Use our 18 point Checklist and eBook to find the best possible Virtual CFO (VCFO) for your business and getting the best return on investment.
- Discuss and decide your ‘big picture’ goals…what you want to achieve in your business in terms of business growth, improved profit, cash flow, business value, efficiency and lifestyle.
- Discuss and set targets for specific parts of the business i.e. KPIs (Key Performance Indicators).
- Review and reorganise management structure and team to align with business goals and targets.
- Discuss profit improvement opportunities including outsourcing any ‘non-core’ activities.
- Your VCFO will implement ‘best practice’ financial management processes and systems to ensure accurate, timely information you can rely on.
- Plan and implement business transformation projects with your VCFO and team.
- Ask your VCFO to review ‘Risk Management’ and “Governance’ i.e. how the business is set up and fulfils its legal obligations to all stakeholders.
- Ask your VCFO for help managing relationships with bankers, accountants, legal advisors, insurance providers etc.
- Ask your VCFO to review your business finance to ensure you’ve got the best and most cost-effective funding in place. They will help you with finance applications and preparing ‘business cases’ to secure funding.
- Attend regular meetings with your VCFO to review reports and discuss performance, targets and further improvement actions.
- Review your strategic direction to ensure it’s in line with your objectives and review options.
- Your VCFO will assist you to prepare a short and long-term Business Plan, Budget and Cash Flow Projection.
- If you plan to exit your business in the near future (say within 5 years) ask your VCFO to assist you plan for your exit and succession and build business value to ensure an acceptable sale price.
Growth & Development
- Discuss your ideas for new products/services and markets.
- Your VCFO will assist you to work out the cost of and implement business expansion plans.
- If you plan to merge your business or acquire another business, your VCFO will perform ‘Due Diligence’ to ensure it’s a profit and value building option.
- Your VCFO will train, coach, mentor and develop your finance team, to ensure things are done right and you can rely on the information provided.
Cost to engage your VCFO
- Agree a ‘value based’ fee with your VCFO ensuring it is far outweighed by the value they deliver to your profit, cash flow, business value and lifestyle.