When should a business owner hire a CFO? There’s really no definitive answer, but there certainly are some telltale signs.
You don’t have answers to your financial questions.
Business owners make most decisions based on detailed financial knowledge. And when that information isn’t available, business owners are unable or unprepared to make financial or strategic decisions.
Your profitability is fluctuating, and you don’t know why.
If sales are unchanged but profits are down, it’s helpful to turn to someone skilled at analyzing financial reports, receivables, payables and cash flow for insight. Having a CFO evaluate your financials can have an immediate impact.
You’re raising capital.
Are you interested in buying new equipment? Or perhaps you’re looking for an investor? Regardless of the reason, if you’re interested in raising capital, a part-time CFO can help make the process more efficient. And it’s very likely they already have the relationships and credibility to help you achieve your goals.
Your accounting department needs guidance.
Who is currently managing your finances? Your right-hand person? A bookkeeper? An accountant? A CFO can provide a higher level of financial forecasting, strategy development, and implementation.
You’re spreading yourself too thin.
Aside from in-depth knowledge of all things financing, a CFO can help you negotiate with suppliers, establish relationships with lenders and investors, and manage organizational changes. This help will allow you to concentrate on running your company.
A part-time CFO like Miami CFO can provide high-level expertise and strategy at a fraction of the cost of a full-time CFO. Are you interested in learning more about how a part-time CFO can help take your business to the next level? Use this link to schedule a meeting: https://calendly.com/miami-cfo.