Many business owners hear the term CFO services and think, “Oh, the guy handling my accounting!” But if your CFO is only handling your accounting, you’ve hired the wrong person for the job. CFO services should be significantly more than just a numbers game.
Don’t get us wrong – understanding your numbers is important. But that doesn’t take the skill of a CFO, so what should your CFO bring to the table? The most critical item is strategic planning.
Strategic planning is the process of creating a long-term vision for your business and identifying the steps to achieve it. That includes establishing goals, timelines and milestones, then figuring out how to reach them. It also involves ensuring that your team has the right resources (money, people, tools) to get there.
Your CFO Should be able to use your numbers to work with you to develop a plan to improve your bottom line.
This could include, but is not limited to, developing strategies to:
- Reduce expenses galloping out of control, or even those at a mild canter or trot
- Trim client churn (turn over and loss) and canceled deals
- Improve marketing expenses and client acquisition
- Understanding cash on hand
- Increasing investor and lender confidence
- Simplify processes (thus reducing payroll costs while improving employee satisfaction)
- Grow profit margins
Now, most businesses are successfully managing a couple of these areas, but a good CFO should be helping you improve each of these over time. A good CFO will also help you find out what’s holding back your business from hitting its goals and then put systems in place to systematically help improve these areas.
This translates to you having:
- An increase in your wealth
Investing in CFO services can help you earn more — whether that means helping you sell your business for more money or simply making sure that you maximize its value.
- Less stress on your shoulders
The CFO will take care of many day-to-day tasks, such as keeping track of financial performance and dealing with employees’ payroll and insurance issues. Because these tasks are off your plate, you’ll have more time to focus on your company’s future — and less stress from worrying about the numbers.
- More free time on your calendar
With a CFO covering all the accounting details, you’ll be able to spend time focusing on your team, planning for growth and ensuring that your business is successful.
- Happier team environment
Your team will likely be happier if they’re not being asked to do work that’s outside their comfort zones or skill sets. If they’re able to focus on what they do best, they’ll likely be happier and more productive as a result.
Get CFO Services in Spanish Fork, Pleasant Grove and Surrounding Areas
A good CFO is more than just a person who knows numbers; they are a strategic thinker and problem solver, but also someone who can run by the numbers every day.
So if you’re ready to get more from your CFO, contact Wasatch CPA Services LLC and let’s schedule a time to talk. I hope that we can make the world of Finance easier for you, one invoice at a time!