What Can a Fractional CFO Actually Do for You?
In a recent post, I revealed my best-kept secrets and FAQ’s on What’s a Fractional CFO? Don’t miss this post if this is all new to you and you’re curious about how we work.
Today, I want to dive even deeper and answer some follow-up questions around the kind of difference a Fractional CFO can make in your business specifically.
What can a Fractional CFO do for your business?
A Fractional CFO is obviously there to support you in financial decisions and tasks within your business. The top thing that comes to mind for most business owners is ensuring that their accounting is clean and that their numbers make sense.
Yes, we can of course do that.
However, lots of accountants and bookkeepers can handle that.
Our secret sauce is connecting your high level business strategy to your day to day numbers. We do this in a way that is constantly pushing ahead to find new growth, more efficiency and better outcomes for your business. Whether you are just getting started, look for financing or preparing to sell there are dozens of ways we can support you in reaching your goals.
Here are some examples of specific work we handle for our clients..
Financial planning & forecasting with annual plannigand quarterly planning sessions
Identifying & addressing cash flow issues
Streamlining accounting processes to improve efficiency and get better information
Building performance dashboards to keep top information accessible and visible..
Advising owners as they face crucial business and financial decisions — like
...But those all describe what we do. What this really means for you as a small business owner is even more powerful.
A CFO helps you make financial decisions with confidence.
A Fractional CFO’s work should always be grounded in your vision for the company – and the most effective route to get there.
You’ll work together to hone your strategy with each decision based on facts from your company and the industry you operate in.
We also help address the underlying financial needs of the business by working to reduce debt or bring new capital into your business
At CFO on Speed Dial, we also like to create the optimal tech stack and workflow for the financial side of your business to ensure that your numbers stay up-to-date and accurate with the smallest possible investment of time. This makes those smooth, fact-based decisions even simpler for you AND your team!
A CFO can open the door to more profit in your business.
Hiring a Fractional CFO isn’t all about making more money, but more money certainly never hurts!
At CFO on Speed Dial, we use the Profit First system to help clients achieve 3% to 5% improvement in net profits annually (yes, we look for improvement each year - See why I love Profit FIrst!).
We also create reports and performance metrics that provide clear visibility, so you know exactly what’s happening in your business and continually make adjustments to focus on the results that matter to you.
Fractional CFOs relieve stress for business owners.
When you know someone whom you trust and whose values align with yours is in charge of the money side of your business, you can experience immense relief not just in your business, but as a whole person.
According to a U.S. Bank study, “82 percent of business failures are due to poor cash flow management, or poor understanding of how cash flow contributes to business.”
When you have someone in your corner who understands your cash, profits, and more, you can breathe a little easier.
This not only provides stress relief, but many of our clients share that they have a newfound confidence in their business as they see more and more profitable success.
Here’s what Erica Fair of Sans Bakery had to say about her experience with our team:
“Having CFO on Speeddial alleviates a lot of pressure from my daily life. I feel much more confident knowing that there's someone looking at our finances.”
Your CFO has your back when the going gets tough.
In any business, there will be rough patches or unexpected hurdles to jump through — I think the last 2 years have more than proven that.
The phenomenal thing about having a Fractional CFO in your corner is that when the going gets tough, we already know your business and we’re here to help!
During the Covid shutdowns, we helped our food industry clients manage business week by week to ensure that revenue was flowing; employees were supported and losses were minimized. We also stayed on top of the federal relief programs to make sure that the businesses we worked with got the help they needed and didn’t dig financial holes that would put them out of business.
Business is too hard to go at alone, and if you’re struggling or could use some more room to breathe when it comes to handling your finances, a Fractional CFO may be just the ticket.
There’s definite value in the ongoing relationship for your business and your peace of mind!
How can you work with a Fractional CFO now?
Well, let’s just say you’re in the right place.
Check out our Full Service CFO and then get on my calendar for a free 30-minute conversation so we can talk. The focus of the conversation will be on your business, the challenges that are top of mind for you, and the actions you can or should be taking. But we'll also talk about how CFO on Speed Dial helps companies like yours gain stability and resilience in a crazy and unpredictable world.