According to the Wall Street Journal, 60-80% of business owners don’t know what their financial statements are telling them. I know what you’re thinking. “That’s not me.”
It’s difficult to keep a Boeing 747 afloat without a co-pilot, a car in the race without a pit crew, or a boat sailing smoothly without a reliable crew of deckhands. The same sentiment applies to your business’ finances, especially if you’re working from a limited budget; according to the Bureau of Labor Statistics, around 50% of all small businesses fail within the first five years, and 66% fail within the first ten.
A big reason for that failure is finances that were mismanaged or not as effectively allocated as they could have been. Fortunately, a chief financial officer (CFO) can help you get a grasp on that budget, and you can hire the services of one without breaking your budget. Read on to learn more about fractional CFO services and how they can benefit your business.
While a CFO can be employed on a full-time, in-house basis, that could be expensive and infeasible with your current financial situation. Fortunately, with the assistance of a fractional CFO, you can enjoy the services of a chief financial officer at a fraction of the cost. Some of the responsibilities they could assist you with include:
It may be preferable if you have a limited budget to work with to hire a fractional CFO as opposed to an in-house employee. You might only need temporary assistance for one of these issues, or you might feel compelled to establish a longer-term professional relationship with your CFO if necessary. That flexibility and lack of commitment is another advantage to staffing an outsourced fractional CFO over a permanent one; you can work with them for as little or as long as you’d like.
There might be a wide range of needs that draw your interest in hiring a fractional CFO, but regardless of what they are, there are some universal qualities and qualifications you’ll want to look for:
When you staff a chief financial officer, you’ll want someone with the practical expertise and experience to back up their talk. Standard professional and educational credentials are a must, but diversified experience across different sectors, blue-collar and white-collar, is even better. Due to the nature of their employment terms, a fractional CFO typically has experience working with more clientele and more diversified clientele than an in-house CFO. Who can count on to meet those needs in the Greater Chicagoland area?
With over 100 years of combined experience, our winning dream team has represented clients from businesses large and small alike. We’ve optimized their finances to guide them to success, and we’re ready and willing to do the same for you.
Get a trusted co-pilot in your cockpit. Contact the CFO Simplified team today for a free initial consultation!
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