Without a bit of risk, it’s impossible to reap any rewards. As you run your company, you may feel bogged down by your daily responsibilities, so much that thinking about the future or even considering any risks becomes impossible.
That’s where an outsourced CFO, or virtual CFO, can step in. The vCFOs at New Direction Capital work directly with company CEOs to help them navigate a path toward growth. We’ll help you understand which risks are worth taking and how your business can go about taking them in 2023 and beyond.
Introducing New Products and Services
Adding new product lines or introducing new services is often a surefire way to grow your company. But it isn’t without its risks — look at New Coke or Google Glass. Of course, for every major new product flop, there are myriad other successes. Oreo cookies seem to introduce a new variety every week, and the introduction of the iPhone changed people’s relationships with their mobile devices forever.
As the CEO, you know your company will need to launch a new product or service soon, but you aren’t sure how to go about it or may feel overwhelmed by the potential for failure. Your vCFO can develop an actionable plan to help you develop new products and take effective steps to successfully launch them.
Moving Into New Markets
Moving into a new region or market brings with it the potential for great growth and the risk of failure. Depending on where your company wants to grow, it can face some uphill challenges, including a lack of interest and cultural differences. You may not have the time or energy to figure out how to surmount those challenges.
But an outsourced CFO will. They can look at the big picture and analyze whether introducing your brand to a new geographic area is worth the initial time and money. Will your move pay off in the short or long run or will you be left trying to recoup those costs years into the future?
Hiring More Employees
To hire or not to hire, that’s the question many CEOs are asking as 2023 gets underway. Some businesses are still reeling from the effects of pandemic layoffs followed by the Great Resignation. Others are struggling to find top talent or to keep the cream of the crop from leaving.
With all the challenges associated with hiring in recent years, many CEOs fear making a mistake. They’re also worried about rising labor costs and how those costs affect the bottom line.
While a virtual CFO won’t take on the responsibility of hiring for you, they can provide guidance and help you create an action plan for making the right hires in the first place.
How 2023 will shake out remains to be seen in large part. What is clear is that a vCFO can help you face and work past many potential challenges and risks in the new year. To learn more, hire your virtual CFO today.