So You’re the President
You have a CFO
So What Exactly do You Do Everyday?
The CFO is an orchestra leader of resources. As your advisor he knows when to bring in the insurance agent, the banker, the CPA. Are you an expert in all of areas? Of course not. An experienced CFO has had experience in these areas and when decisions need to be made. The CFO effectively utilizes necessary resources for growth and profitability. So what does that leave you, the president/owner/executive to do? Well, with a CFO you now have time for four small or insignificant activities –
- GROW THE BUSINESS!
- SET THE TONE TO IMPROVE THE PROFITABITLIY OF THE COMPANY!
- MAKE SURE YOUR TEAM IS WORKING EFFECTIVLY AND EFFICENTLY!
- SPEND TIME WITH FAMILY, FRIENDS OR THINGS YOU LIKE TO DO!
Your CFO, your trusted advisor and member of your management team, is monitoring the other required areas for your business. Your CFO brings you options and reduces the time you have to spend on business maintenance. Why can they do this? They have broad experience and having spent time with you and time in your business they can orchestrate the necessary resources at the right time.
How about an example
You and your team, regardless of size, prepare a budget or forecast for the coming year. When you are done the CFO does the following 5 things:
- He monitors the progress toward meeting the budget and assists everyone to succeed.
- He discusses your goals with your banker so that if you need financing, the banker is prepared to move quickly to fill the funding needs.
- He reviews your personnel so you have the expertise needed to meet your plan.
- He works with your marketer to present you a plan to market the company.
- He brings in the CPA to determine what needs to be done to minimize the tax bite.
So you’re thinking, “My company is small, I don’t have all those positions!” That may be true, but you do have a CFO who has experience in those areas. And he has the contacts to bring those people in as needed. Belong to an industry association or business support group? Maybe the local chamber of commerce? In addition to expertise your CFO has, he/she will use those resources to solve your problems.
So how do you get the benefits without the cost? Stay tuned. That’s the next discussion.
Did you like this post? Here is recommended reading on this topic:
- CPA vs CFO, Different Initials but Same Position Right? WRONG!
- A CPA and CFO Really Aren’t the Same People? Or Just Because It Smells as Sweet Doesn’t Mean It’s a Rose
- I Can’t Afford a CFO, They Cost Big $
What Can a CFO can do for you? Call me and let’s discuss! All businesses, regardless of size need the services of a CFO.
Do your financials continue to elude you? I am fluent in ‘financialspeak’ and can translate your monthly numbers into strategies for future success. Contact me – I take companies to a higher level of success. Email : AndyAnderson@b2bcfo.com. Phone: 909-732-4917