by Rob Joseph, Director, BeaconCFO Plus
For much of 2020, companies large and small have been forced to rethink how they operate. While every business is different, in general, working remotely has become the new normal. References to Zoom, GoToMeeting, and Google Hangouts are now staples in our vernacular. Important business is being conducted successfully in a virtual environment.
My point is that, despite the challenges along the way, many businesses have realized that virtual doesn’t necessarily equate bad—it is simply a different way of doing things. As your business looks toward 2021, consider taking another new approach: working with a virtual CFO for financial management and strategic planning.
Perhaps you are a small business owner who needs financial guidance and support but cannot take on the expense of a full-time executive. Or, perhaps your seasoned CFO is planning to retire, and you realize you don’t need his or her replacement to be in the office on a daily basis. These are just a few scenarios in which a virtual CFO might be the best solution to your needs.
Consider the benefits of hiring a virtual CFO at BeaconCFO Plus:
You can work with the best of the best.
Instead of digging through emails of resume submissions to find and hire an experienced CFO, you will already have access to the cream of the crop. And while the term virtual CFO might imply some sort of computer generation or hologram, let me assure you that we are all living and breathing financial professionals. We bring the same high-level knowledge and expertise that an in-house CFO would, but in an outsourced capacity.
You can run a lean operation.
This will be key for many businesses in 2021. Working with an outsourced CFO allows you to save on executive overhead without sacrificing the strategic input of an elite financial professional. For example, when hiring a full-time CFO, you must offer a competitive compensation package including benefits, bonuses, and incentives—none of which are required for outsourced CFOs. Our experienced virtual CFOs provide services on a part-time basis, which is much more cost effective for your company than a new full-time hire.
You can fill the knowledge gaps in your team.
As businessman and investor Charlie Munger once said, “Knowing what you don’t know is more useful than being brilliant.” If you are not currently working with a CFO, you could be missing out on key financial guidance and strategy that would help propel your company’s future growth. Instead of hiring a full-time CFO or controller, you can bring on a part-time virtual CFO to help you and your team with problem-solving and strategic planning. Our CFOs come from a variety of backgrounds with different industry experience, allowing you to tap into a wide knowledge base.
Do you want to discuss the possibility of working with a virtual CFO at BeaconCFO Plus? We’re ready to start the conversation about how our seasoned financial experts can be an asset to your team and your company’s long-term goals. Let us be a part of your future success.