BENEFITS OF OUTSOURCING
Many small and mid-sized businesses make plans to add a Chief Financial Officer (CFO) once they have reached certain sales and profit levels, not realizing that the right CFO could be the key to achieving those targets. Summit CFO Services offers a cost effective alternative to a full-time CFO by providing the knowledge and big-picture understanding of business on a part-time basis. We work hand-in-hand with the owner and CEO to identify the opportunities and risks that a growing business could encounter.
Consider the expertise a CFO can add to your management team:
A CFO knows how to evaluate opportunities and build strategies around entering new markets and geographies, introducing new products and services, setting pricing and analyzing competition.
Sharpen the Numbers
A CFO will provide accurate and timely financials and metrics to give insight into business performance and guide critical decision-making.
Fraud, errors and unforeseen risks can send a growing business off the tracks. An experienced CFO helps to identify and mitigate exposure by establishing financial and operational controls.
Improve Business Results
While all staff shares responsibility for growth, profitability and expenses, a CFO adds value by working hand-in-hand with all levels of management to make sure performance is in line with company goals and strategy.
Negotiate with Suppliers and Customers
A CFO knows how to negotiate the most advantageous rates, terms and conditions, credit lines and payment options to ensure that cash flow is available to keep operations running smoothly. An experienced CFO is also skilled at communicating cost and pricing changes directly to customers and working with sales staff to negotiate from a position of knowledge and strength.
Manage Relationships with Bank and Other Lenders
A strong CFO will build relationships with outside investors and influencers that are important to the business. A CFO can identify and put in place the right types of capital from different lenders, to make sure the company has lines of credit or working capital it needs to grow.
Lead Organization Change
Mergers and acquisitions are significant changes for a company to undertake. A CFO with the appropriate experience can provide the analysis and strategic thinking to lead your company through these transitions.