How to Scale Your Business with Part Time CFO Services
If you’re a business that’s survived the 2020 global pandemic, regardless of your industry, it’s imperative to head into 2021 with a plan for growth that can be flexible and change directions at a moment’s notice. Having a strategy, and ability to change directions depends on one thing: a strong financial understanding of your company. With strong financials and the ability to identify your options, you can scale your business. So, how do you scale your business in 2021? You’ve got a few options with Part Time CFO Services.
A Part Time CFO will make decision-making easier.
Once you’ve reached max capacity to serve your existing clients, you’re faced with some decisions on which business path will ultimately work best for you and your company. While you undoubtedly have a specific path in mind, a true understanding of your financials from an outside expert will guide you further in making the right decision, or even changing your course all together.
Top Priorities for your Part Time CFO
- Management of financial performance
- Financing and Cashflow
- Crisis Management
- Financial Oversight
- Mergers and Acquisitions
- Business Strategy
- Risk Management
What does it mean to scale your business?
Simply put, the goal of scaling is to set the stage for growth—increasing clients, services, and staff—all while increasing your bottom line. It’s the goal of your Part Time CFO to help increase revenues without increasing overhead, ultimately boosting profitability.
The good news is, especially in small business, the obstacles faced to increase profitability are fewer and more easily managed than in large corporations, as long as you know where to look.
Sustain success with Part Time Accounting and Analysis support.
To make decisions and develop growth strategies, you need real-time financial information at all times, not just once a year. Your CFO will help identify the best path, and where to cut costs, but what about daily operations? Part Time CFO Services offers ongoing support through our Part Time Accounting and Analysis roles. Your financial team will work together to ensure preparation of financial statements are correct and timely.
A strategy for true growth.
An all-too-common problem for many small businesses right now, is the belief that an increase in technology is the solution to their scaling and productivity. Technology is certainly great for all businesses. However, it’s important to know the difference between technology for a small business vs. a large corporation. Often, in a smaller business setting, the costs of keeping up with new technology, training, and maintenance further erodes the bottom line vs. helping it.
The job of your Part Time CFO is to develop a growth strategy that is deeply rooted in the financials of your company. These plans for growth are built around your company’s strengths, but it’s also the job of your Part Time CFO to have an understanding of your weaknesses. Sometimes it’s best to have an objective outsider pinpoint the products/services that need to be eliminated or if new resources for them are needed.
Financial Flexibility for 2021
The market will always have some level of uncertainly, even with the best projections, forecasting, and planning, a wrench can be thrown in at any time. That’s why it’s more important than ever to invest in a Part Time CFO for your business in 2021. Leveraging a part time model gives you the flexibility to scale your financial team up or down, depending on your needs.
Part Time CFO Services works directly with business owners to improve a company’s long-term financial health with part-time financial services for CFO, Analysts, and Accounting roles. Click here to learn more about our team of experts.