As a small business owner, driving sales and revenue is important. However, as an entrepreneur, there are 3 things you should always consider too:

1. How can we do less; after all, less is more
2. How can we do better; in a competitive business environment it means doing it differently from the competition
3. How can we measure; you should know the returns on investment

But without the right soundboard and advice, you may not progress very far in finding the right answers.

An accountant is excellent at giving you a historical perspective of the business’ progress. However, to propel your business further ahead, you must have a financial strategy.

In the following discussion, we discuss the merits of having a CFO to develop this strategy.

1. Business model

A CFO’s expertise is not just confined to numbers. They have a business perspective, which includes HR, operations, marketing and sales. Armed with this knowledge, they help you identify the business model that best meets your target audience’s needs as well as your goals.

2. Better tax planning

Tax matters are not just about ensuring the business meets its obligations. After wages, for a growing business, tax is probably the next biggest expense, depending on the prevailing system. Without proper management, you may be left with little to reinvest or reward yourself and employees.

A CFO can help you develop a sound tax management system. This is more than just minimising your tax obligations.

3. Financial controls

Growing a business will require greater spending, from increasing head-count to cost of production. But if financial prudence is not exercised, the growth can lead the business southwards.

One of a CFO’s critical technical expertise is financial controls. They put in place structures and policies to ensure the business lives within its means as it grows.

A growth-centric business strategy incorporates a sound financial strategy. Speak to us today to learn more about what a CFO can do for your growing business.