How to Solve Challenges With a CFO Part 1: How a vCFO Can Help You Navigate Change

In our last blog post, we outlined some of the top challenges CEOs face in today’s business world. One of those challenges was figuring out how to navigate change in your company.

In many ways, change can be a positive thing. It can mean that your company is growing and thriving. But in other situations, change might not be what you hoped for or wanted. For example, having to temporarily suspend business operations following a natural disaster or having several employees decide to leave at the same time can throw your business for a loop and make you wonder if it’ll survive another quarter.

Navigating change is one of the areas where a virtual CFO can help your company. Let’s take a look at what a vCFO can do to help your business weather storms that come its way.

Develop a Strategic Plan

Sometimes, change is unexpected and sometimes, it’s part of your company’s strategy. A virtual CFO will work with you to help you develop a strategic plan that lays out a roadmap for growth and positive change.

Your strategic plan should include an overview of your company’s mission and vision. If you’re not sure what that mission is, your virtual CFO can help guide you to the answer. Once you have a mission, the plan can outline goals you want to achieve to fulfill that mission.

Build Business Confidence

Change can be frightening, especially if it’s not something you wanted or planned for. Working with a vCFO, you can start to develop the confidence you need to move through any major changes. For example, if you have to shift your company’s focus from offering one type of service to another, a vCFO can help you crunch the numbers and see the benefits of doing so. They can also help you weigh the pros and cons of making a major change, so you can feel confident that it’s the right way to move forward.

Foster Relationships and Communication

Often, business change means building relationships with others or making connections that help your company carry on. It can be challenging to make those connections on your own. Fortunately, a virtual CFO can be beside you as you reach out to new contacts. In many cases, the vCFO can be the person who facilitates certain connections.

For example, a virtual CFO might connect you to investors who are looking to partner with businesses in certain niches. Alternatively, if you need debt financing to take your company to the next phase of growth, a vCFO can connect you with appropriate lenders.

Your virtual CFO can also help you improve your communication skills and relationships with your employees. If there have been a lot of shake-ups at the company lately, your employees most likely want to know if their jobs are safe and what the plan is going forward. Your vCFO can help you find ways to share the news with your team members and create a sense of belonging among employees.

Ease the Transition to New Leadership

There might come a time when you’re ready to move on to other things or a time when you need to hire more managers or executives. In either case, a virtual CFO can help guide the transition.

If you’re interested in selling your company, your vCFO will be there to help you protect your business as you find a new owner for it. If the goal is to merge with another company, your virtual CFO can ensure that your business interests are protected throughout the process.

If you need to hire new managers, a virtual CFO can give you guidance on finding the right people for the role. You could consider starting a leadership training academy at your company, allowing you to promote from within. It could also be the case that an outside hire is the right choice as your business continues to grow and expand.

The team at New Direction Capital is here to help you navigate any change that comes your way, whether it’s change you planned for or something unexpected. To learn more about the benefits of working with a virtual CFO, contact us today.