24 Jul 2014
Successfully running a business means more than having a terrific idea and a strong customer base. It also means having a full understanding of your company’s financial health and what your business needs to do to achieve its goals financially. At many larger businesses, a chief financial officer (CFO) is the executive in charge of overseeing a company’s financial details, taking care of both income and expenses.
While small or mid-sized companies also need the services of a CFO, they often don’t have money in the budget to hire another senior manager, which is where a virtual CFO can step in. The services provided by a virtual CFO and a company such as New Direction Capital are designed to help your business grow.
Experience You Need at a Price You can Afford
The problem many small or mid-size businesses face is that the cost of hiring a full-time CFO exceeds their budget. Hiring a full-time employee means not only having enough to cover his or her wages, but also putting together a benefits package. The more experienced and talented the CFO, the higher the cost. One solution is to hire an entry-level accountant or financial officer, but that person will often not have the experience needed to know how to go after the right type of funding or how to implement a plan that allows a company to grow.
When your business decides to outsource the responsibilities of a CFO, you can get the experience you need for the most growth without paying for a full-time employee. You can work with a virtual CFO on an as-needed basis, such as during a project or work with the CFO on a regular, part-time basis.
Grows with Your Business
The role of a virtual CFO can grow and change as your business needs grow and change. Instead of needing to hire an additional employee, you can simply shift the role and responsibility of the virtual CFO to meet your needs at the moment. For example, you may initially work with New Direction Capital to help your company save money. A few years down the road, your business might need to find a new source of capital or financing, at which time the focus and role of the virtual CFO can also change.
Services Shaped to Meet Your Needs
Since every business is different, the exact role of a virtual CFO will also be different. Although not an employee, your virtual CFO becomes an important member of your team, working with you directly to come up with customized solutions for your company. The focus of a virtual CFO is on building a relationship with you and your business. Having a clear idea of what your company wants and needs allows the CFO to tailor a solution that works for you.
There is no 9 to 5 in the virtual CFO world. New Direction Capital is committed to providing around the clock service to clients, which means that if you discover a financial problem at 10 pm on a Friday or in the early morning on a Tuesday, you can reach out to your CFO for help and guidance.
Help You Reach Your Goals
Where do your see your business in five or 10 years? If you are unsure, a virtual CFO can help you create goals and then put a plan into place that helps you realize those goals. For example, a CFO can help you decide if it’s the time to expand your company by opening another location or if it’s the time to make the move from leasing property to owning it.
If you are ready to take your business to new heights or need assistance getting your financial details in order, New Direction Capital can help. Contact us today to learn more about how our services can best serve your company.