If you’re a Milwaukee-area CEO or business owner who wants to grow your business, you need to spend time doing what you do best without becoming mired in accounting tasks and other minutia you hate doing, or can’t do very well.
Take the monkey off your back.
Consider hiring a Milwaukee Chief Financial Officer who can work part-time. A CFO with the right experience and qualifications can do far more than just an accountant or bookkeeper. A CFO can be a trusted business partner who can help you make major decisions that lead to greater profitability.
Here are seven key reasons your business needs a part-time CFO:
Your business will fail without good financial control.
The main reason businesses fail is because they run out of cash. The first task of a good CFO is to look at your business critically and identify where the cash is coming in and where it’s going out. The CFO will create a strategy to plug the leaks and keep revenue flowing in. This, alone, could potentially save your business
They’re more than just bean counters.
A CFO gives you a qualified and experienced business partner. You get someone who’s seen the successes and failures in business and knows the danger signals. A CFO has foresight and vision—the ability to see what’s likely to happen to the business and prepare for it. If your business is unprepared, it can be just as devastated by a great business opportunity that passes you by as it can by a disaster.
- A CFO helps you make the tough decisions you’ve been putting off.
Every business owner needs to make difficult decisions. Often, they involve personal relationships. A virtual CFO in Milwaukee can help you justify your decisions and understand the danger of delaying them. This helps you, as the CEO, to choose the right course of action. Your CFO will also help you to step back from the business and see it in a new light. It’s often difficult to take that bird’s-eye view when you’re buried in day-to-day tasks. Let a CFO guide you.
- You strengthen your credibility with customers, suppliers and investors.
When customers, suppliers and investors are able to talk to a CFO, they’re more confident of your company, its size and its financial viability. Sometimes simply having a Milwaukee CFO on-board can tip the scales your way if someone is considering doing business with you or with one of your competitors. Your suppliers and investors are worried that they’ll lose money if your business fails. A major concern for your customers is that you may not be around to complete a project or continue servicing them. A virtual CFO in Milwaukee makes everyone more confident.
- It shows you’re taking your business seriously.
Is your business just a hobby? Hiring a CFO, even part-time, shows that you’re committed to your business and its future. It shows that you’re confident enough to bring a serious business professional into your organization to help manage and support your business as it grows. It shows vision and good judgment. It shows that you’re a leader.
- You need an exit strategy.
Your investors will want a sizeable return. And the biggest investor, certainly in terms of time and energy, is you. So how are you going to strategically leave the business and enjoy the rewards of all your hard work? A good CFO will help you design the right exit strategy.
- It means you’re not alone.
One of the most important roles that a CFO plays is that of your sounding board and coach. The buck will always stop with you. Having a trusted partner who you can turn to for sound, professional advice and guidance is invaluable. Your Milwaukee CFO can also help you turn your plans, strategies and vision into reality. That’s worth even more. A good CFO is worth more than what you’ll pay. Not convinced? Go back and reread Number 3 above. Think about how much time you waste because of “analysis paralysis,” or worrying about decisions you don’t have the guts to make.
Contact Cheryl Muskus directly at (414) 349-7940 to discuss your Virtual CFO Needs