7 Signs It’s Time to Hire a vCFO

On the surface, everything might seem to be going well with your company. Your sales are great, you’re taking on new customers, and you’re hiring new employees regularly. But on closer look, your company might not be doing as well as it seems. You might feel stressed out or unsure of what to do next. You want to grow your company and have it succeed, but you don’t have the energy or time to do it alone. A virtual CFO (vCFO) can act as a guide and partner as you navigate your company through growth and change. Here are some signs it’s time to hire a vCFO.

1. You’re Strapped for Time

Everyone gets 24 hours a day, and for some people, those 24 hours just aren’t enough to do everything that needs to be done. If you’re feeling a time crunch or wish there was a way to clone yourself so you could accomplish twice as much in the same amount of time, the next step might be to hire a vCFO.

A vCFO can take some responsibilities off of your plate, such as managing your company’s finances. You’ll be able to focus your energy and efforts on the more critical aspects of running your business.

2. You’re Strapped for Cash

Your business might be thriving on paper, but when you look at your bank balances, you might see zero or be in the red. Being cash poor isn’t uncommon for businesses, particularly those in the early stages. But being cash poor is also one of the leading reasons why companies go under. A vCFO can assess your company’s cash flow situation and help you develop a method to make your cash flow positive, predictable and stable.

3. You Don’t Feel Confident in Taking the Next Steps

You’ve launched a new product, have loyal customers who keep purchasing from you, and have a team of reliable, productive employees. Everything seems to be going well and you’re contemplating starting a new product, moving into a new market, or hiring a few more employees. But, something’s holding you back. It could be that you’re uncertain which step to take or nervous that your company just isn’t ready to move into the unknown yet.

A vCFO can help you weigh your company’s options, showing you the pros and cons of each one. They can also give you the financial information you need to feel confident that whatever choice you make for your business is the right one.

4. You Don’t Know What the Next Steps Are

It could also be the case that you’ve reached a point with your company where you know there’s a next step, but you don’t know what the next step should be. Is it better to move into a new market or focus your efforts on creating a new product? Should you ramp up customer retention efforts or try to find more new customers?

Your vCFO can explain what your next steps are and give you an idea of what it will mean to take each one.

5. Your Company Is Growing Fast

Rapid business growth is usually a good thing, but it can make it easy to feel uncertain about where to go. You might also feel that your company is close to going off of the rails or that you need to hit the brakes before things get too out of control. A vCFO can be a steady hand that guides your company through periods of rapid growth.

6. You’re Feeling Overwhelmed

It’s not uncommon for new business owners to feel overwhelmed. That’s the case for successful businesses and for companies that are struggling. Whether you’re experiencing good times or tough ones, hiring a vCFO can help you take some things off your plate. They’ll work with you to create a blueprint for your company’s finances and future.

7. You Don’t Have the Budget for a Full-Time CFO

You’d love to hire a full-time CFO, but your company just doesn’t have the budget for it yet. In the meantime, a vCFO provides many of the services and functions of a full-time executive, but for a fraction of the cost.

Ready to work with a vCFO? Hire your virtual CFO with New Direction Capital today.