While many would argue that success in business is all about the numbers, there are a variety of factors that contribute to what those numbers will be. This includes Human Resources, monitoring the economy, workplace productivity, marketing strategies and customer behavior.
When securing the expertise of a part-time Chief Financial Officer (CFO), be sure to look for someone who is experienced in all aspects of running a business. Addressing the numbers alone is only part of the picture. Also, being able to sit down face-to-face with your part-time CFO builds trust and is just as important as having the flexibility to connect remotely 24/7. Where these collective skills particularly come in handy is in managing change.
There is no escaping the fact that we live in a dynamic world. This is particularly important when it comes to strategic planning for your business. Without an overall business strategy, routine financial modeling practices and a business dashboard, many small business owners tend to react to change versus respond to it.
While this may appear to be a perspective on semantics, it is not. There is a profound difference between reacting and responding. In business, reacting is the knee-jerk behavior to a provocative stimulus, and responding is the strategic implementation of an alternative, pre-planned option when change occurs.
It is important to be responsive in your business strategy versus reactive as it will keep you on track toward achieving your long term objectives. As the business owner, you are personally and intimately invested in your business success. At the same time, you are also often so engrossed in the day-to-day management of your business that it is easy to lose sight of the big picture.
Retaining the services of an experienced part-time CFO means having a permanent member on your management team to talk things over with. It means having someone that knows your business, has your best interests in mind and the wherewithal to serve them. As a fully integrated part of your management decision making team, a CFO can proactively help you to solve problems as well as collaborate in the implementation of the solution.
Did you know?
“…that comprehensive strategic planning is a process that requires routine monitoring and refining to be effective? As the strategic plan is implemented, conditions change. Working with The CFO Connection provides your business with a valuable asset in creating, managing and proactively responding to change. If you’re facing challenges around growing your business in today’s dynamic and competitive arena, contact The CFO Connection for a no-cost, no-obligation conversation.”
Article written and contributed by Dr. Deborah Osgood, cofounder and Chief Knowledge Office of Knowledge Institute
– See more at: http://www.buzgate.org/8.0/nh/about_dao.html#sthash.ofsUgRmm.dpuf