In this article, you will learn how you can have a highly skilled and experienced Virtual CFO as part of your management team, for just a fraction of the cost of a full time CFO.
What Does a Virtual CFO Do?
Most experienced CFOs are aware that it’s no longer enough for them to just play their traditional role as the head of the financial and accounting functions.
Today’s CFO is busy in ways that previous generations of finance leaders could not have anticipated.
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The New Role for an Experienced CFO in 2023
According to a recent McKinsey article (October 2022), “One trend we’ve confirmed after years of research: the finance leader’s role is ever evolving.”
An HBR article in 2018 led with: “The job of CFOs today is more important and more complex than ever. And the role of the CFO is changing dramatically”.
With more responsibility for corporate strategy, board engagement, digital initiatives and financial performance and management across the whole company
The services your Virtual CFO provides will be tailored specifically to your needs and culture, but can include:
Providing all of the duties of a traditional CFO but working remotely and on a part-time basis.
In addition, most highly skilled and experienced CFO’s have responsibility, or a significant input into other high level corporate processes, such as:
- Being a trusted advisor and partner to the CEO.
- Engagement with your board or executive team at monthly meetings, as your financial and strategic advisor.
- Coordinating the creation and implementation of your “strategic plan”.
- As CFO, creating and updating your “business growth plan”, to implement your “strategic plan”.
- Sourcing funding, to implement your “business growth plan”.
- Digitalisation initiatives, and
- A trusted mentor to others in your organisation.
M&A is also one of a CFO’s critical areas of focus, where they can play a major role in initial merger strategy, negotiations, and merger integrations to identify and realise synergistic benefits.
They will also work with the CEO and executive team to create the company’s post-merger transformation roadmap.
The CFO has the information and expertise required to present a complete financial picture while tailoring the value story to each set of key stake holders—board directors, investors, bankers, employees, customers, and suppliers.
COVID-19 has changed how we live and work in ways that will alter our behaviour long into the post-pandemic era and beyond.
The COVID-19 pandemic’s impacts are still impacting the business landscape.
Working remotely from home, shopping, entertainment, and even medicine went online, and as a result, businesses were forced to scramble to deploy digital systems to facilitate the shifts.
These changes in employee and consumer behaviour, and the new business models have persisted in advanced economies, and are likely to continue well into the post-covid era and beyond
The latest McKinsey Global CFO Survey shows that CFOs have been reshuffling priorities as the global economy grapples with a growing list of financial risks.
With a potential economic slowdown looming, the survey revealed that many CFOs have sharpened their focus in 2022 on:
- Managing the inflation that has stifled economic growth worldwide.
- Supply chain disruptions, and
- Rising interest rates
According to the survey results, respondents say that these 3 factors pose the biggest potential risks to their company’s growth in 2023
Many Financial leaders indicated that they are personally also concerned with maintaining the tight cash-management, liquidity, and resource allocation processes they adopted during the pandemic.
CFO’s priorities have shifted accordingly, leaving them with less time to focus on long-term strategic goals.
According to McKinsey’s, “the right response to such challenges — is, maintaining focus on the long-term while adjusting in the face of present conditions, rather than opting for one or the other.”
Makes perfect sense to me, but will require constant review and update as the year unfolds.
A highly skilled and experienced Virtual CFO, would be capable of taking responsibility for any, or all of the above activities
They will be proactive, results-orientated, positive, and happy to get their hands dirty and they have the ability to make things happen.
That’s why more and more small and mid-size companies are engaging a “Virtual CFO”
Unfortunately, most companies with annual revenue under $50 million can seldom afford a full-time chief financial officer (CFO) even though they would love to have that high level strategic and financial expertise in their team.
Our CFO service allows you to access the higher level skills you need to make informed decisions, identify issues and improve efficiencies, at a fraction of the cost of hiring a full-time person.
But every business and industry are different. So, to ensure we provide maximum value, every engagement is customised to meet the specific needs of your business.
Please let me know if you might be interested, I would be happy to share the details with you.
Why Choose Me?
So, if you have a growing business that can’t yet afford a full-time CFO, our Virtual CFO service could be just what you need.
That would allow you to focus on doing what you do best, working On your business, rather than spending your time
David Amer -Business Coach and Mentor
managing or worrying about your finances; with the comfort of knowing you have a trusted experienced financial advisor doing that for you.
David is highly experienced at top-management level, with over 25 years’ experience at “C-Suite” level (CEO, COO and CFO) in general, financial and operational management positions in large corporations, mid- sized companies, and new start-ups, in multiple industries, in 6 countries.
As your part-time Virtual CFO, David would work with your business on an “as needed” basis. So, you only pay for what you need, customised to meet your specific requirements.
With a proven track record as a successful CFO and CEO, David has probably been there and done what you need help with right now, on a number of occasions during his corporate career in multiple industries.
So, whether you require ongoing Virtual CFO Services, a one-off project or an occasional Business Health Check” David can help.
I invite you to read what others have said about working with me:
Testimonials from long term business partners and clients
Your Next Step
If you would like to learn more about having a highly experienced Virtual CFO as part of your management team, for just a fraction of the cost of a full time CFO,
You can book a free 20-30-minute discovery call with me personally by clicking on my calendar link below:
You will receive an email confirmation and a reminder from my booking system prior to the meeting.
Or alternatively, message me in LinkedIn, or just send me a text message with heading “Business Growth Plan”, and your first name, and I will call you back within 24 hours to arrange a time for an initial chat.
My mobile number in Australia is 0418 277 137.
My business email address is: [email protected]
I look forward to talking with you.