Sat Dec 26, 2020 | | Business, CFO Services

How Can CFO Consulting Help My Business?


cfo consulting

Are you getting a new startup off the ground? Are you a CEO looking to grow your company? Do you have financial projects in the works that require more than your small, hard-working team can handle? If so, you may want to consider hiring an outsourced CFO for consulting services.

With CFO consulting, you can provide your small or medium-sized business with the expertise of a qualified chief financial officer even if you’re not ready for the commitment or cost of a permanent hire at the executive level. Think of a CFO consultant as a full-time expert on a part-time basis. Our CFOs can help you navigate a variety of complex financial issues and business decisions in person, virtually, or through a hybrid model — whatever best suits your needs.

What Can CFO Consulting Do for Me?

The best CFO services offer both depth and breadth — deep financial knowledge across a broad range of industries. They should also offer flexibility to meet your company’s unique strategy, goals, and needs.

Read on to learn about some of the functions that CFO consulting may provide and why hiring an accounting and finance consultant might be one of the best business decisions you could ever make for your company’s financial strategy and growth.

Launching Your Startup

If you’re a new business owner building your company from the ground up, you may be doing the job of the CEO, the controller, and every other position in the company. Even if you’re lucky enough to have a team member or two, you probably have far more to do than hours in the day. Even if you have some financial know-how, CFO consulting services can give you the help you need to get off to a great start.

Expert support gives your company a solid financial foundation. When you have a professional dedicated to your company’s finances, you can focus your time and entrepreneurial talents on other areas of the business. Plus, if you establish your financial processes by the book from the beginning, your organization can avoid the challenge of financial complications and cleanups in the future.

If you’re in the early stages of a startup, a consultant can help you craft a business plan or revise your strategy to meet your goals. A consultant will also detail financial processes,  controls, and advising on the correct accounting software to ensure that your company has the tools in place for appropriate financial discipline now and as it continues to grow.

Building a Solid Model

A grand opening is great, but you need to make sure your small business or mid-sized company has a healthy growth strategy. CFO consulting services can develop solutions that detail your unique goals and help gauge your company’s progress.

CFOs focus on:

  •     Budgets
  •     Forecasts
  •     Financial projections
  •     Operations estimates
  •     Accounting services
  •     Business/product models
  •     Capital structure
  •     Shareholder value
  •     Metrics and data analytics

Managing the Money

Businesses of all sizes are concerned with cash flow issues. A financial professional can make the process easier for you and your team. Backed by their industry experience, CFO consultants can develop banking relationships on your company’s behalf, negotiate terms for loans and lines of credit, analyze fees and costs, and design customized monitoring tools and internal controls to help keep an eye on your financial interests.

Planning to Improve

If you’re worried about your business’s bottom line, an outsourced CFO can look at the big picture with an objective eye and suggest changes to help increase your cash flow while maintaining your mission and vision. Profit improvement planning may include:

  •     Cost analysis
  •     Expense reduction suggestions
  •     Vendor renegotiations
  •     Reorganization and outsourcing of plans and execution

Practicing Due Diligence

If you’re in the midst of a merger, sale, or acquisition, you’re facing a whole new set of responsibilities and challenges on top of daily operations. Companies benefit from having the expertise of a financial professional to navigate these complex scenarios.

A consultant can assist with due diligence, negotiations, and exit strategy, helping your company make its next big move.

Adding More Value

Depending on your unique business needs, CFO consultants may provide a wide range of additional services, including:

  •     Training and development for your current finance team
  •     Recruiting new staff members
  •     Implementing a new accounting system
  •     Cash management
  •     Cash flow forecasts
  •     Strategic planning
  •     Annual budgeting
  •     Contingency planning
  •     IT management
  •     Tax planning
  •     Managing audit processes
  •     Implementing and testing internal controls
  •     Forensic examinations

Advantages of CFO Consulting Services

While an organization may need the professional services that CFOs can provide, many young companies simply don’t have enough in the bank account to cover the price tag.

One of the advantages of CFO consulting is having access to high-level skills without the high cost of a full-time executive hire.

Other reasons to retain an outsourced CFO include:

Workload flexibility. Your small business may desperately need CFO services at certain times of the year, but not others. You can hire a CFO consultant when the workload of your finance department demands it or when you have a special project that needs high-level attention.

Minimized disruption. Turnover is not unusual in the business world, even for executives like CFOs. With that turnover comes headaches for business owners and disruption to daily operations. With a CFO service, you can avoid the significant upheaval after the departure of a full-time CFO.

Broad experience. A CFO for hire can bring a broad range of accounting and finance experience to companies of all sizes. With knowledge of best practices across a variety of industries, you will have access to an innovative financial perspective that may give your company the boost it needs for future growth. Plus, a new set of eyes can look at your business from an outsider’s perspective, bringing new ideas to the table.

Talent pool. If your business is searching for a traditional CFO, you’re limited to candidates from your area or executives who are willing to relocate. If you are open to virtual CFO services, you immediately expand your talent pool and the chance to find just the right CFO fit for your business.  

Contact CFO Strategies for Your CFO Needs

CFO Strategies provides executive-level financial experience for a variety of industries, including architecture, engineering, construction, transportation, logistics, country clubs, non-profits, education, financial advisory, cannabis, and more.

Depending on your business needs, we offer part-time CFO services or project-based services. We can also provide full CFO outsourcing and controller services.

Located in Central New Jersey and with seasoned professionals in multiple states, our team of experts can either work on-site at your location, virtually from anywhere or a combination of the two.

Our experienced finance professionals will put our extensive skill sets to work to help your business follow a strategy to meet its short-term and long-term financial goals for growth and stability. We’ll schedule a consultation and customize our services to suit your needs, providing a cost-effective solution that works for you.

Check out our track record of success with other businesses and clients. Contact us today at 732-236-4454 or email info@cfostrategiesllc.com. CFO Strategies is ready to help your startup, small business, or mid-sized company move forward.