How A Part-Time CFO Can Take Your Company To The Next Level

June 27, 2016 By Nathan Shields

Many small business owners have a bookkeeper that is awesome at making sure the bills are paid and the bank account is reconciled.  A part-time outsourced CFO is able to help you take your business to the next level.  At Cook Martin Poulson, we enjoy working with small business owner clients acting as their part-time CFO. 

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What Area's of Your Business Can a Part-Time CFO Help?

  • Creating a dashboard that focuses on KPIs (key performance indicators)
  • Evaluating financial and non-financial KPI’s on a regular basis
  • Reviewing historical financials on a regular basis
  • Creating a strategic plan
  • Establishing a 1, 3, and 5 year plan
  • Performing a SWOT analysis
  • Prepare and file tax returns
  • Preparing budgets and forecasts
  • Establishing internal controls to protect your business
  • Developing an organizational chart
  • Developing a succession plan
  • Making sure the debt structure is correct for your business
  • Managing cash flow
  • Evaluating your business against industry trends
  • Establishing policies and procedures to help your business grow

A dashboard that combines both financial and non-financial KPI’s is an integral part of understanding where your business is headed, and where there are opportunities.  We can customize a dashboard so you see the information that is important to you.

Our job as an outsourced part-time CFO is to help you look forward and achieve your goals for the future.  One of the items above is helping you come up with a strategic plan and put a 1, 3, and 5 year plan in place.  A lot of businesses don’t have a formal direction of where they want to be in the future.  Most businesses have only an idea of where they want to be, and don’t know how to get there. 

As a part-time CFO we become an integral part of your business and are involved in the operations of the business on a regular basis.  We help address areas of concern and help develop solutions to those concerns.  We have the knowledge and experience to solve problems and help your business grow and succeed.

Can a Part-Time CFO Help Save My Business Money?

While helping client’s in the part-time CFO role, I have been able to save my client’s many thousands of dollars. 

I have helped restructure debt in a way that significantly lowered the interest rate, and freed up cash flows on a monthly basis.  By providing dashboards and charts and graphs clients are able to see the information they need in a way that they understand. 

In one case my client was able to increase gross revenue by 15% in one year because they had timely information presented in a way that they understood.

 

Conclusion: Consider Hiring a Part-Time CFO

Hiring a part-time CFO can help you and your business create and achieve growth goals. They can get you on track for success with the right systems and procedures. Strategic planning with the proper tools is paramount to achieving success.

5 Questions to Ask to Determine if You Need a CFO

Nathan Shields

Nathan Shields

Nathan Shields is a CPA in the Logan office of Cook Martin Poulson, PC. Nathan has been with Cook Martin Poulson since 2008.

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