How a Fractional CFO Can Help Your Business Rebound from COVID

Almost every business has felt the negative impact of COVID on their organization. This can make it very difficult for business leaders to decide where to spend when they have very pressing needs.

Hiring a fractional CFO may not be the first option that springs to mind. However, it could be one of the most advantageous decisions you could make. Here’s why.

Increase Revenue

A CFO can be instrumental in rebuilding revenue. They can evaluate opportunities, improve pricing strategies, help you develop particular customer segments, and highlight potential beneficial adjustments to products and services.

Data analytics, automation, and insights can help spur growth and improve efficiency. As a result, companies that have added a CFO to their team reported an 18% increase in revenue.

Establish a Clear Financial Baseline

Business leaders often rely on last year’s financial data as a simple financial baseline. However, this information many not accurately reflect ongoing trends considering the volatility of the market over the past few years.

Adjusting a baseline involves many moving parts. A fractional CFO can analyze many factors, spot weaknesses, recommend improvements, and capitalize on strengths.

Identify Value-Add Initiatives

Given the limited time and resources available at this time, it makes sense to prioritize initiatives that will have the most impact. This requires financial expertise and proven experience in business development and strategic planning.

A fractional CFO provides timely and accurate financials and metrics as well as reliable interpretations to guide both short and long-term business actions.

Establish KPIs

Many companies are struggling to gain traction in these tumultuous times. Fortunately, a fractional CFO can help your business develop and implement KPIs to hit performance and growth objectives.

Forecasting & Budgeting

COVID-19 has reshaped forecasting and budgeting. Business can no longer rely on historical data and static budgeting to plan for the future. Current, reliable data must become part of operations and your company’s strategy.

Fiscal data analyzed at the end of a cycle isn’t enough in this rapidly changing business environment. A fractional CFO relies on real-time data to better navigate disruptions, including the current pandemic. This data is crucial for informed business decisions.

As a result, your CFO will establish more touchpoints, increase agility and flexibility, and provide more accurate forecasting models and budgets.

Scalable Services

A fractional CFO offers access to a complete suite of financial services and expert advice, at a fraction of the cost of a full-time CFO. Focus on what is important to your company and expand when needed.

We’ve mentioned a few, but here are other areas of value they bring to the table:

Finance Oversight
Cashflow Management
Strategic Planning
Risk Assessment & Management
Business Case Analysis and Financial Modelling
Merger & Acquisition Support

Hiring a CFO is within your budget and they offer a great return on your investment. You’ll receive expert advice, up-to-date financial information, and peace of mind knowing your company has a stronger financial future.