Posted on: 27 September 2019Share
If you feel you are making mistakes a business owner when it comes to your business finances and your business plan, it may be time to bring in a financial expert. If you think having a trained and experienced CFO would help your business, but you are stressed about the cost, a contracted advisor is a great solution. Here are signs you want a part-time advisor and not a full-time employee.
You Can't Afford a Full-Time CFO
A lot of small businesses can't afford to hire a full-time CFO to help manage their finances and make the best financial decisions. When you hire advisory services to help with the decisions that need to be made, you will get CFO guidance and information but at a fraction of the cost. Interview a few advisory firms and professionals to find someone that you feel comfortable working with and then discuss their services fees.
You Need Advisement and Direction
The CFO will look at your current budget, revenue, operating costs, and other financial factors to decide what changes need to be made and to give you suggestions. They are your advisor, so they are going to give you their advice and tell you what direction they think you need to take your business.
This is what you are paying for, so once you have decided on changes, you all can work together to create a plan. If you aren't operating efficiently on your own, the advisement is a must for your success.
Your Needs Aren't Long Term
If you think that you are just going through a struggle right now and that you don't need a full-time employee working for you as CFO, the advisor option is best. You can get a contract for 1-3 years, to see how things go, and see how the advisor is able to help your business. Once you have learned some things, your business has turned around, you no longer have a need for the expert, it won't be like having to let go of a full-time employee.
You can get your business to where you imagined it would be when you first decided to go into business if you have the assistance of a great CFO, and you can utilize their advisory services. Talk with different firms about strategy and price, and then go from there to turn your business around.
For more information on business finances, consult a company offering deltek CFO advisory services.