Revenue is flat.
Profit is low.
Customer satisfaction is at times questionable.
Cash flow is haphazard.
Business is increasingly reactive.
Your network advises you to get a consultant for one element or another.
A digital marketing consultant could assist revenue.
A management consultant could advise you on your operations.
Your CPA or tax accountant could give you a few tips on cash flow.
As you discuss your challenges with the various management consultants it is increasingly clear that acting on that advice is piecemeal and risks creating problems with other areas of the business. Further it is clear that the ability to execute the advice provided may be beyond much of the team.
The alternative is to take a leaf out of big corporate and have your Chief Financial Officer create a holistic strategy that takes into account all of the elements specific to your business and then work with you to implement the strategy. For businesses this capability can be incorporated through the use of a part-time CFO. Even better, as the requirement increases as your business grows you can simply increase the time the CFO works for you until you need to employ a full-time CFO.
Whilst the management consultant typically does a review and provides recommendations or even implements the recommendations in isolation from the team, the part-time CFO works with the team to create the strategy.
A holistic strategy typically is over multiple years and includes:
Customers; what do we need to provide to grow organically
Internal operations and efficiencies
Ability to learn and innovate
Financial performance including profit improvement
Performance of the team.
Once the strategic plan is in place, the role of the part-time CFO becomes one of an educator and coach as the Chief Execution Officer to implement the elements of the strategic plan. With an intimate understanding of the background and the team they are able to establish meaningful measures and metrics that can be reviewed on a timely basis to enable a fundamental and holistic improvement across the business.
CFO Evolve provides exceptional part-time CFOs, passionately building great businesses through financial and strategic insights.
Contact us if you think that we can assist with your business growth.
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