While CFO controller services can benefit your company at any time of year, January may be the most crucial. Yes, it’s that time of year again. That time when people start reflecting on the previous year, making changes, putting new systems in place and setting goals.
The hype of it all can be overwhelming for sure, but believe me, it is imperative to set goals for your business. Without goals, you and your team will lack motivation and have nothing to strive toward. You’ll have nothing central to rally around which means, your business will not grow.
Yes, without goals, your business doesn’t stand a chance at growing.
You may be wondering, “Where do I even start? How do I know which goals need to be set? How do I know where my company needs growth?” This is when fractional CFO services come in handy. A contract CFO can help you navigate all the questions and help you set amazing realistic goals that will surely perpetuate you to business growth.
Here are four ways CFO controller services can help you set your 2019 goals.
1. CFO Controller Services Tell You Where You Stand
According to Entrepreneur.com, a part time CFO is a great option for small businesses that need knowledge on where they stand financially. When it comes to setting goals for your business, you need intricate financial information to inform your decisions. However, not many entrepreneurs and business owners have the time to get well acquainted with their numbers. They’re in the weeds of the daily grind of running their young businesses.
If you’re goal is to run a marathon in a certain amount of time, you need to know how far you can run now and at what pace. That way, you know more specifically what you need to learn and do and work on to prepare for your marathon.
Same goes for when you’re setting goals for your business. You need to know where you’re starting from. The more you know about your company’s current performance, the more accurate goals you can set for future performan
ce. Your CFO should give you clarity and insight into where you are now, so that you know where you can realistically aim for.
A fractional CFO is able to take data and use it to see exactly where your business stands. They look at your budget, your sales, your revenue, and will be able to tell you exactly where you’re starting from. Clarity Consulting can do the same!
2. CFO Controller Services Show You Where To Go
A fractional CFO can provide intelligence on things to tackle and target. By looking at your numbers they can make helpful projections and financial forecasting for your business. While you may lack the capacity to work on your business (because you’re inundated by working IN your business) CFO controller services can help.
They are able to zoom out, look at the bigger picture and tell 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 you and you can focus on growth and forward moving activity.
If there are any cliffs, a fractional CFO is able to help you make adjustments and help you make your business more profitable. If you’re needing someone to help you make sense of your financial data so that you know what goals to set for your business, set up a free consultation call with Clarity Consulting.
3. CFO Controller Services Can Help Specify Your Goals
Maybe one of your goals for 2019 is, “I want to grow my business!” While that’s a highly honorable goal, it is one that needs to be dissected and begs the question, “How do you plan to specifically grow your business?”
There are plenty of ways to grow a business.
You could launch a new product, or even a new product line.
You could generate more traffic to your website.
You could aim to increase revenue through making more sales.
You could aim to reduce the customer churn rate.
You could bring on new talent.
Are you overwhelmed yet?
What’s great about a fractional CFO is that they’re able to tell you where your best opportunities lay. For example, maybe you don’t need to create a new product since your current one is selling like crazy. Maybe you need to focus on what works and instead generate more traffic to your website through advertising.
From there, your contract CFO will be able to tell you what to specifically work toward. “Generate x amount of customers to your website for x amount of sales, thereby insuring your company reaches x amount of revenue.”
There’s plenty of ways to grow your business. The more specific you are, the better motivated you’ll be to achieving your goal. Your employees will be more motivated as well.
Another example, instead of setting a goal of increasing sales, try specifying it with, “Sell 25 units every month for the next three months”, for example. Your CFO will help you identify what an appropriate specific goal is. A well-thought out figure will help inform your goals and motivate you and your team.
According to Quora, "a part-time Chіеf Fіnаnсіаl Officer еnѕurеѕ that уоur organization іѕ ѕеt up fоr a рrоfіtаblе futurе."
I'm sure you've heard of smart goals. In order for goals to be powerful and carry weight, they should be designed to be SMART. There are many variations of what
SMART stands for, but the essence is this – goals should be:
• Time Bound.
It's important to start with the end in mind so that you know when your goal has been met. Clarity Consulting can help you set up realistic specific goals that can be the motor for your business growth!
4. CFO Controller Services Will Tell You When You're Finished
Most people fail to reach their goals because they do not put a time frame on when they would like to achieve their goals. Without a time frame, there is no sense of urgency. There is no push to get started. If you want to increase traffic to your website to increase revenue, when would you like to see that happen?
“Someday,” won’t work. Even, “By the end of the year,” doesn’t cut it. What happens when you set a goal for a specific date is that you unconsciously set yourself to move forward and start taking steps toward achieving your goal.
CFO controller services are able to interpret your data and finances to determine a stretching realistic time frame for you to reach your business goals. For example, if your goal is to double your revenue by mid-year, your fractional CFO will take into consideration your sales drive and consumer confidence.
CFO Controller Services with 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.
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.
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.
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.
For tax support, we communicate with your CPA and make sure your CPA strategy is being implemented throughout the entire year.
Book your free Clarity Call with us today!