Why should you have a virtual CFO in your business

What even is a CFO? A CFO is a Chief Financial Officer or Finance Director (FD).

 

Every big business has a finance director or CFO and they are needed to keep the financial affairs of the business in line and to provide valuable financial management information to the business. They are your trusted adviser and translator of the numbers!

 

In small businesses you don’t need a full-time FD/CFO but you do still want to know what your numbers look like on a monthly basis and have someone checking on a regular basis.  People often think that they can’t afford to have finance support in a business.  This is very different from a year end accountant where they are producing the statutory returns for your business.  They are not there to analyse your business and understand your business in detail but merely to submit the tax and legal requirements.

 

If you just have a year end accountant, this can mean that you only look at your accounts once a...

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Money mindset

Why do you find difficult to manage your business numbers? Is it because you were told at school you were bad at maths? Is it because you’re just terrible with money?  Have you had debt in the past?
 
These things do not have to be true in the future. However, it is also true that many, many business owners start their business without any real idea about how to manage their numbers. It is one of the most critical part of your business.  You need to manage the numbers carefully but often you set up and run your business without any experience with the numbers.  Many people never take any courses or undertake training in this as they just sort of expect to be able to manage it. 
 
I feel the same way that a lot of you feel about numbers about marketing and recording videos. It feels me with dread and I put off doing it as much as I possibly can. However, I know my business won’t grow if I don’t do my marketing and to this end I’ve...
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