Many business owners or community members know what a Chief Financial Officer is– but do you know what they can do for your small or growing communities and businesses? There is a misconception that a small business does not need a CFO; that it is a position for large scale organizations. Although growing organizations may not need a CFO full-time, a consultant may be able to fill the gaps and develop the company in ways full-time staff do not have the capacity to do.
Are you involved in a small start-up operation looking for funding?
Are you leading or employed at a business which has been stable for quite some time, but are struggling to take it to the next level?
Is your community organization looking to develop new revenue streams or efficiencies in what it is already offering?
Is your not for profit organization dreaming of being able to offer more services to those who need them?
It is a CFO's responsibility to develop company wide strategy and policies/procedures to ensure the organization can continue long-term. They are responsible for helping to set a strategy and developing ways in which to track and monitor that the organization stays on track with what was planned. A contract CFO is able to spend time with the organization and look at the big picture of where the company is headed - and plan for the transition. An organization may want a contract CFO to sit with them to develop the strategy or to have them help implement it the entire way through.
FUNDING AND CASH FLOW
Some organizations know they want to grow, but they are still unsure the best avenue to take or idea to act on. Entrepreneurs are often people who have ideas flowing in their minds at all times. Sitting down with a contract CFO will help get all of the ideas flushed out and give the ability to take it to the next step to see them succeed. A contract CFO will help you in deciding which ideas to chase, and which ones to put on the back burner for now.
Small to medium sized organizations often need to get funding in order to grow. A contract CFO can take a business idea and create a business plan in order to meet with stakeholders and obtain funding for the organization. A contract CFO will have experience dealing with many funding agencies and developing the type of business plan in which they want to see. This will ensure the organization has the best chance to gaining funding.
Many organizations employ or contract a bookkeeper and tax accountant/auditors. These are typically the first people you contract or employee when you start a business. Your bookkeeper is very good at developing a set of statements, and your tax accountants and auditors will compile all of that data and file a tax return and ensure you are complying with CRA's legal requirements. There can be a gap in the analysis of the financial statements to ensure the maximum benefit to the organization. It is very difficult to make the best day to day or long-term decision for your organization when you do not have a clear understanding of where you are currently.
When you are working in an organization, it can be very difficult to have the time to spend looking at the bigger picture as it relates to where to go next. These are only some of the areas in which a Contract CFO can help your organization. If you would like to discuss any of these services, please get in touch!