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A virtual CFO can provide unparalleled support to startups and small businesses. This is especially significant in light of the large-scale devastation faced by small businesses since January, when the COVID-19 pandemic began. According to a survey by Harvard Business Review, 45% of small businesses were temporarily closed due to COVID-19. Total employment by these businesses declined by as much as 40%. The mid-Atlantic region that surrounds New York City witnessed more than 55% of small businesses closures while employment dipped by 44%. Other places, like the Pacific region and Washington, also witnessed similar employment reductions.
As businesses look at reopening, it is imperative they utilize professional assistance to help deal with lingering financial and operational challenges. The role of the CFO in business reopening plans cannot be neglected; part-time or virtual CFOs are also a viable proposition for financially impacted businesses. Here are some key areas that CFOs oversee, including virtual and part-time CFOs:
While these areas are primarily focused on financial management, virtual CFOs can also assist in the current economic and business landscape.
Working as the reliable business guide
The role of the CFO is no longer restricted to overseeing financial management, although that does form the basis for most other business decisions. Given the comprehensive background a CFO brings, together with an intuitive understanding of financial operability, a virtual CFO is a reliable guide who can assess the business, its readiness, and its strengths and then recommend appropriate ways to ensure sustainability and successful growth.
A CFO provides insights that can help with long term inconsistencies, challenges, and issues. Thus, if a startup or small business needs to explore a new direction, a virtual CFO would prove to be the right guide as well.
Helping navigate the business plan
Whether buying infrastructure, hiring staff, renting a premise for business operations, or choosing to work from home supplemented with judicious strategic partnerships, a virtual CFO can help small businesses make informed decisions. A virtual CFO can assess existing business resources and identify and interpret critical data. In addition, a virtual CFO can help businesses craft a plan, articulate goals, and focus on the various aspects of the business, including operations management, staffing and recruiting, investments, and various stakeholders in the business, including employees and potential hires.
A virtual CFO can help small businesses identify problem areas and focus on them; they can also point out challenges that can be addressed to ensure proper goal-setting and compliance.
Empowering businesses to gain a competitive edge
Critical decisions that can help small businesses, including CPA firms, gain a competitive edge are the forte of a CFO’s wide-ranging knowledge. Whether efficiently deploying resources, cost cutting, or exploring new forms of revenue, the CFO insights, based on facts and a clear understanding of the business’ strengths and finances, ensure the right steps are taken. If needed, the virtual and part time CFO can also guide a startup towards critical professional assistance, if needed to ensure compliance with the goals outlined. This insightful assistance can help businesses develop a competitive edge within the industry. Small businesses, yet to recover from the pandemic, can tap into CFO support services by outsourcing requirements at a lower cost than hiring an in-house resource.
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