When you have an issue with a car – what do you do?
When you have a leaking pipe – what do you do?
When your electrics are giving you a bit of a shock – what do you do?
You want to sell your house – what do you do?
Most the time you would probably seek out the advice of a professional in that field. You may have some knowledge of the potential problem, the issue may not be that urgent, you can continue without resolving it. But more than likely you will need to use the services of an expert at some point. Hopefully, that point in the future is not too late.
Issues with financial performance and reporting in businesses can range and vary considerably. How do you know when you have a potential issue? What do you do when you locate it? When so you seek help and advice?
A part-time CFO will help your organisation in these areas and beyond:
- The fuel of your business, or cash-flow, is not flowing efficiently enough to keep the business moving forward at the right pace
- There is a leak in your sales pipeline or costs are overflowing more than before, and profits are dripping away
- A customer has not paid as advised, and the supplier will not deliver unless their account is settled – this could cause a major shockwave through your business and beyond
- A potential acquisition could be on the cards – how do you know what your market value is?
Through the implementation of strong reporting and analysis, fit for purpose controls and measures and a strong understanding of your working capital drivers a part-time CFO can provide the guidance you need to help prevent small issues from becoming something much more serious.
Seeking the advice of an expert and professional is always something to consider– and the financial performance of your business should be no different.