- Better Cash Flow
Small business owners constantly deal with money coming in and going out, and at times during growth it feels like there’s more money going out. An outsourced CFO will take control of the cash flow to generate more breathing room as well as identify future cash flow issues to proactively plan a solution.
- Stronger Balance Sheet
Many of the key insights into a business lie on the balance sheet. From cash on hand to debt leverage to net profit, the balance sheet can provide valuable information to the health of the business. A good CFO will know how to manage the balance sheet to ensure the company’s health.
- Consulting and Advising
It’s the role of a small business owner to be an optimist, to believe that they will succeed. It’s the role of a CFO to be a realist, to ensure the company is able to achieve its goals financially to continue to operate. Together, the two can make a dynamic team. A CFO provides another perspective, background and experience to help the company strategically reach the owner’s goal.
- Funding strategies
An outsourced CFO can play a key role in the relationship between a business owner and banker. If a bank is uncomfortable with the numbers or data presented by the owner, an outsourced CFO can step in to prepare and provide the information the banker needs. This helps foster a win-win relationship: the business owner gets the funding he needs and the banker is able to provide the services he offers.
- Financial management
Business owners wear many hats, but it’s critical for them to focus on their strengths. A CFO will create processes, procedures and metrics to help track and manage the financials going forward. When done well, this provides the owner with a quick look at key information that helps their company stay on track
If you’re feeling like the results of the business aren’t justifying the effort, an outsourced CFO can step in and focus on the financials to shift the headwinds to tailwinds. Remember, an outsourced CFO works with your business for a certain amount of time, so you’ll continue to gain benefits from these efforts into the future after the contract has ended!
If you are in need of a Bookkeeper, BAS Agent, Turnaround Manager, Turnaround Consultant, Turnaround Advisor, Turnaround Specialist, Business Transformation Specialist or looking into CFO services – vCFO (Virtual CFO) | Interim CFO | Part Time CFO | Full Time CFO | Interim CFO 5ivestar Business Services can support you through your business turnaround.
5ivestar Business Services are tax agents located in Carina Heights on Brisbane’s Southside. We service all areas of Brisbane, Ipswich and the Sunshine Coast for tax, BAS and bookkeeping. We also practice as virtual CFOs, take on interim CFO engagements as well and financial management, reengineering and restructures including business turnarounds and transformations and expert financial modelling.
Let’s chat about your business today https://5ivestar.com.au/contact-us
P: 07 3084 3692