Why Does Your Startup Need Fractional CFO Services?
|Most startups aren’t flush with cash, and so when they’re looking for strategies to help with growth and development budgets are of importance. Fractional CFO services are a wonderful opportunity for startups and small businesses to access specialised financial advice without spending an arm and a leg on it. Fractional CFO services make sense for companies that are too new, or too small to justify having an in-house financial specialist, but still want to get all those important insights and planning advantages that come with personalized financial advice. If you’re considering onboarding a fractional CFO, keep reading to understand more about the benefits they can bring to your business.
- Invaluable Experience
Due to the nature of how fractional CFO work – they tend to have a number of contracts spread across a variety of businesses and industries – it means that they can bring that wealth of hands-on experience to your business. You’ll receive more dynamic guidance, than working with someone who’s held the same position for the same company for a number of decades. CFOshare fractional CFO for example, have a portfolio of hundreds of clients meaning that their experience is simply invaluable. - Flexible Support
If you’ve got a specific budget you need to work within, you can let the fractional CFO know and usually they will tailor a package to suit your needs and budget. The wonderful thing about working with a fractional CFO is that you have dynamic flexibility, as your business grows and you want more intensive guidance, you can up the hours or the package. It’s much easier for smaller businesses to juggle than working with an in-house CFO that has fixed hours and a fixed salary. - Growth Focused
A fractional CFO can help you with most aspects of growing your business, from financial planning services, right through to sitting into board meetings and offering advice. Your fractional CFO can focus their energy on specific challenges your business may have, such as cash flow issues, high expenses, cutting costs, revamping systems that no longer suit your business size and low gross margins. Many of these issues can be huge barriers to growth and development of your business. - Looking to the Future
While many other financial professionals such as accountants and bookkeepers focus on money already spent, a fractional CFO can help you plan how money should be best spent in future. They can act as a financial bridge, helping you get from where you are, to where you want to go. A fractional CFO can help you develop short, mid and long term financial forecasts to see where things will go on the current trajectory as well as anticipating how specific changes to the business model can impact these predictions.Working with a fractional CFO can be a great way to take your business to the next level, while still working within your company’s budget.