What does a Chief Financial Officer (CFO) do? Understanding the Key Benefits for Your Small Business

The Challenge of Navigating Finances for Small Business Owners

Most people who run a business don’t have a background in finance, so when it comes to sorting business numbers it can feel hard and scary. And you’d probably much rather focus on what you are good at than entertain cashflows, budgets and taxes. Nevertheless, you probably have a system of sorts for getting through your bookkeeping, invoicing and keeping HMRC at bay.

But do you ever have days (or sleepless nights!) were you find yourself:

• Freaking out about how little cash there is in your bank account?
• Feeling exhausted working all the hours but not having the time and money to book a holiday?
• Wondering why you seem successful to the outside world but yet there are barely any profits left over?
• Dreaming of bringing all your wonderful ideas to life but you’re always get stuck sorting out day to day admin and problems?

If these frustrations sound familiar then you would probably benefit from working with an Outsourced CFO who specialises in supporting small business owners!

So what is a Outsourced CFO?

An outsourced CFO is a Chartered Accountant, Strategist and Business Growth Specialist, basically a hands-on business finance expert, that specialises in supporting small business owners shape, grow and evolve your business – sustainably, profitably and with healthy cashflows. In a direction that aligns with your unique aspirations and values.

It’s about building those solid finance foundations – for day-today efficiency, clarity, compliance and ease as you scale – and planning for an abundant future.

A CFO is an invaluable partner to a small business owner, helping you transform your aspirations, dreams and ideas into commercially viable and strategically savvy outcomes. Navigating you through financial milestones and bumps, in your company’s journey. All so you can establish a thriving, long-term business model that aligns with your personal goals as a business owner.

In this arrangement you pay for only what you need. There are various labels, such as ‘Outsourced CFO’, ‘Fractional CFO’ or ‘Part Time CFO’. And I call my own offering ‘Mini CFO’. What all these ways of saying it essentially mean, is that small business owners get affordable access to the skills and expertise of a CFO for just the time, topics and problems they need support with. Usually through a retainer, project or pay as you go service option.

How is an Outsourced CFO Different from a Traditional Accountant?

Your traditional accountant,  will usually assist you with the day-to-day finance activities and obligations, filing accounts and keeping compliant, in a more ‘backwards looking’ and compliance focused way. It’s about accurately painting a financial picture of where you’ve been. 

Whereas your Outsourced CFO supports more on the financial aspects of ‘where you are going’. Its all about strategic financial planning, budgeting, business planning and good decision making. Given their wealth of knowledge and breadth of experience, and commercial brain you also benefit from relevant and applicable insights and ideas to positively influence your business direction, and help your price for profits, and spend your money wisely.

With a CFO by your side, you can confidently navigate the complexities of finance and decision making as a small business owner and enact some amazing plans for a joyous and aligned future.