Is your business limping through this pandemic without any plans? Are you frustrated by unpleasant surprises that are popping up and costing your company money? Do you know if you’ll have enough cash to survive 2 more months of COVID-19 restrictions?
If these questions are familiar to you, you’re not alone. Many business owners are too embarrassed to admit that they suffer from one or more of these situations, all of which are indicators of weak financial management. In fact, some of these issues can result in your company going out of business, throwing years of hard work down the drain.
The good news is, that doesn’t have to happen to you. Savvy business owners can recognize the gap in financial expertise and use fractional CFO services to bring confidence to their numbers and continuous financial support to their company. These owners are playing to WIN. They know they can count on us to answer questions like:
• Will I have enough money to get through the next 2 months?
• When should I furlough or re-hire my people?
• Does my business qualify for any relief provided by the CARES Act?
• My customers can’t afford to pay me, what can I do?
• What should I do with all of the bills coming due?
• Will any of my insurance policies cover COVID-19 losses?
• If my sales continue at 50% of where they used to be, how much can I pay myself?
In addition to answering your highest priority questions, below are 7 specific advantages that your business could realize by using TurboExecs:
1. Save money:
With this option, you would use a fraction of the time an on-staff CFO works. Keep in mind, on-staff CFO’s can run from $200,000-$500,000 per year. A fractional CFO allows you a high-caliber professional at a third of the cost.
2. Gain flexibility:
A fractional arrangement allows you to tailor your fractional CFO services to your business’s needs. And as your needs change, you can adjust the level of service you receive. You may need the CFO more while you’re establishing controls and creating systems and scale back after, or transition to strategic planning or larger projects.
A full-time employee is on-site and represents a fixed cost, meaning you have to figure out how to fill their time – potentially with very low-value work.
3. Access to more experience and skill:
A fractional CFO generally comes to you with much more experience and skill than you can afford in a full-time employee. You’ll have access to the training, perspective, contacts and know-how of a professional with many years of experience, but at less cost than a full-time bookkeeper or brand-new accountant.
4. The advantage of an independent perspective:
As CEO of your company, the one thing you need in a CFO is someone who can see what is happening and tell you the brutal truth. In the same position, it doesn’t take long for a full-time employee to realize that they are in a political environment, and that their job and future are dependent upon how you – and their peers – view them. This compromises the independent perspective you need.
5. You have the power of a mediator:
Since there’s no danger of the CFO jockeying for a position within your company, TurboExecs will have a much easier time getting cooperation from people who might block the same effort from another internal employee who could be viewed as a competitor.
6. Solutions come faster:
An outside CFO has likely seen the same problem you’re facing many times before. TurboExecs comes ready to solve problems and get you results quickly.
7. There’s less risk:
Exiting the relationship is much easier with a fractional CFO who is not your employee. It’s clean, simple, and there are fewer feelings involved. Conversely, terminating a key full-time employee can be challenging, expensive, and emotionally draining.
Bonus – You get fresh ideas:
Because our CFO’s are working with multiple clients, we’re being exposed to many different ideas and solutions – and we’re generating those ideas and solutions for our entire client base. So, from that exposure, you gain a constant influx of fresh ideas for solving your problems and benefiting from your opportunities.
If you need some extra help getting your business through the COVID-19 pandemic and beyond, click here and let TurboExecs get you positioned to grow with confidence.