3 Ways Outsourcing CFO Services Helps Small Businesses Grow
As a small business owner, there’s probably a long list of projects, plans, and goals you’re waiting to embark on until you’re more established. You think you should delay until your bottom line is secure before overextending into a new marketing strategy, hiring an internship position, or expanding your brand.
But activating certain items on your “someday” list can actually help your business grow. CFO services for a small business do more than just bookkeeping and bill paying. They’re essential for strategy, development, and expansion. If you aren’t ready for a full-time hire, outsourcing CFO services for your small business can help your business grow.
Always be informed and prepared for significant decisions well in advance.
As a small business owner, many of your company’s day-to-day responsibilities fall to you. Beyond running the business, your secondary focus is still growing profits and controlling the bottom line. As a result, even with significant changes in your business’s future, it’s hard to come up with the time to sit down and perform in-depth financial analyses to inform that decision.
A CFO collects and analyzes reports about your company’s finances. Outsourcing your small business’s CFO services means you have someone with experience and skill:
Providing critical insights into your business’s performance
Tracking financial trends with current data
Providing economic forecasts and industry insights
You’ll have in-depth company performance reports—without devoting valuable time to reviewing and analyzing your business finances. When you face changes, whether or not anticipated, you’ll make confident, informed decisions.
Align business strategies with growth-oriented goals.
When you outsource CFO services for your small business, a significant portion of their work is reporting finances and bookkeeping. However, when your company enters a growth-oriented phase, you’ll have a CFO with a 360-degree vision of your company. Informed by past performance, they can provide expert advice to support your company’s short- and long-term goals by adjusting your current strategies and plans.
No matter the size of your company, you can make practical goal decisions based on quantitative information. While few decisions in business have 100 percent certainty, those based on data, analysis, and experience have the greatest likelihood of achieving long-term stable growth.
Confidence in decision-making for day-to-day operations and procedures builds to a comprehensive picture of your company’s global position. You’ll have a clear-eyed vision of the big picture through significant changes. These minor, proactive adaptations can lead your company to a powerful industry position in the long term.
Get experienced risk management to safeguard your bottom line.
Protecting your business from risk is a critical aspect of developing growth-driven strategies to improve your company’s bottom line. Without adequate risk management, you’re vulnerable to threats that can cause serious setbacks or even critical failure for your company.
Part of what a CFO provides is expert guidance and finding and selecting adequate insurance for your business, from employee benefits to worker’s compensation and liability. But, with experienced small business CFO services, you get more than just help to find suitable coverage; you gain insight into pitfalls for your company’s goals.
Anticipating risk, internally, environmentally, or industry-wide, is one of the best ways to ensure your company’s long-term security.
Sign up for a free consultation with the Leonard Tam Professional Corporation for small business CFO services.
Leonard Tam Professional Corporation provides Toronto small businesses with the essential services they need to stay profitable and achieve lasting growth. Outsource your tax preparation and strategy, accounting and bookkeeping, and even your small business CFO services.
We’re experienced, insightful professionals invested in our clients’ success. Sign up for a free consultation and discover how outsourcing CFO services can help you.