Signs You Need to Hire a CFO in 2023

As 2023 approaches, you may be in the process of setting goals and resolutions for your company. Depending on your company’s needs and situation, working with a virtual or outsourced CFO can help your company achieve its goals in the new year. If you’re not sure if now’s the time to hire a vCFO, here are some surefire signs.

1. Your Company Finances Are a Mess

As your business grows, so do its finances. Business finances become more complex as you start to expand, open new locations, hire new employees, or introduce more products to the market. It’s not uncommon for business owners to take a look at their company’s finances and realize that they are a mess.

Messy company finances can be overwhelming. If you have debt, you may not be sure how to prioritize your payments or which loans to pay off first. You may not be sure if you’re getting the best deal on the materials you need or if your taxes are in order and up to date.

A virtual CFO can help you make heads and tails of your company’s finances. They’ll work with you to develop a strategic tax plan and to sort out your debts and obligations. If you need more financing in 2023, your vCFO can help you evaluate your options and choose the one that will best serve your business.

2. You’re Ready for the Next Steps, But Don’t Know What They Are

You want more for or from your company in 2023, but you don’t know what that means yet. A vCFO can help you decide. It could be that 2023 is the year your company moves into a new market or rolls out a new product line. It could also be the year when you purchase a competitor or similar business.

There are many factors to consider when planning your next steps, and a strategic plan will help you account for all the potential drawbacks and pitfalls. Your vCFO will work with you to develop a strategic plan that not only helps your business get where it wants to go but also helps you decide where you’re going.

3. You Want to Broaden Your Financing Horizons

Virtual CFOs help companies raise capital. If you feel that your business has reached the end of its financial tether or you don’t want to take on more debt financing in the new year, a vCFO can help you understand what’s out there.

When your company works with an outsourced CFO, they can introduce you to new sources of financing, such as investor financing. They can also introduce you to investors or facilitate connections with banks and lenders if they think your company would benefit from debt financing.

4. You Need More Support

Trying to do everything on your own or with a limited team gets tiring and old quickly. If you’re tired of wearing the hats of CEO, CFO, CIO, and so on, a vCFO can take on some of the items on your never-ending to-do list.

5. You’re Ready to Move On

Your company has served you well, but you’re ready for the next phase in life, whether that’s retirement, taking a step back, or opening a new business. A vCFO can help you exit your company without leaving it in the lurch. They’ll work with you to put together a divestment plan so your business ends up in good hands. If it’s time to close the company entirely, they’ll guide you through the process, as well.

6. Your Company Isn’t Profitable

Business is booming, sales are up, and you’re acquiring new customers regularly. But your company is in the red each month or isn’t earning a profit. A vCFO will carefully examine the circumstances and help you put together a plan for profits.

7. You Can’t Afford a Full-Time CFO

Why hire a vCFO and not a full-time CFO? For many companies, it’s a matter of cost. A full-time CFO commands an executive-level salary plus all the benefits that go along with it. That may be well out of the reach of your company’s budget. With a vCFO, you get the expertise and skill of a full-time CFO for a fraction of the cost.

If you’re ready to make 2023 a stellar year for your company, hire your vCFO with New Direction Capital today.