How Can a Part Time CFO Help Your Business?
When starting out a business, many entrepreneurs are faced with the daunting task of being a jack of all trades. Product development, marketing, operations, sales, and finance all fall squarely into the lap of the founders. As the business scales, team members take the weight off the shoulders of the founding team and begin to put form to function. What usually is forgotten is someone who truly understands the numbers and the story. Not just an accountant, but someone who can interpret the meaning behind why specific marketing strategies are working and where to allocate one of the few and limited precious resources a company has, capital.
A part time CFO or Chief Financial Officer is someone with the skillset and background to assist in all layers of financial management.
Everything from forecasting business goals, setting measurable objectives and providing guidance with capital raises and taxes. An outsourced CFO can set a company up for success by applying a deeper level of discipline to the decision-making process. They can also help with raising capital, providing introductions to investors, building financial models, and working with lawyers on any due diligence that comes along the way.
For a company looking to sell, a part time CFO can be invaluable to the valuation process. By helping to guide the founders and investors towards a fair value for the business based on other companies they have seen.