How to Keep Your Business From Controlling You with a Part Time CFO

May 3, 2019

 

Certainly we can all resonate with our business feeling like it’s out of control.You’re holding on for dear life and just trying to keep everyone alive and moving forward. 

 

If you feel out of control, it could be because things are going wrong, but it could be because things are going really right! You could have a lot of business, and just unsure how to handle it all. When everything feels crazy and like your business is its own organism calling the shots, your challenges are increasing revenues, increasing customers, and effective management. This is a terrible place to live as a business as it puts a ton of stress on you and your team. Ultimately why this happens is because processes, systems and delegation have not been established.

 

When you feel like your business is taking control of you, that’s when it’s time to ask for help. Independence, hard work and self-reliance will take your business far, but there comes a point where you need someone to help you work on your business instead of in your business. It’s not a sign of weakness. In fact, the amount of people that are inspired and interested in helping you succeed is a key indicator of the great potential your business has to grow. 

 

Is your business controlling you? If you’re struggling to take control of your business, it may just be time to hire an inspired fractional CFO.

 

Budgets can often be tight for new businesses, but trying to do everything yourself may bring amateur results. Just because you can do something doesn’t mean that you should. Taking control of your business means stepping away from the things you’re not good at, and bringing on the strong people that can help you out. A part time CFO can help you know your numbers, establish systems, and create focus and goals for your team to rally around.

 

A Fractional CFO Will Help You Know Your Numbers

If you don’t know your numbers, you don’t know where you’re going, and you can’t truly know the potential that your business has. A part time CFO will chart out your future cash inflows and outflows so that you have a better understanding of what is around the corner for your business. For example, you may be wondering if your company is in a position to take on a new customer. Will that hinder your cash position and the ability to serve your existing customers or perpetuate you?

 

Understanding the income statements and other financial documents of your business is crucial to its growth and sustainability. A part time CFO will be able to understand where all the numbers come from and assist you in growing.

 

 

Clarity Consulting will construct your numbers into visuals that are easy to navigate so that you can know exactly where your money is going and exactly where it is headed. A truly comprehensive financial strategy should guide your company’s practices into the future and clarify your financial position.

 

We’ve worked with dozens of business owners to create a more black and white understanding of their financials. Instead of confusing and overwhelming spreadsheets, we help create a clear picture of current financials and future projections. 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. Clarity Consulting can make accounting and financial planning a strength of your business rather than just another task to check off the list. Set up a free consultation with us today!

 

A Fractional CFO Will Help Create Systems

 

Many business owners often feel trapped by their businesses. Things are in constant demand of their attention and they have no idea what to do first. To ease your anxiety, develop systems that give you the freedom to step back and breathe. According to Entrepreneur.com, doing this creates a company that can still function without your constant oversight.

One of the great things about Clarity Consulting is that we help you put systems in place. We know when one person is trying to handle everything that things fall through the cracks. There’s marketing, sales, dealing with customers, but what about the internal aspects of your business? 

 

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, 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.

 

Doesn’t that take a load off of you? Part time CFO services and Fractional CFO programs can open up a whole new world of operational efficiency. 

 

Hiring a Fractional CFO Helps Create Focus

Now that you have systems in place to help your business run smoothly, you must create focus. According to Duct Tape Marketing, entrepreneurs can suffer from lack of focus, but a fractional CFO can help you see where to focus and where your best opportunity lies. Having a new growing business is always exciting, but it can be hard for owners to not move from one shiny object to the next as new opportunities come. But if you’re not sure what to aim for, you will miss every time.

 

Having a focus and ensuring that everyone on the team is rallied around a common goal is crucial in taking control of your business to ensure its growth. The success of your business and your clients will accelerate as you hone in on a key area of focus.

 

Focus is something a fractional CFO can help you get. Their role is to make data-driven decisions and push your company toward effective financial strategies. They do this by using the data to make helpful projections for your business.

 

They look at your budget, your sales, your revenue, and thinking through every single month, a fractional CFO is able to help you make adjustments and help you make your business more profitable. A fractional CFO can provide intelligence on things to tackle and target. 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 help you figure out where you need to focus and put your energy toward in order to grow your business.

 

Don’t be working aimlessly taking care of the tiny tasks in front of you—answering emails, responding to texts or taking care of low-value, third-party requests. A fractional CFO can tell you what’s worth your attention in order to create maximal impact. Each hour worked should generate a magnified return.

 

 This frees up a ton of brain space for you and 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.

 

 

Conclusion

Now that you know your numbers, have systems in place, and know what to focus on in your business it’s time  to let go. Trying to control everything in your business makes it dependent upon you and makes you a slave to your business. You can start to lose your identity.

 

But you are not your business. A fractional CFO can help you put proper systems in place so that your business can grow beyond what one person can do and give you control again.

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