Running any sized business is going to come with a healthy helping of financial responsibility. Without having your finances in the right position, it’s likely that your venture will eventually become more of a burden than the success you had planned.
Getting an experienced person in charge of the finances of your business is critical, and that’s where a Chief Financial Officer (CFO) comes into play.
What is a CFO?
A business’s CFO is a senior executive that is responsible for every major financial decision a company makes.
Some of the most important responsibilities of a CFO include:
- Building an accounting team
- Managing and balancing revenue and expenses
- Obtaining company funds
- Overseeing general company performance
- Record control
- Shareholder control, and more!
5 Signs That You Need a Fractional CFO
Hiring a fractional CFO is something that no business should put off for too long. However, going through the full-time hiring process isn’t always in the cards or the best interest of every entity.
Here are 5 signs that it’s time for your business to look into outsourced CFO services from trusted industry professionals.
You Aren’t Ready to Hire a Full-Time CFO
If your business is just starting out or you know that you’re gearing up for major corporate changes, you may not have the time or resources to spend on hiring a full-time CFO.
Rather than taking an expensive gamble on a choice that might work out, look into a part-time CFO for the immediate advice you need until you’re well and ready for a permanent hire.
Fractional CFOs are experienced professionals that can easily step in and fulfill all of the duties of a full-time CFO at cost savings that won’t hurt your annual budget.
Your Company is Entering Into New Territory
Whether expansion is on the horizon or your business is about to face a shift in management, you’re going to need an experienced financial advisor to ensure that all of the right decisions are made throughout the transition. Many businesses in a transitional period find themselves without a CFO. Going without one for too long can leave a business in a financial lurch that they may not recover from.
Fractional CFOs come with the experience that your business needs to help ease the transition process as you are on the hunt for a new CFO and adjusting to your business’s new normal.
Business Decisions Seem Harder and Harder to Make
If you are attempting to run a business as an acting CEO and CFO without accounting experience, you’re bound to hit a brick wall with your business’s financial decisions as they become larger and more complex.
If you or your current team are unable to make important decisions with the confidence they require, it’s time to hire an outsourced CFO to help answer all essential questions and make sure that every step your business takes is in line with its best interests.
You Lack a Long-Term Financial Strategy
When you started your company, it’s likely that you pieced together a financial forecast that would help guide your business to its long-term goals. Unfortunately, goals are something that is tackled one at a time and often come with higher price points than expected.
Without a CFO by your side, you may not have ever adjusted your financial forecast and are looking towards long-term goals that aren’t feasible.
If you know you may be in this situation, seek fractional CFO services when revisions are needed and make sure that your business is always prepared to go after its next big business goal.
Meet Your CFO Needs Today, With OSMEAC Solutions
If your company is in need of a CFO but isn’t in the position to hire a full-time executive to the position, OSMEAC Solutions is ready to help!
Our part-time CFO services create an affordable solution for our clients that lets them bypass the expensive hiring process and get down to business through simple contract terms.
Our financial experts provide a remote solution to your business’s CFO needs and are always available when you need us. Contact us today to learn more about hiring a fractional CFO or the other financial services we offer to our clients.
