Is your business muddling through the year without a plan? Are you frustrated by unpleasant surprises that cost your company money? Do you even know if you’re measuring what matters?
If these questions are familiar to you, you’re not alone. Many business owners are too embarrassed to admit that they suffer from one or more of these situations, all of which are indicators of weak financial management. In fact, some of these issues can result in your company going out of business, throwing years of hard work down the drain.
The good news is, that doesn’t have to happen to you. Savvy business owners can recognize the gap in financial expertise and use fractional CFO services to bring confidence to their numbers and continuous financial support to their company.
Here are 7 specific advantages that your business could realize by using TurboExecs:
1. Save money:
With this option, you would use a fraction of the time an on-staff CFO works. Keep in mind, on-staff CFO’s can run from $200,000-$500,000. A fractional CFO allows you a high-caliber professional at a third of the cost.
2. Gain flexibility:
A fractional arrangement allows you to tailor your CFO’s services to your business’s needs. And as your needs change, you can adjust the level of service you receive. You may need the CFO more while you’re establishing controls and creating systems and scale back after, or transition to strategic planning or larger projects.
A full-time employee is on-site and represents a fixed cost, meaning you have to figure out how to fill their time – potentially with very low-value work.
3. Access to more experience and skill:
A fractional CFO generally comes to you with much more experience and skill than you can afford in a full-time employee. You’ll have access to the training, perspective, contacts and know-how of a professional with many years of experience, but at the cost you would pay for a full-time bookkeeper or brand-new accountant.
4. The advantage of independent perspective:
As CEO of your company, the one thing you need in a CFO is someone who can see what is happening and tell you the brutal truth. In the same position, it doesn’t take long for a full-time employee to realize that they are in a political environment, and that their job and future are dependent upon how you – and their peers – view them. This compromises the independent perspective you need.
5. You have the power of a mediator:
Since there’s no danger of the CFO jockeying for a position within your company, TurboExecs will have a much easier time getting cooperation from people who might block the same effort from another internal employee who could be viewed as a competitor.
6. Solutions come faster:
An outside CFO has likely seen the same problem you’re facing many times before. TurboExecs comes ready to solve problems and get you results quickly.
7. There’s less risk:
Exiting the relationship is much easier with a fractional CFO who is not your employee. It’s clean, simple, and there are fewer feelings involved. Conversely, terminating a key full-time employee can be challenging, expensive, and emotionally draining.
Bonus – you get fresh ideas:
Because our CFOs are working with multiple clients, we’re being exposed to many different ideas and solutions – and we’re generating those ideas and solutions for our entire client base. So from that exposure, you gain a constant influx of fresh ideas for solving your problems and benefiting from your opportunities.
If you need a fresh, expert perspective in your business, click here and let TurboExecs help you grow with confidence.