Perhaps you have found this blog site because you are considering a part-time or temporary CFO. But why would you need such an individual?
Experience tells us at B2B CFO™ that many entrepreneurs begin to lose goal clarity over time. The insatiable, single-minded, laser focused entrepreneurial initiative to drive business growth has now given way to the urgent, yet unimportant tasks of the day. B2BCFO™ founder Jerry Mills describes this in his book Mills segregates employees into groups – Finders, Minders and Grinders. You are the Finder – likely the only person in the organization with a vision of what the Company could truly become. Yet as the Company exits the honeymoon phase, the temptation is for the business owner to handle tasks which are better suited for Minders (accountants, HR professionals, lawyers, etc.). With precious time now compromised, who is left to drive Company growth? No one, unfortunately. The business has now entered The Danger Zone.
I find it amusing when I talk to business owners about time management. I will often ask “how much in additional annual sales do you think you could you bring in if you were to free up an extra 8 hours per month?” Maybe $100,000? Maybe a million dollars? Maybe more? The figures I get back from these business owners are astounding, yet I believe them. Once they do the math, they realize that maybe outsourcing certain tasks, freeing themselves up to be Finders once again, makes better sense. The entrepreneur can return to his/her passion of driving business once the minding tasks are off-boarded. Higher profits are realized, the entrepreneur returns to doing high-value business development, and the joy in owning the business returns. Maybe Confucius knew what he was talking about when he said “Choose a job you love, and you will never have to work a day in your life.” To be successful, entrepreneurs need to get back to doing what they love.
So back to the question as to why your Company might need a CFO. It is not because we can decrease your average DSO (days sales outstanding in accounts receivable). It is not because we can provide better financial reporting that identifies areas of strength and areas requiring improvement in your business model. It is not because we can create cash projections which identify problems month in advance and facilitate early remedial action. Yes, a B2B CFO™ can help you with all these tasks and they are important.
But most importantly, a temporary or part-time B2B CFO™ can help you re-acquire goal clarity, which will lead to more sales, more profits, and less frustration by freeing up your time to do that which you are passionate about and frankly very good at. Driving business. Now everyone can afford a part time B2B CFO™.