by Rob Joseph, Director, BeaconCFO Plus
The decision of whether to engage the services of a fractional CFO can cause trepidation for business owners. Will this individual understand your business? Will they really care about your goals? Will they fit well into your team? Will they be worth the expense?
If you work with a qualified fractional CFO, the answer to the above questions should be a resounding ‘yes’. Consider just a few ways a fractional CFO can add value to your organization.
- They are much more than a consultant. Yes, financial consulting is a provided service, but make no mistake: Fractional CFOs do much more than consult. They execute. Just as a full-time CFO would, they will lead the execution of proposed financial strategies, help train employees on new financial programs, and work alongside you to implement process improvements.
- They have experience with many different companies. Fractional CFOs add value through their experience across multiple industries. When you outsource a CFO, you get the benefit of being matched with an individual who knows your industry well and will be able to quickly understand your unique challenges and goals in the marketplace.
- They can fill the gap of a full-time CFO in a growing business. Many small businesses do not have the ability to employ a CFO at a full-time capacity but need strategic financial leadership in order to overcome current challenges and achieve sustainable growth. A fractional CFO is a worthwhile investment in this situation. They will take the reins of your financial strategy, help to right the ship, and chart a course forward.
- They provide critical forecasting. One of the most important things you can do to run your business at a profit is to know your numbers. However, many businesses lack an accurate understanding of their numbers. Fractional CFOs provide you with a clear picture of your finances and help you use data-driven forecasting to take deliberate actions to grow your profits.
- They leave your organization better than they found it. Fractional CFOs can become the greatest advocates for your success. Throughout the duration of their relationship with you—whether it is a few weeks or 6 months—they are wholly invested in your business. Your success is their primary goal.
Would your business benefit from the services of a fractional CFO? We invite you to reach out to our team to learn more about our tailored part-time and project-based financial solutions. These individuals are experienced, knowledgeable, and educated financial professionals, many of whom have had decades of experience serving as full-time CFOs.