A fractional CFO is a person that brings decades of experience working with a variety of companies on a contractual basis, with their focus being on financial expertise. They can come into your company and help your business with strategic planning to help maximize profits and growth. The best part of working with a fractional CFO is that you avoid all of the in-house costs of having a permanent CFO while still allowing your company to benefit from all the technical expertise that a CFO can offer. You may be surprised by how affordable a fractional CFO can be, especially if you implement cloud software to help automate some of the analytical processes. If you’re interested in learning how a fractional CFO can benefit your business, then read on.
A Focus on Growth
Once your company is turning a profit, the next thing to focus on is how you’ll make it grow. Unfortunately, without a clear growth plan, many businesses find themselves reaching a certain level of success and stagnating. This is where a fractional CFO can be a real asset, as they can help you craft a customized business plan that enables you to scale up sensibly and ensure you’re turning a tidy profit no matter the size of your business. If this sounds like something your business could benefit from, why not check out CFOshare fractional CFO for a variety of packages to suit your business needs.
More Affordable Than You’d Expect
If you’ve chosen not to explore the option of hiring a fractional CFO due to finances, you might be surprised by how affordable they can be. Implementing cloud accounting software can be easier and faster than ever before to get a broad picture of a company’s financial situation. This means your fractional CFO can quickly analyze your business’ financial situation without spending tens or hundreds of hours on the math behind it. This saved time means lower costs to you, allowing even the smallest businesses to afford a fractional CFO. Furthermore, as you’re avoiding all the extra costs that come with in-house employees, such as paid time off, bonuses, health insurance, and so forth, it is also considerably cheaper than hiring someone full time.
The truth is, because a fractional CFO works with a variety of companies, it means that they’re likely building up a portfolio of experience much faster than a traditional CFO would. This can prove very beneficial for your company, as chances are they’ve worked with a business like yours or have a host of fresh ideas from their varied clientele. They can also act on your behalf to deal with investors, lending institutions, and other providers.
A fractional CFO allows you to enjoy all the advantages of a CFO and customized strategic planning without the enormous costs that come with a full-time employee. You’ll gain access to years of specialized experience as well as the opportunity to have someone who can help propel your business to the next level.