Medium-sized businesses need a part-time CFO
This is the second post in our series exploring how a part-time CFO is a worthy investment for any company, regardless of the size. Read part one here.
How do you define a medium-sized business? Let’s say you make $0.5–20 million in revenue and employ 2-75 people. You’re aware that there are several areas of your business where you’re unable to (or choose not to) focus – you’ve reached the end of your bandwidth. You know you need to stop micromanaging. You want to spend more time out of the office with clients and customers talking about the product you are so passionate about.
Bottom line: you need a management team to support you and claim responsibility for the areas of your business that shouldn’t be the CEO’s first priority.
A part-time CFO will put in place the discipline of financial reporting and accounting that’s right for your business right now, and in the future. Working with your current staff, he or she will establish standard operating procedures and reporting schedules. In addition, a part-time CFO can help you structure and develop your back office to work at the level your business currently needs, or will need in the future.
With experience in finance, accounting, banking, human capital, technology, IT, insurance, legal and facility, your part-time CFO can relieve you of the many distractions within your internal operations. An investment in an experienced leader is a stepping-stone to the next stage of growth.
Are you a large business? Stay tuned.