Why You Need to Outsource Your CFO Services Today!
Innovation and passion on the part of the business owners are undoubtedly great assets. Unfortunately, they wouldn’t suffice when it comes to successfully running a business and exponentially scaling it. There is an inevitable place of strategy and implementation.
More than your typical financial officer, your CFO extends into your right-hand man. This is your go-to solution resort who you can ask just any question and get a game-changing answer.
However, we all know that it takes quite a hefty budget to get an in-house CFO. Trying to afford a full-time CFO, especially as a startup, could be as outrageous as proposing to the Kardashians on a $10k annual salary. How daring!
Having an in-house CFO would separate you from a sizable $250,000. Ah, I just heard your heart skip in shock! Well, that wouldn’t be paying extravagantly considering the delicate and exponential value (in terms of strategic business acumen) your CFO would add to your company.
Now, tell me, how readily can you pay this $250k?
This explains why the bandwagon of companies outsourcing their CFO is aggressively swelling. Technology has revolutionized the business landscape so much that you can remotely collaborate with your CFO and yet enjoy tremendous value in terms of results.
Outsourcing your CFO does much more for you than just saving you cost. There is a lorry load of other goodies your CFO dishes you with.
Are you drooling to know about the other benefits of outsourcing your CFO? Please take a seat, I will tell you.
Outsourcing your CFO enables you to make quicker business decisions
Do you want me to suggest a swift way to murder your business? Make critical decisions SLOWLY. I will tell you what, in the contemporary corporate space, patience is no longer a virtue – speed now is!
For your company to survive and thrive around the incinerating competition, it needs to make decisions much quicker. Given the need for speed, it becomes painful watching your in-house team ramble all year before making one decision.
Given the bureaucracy that litters modern workspaces, your staff will take longer to bring up a recommendation.
Why don’t you simply outsource this to a dedicated financial consulting company with a wealth of experience under their belt?
Asking a CFO to give you a recommendation is the way to go. I mean, they practically do this every second of the day. So in no time, they should dish you a strategic decision that transforms your company.
An outsourced CFO helps you keep in line with the bigger picture
As a business owner, I wouldn’t reprimand if you intermittently lose sight of the long-term strategy.
Come to think of it, every day, you are tasked with micromanaging your business, putting fires out across several departments, and battling emerging market realities.
You are no cyborg! Therefore, you can drown in all these often and be periodically disconnected from your plan for the long run. This is why you need an outsourced CFO who is not laden with the pressure you are cooking in, to keep you in line with the long-term strategy.
Outsourcing your CFO ensures you have an external force regularly adapting your strategies to the long-term plan, pruning your decision making to ensure you don’t skid of longstanding plans.
You can always trust an outsourced CFO for an independent perspective
As humans, it is hard to give 100% objective opinions or advice where interests are involved. Most times, the internally generated viewpoint and decision making could be tainted with subjectivity and emotions.
An outsourced CFO is an independent third party that you can trust for purely unbiased advice. Your outsourced CFO solely bases his perspective and advisory tidbits on data and market research.
He will gladly tell you the beautiful truths and be blunt enough to tell you bitter ones with no garnishing.
An outsourced CFO will source innovative channels to free up funds for your business
Do you think you are already aware of all the viable revenue channels for your company? Wait till you have an outsourced CFO look at your company from the inside-out.
Based on his/her wealth of experience and plurality of perspective, an external CFO is better placed to examine your books and pick out unbelievable opportunities for you to maximize and boost revenue generation.
As a micromanager, your external CFO can also examine your books and decipher remarkable ways to free up much-needed cash by drastically slashing your expenditures. They would streamline your operations, optimize your cash flow, overall killing two birds with one stone.
An outsourced CFO helps control cost
An outsourced CFO would leverage revolutionary technologies to enhance your efficiency and optimize your cost-saving. An external CFO (who is not constrained by the traditional processes internal to your company) is better placed to identify emerging automation opportunities to ramp up output and slash cost, overall amplifying your bottom line.
Given their financial backbone, it is the role of the outsourced CFO to decide whether to upgrade the ERP system or not. Effectively, an external CFO is better equipped to build a strategy that inspires cost cuts, not cost cuts directing not the strategy.
Here are some of the sparkling reasons why your business would do better with an outsourced CFO. Do you see why your business terribly needs one now?
At Eula Blue, we offer custom outsourced CFO solutions that are specifically streamlined to your needs. These scalable solutions span budgeting & forecasting, decision support & controls, profitability sustainability & optimization, and cost control & management. We effectively refine your financial strategy, optimize your budget, and make the best of your cash flow.
Do well to schedule a session with our experts today and watch us make your business rock!