If you’re considering the possibility of hiring an outsourced Chief Financial Officer (CFO), you’ve come to the right place. At Leonard Tam, we’re dedicated to helping your business achieve not only financial stability, but financial profits and success. Our financial experts are the best in Toronto and arguably among the best in the business. We want to put that expertise to work for you and your company, no matter what difficulties you’re presently facing.
Here are several of the reasons why an outsourced CFO could be dramatically beneficial to your business.
Business growth can happen along multiple avenues, such as introducing new products or entering additional markets. An outsourced CFO can offer personal experience with related products, the market, or the industry in question. They may also provide assistance in managing costs, analyzing risks, and maximizing margins. Most likely, they have more experience than an internal CFO would be able to offer in the same area, and there’s no substitute for experience.
Common challenges for a growing business include cash flow difficulties, tightening margins, strategic cost cuts, and lack of efficiency. An outsourced CFO is best equipped to handle these challenges, precisely because they’ve handled similar ones in the past. They can assist your company in both developing and implementing plans for achievable, long-term change.
Outsourced CFOs are experts in raising capital. There are many ways to do this, among them:
- Creating strategies
- Assisting wherever they’re needed
- Joining meetings to share their expertise
- Advising how to balance debt and equity financing
- Negotiating term sheets
When considering current costs and pricing structures, an outsourced CFO is vital to your success. They can examine your financial documents for areas that would benefit from improvement. More than that, they can assist in creating a plan to actually implement those improvements.
Execution is just as important, if not more important, than having a plan.
The benefits of a CFO are applicable to every company. Unfortunately, that doesn’t mean every company can afford hiring an internal, full-time CFO, since this requires an annual salary, benefits, and most likely annual raises, as well.
Due to pricing limitations, many companies end up hiring a less experienced CFO than they would’ve liked just to afford a CFO at all.
Since an outsourced CFO isn’t a full-time employee of your company, you’re only paying for the time and expertise that your specific company needs. This makes benefiting from a CFO much less cost-prohibitive, since your expenses are reduced to monthly instead of annual, without expected raises. The outsourced CFO you hire will also likely have more experience than an internal CFO that your business could afford.
Contact Leonard Tam today to hire one of our expert, outsourced CFOs for all of your business’s financial needs. Our Toronto team would be thrilled to dedicate our time to your company’s success. We look forward to working alongside you to maximize your profits and minimize your challenges.