How do you know when you’re ready to hire a virtual CFO?
Committed to offering financial and strategic services for small-to-medium-sized businesses, Outsource CFO can help manage everything in your business from set up to more strategic discussions.
“As a new business owner, I knew that the complexity of navigating the ups and downs of business was an area I wanted to ensure I had a trusted partner. I needed someone that was involved in the business, but we did not require a full-time resource.”
This was how Ian Pacis, founder of Kopiiico, knew that he needed a virtual CFO, motivating him to reach out to Outsource CFO.
Committed to offering financial and strategic services for small-to-medium-sized businesses, Outsource CFO was able to manage everything for Kopiiico, from the business name registration, to setting up their financial system and the integration with their point-of-sale, in addition to more strategic discussions on leases and short-term funding.
Do you have hesitations as to whether or not your business is ready to hire a virtual CFO?
The signs
While this is in no way an exhaustive list, here are 10 signs that may indicate that it’s time for your business to engage Outsource CFO.
1. You’re struggling to manage your finances: If the numbers are getting away from you, it’s time to call in some help before things spiral out of control.
2. You need to manage risk: Before making any significant changes or decisions, such as hiring staff or purchasing equipment, Outsource CFO can walk you through the numbers to assess the associated risks.
3. You need to manage costs: Outsource CFO can save businesses by enabling them to identify areas of unnecessary spending and reducing waste. They also provide a cost-effective ‘pay as you go’ approach to completing financial consolidation strategies, growth cycle planning and the journey to recovery.
4. You need a skilled resource with exposure to multiple clients that can help you navigate the never-ending decisions with running a business.
5. You need to be resilient and replace sub-optimal processes through the introduction of new software systems.
6. You need to leverage the extensive experience of Outsource CFO to benchmark your business to other industry groups and sectors.
7. You need leadership in the finance function with training of support staff in best practice to address the challenges of the current climate.
8. You need accountability: Outsource CFO can help you set goals and then have regular check-ins to ensure you’re on track to meet the milestones and achieve the goals.
9. You’re experiencing rapid growth and need to understand how to finance the new cash flow requirements. If your business is growing rapidly, you’re going to need Outsource CFO to help you manage the decisions that will inevitably come with that growth.
10. You are planning on selling your business: Outsource CFO can help you manage the changes required to get your business looking as financially healthy as possible to attract a high bid when you sell your business.
Satisfying just one of these signs can be an indication that it’s time to outsource and go down the virtual CFO path.
Across its four service lines of accounting, compliance support, CFO services and business advisory, Outsource CFO is able to fulfil any of your needs as and when you think you’re ready to engage a virtual CFO, including if you’re a start-up or have recently acquired a business.
“Start-up founders and new acquisitions often need back office and strategic support for their ideas. This is exactly the gap that we fill,” said principal Rob Brint. “Engaging us at the time of business start-up or acquisition means that we can put the relevant processes, systems and reporting in place required to support a successful business.”
Call Outsource CFO on 03 9572 2579 for a discovery call to discuss your business and determine how their service offering can assist you.
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