What is a Fractional CFO?
As a business starts out and looks to grow, the leader is faced with many touch decisions and choices along the way. They are continuously tasked with preparing for the future, while operating within the constraints of the present. This makes hiring decisions particularly difficult, especially determining the right time to add resources to the company.
This generally means that the business leader assumes responsibility for the financial and administrative functions of the organization in the early days. But eventually, those responsibilities, which are critical to the on-going success of the company, become too much for the leader to carry. However, the burden may not be enough to warrant bringing on a full-time, dedicated resource to address the need.
Enter the Fractional CFO.
An experienced financial professional that has the know-how and expertise to perform these critical functions efficiently and at a high level, but on a fractional or part time basis. It is the perfect stepping stone for a company that is looking to grow, needs that financial discipline, but also needs to be cost conscious at the same time. It is in essence the best of both worlds.
A Fractional CFO can operate as the financial leader of the organization putting in place many of the financial functions, controls, and tools a company needs to be successful. This includes:
Implementing robust monthly processes and systems within the organization.
Providing insightful analysis and financial modeling to be able to better evaluate business performance that will help grow sales, reduce costs and ultimately improve profitability.
The ability to streamline many organizational functions to make things easier and more efficient for the team.
Overseeing and managing company projects to ensure they stay on track, on budget and meet expected outcomes.
Overall, having a good Fractional CFO helps the business and the business leader take significant steps forward in optimizing the company for strong growth. They can be a key partner in the advancement of your organization!