Expert financial advice is the secret to business success. However, hiring a dedicated financial manager can be out of reach – especially for entrepreneurs. With experience in small business, virtual CFOs can provide high-level finance advice, to ensure your business’ long-term growth. Fortunately, there is an affordable way to access this expertise – hiring a virtual CFO. Here are five ways a virtual CFO can expand your business.
#1 Precise financial reporting
As your business expands, you may need more help than your finance team or bookkeeper can give you. A key reason for this is a knowledge gap, which makes it hard to handle financial issues. A virtual CFO will create accurate financial reports, which will increase confidence among your team and investors.
#2 Decision making
To ensure continuous profitability, you need to make strategic business decisions. A virtual CFO helps you make informed decisions, by analysing your business’ finances. This expert financial help allows you to identify risks and opportunities. With this information, your CFO will create a practical business plan designed to reach your goals.
#3 Raising capital
Whether you plan to hire more employees, launch a new product or expand operations, you’ll need to raise money. Obtaining finances can be quite an intimidating process. Fortunately, your virtual CFO can suggest the best way for your company to raise capital. This may be through a venture capitalist, business angel, a business loan or industry grant.
#4 Risk management
As technology advances, your business can become more vulnerable to threats. These threats can range from flood, fire, employee theft and all manner of cyber attacks. To safeguard your business, a virtual CFO will perform a risk assessment. This will ensure you are investing in cyber security, are adequately insured and that your data and equipment are secure.
#5 Encouraging change
To grow, your business should be in a perpetual state of change. As you expand, launch new products/services and more, it’s important to have a manager to oversee short- and long-term business performance. Your virtual CFO can expertly guide you through these transitional periods to facilitate growth.
To find the perfect virtual CFO for your business, call or email the team at Propeller Advisory today.
