What SHOULD a CFO do for your business?

It should come as no surprise to you that here at Wealth, Worth, Within, we firmly believe that a CFO should be much more than just a monthly report and percentage allocation. As a business owner, you deserve an active CFO partner – one who not only provides financial reports, but also offers solutions to your challenges, engages in proactive planning, and guides the strategic direction of your company.

I want to dive even deeper on what a CFO SHOULD be doing for you:

• Beyond Numbers: Providing Solutions - A true CFO partner should be proactive in identifying and resolving financial issues before they escalate. Whether it's optimizing cash flow, reducing expenses, or improving profitability, your CFO should be your trusted advisor in navigating financial challenges.
• Financial Leadership: Leading the finance function - Your CFO should be proactively driving and leading the financial function for the company. They should be planning the activities and priorities that need to be discussed to ensure smooth financial sailing. They should be talking to your bookkeeping, accounting, and finance support staff to guide the direction and provide insights that help them better support the business.
• Strategic Guidance: Planning for Growth - In addition to managing and monitoring the business finances, your CFO should play a pivotal role in strategic financial planning. They should continually evaluate new ideas, opportunities, and risks, providing insights to help you make informed decisions that drive sustainable growth.
• Industry Expertise: Industry knowledge and experience - Ideally, your CFO should know and understand your business model and industry. This helps navigate the financial picture for the business based on environmental headwinds or concerns as well as provide advice that aligns with industry expectations. They will make recommendations based on the industry trends and knowledge around what has worked well before to mitigate risk.
• Personalized Approach: Aligning with Your Goals - Your business's financial strategy should align with your personal goals as a business owner. A CFO who understands your aspirations and concerns can tailor financial advice and recommendations to support your long-term objectives.

It's essential to recognize that not every CFO operates in the same way. Some may simply provide allocation percentage reports and minimal engagement until the next monthly meeting. However, this approach falls short of what modern businesses need to thrive and scale successfully.

I shared a video on Instagram a while back that touches on this idea, and I’d love for you to check it out.

WATCH THE VIDEO HERE

At Wealth Worth Within, we do it differently. Our team of fractional CFOs is committed to actively partnering with you to develop comprehensive financial plans, drive strategic initiatives, and ensure that your business is on the path to sustainable growth and success.

Want to know if you are on track to achieve your goals for the remainder of 2024?

Is your business growing? Could you get paid more from your business? Do you need fresh perspective on your numbers? Can you afford to hire? Is your cashflow healthy?

Let us help you answer these questions!

We have a few open spots available for a Mid-Year Financial Review. We will analyze your first half of the year numbers in depth to spot trends and opportunities. Then, we will project your second half financials goals for the rest of the year to set you on the path for growth. Learn more and book a Mid-Year Financial Review right here.

BOOK A CALL HERE

Best regards,

Carla Titus

Wealth and Worth Within