3 Reasons you Need a Virtual CFO

In many cases, most people start a business because they found something they are wildly passionate about or highly skilled in that they want to share with the world, they are seeking freedom and autonomy from the traditional 9-5 or some combination of both. Does this sound like you? You’ve experienced a tremendous amount of success but are feeling stumped on what’s next and how you scale. Perhaps maintaining your books is giving you a headache and making sense of your financial statements is a challenge. Maybe you’re feeling like you don’t have enough insights or resources to strategically plan for the next level of your business. Wherever your stress lies as it relates to your business finances, hiring a virtual CFO may be the right next step for three reasons. 

You’re Spending more time in your Business than on your Business

Let’s face it- spinning your wheels for hours crunching numbers and troubleshooting Quickbooks is time away from working with your dream client or focusing on efforts that will win you new business. In my opinion, hiring a Virtual CFO is a game changer for many small businesses because now you have time to focus and operate in your zone of genius. 

Because I am a nerdy accountant, I always like to use numbers to help drive a point home. Let’s say you spend about 5 hours per day (25 hours per week) dealing with the numbers side of your business. I’m talking invoicing customers, tracking receipts, paying bills, reconciling your bank statements. Now, think about if you spent that same 5 hours per day (25 hours per week) nurturing your clients, speaking on different Podcasts, recording Instagram Reels and curating content- how many leads do you think you can generate? Chances are you will find the monetary value realized from spending more time on your business than in your business is undeniable! 

 

You Need Guidance making sense of your Financials as you make Money Moves

Impulsive and reactive decision making is a thing of the past when you hire a Virtual CFO. It is inevitable that in order to truly grow your business you are going to have to make investments. How does the saying go? You have to spend money, to make money. It’s absolutely true. A virtual CFO can help you think strategically as you consider potential investments in your business- including when is the best time to make the investment and how to price your product or services accordingly. 

 

You Are Eager to Level Up your Business, but you don’t know your Bottom Line

Hiring a Virtual CFO will empower you to make investments in your business and ultimately make better decisions because you know your Bottom Line (link to Bottom Line Budget Template). At the end of day, as the CEO of your business you are making important decisions everyday. Many of those decisions have financial implications that are important to understand. However you desire to expand, be confident, supported, and prepared as we position your business for long-term growth.