Bringing a Chief Financial Officer in at the right time and recognizing when you need one is important. There are a few signs to recognize when your company is ready for one:
1. You have trouble with finances, or it has become too much for you to handle.
Finances of a business can become overwhelming for anyone. If you do not have a person with corporate financial experience, it can be easy to fall behind or make mistakes. This would be a time to bring in a CFO. They will analyze your past finances, work with your present status, and help plan for your future. This also helps your team avoid spending too much time managing money and more time focused on their specific jobs.
2. Your company has an increase in growth in a short time.
If your company has a significant increase in revenue, acquired a lot of new employees all in a short amount of time, or is ready to make a bigger move, a CFO can help make budget adjustments and financial plans to help meet all the changes within your growing company.
3. Risk Management
CFOs can help with concerns of risk management. With planning, forecasting and analysis of all financial situations, CFOs can provide accurate and successful financial plans to help secure income. They will also be involved in all future investments and negotiations for your company, deciding which moves will be best for your overall financial growth. Beyond financial risks CFOs also deal with:
- Compliance risk
- Debt risk
- Operational Risk
- Supply chain risks
- IT Risk
4. You want to experience more growth.
Whether you have reached a plateau in sales or running successfully and want to reach the next level, a CFO can help you get there. CFOS are skilled in evaluating business models for profitability and are always a good resource when making any big changes to your business.
5. You are buying or merging companies.
Mergers can be complicated and with the influx of new financial information, it can be hard to keep up with. This would be a great time to bring in a CFO to help manage the financial changes and keep it all on track.
If you are ready to take your company’s finances to the next level, it is time to bring a CFO in. CFO Systems, LLC can either have a CFO as a part of your executive team or help support your current Chief Financial Officer. Contact us today to find the right fit for your business’ financial future.