“I can’t afford it,” are some very dreaded words. But we aren’t talking about a new car or special outfit here, or even a gourmet pie. This is about your company’s finances.
What do you do when you can’t afford a high-dollar CFO but you need one?
You’ve come to the conclusion you need help with your company’s finances. It’s grown beyond your ability to handle it and your current staff’s capabilities. However, you still need to keep a handle on it and need to be able to delegate the responsibility. You’ve made a list of what you need in this new super hero with a green eye shade—but you’ve also looked at your budget. And you want them to either do, manager or oversee:
- The accounting function.
- Human Resources.
- Other tactical things related to your company’s finances.
- Oh, and throw in some strategy…
Hmmm…it works out that if you hired a W-2 employee with that skill set it would cost you easily $200k. Here, let’s go diving in the couch cushions to see if you have that lying around…
Wait…what about outsourcing? For a fraction of the cost (and without the overhead) you could have a talented, experienced and strategic CFO sitting next to you.
By outsourcing you buy that fraction of the talent you need and not the whole person. That’s not to say you will only get a fraction of the service. Most fractional service providers (contractors) work by the project or offer specified services for a fee or packaged price. That allows for a smaller company to have access to extreme talent for a fraction (and an affordable) price.
For more on how to manage your finances fractionally, call or write to us. TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.
*photos courtesy of Unsplash (Hugo Aitken and Ibrahim Boran, photographers)