10 must-know signs you really need a CFO
Everyone (including me) talks about CFOs all the time.
But when exactly do you need one?
I’m glad you asked!
My view is that it is never too soon to hire a CFO.
Depending on your business, you might not need a full time one. But having one is definitely essential.
If you must wait then so be it. However, know how to tell that your business actually needs a CFO.
Sign 1: Your operations are becoming too complex.
You can see that your staff can’t handle this efficiently anymore.
Sign 2: You’re growing rapidly and things start to feel out of control
Your revenue & operations are increasing super fast
You’re entering a new market
Sign 3: You’re starting to have cash problems that you can’t fix easily.
It’s getting more and more persistent. You need more advanced planning and management.
Sign 4: You have big plans
You want to a)Raise capital, b)Find investors, c)Prepare for mergers & acquisitions
Sign 5: You’re facing more complex regulatory requirements
It’s eating your time and there are just more and more risks out there.
Sign 6: Your profit or margins are decreasing.
You need someone to help you understand why and put in place a plan to drive this up.
Sign 7: You’re not able to take timely informed decisions.
You don’t know if you can trust your reports to be accurate. And if they are, you’re not receiving them soon enough.
Sign 8: You realise you need to automate your business or integrate advanced tech systems.
It’s a new era...
Sign 9: It feels difficult to control and manage your costs
You’re aware that you need better monitoring and strategy.
Sign 10: Planning ahead reduces stress and increase productivity
You know you need : forecasts, budgets, align your strategy with your business.
If you’re facing one or several of these issues, then chances are you really need a....CFO.
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