How a CFO Can Help Your Company Find Growth in 2023

Only a few weeks in, 2023 is already proving to be a challenging year for businesses. Concerns about the economy are high, particularly regarding inflation and the potential for a recession. Despite or perhaps because of the challenges this year presents, many CEOs want to grow their companies over the coming months. Several surveys have found that growth remains a high priority for CEOs. The question is, how can your company achieve growth in the wake of larger economic struggles?

You don’t have to work alone when developing a growth plan for your business. A virtual CFO can help you navigate unfamiliar territory and develop a strategic plan for your company’s continued success.

A vCFO Helps You Determine What Matters

The key to growth is knowing what matters most to your company. Often, that’s easier said than done and it can be particularly challenging for you, as the CEO, to sort out your company’s values in the thick of things.

A virtual CFO is an objective third party who can examine your business from the outside and provide insight into what is most important. They can help you hone your company’s mission and vision, allowing you to decide what steps to take next and how to achieve growth.

A vCFO Can Help With Mergers and Acquisitions

For many CEOs, the fast track to company growth seems to be purchasing or merging with other businesses. Buying another company promises to double your revenue or profits without little to no effort.

While it’s true that mergers and acquisitions (M&A) can lead to sustainable profitable growth, they can also go terribly wrong. If your company chooses a struggling business to merge with or buys a company that’s well past its prime, things won’t go as planned. A poorly planned M&A can cost your company considerably.

A vCFO helps you through the due diligence phase of M&A. They’ll look into the company or companies you’re considering and let you know if anything is out of the ordinary or concerning to note. They can also help you decide which approach is best, whether you should acquire a company that offers a complementary product or service or merge with a competitor.

A vCFO Can Help You Build Customer Relationships

Another way your company can enhance its strategic growth in 2023 is to focus on your customers. Deepening your relationships with your existing customers can open up many pathways toward business growth and success. A vCFO can help you discover ways to connect with your customers, making them more likely to continue to work with your company and help you build your business. Deeper customer relationships can also lead to more customer referrals, allowing you to acquire new ones for less than it typically costs.

New Direction Capital’s vCFOs regularly work with CEOs to help them develop strategic growth plans. If you’re ready to take your company to the next level in 2023 but aren’t sure where to start, contact us today to hire your vCFO.