In most cases it takes a very large payroll and budget to staff a full-time CFO however; today, more and more small and mid-sized business owners are capitalizing on the extensive education and training that a part-time CFO brings to the table. For this reason, we are seeing an uptick in the number of business owners that are turning to part-time CFOs and Strategic Business Consultants to get high-level financial guidance and consultancy without cutting a big paycheck.
In this month’s post, we are highlighting some of the many benefits you will receive through partnering with a part-time CFO and/or Strategic Business Consultant:
Potential to increase cash flow
A CFO has the expertise and ability to uncover problems and provide practical solutions in a way that is constructive and educational. They will also handle your day to day finance and accounting issues giving you back perhaps your most valuable asset — time.
Clarity and the ability to make better business decisions
A CFO knows how to thoroughly evaluate financial data so you can make smart business decisions. They provide a holistic approach to assessing your business including monetization strategies and business models, target markets and competitive differentiation, management team and personnel plan, sales and marketing communication strategies, and more.
Help when you need to raise capital
A CFO can help you calculate how much capital you may need in order to grow your business AND then strategize with you on how to get it. Additionally, they have an intimate knowledge of the capitalization timeline, who invests at the various stages, and what investors need to see at each stage.
A strategic partnership
A Fractional CFO is more than just a consultant…he or she is your strategic partner. Part-time and contracted CFOs wear many hats and are often times multi-talented; therefore, bringing with them a broad range of experience.
A Fractional CFO is an outsourced consultant so the business owner has the flexibility to increase or decrease the CFO’s hours based on the needs of the company.
Still not convinced? Here are a few questions you may want to ask yourself:
- Can you afford to hire a part-time CFO?
- Have I been successful in raising capital?
- Am I growing at the rate I want to be?
If you are unsure on how to answer any of these questions we invite you to contact us for a free consultation. With over 10 years of industry experience, The Startup Garage and our Founder/CEO Tyler Jensen, are proud to be recognized as a boutique consultancy that has helped hundreds of Founders raise capital through proven startup strategy consulting services including preparation of Business Plans/Investor Documents and Fractional CFO/Accounting Services.
Contact us or call (858) 876-4597 for a free consultation.
More information: Business Plan Writer vs. Business Plan Strategic Consultant