There’s no question that starting a business can bring a range of emotions: excitement, fear, anticipation, frustration and more. As a business owner, there are many big decisions that you will need to make in the first few years. These decisions are critical to the long-term success of your company, so it is essential to make sure that you have trusted advisors to help along the way.
Planning “Big Picture” Financial Goals
How many roles are you juggling as a new business owner? Many entrepreneurs find that they wear multiple hats in the course of a day:
- Employee Management
- Customer Service
- And More!
Business owners need to learn to manage these various responsibilities while preparing the company for future growth and development. So, you need to be ready to hand off responsibilities and bring in the right people to infuse your business plan with the expertise that is needed.
Unfortunately, financial management is one task that often falls by the wayside. When you are focused on other priorities, such as inventory management and product sales, it is easy to let the paperwork pile up. But, financial management is one of the most crucial aspects of planning for the future. Without a solid financial plan, you will struggle to stay ahead of the business growth.
You don’t have to do it on your own! Instead, you need to assemble a strong leadership team that can bring important skills and experience to the company.
Do You Even Need a CFO?
Putting together a solid financial system is more than hiring a bookkeeper to track the invoices. Instead, you need someone who can assess the current cash flow and long-term projections. This information is vital to help you make educated decisions regarding the management of your business. A CFO will look at the intended outcomes for the company and help you create systems to set the company up for success.
A startup CFO is like a personal trainer for your business. This person can step in to lay out a detailed plan for success. Then, they will oversee the steps to implement the necessary systems. Sometimes it can be “painful” to make these changes in your business, but tackling the challenge will prepare your company for growth and development.
Employee vs. Outsourced CFO
Now that you can see the importance of bringing in a CFO, you might assume that you need to hire a full-time employee to handle the job. But, you can get the expert financial advice that you need without paying the costs to hire a full-time CFO.
Startups are always looking for ways to save money, and outsourcing can be a great tool to utilize. You can avoid the large overhead salary that many CFOs demand, while still accessing the guidance that you need. These services can be a great way to boost profitability, revenue, and support the financial health of your company.