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Do you need a part-time CFO?
Hi, this is Judi Otton with GrowthCast, and here are three indications that you do need a part-time CFO. First of all, are you working really hard, making great sales, yet you have no money left over at the end of the month or the quarter? This happens a lot. There are quite a few reasons for this.
First of all, you may have miscalculated your profit margins. Second, there are likely, because every business has some, internal inefficiencies. And third, you may not be paying enough attention to cash flow. A little teaser – I’m gonna dive into all of these in next week’s video.
The second circumstance where you might need a part-time CFO is if you have big growth plans in store for your business. Whether you’re bootstrapping, meaning funding your growth from profits, or you’re looking for equity or debt investment, borrowing money, you’re going to need better internal processes, you’re gonna want to do a robust ROI I before you start spending, you’re gonna want to lay out any talent acquisitions, hiring, space or inventory. You’re going to want to plan that out so that you have the cash flow if you’re bootstrapping, and you may need help getting financing.
Third, if you’re thinking about an exit anytime in the next 10 years, you need a part-time CFO. You want to make your business as profitable as it possibly can be. You want to make sure your books are clean and clear, and you want time to clean up your balance sheet if necessary.
As I mentioned I’ll be digging deeper into some of these in the coming videos and I do have a series on getting ready to exit which you can find right here in this link (https://bit.ly/exiting_your_biz). I’ll be back next week with your Fiscal Fitness Tip of the Week. This is Judi Otton from GrowthCast. I’ll see you next time. Bye-bye.
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