The Experienced CFO
Good CFOs are hard to find. Being a CFO is more than presenting some dashboards and talking about a few financial ratios. They need specialized skills and experience to assist business owners in a variety of different ways. I understand these challenges based on over 30 years of experience as a controller and CFO.
Probably the most critical area is guiding development of strategic plans and structuring action plans to support the strategy. Another challenge is managing cash and ensuring that the business is properly financed. This means establishing an effective capital structure together with financing plans that fit objectives and business growth.
Driving business performance and the ability to use the tools required to support growth are also essential. These skills include understanding sales, marketing and the underlying cost structure to support growth. Business analysis, performance measurement and cost accounting are just a few additional skills that are essential.
Prioritizing capital investments and helping guide business owners to make the right decisions on the right projects is another area where CFOs can help business owners. Risk management is a key factor in allocating capital and applying enterprise risk management steps is essential to success.
Other high priority areas include buying and selling companies and succession planning. I can help you in these areas based on my experience with a top consulting firm who specializes in these areas. I can help you gain a competitive advantage in today’s complicated business world.
Good CFOs are hard to find. Most talented CFOs are already employed by larger companies. Small business owners should look for talented advisors capable of using cloud technology and tools allowing easier access to this hard to find skill set. It also reduces the cost of services provided. I am certified in the use of cloud accounting systems and am available to help in these areas and wrote the book on profit focused accounting.
Not all CPAs using cloud accounting and cloud technology have the training and experience to offer CFO support. These CPAs should consider collaborating with an experienced CFO advisor to work with their clients to create win/win situations.
Utilizing a skilled CFO will give businesses a competitive advantage. Business owners can’t know everything and it makes sense to access skilled experience advisors to fill in the gaps. If you are looking for a virtual CPA with extensive CFO experience or need help in this area please contact me.