Small businesses fail regularly. Often they fail because the founder has failed as the CEO.
In addition to being the CEO, the founder has chosen to be also the COO and the CFO.
No founder is qualified to be all three. None of us are.
Do any of these challenges sound familiar?
| Too much cash tied up in receivables | |
| Too much Inventory | |
| Capital items financed out of working capital | |
| Current liabilities too high | |
| No cash flow forecasting and monitoring system | |
| Running out of cash | |
| Need for more funding | |
| No idea of the value of the business | |
| Profitability not high enough | |
| No benchmarks to measure against | |
| Management reporting is out of date | |
| Unable to find a buyer for the business | |
| Unable to get a fair offer for the business |
A strong CFO can make a huge difference with the above issues. A strong CFO will more than repay their cost by the additional value contributed to the business.
To help you decide whether a part time CFO might be what your business needs,download a self assessment diagnostic and then reach your conclusions.