There might be times when you find yourself wondering where your business is headed or how you will get your company to where you would like it to be. You might not be sure what your overall goal is for your company or if you are still on track toward the mission you created years ago. No matter the age of your business or its size, if you are starting to feel lost at sea, a virtual chief financial officer (CFO) can work with you to help you get back on course. One of the things a virtual CFO will do is help your team develop a strategic plan, giving your company guidance and direction. Learn more about the strategic planning process and how the virtual CFOs at New Direction Capital can help guide you through it.
What is a Strategic Plan?
A strategic plan lays out your company’s goals and visions for the next few years. It’s a document that outlines where your business is today and where it would like to be. Your plan is likely to include your company’s current mission and vision, the scope of your business, your goals (both short- and long-term) and how you’ll go about reaching those goals. The last section might be the most important of the strategic plan: Without a roadmap to your goals, it can be difficult to ever reach them. A strategic plan is a living document, meaning you’ll most likely update it from time to time as your business grows and evolves and as you reach your goals. You might also need to update it based on the market and other external factors that can affect your company. With a strategic plan in place, you can determine what areas are the most important to focus on at the moment and what tasks need to be performed first. A strategic plan can also serve as a reference point for everyone in your company, from employees to external stakeholders.
What is a Virtual CFO?
If you want to create a strategic plan for your business, it often helps to work with a strategic financial partner throughout the process. A virtual CFO provides expert-level financial and strategic advice to companies. Although a virtual CFO is an outsourced member of your team, they should come to know your business inside and out. Some virtual CFOs are much more hands-on and involved with their clients than others.
New Direction Capital’s team of virtual CFOs help to manage their clients’ operations, financial activities and business concerns. The virtual CFOs provide their clients with action steps that address short-term and strategic needs. We work with our clients to create long-term road maps, or strategic plans, that will help them reach their goals. The focus of our services is helping our clients improve cash flow, increase revenue, assess risk and grow their company’s value.
How a Virtual CFO Can Help You Create a Strategic Plan
Your company’s virtual CFO can work with you every step of the way as you go about creating a strategic plan. New Direction Capital’s team takes a personalized approach when developing strategic plans. We’ll consider the exact needs of your business and will make recommendations for your plan based on the relationship we’ve built with you. We’re also available to help you at any time of day or night. Listening to your needs and hearing about your goals allows us to recommend the steps to take to reach success. As your virtual CFO works with you to develop a strategic plan, they might ask you to reflect on a few things, such as your company’s equipment needs, building needs, your target customer and your expected costs and revenue sources over the next few years. Your virtual CFO will help you create a timeline for your plan, with specific steps to take as you go along.
Your company isn’t on its own as it works its way towards growth and success. Your virtual CFO can be by your side every step of the way, from creating your strategic plan to making adjustments as your business’ needs change and evolve. Hire your virtual CFO today to get started on your plan and to get on the path toward profitable growth.