by Rob Joseph, Director, BeaconCFO Plus

Benefits of a Virtual CFO: Upgrading Your Banking Relationships

Make a Plan for Your Business Growth

Let’s say your business is making $2 million a year now, but you’re on track to make $20–30 million within the next several years. It’s very likely that the banking relationships you have now may not serve your company well as you grow. Many small businesses reach this point of outgrowing their current bank and needing to reevaluate for the future. But where do you begin?

This is where a virtual CFO can be a great asset: He or she can assess how you currently manage your financial operations and look closely at the capabilities of potential banking partners. For example, a small business checking account with limited online banking services may no longer be a good fit. It might be time to upgrade to a commercial checking account with treasury management services, offering your business better efficiency and better visibility with services like fraud protection, multi-user capabilities, and risk mitigation.

If your business is on an accelerated growth path, we recommend taking these steps in partnership with a virtual CFO:

  1. Forecast business growth.
  2. Identify the pain points of your current banking relationship.
  3. Select a future banking partner.
  4. Begin building and nurturing relationships with your banking partners.

PNC notes that “even companies facing serious financial and operational challenges can position themselves better for a credit request if they have taken the time to establish a strong relationship with their bank.” Make sure you are transparent about the good and the bad, have regular conversations—not only when you have an urgent need—and consider your banker a partner in the growth of your business.


Work With BeaconCFO to Assess Your Banking Relationships

Chart a Course for Success With a Virtual CFO

It can take significant time and research to identify and select the right banking partner for your organization—and you and your team may not have the bandwidth in 2022. Our experienced CFOs can take the lead on this effort for your business, helping you assess your current banking relationships and connecting you with the right partner to take your business to the next level. Reach out to learn more about how we can work together.

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