Unlock the top secrets to growing more profitable with CFO Services for small business
Congratulations: you’ve built a successful business!
This year, you’re ready to take things to the next level. You want to expand your team, serve more customers, boost profits, and possibly pay yourself more. Probably, your successful business is just not as profitable as you know it could be.
But as your business grows the financial side of your business gets more complicated, and stressful.
Perhaps dealing with finances makes you incredibly anxious. Or you’re tired of wasting time building spreadsheets from scratch. Or you know it’s time to be sure you have the fundamentals dialed in tight.
CFO services for small business could be the answer for you to hit your lofty financial goals and get over the stress of having to do it all yourself.
But how do you know which CFO Service for small business will work for you?
That’s exactly what we’re diving into today!
Before you invest in CFO Services you need to be sure that:
It’s the right service, coach, or program for YOU.
That your business is in the best place for the program or coach to actually accelerate the level of success possible for your business.
3 Question to ask as you decide if a CFO Coach is right for you...
Question 1: What is a CFO Coach?
CFO Services come in all kinds of flavors and intensity.
Of course, larger companies hire a Chief Financial Officer onto their team.
But not all businesses can afford to have a CFO on staff. That’s where Fractional CFOs come in. A Fractional CFO is an outsourced CFO, or Chief Financial Officer, who supports business owners on a part-time basis in the CFO role.
In other words, a Fractional CFO is hired on a retainer or contract basis to advise small business owners on strategy, planning and decision-making when it comes to the financial side of their business.
To learn more about Fractional CFOs, check out this blog post or read more about our Full Service CFO option.
But for many small business owners, even a Fractional CFO doesn’t fit their budget. Don’t worry – there’s another option!
Enter the CFO Coach and Advisor!
A CFO coach provides you with support as you improve the financial fundamentals in your small business. You get the framework and accountability you need to grow your small business while also deepening your own skills so you can:
Manage your finances
Boost your profits
Gain confidence in making crisp financial decisions based on real information (not just your gut).
At CFO on Speed Dial we provide a CFO Coach for small businesses through our CFO Advisor Program. Over six month’s we help you implement solid financial systems for your business and hone your skills at using those systems to get the financial results you want (and deserve!).
Sounds great, right?
This brings us to...
Question 2: Are you ready for the tools, growth, and accountability in small business that a CFO Coach provides?
From years of working as a CFO, I know that small businesses all need 3 things to be profitable and thrive:
You can read more about these 3 crucial pillars in my blog post here.
To have true success in our CFO Advisor program, you HAVE to have your books in order before you start. — i.e. You need to have a solid start on that first pillar, those meaningful numbers.
In a nutshell, meaningful numbers are...
Accurate — they contain real information based on solid facts
Up to date
Easily accessible
How do you get so that you have and use meaningful numbers?
First, use an accounting program to organize all your expenses and track your revenue. Lots of businesses we work with choose Quickbooks Online or Xero. Either one is fine and will get the job done.
Then, make a habit of actually looking at the financial reports (the top three statements are the Profit and Loss, Balance Sheet and Statement of Cash Flows).
Get curious about what the reports tell you. Here are some questions to review:
Does the story they tell agree with your sense of how the business is doing?
What do you know? What don’t you know?
Are there parts of the statements that are mysterious or confusing?
If there are things you don’t understand, who can you ask for help?
Bottom Line: your numbers have to mean something to you in order for them to be useful!
Question 3: I’ve got my books in order! Now, where do I find a CFO Coach for my business?
Let’s just say you’ve come to the right place!
Check out our 6-month group coaching program, CFO Advisor, which gives business owners like you the skills and systems you need to quickly adapt, grow, and create accountability in your small business.
The program is for small business owners who...
Already have a growing company but want to be more profitable.
Are ready to boost their skills and confidence in dealing with numbers and decision-making.
Love to DIY things in their business.
Are tired of losing time building spreadsheets and budgets that don’t work.
Crave financial reports that give real information and help them understand what’s really going on in their company.
Are energized by learning from and collaborating with other business owners.
If that sounds like you, you may be ready to join CFO Advisor.
Find out with a free 30-minute meeting with one of our CFOs.
The focus of the conversation will be on your business, the challenges that are top of mind for you, and the actions you could be taking. We’ll also help you determine if CFO Advisor is the best next step for you!