Many business owners reach the point where their business has suddenly grown to a level where increased financial expertise is needed, but the business is not generating sufficient income to hire a full-time Chief Financial Officer (CFO). One possibility for handling this situation is to engage with a contract CFO, who will oversee the big picture for your company and ensure that finances are managed in alignment with your long-term objectives.
How a Contract CFO Can Help You
When you can’t afford to hire a full-time CFO, you might still be able to employ a contract CFO for a specified period of time to help you manage a sudden growth spurt, and to position you financially for future growth. A contract CFO will have the experience and the knowledge to identify your company’s strengths and weaknesses, as well as any risks or opportunities which might hinder or help your business along its path to success. Your business habits and financial controls will be key factors in managing your current success and helping you move to the next level of growth. These are all things that an experienced contract CFO can bring to the table on your behalf and help you achieve even greater success.
Advantages of Hiring a Contract CFO
Your company will undoubtedly benefit greatly from having the skills and knowledge of a professional CFO on board. In terms of your investment, the money you will save by hiring on a contract basis can be deployed into your business to create an even greater return on your capital. Once the contract CFO settles in with your company, he/she can adapt their skills and knowledge to your operation so that you can get the most significant benefit from their experience.