We’ve created a helpful list of Frequently Asked Questions on the benefits of hiring a CFO that our clients usually ask during our first meeting. Hiring a CFO is a big decision — especially for small business owners.
The relationship must be built on a foundation of trust, credibility and experience. At Portal CFO Consulting, we are very proud of our reputation and many accomplishments we’ve achieved to help our clients grow.
Read through our FAQ and then take a look through our client testimonials to read what they have to say about Portal CFO.
Hiring a CFO becomes more important as a company grows. You may need to hire a CFO if:
- You have a large staff
- Begin engaging in mergers or acquisitions
- Are in need of a financial audit
- Going through many of the other trials that businesses face as they increase in size
Once your financial situation becomes more complex, hiring a CFO who is competent and trustworthy will help you to make sense of it all.
Still, as your company grows during its formative years, it doesn’t make sense to not have someone who can easily navigate the financial hurdles associated with running a company.
While you can certainly learn from the mistakes that you’ll likely make during your company’s early years, you want to try to avoid the mistakes that could end up costing you money that you can’t afford to lose. Hiring a CFO will help you gain a partner who can help you grow and face hurdles strategically.
Athletes have coaches who push them in the right direction when it comes to improving their playing. Students have teachers who mentor them in their studies in order to get the most out of the material.
Now, entrepreneurs can rely on someone who provides business consultancy to help them navigate everything that comes with building a new company from the ground up and making sure that it grows from there.
A small business often needs to be able to do the best that it can with resources that aren’t nearly as bountiful as those of the larger companies in its industry. With that in mind, consider the fact that a skilled small business consultant can often help a budding entrepreneur construct a strong business plan that will help them compete.
By working with a small business consultant, the costs and benefits of these, and other important factors, can be weighed and adjusted so that your firm gets the most benefit from the resources at its disposal.
CFO stands for Chief Financial Officer, an executive responsible for the company’s finances. In general, the role of CFO depends on the size of the organization that he or she works for, but in the case of a small startup that enjoys reaping the benefits of hiring a CFO, it isn’t uncommon for that person to handle every task related to the company’s money.
Since a good CFO possesses a far-reaching knowledge of financial matters as they relate to running a business and helping it grow, there are a number of different things that one can do for your business if you decide to bring one on board.
A Business Plan is a document that details the major strategies of a business and the projected finances in the future. The business plan helps clarify the business identity, target market, strategic approach, and projected revenue, expenses, and profit. It allows interested parties to see what direction the company plans to take, both from an overall view, and in detailed planned actions, such as planned marketing budgets, employee expenses, revenues from various sectors, and more.