3 Signs Your Business Needs a CFO
Starting a business is a difficult task. Our whole lives, we’ve been told that starting a company is part of the American dream, it’s something worthwhile, it’s a goal to be proud of. While these sentiments are true, people tend to forget to tell you that you’ll be working 100-hour weeks at first, pouring all of your heart into this company, and having your emotions soar or plummet—depending on how it does.
Somewhere in this pursuit, entrepreneurs tend to believe the lie that they have to do it alone. Each entrepreneur is different: some love the thrill of marketing; some live for customer service; others have a great idea they simply must bring to the world.
As a business owner, you have strengths. You wouldn’t have gotten this far if you didn’t. However, what do you do when your strengths don’t include finances?
If you aren’t comfortable with finances, help is always around the corner. Here are three signs it may be time to bring in a CFO.
1) Your strengths lie elsewhere. You wouldn’t hire a lawyer to do the job of a surgeon, so why try to fit yourself into a role that you’re not ready for? If you find yourself dreading preparing financial statements or having numbers conversations, it may be time to call in backup.
2) No one is assigned to cost calculation. In the start-up world, so many decisions come down to finances and economics. If you don’t have someone watching these numbers, you may want to look into hiring a CFO.
3) Investors are perceiving a lack of financial leadership. Like it or not, investors have an important voice in the progress of your company. Are your investors worried that a lack of financial leadership may slow down your company’s growth or prevent you from making a blockbuster deal? This may call for a financial expert.
Are you ready to take your business to the next level by working with a CFO? Head on over to our website or call (470) 239-7482 to speak with the White and Associates team about how you can rent a CFO or get trusted financial advise today.