Three Signs Your Business Needs a Part Time CFO

July 6, 2018


Is it time to hire a part time CFO? Many small companies ask themselves this question. They're not sure if they're in a place yet where they can truly benefit from the functions a part time CFO can of a part time CFO. "What if we're not there yet? And what does there look like?"

 

The CFO function is imperative if a business wants to make it to the next level, and hiring the right individual at the right time is crucial for future growth! However, a skilled full-time CFO often requires a ton of overhead, and many young businesses simply don’t need a full-time CFO yet.

 

Luckily hiring a full-time CFO isn’t the only answer. For companies seeking immediate financial guidance, The Next Web says hiring a part time CFO can be the best solution to get the company into better financial shape without committing to a full-time CFO. Here are some signs it’s time to bring a part time CFO aboard.

 

You Need a Part Time CFO to Keep Up With Your Growth

 

Rapid growth is a significant sign that it’s time to hire a part time CFO. If you’re the CEO of a young company on the brink, you’re familiar with the overwhelming feeling of trying to keep things running while also trying to figure out solutions to handle your growth.

 

An important internal tipping point is when accurate data needed to help you make timely decisions is not being prepared. Business owners need to be able to make decisions as quickly as their business is growing. With a part time CFO, you can rely on them to provide the data you need to make quick informed decisions about your company.

 

In addition, to handle business growth, Forbes says you need to amplify your automated systems, and additional capital to finance your growth. A part time CFO is best suited to handle situations like these as they can help set up systems and processes in your business, and have a comprehensive understanding of acquiring capital.

 

Do you feel like you're in a white water raft holding on for dear life? Not because things are going horribly wrong, but because things are going incredibly good? Are you crushing sales, but just unsure of how to handle it all? It's probably time to bring on a part time CFO to help you get some processes in place for more effective management. Book your free Clarity Call with us today!

 

 

 You Need a Part Time CFO to Make Sense of Your Money

 

A part time CFO can help you make sense of your money. At Clarity Consulting, we organize information for our clients in a way that is easy to understand. We provide visuals, graphs and charts so you can see where your money is being spent.

 

In addition, part time CFO services can take data and use it to project strategic predictions for your business. As they look your finances, they’re able to identify the best opportunities for your business ever single month. A fractional CFO is able to help you make adjustments to ensure these opportunities are profitable. 

 

A part time CFO also zooms out, looks at the bigger picture and tells you where your best chance for success is—what your strongest month is, what your strongest product is thus helping you perpetuate tough financial calls. This frees up a ton of brain space for the business owner so you can focus on growth and forward moving activity. If you’re needing someone to help you make sense of your financial data so that you can make decisions, set up a free consultation call with Clarity Consulting.

 

You Need a Part Time CFO to Increase Your Profit Margins

 

One of the first things your part time CFO will want to target is your break even point. You’re losing money everyday that your company doesn’t run at a break even point. A part time CFO will track your break even point on a weekly basis so that you can know your company is running as efficiently as it can.

 

In addition, a part time CFO can help you better understand your profit margins. It’s imperative to know how your variable costs move in comparison to your fixed costs based on a certain level of sales, yet many business owners don’t know where their margins lie. Your part time CFO will help you determine where to focus to improve your profit margins. Check out our previous post on how a fractional CFO can help you increase your profit margins!

 

We were able to to increase one of our client’s profit margins by 120% in their first year with us. If you need to increase your profit margins, Book your free Clarity Call today!

 

How Clarity Consulting Can Help Your Business Grow

 

Clarity Consulting, we know you need systems in place to support your business expansion. We've worked with dozens of business owners to put processes in place and create a more black and white understanding of their financials. Instead of confusing and boring excel spreadsheets, we help create a clear picture of current financials and future projections. At

 

Part time CFO services and Fractional CFO programs can open up a whole new world of operational efficiency. We know that seeing your numbers on a daily, weekly, monthly, quarterly rhythm alone can provide amazing opportunity for growth and profit in any business. 

 

In addition to financial control, we also provide administrative support for HR, insurance and taxes.

 

HR

Once you’ve hired a new employee, Clarity Consulting is there to help with the onboarding process. We make sure they have filled out all their documents and get their direct deposit set up. If there is any admin related the employees need throughout employment, Clarity Consulting handles it, freeing up the business owner to focus on growth.

 

Insurance

For insurance support, we help companies with their annual General Liability and Worker’s Comp audits by gathering all the certificates throughout the year and sending the payroll report to your auditor.

 

Taxes

For tax support, we communicate with your CPA and make sure your CPA strategy is being implemented throughout the entire year.

 


If you're on the brink of expansion and wanting to implement successful strategies to manage your growth, book a free Clarity Call with Becca and her team today!

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