It’s often said that it is lonely at the top of an organization. In a small business, it is not just lonely but overwhelming. The owner/entrepreneur, whether alone or with a partner or two, often wears so many hats that several important areas of focus must go unattended.
Perhaps that means that business development and sales take up most of the focus, but operational inefficiency or the inadequacy of the company’s premises must be ignored. Or market channel issues divert attention from H.R. and employee inventive and morale stagnate.
The point is simply that broadly-talented expertise is at a premium in emerging businesses. SMB leaders are smart to avail themselves of strategic CFOs like the members of the Florida CFO Group to take on executive level leadership to ensure that important priorities are complete.
As any of our CFOs, or our approximate [150] clients, can attest, the experienced executives of the Florida CFO Group don’t limit themselves to financial and accounting matters. We help the business leader prioritize goals or gaps, and then take ownership of certain strategic and tactical initiatives. When we do this, we act as one of the CEO’s top lieutenants, accomplishing more than the constraints of a 24-hour day allow for company leaders.
Real-life examples have included re-evaluating and replacing risk management and insurance. We have evaluated and either upgraded or outsourced IT functions. When a key product line is producing inadequate margins, we’ll conduct a market analysis and develop pricing changes, or new sourcing choices, to return the product to profitability. A great example is M&A, where the owner must focus on the core business but needs executive attention on an important, and time sensitive, growth opportunity. In these cases, and many more, Fractional CFOs have the skills, background, and focus to add value outside of the company’s financial and accounting function.
Any small business owner that feels overwhelmed and that lacks team members to delegate strategic initiatives would be wise to consider the executive skillset and ready-to-go intellectual horsepower available through a Fractional CFO at Florida CFO Group.
The Author
Jim Dietz, a distinguished Partner at the Florida CFO Group. specializes in maximizing cash flow and profits, planning for financial growth, and connecting organizations with needed resources. With over 30 years of experience as a strategic financial executive, Jim understands how to listen, evaluate, and prioritize plans to achieve goals. You can also visit Jim's LinkedIn Profile for more information.
Contact Us
If you have any questions or would like to discuss your organization’s finance and strategic management needs, please give the Florida CFO Group a call 1-877-352-2367 or email us. We are here to help you navigate your financial challenges and achieve success.
