SELF-CHECK FOR YOUR FINANCES
Do you know that there are several simple self-checkpoints that You can use to see if you are getting well with your finances or need some external help?
The self-check test about determining whether Your business needs consulting services /especially in case till now you have decided fully on yourself/ as an External CFO depends on several factors and if you recognize the bellow symptoms:
- Financial complexity: If Your business has complex financial operations or streams, such as multiple revenue streams, international transactions, or complicated cost situations generated from organizations on different levels and businesses gathered under one roof, as well as available production cycles, an External CFO can provide the expertise you need.
- Growth phase: If Your business is in a high-growth phase, an External CFO can help manage financial risks and ensure sustainable growth. Also, the CFO can place processes and procedures that are missing in your company at that stage of growth.
- Strategic decisions: If Your business faces strategic decisions such as mergers, acquisitions, significant investments, or scaling, an External CFO can provide valuable insights and guidance.
- Resource constraints: If Your business lacks the resources to hire a full-time, in-house CFO, an External CFO is a cost-effective solution that provides flexibility. Another advantage is that You can have a highly qualified specialist who could be very flexible with your needs and open also to the changes that your business faces.
- Temporary resource constraints: If for some reason You struggle with shortages of qualified financial staff for important key projects for your business, engaging of external CFO is a very good decision.
- Financial Performance: If Your business is not meeting its financial goals or if there are unexplained financial variances, an External CFO can help identify issues and implement corrective actions.
⇒ Remember, every business is unique, and what works for one might not work for another.
⇒ It’s important to assess Your specific needs and circumstances before deciding to engage an External CFO. Consulting as a free call in advance or gathering information will be also helpful in making this decision.
Author: Galina Vankova, Ethical Finance GV LTD.
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