Basic financial business planning principles
December 2, 2023Basic financial business planning principles
December 2, 20237 Reasons Your Business Needs a CFO like CFOnn
Some businesses will choose to hire a CFO on staff, while others will decide to outsource this position. Either way, a CFO will perform a number of very essential tasks for your startup or existing business. You can count on your CFO to help guide you as you grow your business. A person with a financial background can take a wide view of your startup and help advise in many areas.
Ultimately, your CFO will help you raise the capital you need to keep moving your business forward. Whether it’s taking on debt or seeking out investors, you can count on your CFO as one of this person’s main goals is to keep your business fully funded. While you concentrate on growing your business, introducing products, and taking care of the marketing, your CFO can meet with investors, lenders, and other key partners. This frees you up and puts someone with great knowledge and experience in charge of your finances.
Here are some reasons you need a CFO like CFOnn:
1: BUDGETING
Budgeting is a vital role in your startup or existing business. A CFO can put in place all of your financing accounting and record-keeping software. A CFO will make sure you have a budget and stick to it. At CFOnn we will manage every level of your revenue and expenses making sure your budget is in line with where it needs to be.
2: FINANCIAL AND STRATEGIC ANALYSIS
A CFO will analyze your financial standing. At CFOnn we take a look at the future and strategically analyze (financially speaking) where you’ve been, where you are now, and where you are going.
3: FORECASTING AND PLANNING
Considering that a CFO is in the business of financial and strategic analysis, At CFOnn we also help you forecast into the future and make plans based on data as well as the forecast.
4: MANAGEMENT REPORTING
A CFO will develop all of the reporting materials you need for both internal and external audits. As a matter of fact, CFOnn can also delegate a competent representative to lead your board meetings in all financial areas from your revenue to expenses and your fundraising goals.
5: SUPPORT FOR STRATEGIC INITIATIVES
A CFO will help your business improve profitability through strategic insight and analysis. At CFOnn we can help you identify areas where you’re spending too much or where a process is inefficient. We will also help you plan initiatives to reduce spending and enhance profitability. In addition, we will help you identify your startup’s key drivers of cash flow such as revenue and working capital, helping you create successful initiatives.
6: SCALE YOUR STARTUP
If you are thinking about scaling your startup, as you grow and bring in more revenue. A CFO will help you grow in a more cost-effective manner and avoid unnecessary growing pains. In addition, a CFO will provide you with reporting to help you manage your business Establish Key Performance Indicators (KPI).
7: RAISE CAPITAL
A CFO plays a vital role in helping you raise capital from venture capitalists, angel investors, banks, and others. The fundraising process is complex and can be time-consuming for you to handle on your own. Plus, having an expert in your corner is a benefit. A CFO adds credibility to your business when seeking capital.
At CFOnn we help you get free referrals and see if available government grants programs are applicable to you, also available to check to ensure you received the maximum funding.
Final thoughts
Are you looking to get your new business off the ground and watch it rise to success? As you continue to grow your startup or existing business, having someone to mentor or advise you in all matters pertaining to finances is crucial to the success of your business.
Alberta’s Best And No1 Calgary CFO And Financial Consultant. We can help answer your questions and guide you through the process. At CFOnn we provide CFO Level Advice without having to Hire a Permanent One. We have highly experienced and educated professionals to meet all your Finance/Accounting/Strategy needs at a fraction of the Big Four prices.