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How a Part-Time CFO Can Help Your Business Grow

By Analytix Editorial Team

November 24, 2020 0 Comments

The Chief Financial Officer (CFO) drives and influences business growth through an understanding of financial operations and the ability to guide operations. The CFO oversees and evaluates financial operations, provides forecasting and budgeting, and guides companies in making informed decisions about future growth.

The Part-Time CFO

The benefits of a CFO are invaluable but come at a cost not easily afforded by small businesses and startups. Without access to financial guidance and support, building a business and planning for future growth can become insurmountable tasks. Larger companies often have the financial means to hire a full-time CFO. Smaller companies may not require the constant attention of a full-time CFO but should consider securing access to part-time CFO expertise.  The guidance and informed strategic input from a CFO is necessary to scale your business.

A McKinsey report highlights that without a CFO’s leadership, performance efforts will lack meaningful benchmarks to gauge success.  Managers will be tempted to focus on the more visible short term projects rather than those promising higher long term value and return. The expected transformation benefits will not make it to the business bottom line in the absence of CFO.

Hiring a part-time CFO will help to reduce costs in the long run while still affording your business all the expected benefits and expertise that a CFO provides, including:

  • Access to critical business insights

A CFO has complete access to business financials, which results in the ability to accurately guide business decisions, including purchases, hiring, and capital investments. A CFO understands the global economic landscape and is uniquely equipped to design operational initiatives based on business financials, and strategically plan and implement those initiatives. Part-time CFO services that are flexible and affordable translate into a strategy to ensure your business reaches full potential.

  • Harness strategic planning for long-term goals

A part-time CFO can build and create strategic plans for businesses, develop long-term growth plans, and establish competitive advantage. As your business expands and becomes more dynamic, so does the need for expert guidance. Apart from budgeting and forecasting, CFO services provide cash flow and revenue management, key performance measures, merger and acquisition assistance, business valuation metrics, financial analysis and modelling, and compliance and regulatory guidance.

  • Lower costs with part-time support

A part-time CFO provides senior-level financial advice, which helps a business achieve its strategic growth objectives and maximize growth potential. This CFO-level function controls expenses and ensures the business has access to expertise and guidance in streamlining cash flow, preparing operating budgets, identifying and outlining tax obligations, and understanding how to manage taxes.

Focusing on business growth

For businesses looking to make a sustainable recovery and remain competitive, while faced with recent economic challenges, it is important to leverage strategic CFO insights and advice. The insight and forethought of strategy are key steps toward achieving strong financial health, and ensuring the business reaches its full potential.

For more than a decade, Analytix has guided small and mid-sized businesses in harnessing the benefit of professional expertise for business operations, financials, and accounting. We offer scalable solutions and services that can be customized to meet the unique nature of your business.

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