Even though the small business owner wears many hats, it’s nearly impossible to juggle all these hats successfully. As the business grows, so does the complexity of the financial strategy needed to sustain the growth. It is at this point many businesses introduce a fractional CFO into their operations.
A fractional CFO is an expert who defines and measures the numbers and interprets them for the business; facilitating necessary adjustments to reach financial goals and milestones. Though it seems impossible that anyone could have predicted the economic chaos of 2020 and 2021, many small businesses are thriving despite it. This, in part, is attributed to the role a fractional CFO plays in creating value for the organization. Performance and profitable growth are achievable when businesses make the tough decisions, cutting costs where possible, and implementing new processes to grow revenue.
At All in One Accounting, in addition to providing CFO services, we are also happy to offer up some free CFO insight from time to time until your business requires that level of support, including new opportunities to explore. For instance, a few areas CFO's were focusing on in 2021 included:
- Preparing for proposed changes to tax policy. A lot is on the table right now in Washington, DC, and the impact on businesses is yet to be defined; having the know how to navigate the potential river of code will be key.
- Driving digital transformation. A Protiviti annual Finance Trends Survey revealed that 72% of CFOs and VPs of finance ranked cloud-based applications as a top priority to address over the next 12 months. Moving teams from manual to digital platforms and operations helps reduce costs, errors, and increases a business’s agility to adapt to change.
- Unlocking new revenue streams. Massive change brings new gaps to the delivery of goods and services to clients and customers. Being able to adapt existing revenue streams or providing new products or services to fill the gap will help increase revenue.
Our new CFO Minute blog will highlight quick insights from our bank of CFOs, special considerations that you can digest in minutes—from navigating audits and breaking tax code, to designing checklists that really work. There will be something for every small business or nonprofit to consider. Check back often to get the latest tips or contact us to explore how a fractional CFO can help you.