When your roof leaks, you hire a roofer. When you don’t feel well, you visit a doctor. But what do you do when your small business starts to leak profits and you can’t sleep at night as a result?
One of the most common ailments experienced by every business owner at one time or another is tunnel vision. Tunnel vision happens when you become so focused on managing the day-to-day demands of your business that you fail to see the forest through the trees. When this happens, there are many potential pitfalls that can and do occur including lost profits, lost customers, and even business failure.
Fortunately, there is a fast and painless remedy to apply before it’s too late.
A Cure for Business Ailments
Having an objective and outside fresh perspective on what’s going on in your business can not only help to cure what’s wrong, but it can also help to prevent trouble that may be looming around the corner as a result of shifts in the economic environment and changes in the market place or competitive landscape.
This is where the help of an experienced Chief Financial Officer (CFO) comes in. A typical CFO offers years of experience in developing, implementing and managing successful business strategies including growing the bottom line.
Traditionally, CFO-level talent was only available to large corporations that could afford the high salary and expensive benefit packages to secure this level of talent. Today, small businesses can easily access this talent on a part-time basis.
The Doctor is Now On-Call
A part-time CFO provides a small business with on-call access to proven strategic and financial management expertise. For a small business owner, this type of business relationship can be worth its weight in gold. More specifically, the investment in securing CFO expertise is more than returned through increased growth, higher profits and overall time savings. This includes assisting with essential management issues such as improving expense control and managing cash flow, to more complex tasks such as financial modeling and performance deviation analysis.
When seeking the advice of a part-time CFO, look for a firm that offers these and other types of skills specific to your business goals. It also helps when there is an initial no cost consultation option so that you can assess personality fit as well as areas of expertise.
The bottom line is your bottom line. In this regard, having CFO talent on your team is one of the best medicines when it comes to succeeding in business.