Article by, CFO Service
You are an entrepreneur; a forward-thinker. A doer. You own a company. It might be small, but it’s growing. You are doing great, right? But could you be doing better? If you are the owner of a small or mid-size company and you aren’t using CFO services, you are probably missing out on ways to grow your business faster and make even MORE money.
WHAT ARE CFO SERVICES
CFO services are financial management activities that enhance performance, facilitate growth, and improve profitability. Specific CFO services include strategic planning, financing, forecasting, risk management, etc. These services are typically performed by a CPA with significant industry experience.
BUT I HAVE A CPA FIRM. I DON’T NEED CFO SERVICES
CPAs are NOT CFOs and they are usually only telling you where your money is going; not how to grow your business or make more money. You typically use a CPA to create financial statements, prepare tax returns, and a host of other valuable services. They are crucial to a well-run business but they are typically not going to grow your business or help you make more money.
BUT I HAVE AN ATTORNEY. I DON’T NEED A CFO
Your attorney’s main job is to make sure you don’t break any laws or get sued. Most attorneys are NOT going to tell you how to expand, grow, or further monetize your business. Do you need an attorney? Of course. No one wants to make crucial legal mistakes. But an attorney doesn’t take the place of a CFO.
CPAs and attorneys are both – generally – conservative. It’s likely neither will actually TELL you how to make money.
SO HOW DO I KNOW I’M READY FOR CFO SERVICES
The answer to this question isn’t a one-size fits all. Some businesses need CFOs early in the game and others can wait. The real question is are you growing fast enough and making enough money? If the answer is no, a CFO is probably the solution. But for most small businesses, when you are ready for a CFO, there might not be money to hire someone full-time. So how do you have a CFO but not pay out the nose?
There are a number of companies that specialize in CFO Services (see www.dynamicadvisorysolutions.com). These companies pair financial experts with business owners in need of financial and accounting help. If you need more expertise – if you need a CFO – you can typically have one at your fingertips for a low monthly fee.