prioritize profits in your business.
They can operate as an experienced equivalent of a financial advisor with full access to the real-time reporting and processes you use in your business every day.
So, where do you start? What’s the first step to see if hiring a virtual CFO is right for your business?
The best way to get started is to start searching online – you may want to also search Upwork, LinkedIn, and Indeed.
Some things to look for:
- Someone with a degree and experience in accounting or finance.
- Someone who will deliver their findings and recommendations on a regular basis – at an agreed upon frequency..
- Someone who is transparent and communicates openly with you.
- Someone who provides security of your data and keeps information confidential.
- And someone who specializes in your industry is a big bonus!
Once you think you’ve found the right person, ask for references from their clients. And verify that the services they provide align with the services you need.
What if I’m not quite ready to hire a Virtual CFO?
If you’re just starting out or not quite ready to make this hire, can we share some good news?
Much of the initial work of hiring a virtual CFO is already done with you and for you in our Money Blueprint® Program.
We’ll show you how to take your business numbers and build a Profit Generating Activities (PGAs) dashboard.
We’ll teach you how to interpret your numbers in ways that make sense to you and show you what actions to take to increase profits.
See how much your profits can jump with the Money Blueprint® Program.
To your prosperity,
Your HWM Money Mavens