As good stewards of our body, we strive to have annual physical exams with our doctors. However, as a business owner, do you think about the financial health of your business? Is it operating efficiently? Are resources properly deployed for maximum effect? Are you being as successful as you could?
As a small business owner, your focus is on the day-to-day or month-to-month ensuring that your customers are serviced and you are growing your business. You know your business and your customers. However, you do not know what you do not know. Imagine that you could increase cash in your bank account simply by changing how you do business. In reality, successful businesses realize that how they do business is just as important as obtaining business.
So, how do you know if your business is financially healthy and poised for success? It is by partnering with a Chief Financial Officer (CFO) who will bring critical insights and analysis, along with operational finance experience. If you look at successful businesses, you will usually find that there was a strong financial person that partnered with the owner/management. A CFO has an unique ability to dive into the details of the business: and at the same time, go to 40,000 feet to provide overall financial strategy and direction to the business.
A CFO will ensure that you are:
You are probably saying to yourself; I cannot afford a full time CFO. The answer is that you cannot afford not to have a CFO. Yes, it is true that a CFO can be expensive, but they need not be full time. Further, a CFO can be utilized on a project basis.
How We Can Help
At the Florida CFO Group, our partners have a proven track record of assisting owners be successful. Recently, one of our partners was brought into a business and within six months and just before the impact of COVID-19, doubled cash on hand for the business. COVID brought a significant drop in sales; however, the client’s cash on hand tripled without obtaining any financing.
Contact us so we can work with you to elevate your business!