Challenges and trying times are all part of being in the business world. Whether you’ve been running companies for decades or have recently been promoted to a CEO role for the first time, you’re going to encounter some bumps in the road.
Fortunately, you don’t have to face those challenges alone. In many cases, a virtual CFO can help you manage and grow your company, giving you the support you need to navigate a complex business environment with confidence. Some of the challenges CEOs face are the same across industries. Understanding what these challenges are is the first step toward finding a way to cope with them.
Change is a constant in business, and the past two years have seemingly accelerated the need for change at many companies. Change can take many forms, from having to pivot away from a particular product or service to adapting to technological advances. It can also take the form of changing client rosters or employees. If there’s one thing you can be certain about, it’s that nothing at your company will remain the same.
Establishing strong relationships with your team members, your clients, and any outsourced service providers can help ensure that your business is able to navigate through and weather any changes, big or small, that come up.
Planning for Growth
Most companies want to grow, but many CEOs are unsure how to go about making a plan for their company’s growth. Part of making a plan for growth means learning to recognize valuable opportunities and when to say no to opportunities that look attractive but might not pay off in the long run.
A virtual CFO works closely with CEOs to help them build strategic plans and growth strategies for their companies. As an outside eye, a vCFO can help you tell the difference between a good opportunity and chance for growth and one that’s less worth pursuing.
Retaining Top Talent
Employee retention is a particular concern for CEOs at the moment, when quit rates are at all-time highs. Retaining top-performing employees is crucial for your business’s ongoing success for several reasons. When you have a team of engaged and talented people, your company’s productivity levels increase. Having the best of the best working for your business also ensures that you have a lot of potential leaders to choose from when it’s time to promote or fill vacant positions.
Minimizing employee turnover also helps your bottom line. Hiring new team members is expensive and can lead to lost productivity. Plus, when one person quits, it often sets off a domino effect that causes others to leave, too.
If you’re struggling to keep employees or are worried about people quitting en masse, a vCFO can work with you to help you develop strong employee-centric policies that make your workplace an attractive one.
Training New Leaders
One way to keep employee turnover low is to make sure you have a team of strong leaders managing your employees. It’s often the case that a company that grows quickly soon outgrows its management team. Finding the right leaders, whether that means training from within or hiring outside experts, can help promote a strong company culture and give your team the motivation they need to continue to work for your company’s growth.
A virtual CFO can help you navigate the ins and outs of finding and training the next generation of managers and leaders for your business.
Staying Ahead of the Competition
Depending on your industry and niche, you might have a lot of competitors. One question that keeps CEOs up at night is how do they stay ahead of the pack?
You might not have an answer to this question, but a vCFO can help you find the answer. Often, it involves focusing on what your company does really well and the particular values you provide to customers, rather than trying to find a way to be the cheapest option available.
The virtual CFOs at New Direction Capital understand the challenges today’s CEOs encounter. If you’re feeling worried and overwhelmed and need someone to help you navigate a complicated and ever-changing business landscape, we can help. Contact us to hire your virtual CFO today.