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Summit Insights
Mar, 23

3 Unexpected Ways a CFO Can Impact Your Business


Of course, you already know that CFOs provide financial guidance to businesses. You might be surprised to learn that their impact goes beyond strictly fiscal benefits. Whether a traditional full-time CFO or an outsourced fractional CFO, they are trusted partners and strategic guides that can help you (and your organization) weather unexpected storms, grow the value of your business, improve your quality of life, and help you navigate the challenges of entrepreneurship.

As an Area President for FocusCFO, it has been very rewarding for me to work alongside my team of embedded fractional CFOs, and witness, first-hand, the impact that we can have, as sherpas, guiding small and medium-sized businesses on the climb to sustainable, transferrable value.

1. Having an Experienced CFO On Your Team Can Provide Critical Guidance When Storms Inevitably Hit

Whether you’re a non-profit or a for-profit organization, unexpected challenges can appear out of nowhere, leaving you feeling uncertain about your future. An experienced CFO can provide the tools, insights, and guidance you need to survive and come out positioned for growth.

For example, FocusCFO was engaged by a non-profit serving the Northeastern Ohio community for over 100 years. They had recently lost one of their major funding sources and were unsure about their future.
FocusCFO’s Skip Vermilya joined the team and helped to right the ship, helping the organization achieve a sustainable platform.

As a result of their work together, Skip was able to provide:
•    Guidance to survive the unexpected setback and continue their mission.
•    Focus on what matters most to them: serving the community.
•    Future-proofed their financial decisions
•    Improved cash management

Not only did we right the financial ship, but, as a result of our work together, they were able to expand their impact in the community.

2. Sleep Better Than You Have in Years Knowing That Your CFO Has Your Back When It Comes to Cash Flow and the Financial Health of Your Business

Over time, what you loved can become a chore, as you are focusing on what you have to do vs what you want to do. With strategic guidance, you can shift focus to the big picture and find your joy again as the organization operates with improved cash flow and cash flow management.

For instance, I worked closely with a client who owned a privately held retail pharmacy – they were a small business competing with large corporations like Walgreens and CVS. Despite these challenges, the business was profitable and well-run, but it was taking a toll on the owner.

At our first 90-day review, I asked the business owner how it was going so far. He answered, “Since you guys came in, I’ve been sleeping better than I have in years!”

At FocusCFO, our fractional CFOs step in and do more than simply identify areas for improvement: they take ownership of projects, and help business owners and leadership teams worry less and improve their quality of life.

3. You’re Not Alone: A CFO Is a Trusted Advisor That Can Help You Navigate the Challenges of Entrepreneurship

For many entrepreneurs, the climb to value can be lonely: They often find themselves in uncharted territory, without anyone to lean on. A CFO is a key strategic resource that works at the business owner’s side, to drive impact, provide expert advice, and implement changes.

To illustrate this, one of my clients was a small, family-owned business that engaged FocusCFO to get their finances in order and help them grow. CFO Mike Dodson worked closely with the leadership team and earned his place as a trusted advisor. One day, the family members had a personal dispute that left the company’s future uncertain. Their first call was to “Uncle Mike,” who was able to step in to mediate and help avert disaster.

This is one of the great things about the FocusCFO model: we are an objective party, solely there for the benefit and support of the business owner(s). Entrepreneurship can be a lonely journey, but you don’t have to go it alone.

Fractional CFOs Bring High-Level Financial Guidance to Businesses of All Sizes

We provide CFO services on a fractional basis, meaning clients get all the advantages of a full-time CFO on terms that are flexible and affordable, working under a recurring schedule that fits within their budget. With a CFO on the team, business owners and organizational leaders are free to focus on providing the services and products that matter most and make better strategic decisions.

Schedule a complimentary consultation today and learn how a fractional CFO can partner with you to help your business build sustainable, transferrable value --while improving your quality of life.

Peter Geise is an Area President, serving small and medium-sized businesses and non-profits in the Greater Akron, Ohio area. Peter joined FocusCFO because he is passionate about working alongside our team of embedded fractional CFOs to help small businesses and non-profits in his community succeed.