How will a small business benefit?
NEW YORK, June 29, 2022 (GLOBE NEWSWIRE) -- One of the most common misconceptions of small business owners is that unless their firm reaches a certain size or revenue bracket, they do not need to hire a CFO. This mindset often proves to be harmful to the growth of the business, as more than half of small businesses fail in the first five years of their establishment due to a lack of financial knowledge. Enter YourNonExecCFO.com (aka Virtual CFO), a great way for small business owners to get CFO support that they normally cannot afford.
To flourish in the market, a small business needs impeccable financial advice consistently, says Marek Niedzwiedz, founder of Your Non-Exec CFO. However, the importance of financial services for a small business does not change the fact that it is tough to dedicate a large amount of money to take financial advice from a professional or hire an in-house one. So, what can they do instead?
The answer is an outsourced Virtual CFO.
A virtual CFO works closely with a business on a remote basis and provides expert financial guidance to the business via phone calls and video meetings.
What is a Virtual CFO?
CFO is one of the topmost positions in any company, and a CFO's responsibility is to overlook the financial affairs of the company. A virtual CFO is no different from a regular CFO, but he is not a member of the internal team. An outsourced CFO will have the following responsibilities:
Analyzing the financial information of the company
Assisting in developing the company's financial strategies
Analyzing the risk factors and working on their management
Looking for funding, investor relations.
Benefits of outsourced CFO services:
Seamlessly managing growth, cash flow and expenses: The outsourced CFO can help a business align management and staff's performance with its organization's goals by tracking performance metrics.
Building the right capital: One of the most critical factors for closing any deal with a prospective lender or an investor is a company's capital. A virtual CFO can be of great help in this area. For example, they will help a small business build an asset base.
Risk reduction: A business is unpredictable in nature. Frauds, errors and threats are all common in a business. To protect themselves, a business must develop a risk-prevention infrastructure. A virtual CFO will identify potential risks.
Deep budget analysis: CFOs compare the company's performance with its budget to draw up the expected profit opportunities. They are skilled in allocating resources to align with business strategies.
Outsourced CFO can help small businesses achieve exponential growth and hit various milestones. They can direct a business' finances to more profitable resources so that it can focus on strengthening its core. Finding the best outsourced CFO services with significant experience from the C-suite or operations that correspond to a business' stage of growth and vision is essential.
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