The on-demand CFO

Sometimes you don’t need a full-time CFO – and that’s where a virtual CFO comes in. Virtual CFO services can help you get all the expertise and financial reporting you need, on a regular basis, without employing your own Chief Financial Officer. Excellent.

A virtual CFO can help you by providing possibilities and potential answers to some of the big questions facing every business:

·       Can we afford it?

·       How will we pay for it?

·       What are the long-term financial implications of this decision?

·       Where can we save money?

·       How can we make more money?

·       Are we correctly pricing our products or services?

·       What should our targets be?

Ideally, you’d have a virtual CFO working on these questions regularly and providing you with direction and strategies for growth. But you don’t always need to have a virtual CFO on a regular reporting schedule. Some small businesses may find they need the services of a virtual CFO for a single project or a set timeframe. It could be that you just need to analyse your financial data:

·       Which products are making us the most money?

·       Are our accounts ready for the sale of the business?

·       What trends are we seeing in sales over time?

·       Where can we increase prices?

·       Which items are falling short of expectations in terms of margins?

Alternatively, a virtual CFO can be outstandingly helpful if you’re aiming to raise funds. Your virtual CFO can present your current accounts to showcase the positive aspects of your business and its potential for success and growth. Your CFO can help you find new shareholders, speak to lenders and evaluate other credit options.

Additionally, your virtual CFO is a vital part of any feasibility study. The right advice can help you work out whether you should:

·       hire that extra staff member

·       buy that new vehicle

·       stock that new high-end product

·       open a store

·       launch a new brand, or,

·       upgrade your office, for example.

Finally, do you need someone with deep financial understanding to represent your company when you are meeting with major clients, suppliers, lenders or shareholders? Your virtual CFO can help represent your business in a range of situations.

Talk to SME today about working with a virtual CFO on your next project or feasibility study – or simply to help you answer the big questions and set your business up for a successful year ahead.