Even Small Businesses Can Have Large Business Financial Issues

Author: Keith Huggett 

Large businesses have it all: large accounts, both income and expense, customers coming and going, and financial issues and the staff to handle them.  The same things occur with smaller businesses too. Small businesses have large accounts, both income and expense, customers coming and going and financial issues.  What smaller businesses may not have is the staff to handle those issues.  In a small business, there is usually the business owner who is in charge of running everything and some things can fall by the wayside.  There comes a time for a small business to consider getting some help.  Hiring a full-time CFO may not be an option, for many reasons, one of which may be cost, or there may not be the need for a full time CFO. Luckily for the small business owner there is the option of outsourcing CFO services, or hiring a part-time CFO.

Reasons to Consider a CFO:

Experience: A CFO brings years of financial experience to your company. An experienced CFO  will go beyond the numbers and get involved in all aspects of your operations. He can be a sounding board for key business decisions and identify opportunities for improvement.

Business Analysis: Like all companies you will need to analyze your business performance on a regular basis.  Unless you have spent what little spare time you have at business school learning the latest in Finance 101 or have taken the time to study business books, like most business owners, you haven't been trained in developing and using financial information and have little time left over from running the day to day operations of your business. Having a financial expert review, analyze, and summarize the financial data into meaningful reports can add tremendous value.

Competition: Most small business owners do not have the time or access to compare their operations to similar companies. A CFO can set up reports and gain access to data to compare the business to other comparable companies.

Resources: A CFO is a prime resource for training, developing and supervising your staff. As your organization grows the CFO can help you develop and implement processes and controls that protect your companies assets.

All in all, outsourcing or hiring a part-time CFO allows you to tap into the wealth of experience and knowledge at a fraction of the cost of hiring a full-time CFO.  You are then able to focus on growing and building your business knowing that an experienced professional is watching over the company's financial resources and performance.

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