According to experts, the average CFO salary is about $130,249 dollars per year. Paying this salary might make you think twice about hiring a Chief Financial Officer for your company.
Yet, you should consider outsourcing your CFO services to have an edge over your competitors. The ideal officer will help you take your business to the next level.
Don’t know why you should consider hiring a Chief Financial Officer for your company? Here are the top five ways this corporate officer can help you stay ahead of the competition.
1. Boost Your Company Profitability
A CFO will work with your employees and management to track your internal processes. Cash flow, profitability, expenses, and growth are some of the metrics the officer will keep an eye on.
This officer does more than just look over your books. They make sure the processes align with your company mission and look for ways to boost your results.
2. Handle Any Changes in Ownership
Company growth brings changes in ownership such as acquisitions, mergers, private placements, and even IPOs. While you may be able to handle it with your current staff and management team.
A Chief Financial Officer can provide analytical and strategic insight into these changes. Also, your officer will take care of guiding your company and staff through the process.
3. Manage Risk Effectively
Many companies underestimate the importance of risk management. Having the right internal checks and balances systems can protect your business from fraud, mistakes, and other risks.
When you outsource a Chief Financial Officer, they will assess your operations and identify risk exposure. After identifying any potential issues, they will strategize and implement the right financial and operational controls to manage risk effectively.
4. Develop Relationships with Lending and Funding Sources
Growing any business requires obtaining the funding you need. A Chief Financial Officer can develop relationships with lending and funding partners at a local, national, and international level. Also, your officer will secure the right types of capital, credit lines, and working capital you need to take your business to the next level.
5. Improve Your Company Strategy
A Chief Financial Officer will offer an all-around approach to improving your company strategy. They’ll analyze opportunities and develop a business strategy around your markets, products, competitors, and geographical location.
Your officer may even work with your suppliers to negotiate rates and terms to boost your company’s profits. Implementing the best company strategy will speed your growth and take your business to the next level.
The Bottom Line About Hiring a CFO
While recruiting the right Chief Financial Officer for your company may seem difficult. You can hire the best officer to give your company the competitive edge it needs to dominate the market. Remember that the ideal officer will fit your company vision and understand where you want to take your business.
An officer can develop relationships with funding partners, manage risk, and boost your profitability. These benefits are only the tip of the iceberg. A Chief Financial Officer can offer an all-around approach to your company strategy and even handle any ownership changes.
Still thinking twice about outsourcing your CFO services? Hiring one can help you take your business to the next level. Don’t know where to start?
Contact us to schedule your consultation today.