Part Time CFO Services
In the same way that you may only need a qualified doctor for specific problems the same may be said for highly qualified CFO’s who you may need now and again but not all the time. The simple solution to your requirement may be a part time CFO service where you have access to a high-level external CFO on a retainer basis.
In recent years there has been an increase in the use of interim CFO services where companies can bring in a highly qualified professional for a specific project. The term interim is quite apt because the project or requirement is usually on a temporary interim basis.
However, part time services are a different concept. In a part time relationship, the service can become permanent and you effectively have a new team member without the cost of a full-time executive position.
Types of Services.
A part time CFO can become a member of your team blending in with your management structure and quickly become a trusted advisor available for difficult problems.
Specific Services.
Examples of where you might need this service are:
Business Plan and Financial Plan.
Full review of your current situation and assistance with a business plan and a matching financial strategy which can be followed by your staff under part time supervision and guidance by your part time CFO. Your own staff may be too busy to focus on these kinds of projects when they are busy running the day-to-day transactions of the business.
Working Capital and Cash Flow assistance.
COVID has been a big disruption for most businesses. You may need to reset your entire working capital, supply chain and cash flow management systems or consider an entire refinancing project which will require reliable cash flow proposals. Presentation of credible forecasts to shareholders, banks and other sources of funds are very important. This reorganization may be beyond the experience of your existing staff who would benefit from leadership.
Risk Management
Risk management is an area that is often ignored by management teams and often requires an independent review to really determine what your key risks are. As a management team you may be too close to the real risk issues and find it difficult to be objective. A part time CFO may well be ideally placed to be objective and ask the right questions.
Crisis Management
You may have a particular problem which requires an experienced CFO who has been through a similar situation. Your own people may have simply never faced this kind of problem before or they are so busy dealing with the effects of the crisis that they are unable to find the time to take remedial action.
Mergers and Acquisitions. Big Deals.
An external CFO can help you make informed business decisions when considering M&A opportunities. He or she can evaluate, negotiate and close transactions and assist in the successful transition into your existing business. Again, your own people may not have the time or experience to handle such transactions and full time professional external help is expensive.
