You may already have a bookkeeper who does your monthly reconciliations.
Plus a tax accountant who submits your returns at year-end.
So why would you pay for a THIRD person to be on your finance team?
What does a Virtual CFO do, and are they worth the money?
The main distinction is that your vCFO should be focused on the future success of your business.
To help you make better decisions today, that will unlock future growth, profits, and ongoing success.
The bookkeeper & tax accountants are mainly focused on keeping the government happy and making sure the past is accurate. This is still extremely important, but an entirely different focus.
Virtual CFOs are often much more expensive than this standard compliance work.
But…if they could help you unlock another 5% net profit for your business – would this investment be worth it?
Here are some ways a Virtual CFO can help you succeed:
> Help you understand your results
> Tell you where you are spending too much money
> Explore pricing strategies that help drive more profit
> Advise how to get the most out of your team productivy
> Work out if you are underpaying or overpaying your staff
> Provide a critical eye over current strategy and plans
> Hold you accountable to your plans to ensure momentum
> Help you plan for the future: new staff, offices, service offerings
> Help the founder build themselves out of the day-to-day grind
> Share best practices for businesses similar to yours
> Ensure you have enough cash in the bank to pay your suppliers
> Help prepare the business for sale and exit
> Be a sounding board for ideas or problems you can’t share internally
> Help you hit your goals for the business whatever they are: freedom, profits, growth, more time etc.
Does any of this sound appealing?
But still… why so expensive?
If you paid an experienced and skilled CFO to be on your staff full-time, they would cost anywhere between $200k to $300k annually.
Annual Wage $250,000 / 12 months = $20,833 per month.
That is an expensive hire for most small businesses.
By engaging someone on a part-time at a fraction of this cost – you can still access this level of knowledge and experience to help your business grow.
We are an investment, not a cost
If you have an annual top line of $1 million dollars, and a net profit of 5%, that is $50k in profits at year-end.
If we could help you through a range of strategies to drive that profit to 10% over the next 12 months, you now have $100,000 in your pocket instead.
That’s a $50,000 increase in profits that we are focused on getting you.
The accountability, the support, the strategies, and fancy reporting are all HOW we do it, but at the end of the day, most people want to build more VALUE in their business.
We are laser-focused on finding out what is most valuable to YOU – and then building a plan to get there.
I hope this explains a little more about the core purpose of your Virtual CFO and how we might be able to help you.