Benefits of Hiring a CFO During a Recession
If you are worried at the mere thought of a recession and stressed about how your business will thrive despite the economy; the time to hire a Cash Flow Officer (CFO) is now!
A CFO is committed to providing companies with these 3 things:
Clear Guidance
Focused Targets
Observable Results
Your business needs a CFO more now than ever! Having the right financial guide will help you, identify opportunities for growth, spot challenges (recessions included), and red flags before they happen. We invite you to get on the right track before it is too late!
No matter the season, business owners react to challenges in one of 3 ways. Ask yourself these questions:
Will I bury my head in the sand?
Will I wait for things to return to "normal" (this is a phase and will pass)?
Will my financial guide and I be proactive and headed for success?
The truth is, business slowdowns kill the weak at heart! But this is a golden opportunity for you, for us... why?
Because while everyone else is avoiding reality, the 3rd group is building and achieving the success and freedom they deserve!
There are many ways a CFO can guide you through a recession, but here are three frequently asked questions:
Can I make payroll or hire that key employee?
CFOs have mastered knowing when the cash flow is or isn’t going to cover a future payroll and discuss with you what action(s) you are comfortable taking to strengthen your team and ensure cash flow is preserved.
What happens if I raise prices? Will I lose customers? Will I be able to survive?
CFOs will work with you to determine your end goal. Together we can determine if raising your prices will bring you success and the balance you desire before you take action.
Is it time to work on my business infrastructure?
CFOs see a recession as an opportunity to possibly pull back and work on the infrastructure of the business, making it ready for its next growth spurt.
These three questions come up often and together with our clients we help calculate the risk and the reward for making these changes sooner than later.
Whether it is a recession or not, your CFO will:
Identify what is working in your business and what isn’t working.
Spot red flags (recessions included) before they occur.
Create a roadmap that needs to happen within the upcoming months.
If you are stressed about your business's ability over the next few months, chances are you are not alone, and those fears didn’t develop overnight!
No one is immune to adversities that plague small business owners, CFOs are prepared to help you cycle through them!
CFOs provide small business owners with:
Relief - One clear path to the thriving, more profitable business you deserve.
Recovery - Setting aggressive, yet achievable goals to ensure your business can sustain and thrive during and after the economic downturn.
Reform - Guide you to being proactive and making sure any future external challenges don’t cause your business to hit rock bottom.
Contrary to popular belief, your numbers don't have to scare you! There's no reason to stay awake at night, fearful of looking at your finances.
Create a relationship with a financial guide who wants to see you win! Together, they will walk you through understanding what your business finances say about how you started, where you are, and where you are going!
The question: When is the best time to hire a CFO?
The answer: Before you need one!
Let’s Connect on a Right Fit Call to see if you qualify for a free business financial assessment.
This article was written in collaboration with Natasha Anderson & Janu Stein Orrick
Hey! I’m Natasha, Profit Strategist & CFO
I’m truly passionate about helping business owners grow their businesses, which in turn helps grow their lives. I believe becoming successful is the highest form of resilience and interruption to society as we know it!
My passion, I would even venture to say, is my calling is to help clients go from feeling overwhelmed, stressed about cash, wondering "where did all the money go" to running their business like a CEO!
Got questions? Email us at hi@theprofitstrategist.co
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