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When
to Call a Contract CFO
By: Vince Callahan, MBA, B2BCFO
Are you suffering through a change? Your willingness to wear
all the
hats, a necessity when you first started the business, is
now a road block to
the growth of your company. The reality is that most
entrepreneurs need to
bring in assistance and learn how to "manage the
managers" before the
business can experience significant growth and improve
profitability.
A contract CFO can help propel
you forward to your desired growth and
success. For instance, most businesses will need
higher-level
financial expertise, such as that given by an experienced
Chief Financial
Officer. A contract CFO can be affordably retained for
several days per
month, or just a few hours a week, to meet the company's
needs and goals.
There are many services a contract CFO can perform, which
will allow
the business owner to use his/her time more
effectively. Some common
contract CFO functions include:
1. Preparing a meaningful financial plan
which is designed to transition
the company from where it is today to where you want it to
be in the next
2-5 years;
2. Interfacing
with funding sources and explaining the use of funds
sought;
3.
Providing understandable, timely, and accurate financial information
that help you to effectively manage your business.
Contract CFO's work
well with your CPA, who usually can't be on site at
your business regularly;
4. Developing a roadmap so you have what
you need in place to meet
your business objectives;
5. Implementing safeguards designed to protect the
company against
fraud.
It is entirely reasonable to expect your
business to accommodate your
financial needs and allow you to maintain a normal, balanced
lifestyle, once
you have the proper plan and advisors in place. If you
want to increase
profits, take control of your business again, and put some
fun back into
your business, consider a contract CFO.
___________________________________________________________________________
 Vince Callaghan has been developing financial systems and
managing technology
personnel for over 20 years. He has been a critical
player in growing an
organization from a $75 million company into a $200
million organization;
while controlling costs and maintaining system integrity.
Vince is comfortable
in the board room facilitating the strategic planning
process and critical decision
making, as well as working with your financial
institutions to establish better
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