A CFO — Chief Financial Officer — is an important team member of any business. As a senior executive, the CFO tends to be responsible for managing all financial matters. This can include everything from ensuring that a business has enough cash flow to implementing long-term plans for financial success.
Not all businesses have the resources or capital to hire a full-time CFO. This is unfortunate, as having an experienced member of your team deal with financial matters is the best way of identifying cost-saving measures and increasing revenue. The good news is that there is a simple solution.
Hiring an interim CFO means that your business will benefit from expertise and experience without having to employ a full-time, permanent member of staff. Having an interim CFO join your team is a particularly good idea for businesses who may be struggling financially, are undergoing a period of transition (such as a merger), or require short-term help to implement a new financial system.
Calibre Business Advisory offers a wide range of advisory services, including virtual and interim CFOs. Our experienced team understands the challenges faced by businesses in Australia and the Asia-Pacific region and is well-positioned to help your company navigate the ever-changing business landscape.
There are many benefits to working with an interim CFO.
To start with, they will come to you armed with years of experience. This can be within your industry but also other sectors. They will understand current trends, be able to identify new opportunities for growth and development, and can also apply their knowledge of other markets to make informed recommendations and decisions.
An interim CFO also possesses the ability to remain objective. This is important when dealing with financial matters, particularly in a small business situation. It can be difficult to make hard decisions regarding staff and resources when you have spent years building up your company; an interim CFO will provide an impartial point of view to help you make the right moves.
Finally, hiring an interim CFO is far more cost-effective than having a full time member of staff. Many small businesses are forced to go without an experienced financial advisor as they feel they just don’t have the resources for such an investment. A Chief Financial Officer operating on an interim basis enables you to gain an idea of what a CFO can offer your company — they may even be able to identify cost-cutting measures that will free up room in your employee budget for a permanent hire.
Calibre Business Advisory has worked with businesses both large and small across a wide array of industries. Our experienced team understands the challenges that you are facing and can implement strategies to help you achieve long-term financial and operational success.
We know that there are many constraints that prevent businesses from accessing the resources and personnel they need, which is why we believe that hiring a virtual or interim CFO is a strategic way of ensuring your business is making the most of their opportunities. If you believe that your company could benefit from an interim CFO or any of our other business advisory services, contact Calibre Business Advisory today.