Fractional CFO
In a small or mid-sized growing company, the entrepreneurial owner may not be able to afford a fulltime financial executive, and therefore faces a serious problem – lack of time. Rather than focusing on what you do best (building your business), you often find yourself reviewing financial accounts, managing personnel functions, reviewing insurance policies, selecting telecom or computer systems and other tasks that fall within the realm of support functions.
Fractional expertise
A “Fractional Chief Financial Officer” is a concept developed around the idea that while small and middle-market companies often need the high-level, sophisticated expertise that a seasoned executive can provide, they may not need it on a daily basis. Retaining a financial executive on a fractional, as-needed basis is the solution, enabling you to share the expertise and cost of a CFO without adding to your overhead. This affordable solution works well for companies that need expertise periodically, rather than every day.
Accumulated knowledge
One of the benefits of a fractional CFO is that you establish a relationship with the executive and he/she becomes a part of your team, even if only intermittently throughout the year. You will not need to retrain a new individual every time you need help – the fractional CFO has a deep understanding of your business, your culture and your goals, and is able to use that accumulated knowledge to help your business succeed on an as-needed, recurring basis. Professionals who are hired out by agencies for specific projects often lack the personal investment and continuity that fractional CFOs have in your company. Project professionals generally remain focused on the singular task at hand, whereas the fractional CFO is able to identify opportunities and initiatives because of the accumulated knowledge and understanding from having worked with you over a period of time.
The value of a fractional CFO
Many companies need this support and do not realize it, usually because the owner is absorbed in the daily issues of running the business. A fractional CFO can:
- Take full advantage of an opportunity
- Plan for growth
- Budget for the coming year
- Investigate an acquisition
- Deal with regulators
- Assist in the acquisition of bank or equity financing
- Set up financial reporting systems
- Spearhead an initiative
- Reduce expenses
- More free time to improve your quality of life
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