DOES IT MAKE SENSE TO “LEASE” A CFO?
Most small to mid-size businesses cannot afford a full-time CFO. And while the owners shoulder the responsibility, acting in the capacity of CFO, more often than not critical functions get neglected. Even when driven by the best intentions, the person responsible can’t devote sufficient time to financial tasks due to pressures from primary tasks. Important fundamental challenges like the development of an annual operating budget or understanding a “contribution margin” for key products and services are basics that many small business owners fail to execute. Don’t know what a contribution margin is? You need to hire or rent a CFO.
A CFO helps fill neglected financial gaps. Here are some examples of the services you can expect from a part-time CFO:
- Develop an annual budget with target metrics for sales, expenses and profit objectives
- Develop KPI’s (key performance indicators) to identify strengths and weaknesses in the business
- Deliver competitive insight on effective pricing strategies
- Develop and enhance corporate processes and policies
- Develop a thorough cash flow forecast, identifying pinch points and tactics to smooth them out
- Conduct contract negotiations for key business opportunities
- Provide a detailed tax strategy aimed at improved profitability
Even if you have some of these functions well in-hand now, an independent and unbiased CFO will identify errors, gaps and faulty assumptions. You’ll receive detailed input on ways to improved processes and achieve greater efficiency. All of these functions are the role of a CFO, and it’s a role that is usually critical for ongoing company success.
Business owners want to keep their eyes on new business development, customer acquisition and sales growth. Lacking the background and skills offered by a CFO is an unwise way forward because it retards the acquisition of the critical financial analysis that informs and guides decisions.
At EndGame Success, we provide all services as if we’ve been hired to act as your chief financial officer. We offer practical and sustained financial experience for startups and mature businesses. We understand the challenges, hurdles and pot holes that confront small growth-oriented firms, especially the financial, contractual, human capital and operational aspects. Regardless of whether your business is executing an exit strategy or trying to build value and profit for the long haul, EndGame Success has your financial back.
So it makes perfect sense for EGS to offer CFO services that fit your business like a bespoke suit. We maintain a stable of freelance financial experts with proven skills in basic accounting, tax and controller functions all the way up to C-level strategists and tacticians who will drive value with the direction and speed you need.
Based on extensive client experience, EGS delivers these key CFO-centered services among many others:
- We add proven financial expertise to all business operations
- Controller services are readily available for day-day operations
- Our skill set includes the crafting of incentives to achieve higher productivity and employee morale
- We are qualified to review business processes in order to improve your bottom line and profits
You might think of our service as “lease a CFO.” Or a controller, even a tax strategist. Consistent with our mission, we think of it as a normal part of EndGame Success. And you don’t need to actually have more than $5M or $10M in revenue to hire us for this key function. It costs nothing to chat with us to improve your insight and help establish optimum timing, whether you want to build value toward an exit or simply run the business in the most cost- and profit-effective manner. Send an e-mail or use the phone: