June 01, 2015

The Importance of Having a CFO Advisor

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Having CFO advisors can transform your business.

This is a bold statement, especially for companies that already have a CFO and/or a finance team, but having additional CFOs with varying types of backgrounds and experiences can make an incredible impact on the profitability and future growth of your business. 

Many companies that have one CFO advisor, or an entire advisory board made up of CFOs, have noted that it helps to have their financials looked at, questioned, and reworked by CFOs outside of their business. By looking at the financials of the business from a new perspective, questioning why things are done a certain way (or money spent a certain way), suggesting ideas on how to save money, grow in a “safer” way, refinance debt, CFOs time and again prove to be one of the most valuable additions as advisors or board members.  Here are just a few of the ways they can help:

  • Suggestions on structuring key contracts from a financial perspective to be more advantageous to the company
  • Investment and financing techniques, guidance, and connections
  • Ways to save money in key areas of the business 
  • Identify and improve key metrics that reflect the overall health of the business
  • Alternative ideas on how to maximize profits, reduce expenses, grow the business, reduce corporate taxes, and many other areas
  • Improving the value of the business by identifying and improving key metrics that will be used if you decide to sell the business at some point

CFO advisors can and will make an immediate impact on your business. You can simply set up quarterly meetings where you keep them updated on the business, then use them as a sounding board for current issues and opportunities, and get their ideas on things you could be doing differently to maximize profit or grow the business. Connect with some CFOs right now, don’t put it off until you find yourself in need, and be amazed at their impact and how they can help your company achieve the next level of success.

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