By now, you’re probably well aware of many of the ways a virtual CFO can help your company. Working with a virtual CFO can give your business’ finances a boost, help you plan your next steps, and help you find needed funding. But there are other benefits of working with a virtual CFO that go beyond what you might expect. Along with improving your company’s financial position, a virtual CFO can help your company in other ways.
1. Expanded Business Network
In business, who you know is often much more important than what you do. When your company hires a virtual CFO, it can tap into the CFO’s professional network. Your company will be able to connect with banks or investors who might not have considered you, if you didn’t have the vCFO on your team.
Virtual CFOs are adept at making connections and forming relationships with others. Ideally, the vCFO your company partners with will believe in what you’re trying to do and will want to do whatever they can to help you succeed, including introducing you to sources of financing or making the connections that will allow you to take your business to the next level.
2. Increased Focus
It’s not uncommon for business owners to lose sleep thinking about their company’s finances. If your taxes, income statements, lack of financing or some combination of all of the above is keeping you up at night or distracting you from thinking about your company more holistically, a vCFO can help you regain focus. They’ll step in and start managing your finances, so you can begin to focus on the things that matter most to you, whether it’s choosing the next location for your company or deciding which product to launch next.
3. Increased Confidence
Just as plenty of business owners lose sleep stressing out about their company, many also question their self-worth and ability. There are going to be many times over the course of owning and operating a business when you’ll question whether you have what it takes to do the work or if you should just throw in the towel.
A vCFO can help give you a boost of confidence all around. They’ll take a look at your company’s finances and show you where there are issues or what you can do to improve your situation. Your virtual CFO will also help you create a strategic plan and business road map, so you have a general idea of where your company will be in one year, three years, and five years.
They’ll help you feel more confident that your business has what it takes to succeed. As a result, you might feel your confidence increase in other areas, too. Once you know that the company’s finances are set, you might be ready to take the next steps for your business and help it get on the path to growth.
4. More Time
If you don’t have a financial background, figuring out the financial side of operating a business can be tough. You might not know how to pitch investors or what you need to do to apply for a loan. Managing payroll and general bookkeeping can be a time-consuming challenge. Once you hire a virtual CFO, those tasks are off of your plate. The vCFO can help you pitch investors and navigate loan applications. They can also take care of the little financial details and day to day tasks.
As a result, you’ll have a lot more time on your hands. How you use that newfound time is up to you. You might plan your company’s next steps, take a vacation, or decide to launch another business entirely.
5. Greater Insights
With a virtual CFO, you get years of experience and expertise without the cost of hiring a full-time CFO. You also get to take advantage of the vCFO’s knowledge of various industries. They’ve worked with a lot of different companies over the years, meaning they can bring unique insights and ideas to your business.
The virtual CFOs at New Direction Capital can help you feel more confident about being a business owner while helping you foster new business relationships. Hire your vCFO today to see the benefits for yourself.
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