One of my favorite books when reading up on small business development is The 500 Hats of Bartholomew Cubbins. If you are like me, it can seem like you are wearing 500 hats a day. Some fit better than others and some, like Bart’s, are more fancy than the others.
How many hats do you want to wear for your business? How many hats can you wear? And, most importantly, do you have the right hats?
If you are running your small business wearing the “chief financial officer” hat, you are destined to make boneheaded decisions. Not because you are not intelligent, you wouldn’t be reading this blog if that were the case. No, it’s because you make ridiculous choices when you are trying to wear hats that don’t fit your head.
While there are certainly some hats you can wear without undermining the profitability and efficiency of your business, one hat that you should hand off to someone else is the financial hat. If for no other reason than you are too close as the owner to make sound decisions in tough circumstances, having someone else weigh-in on finances with competency and direction will separate you from your competitor and help your business a thousand-fold.
A virtual CFO can provide experienced, professional financial management. This expert advice then gives you the chance to focus on the things you are good at — like growing your company. Every business needs a CFO resource. Small businesses around the world are turning to virtual CFOs to leverage their decision- making ability toward big business. Think about it: by using a remote CFO service you are actually able to tap into the financial experts of larger companies. This resource was practically unobtainable just a few short years ago.
Let’s put it this way: you want to grow your company, don’t you? Then look at just some of the enhancements that a remote CFO service could provide: seasoned expert advice; actual experience handling the needs of companies larger than yours; a plan for growth or strategies to build your profitability that you might not know about; the trained eye to review and analyze your business’s key metrics; training for your current controller to make better decisions; and let’s not forget: increased cash flow.
You may not have 500 hats, but wearing one less — or not wearing the right hat — can mean the difference between growing your business or struggling to make it through another year. A CFO service can give you the best chance for success by letting you tap into the financial expertise that made the success happen for another company. Besides, having a virtual CFO pays for itself. Making the same decisions that Large Cap companies can make means you are on the winning track toward better profitability than you could have dreamed on your own.
Don’t be that guy who makes all the financial decisions for his own company — leave that stress to your competitors. Tap into this game changing resource and give your poor head a rest.
Ren J. Carlton is a business consultant for Dynamic Advisory Solutions in Troy.