FOOD FOR THOUGHT

A chief financial officer (CFO) might seem like an expensive luxury for a small business. But the question shouldn’t be if you can afford one, but rather can you afford not to have one.

Is your chief financial officer (CFO) up to standard? Are they achieving, or are they lagging behind?

CEOs and business owners: do you need a CFO? Can you afford not to have one? These are the three signs to watch out for:

Virtual CFOs are a relatively new phenomenon, spurred on by increasing digital accessibility and the demand for business advisory on a budget. However, some virtual CFOs have already distinguished themselves from their peers in terms of quality.

Listening to the second leaders debate this week, I could not help but let my mind wander to the same question businesses have been asking for. We need innovative tax policy now which can both redeploy resources, use existing infrastructure better, and propel New Zealand forward.

A virtual CFO is more affordable, faster, more specialised and more independent than a physical CFO. Don’t believe us? Here are the facts:

You’ve had your meetings, you’ve spoken with the executives, you’ve discussed things with the board, all with your CFO by your side fielding the tricky financial questions and presenting the profitable forecasts for the year ahead. But that’s just the start of what your CFO can offer you.

Business growth can be taxing––both on your bank account and on your energy levels. Here are three essential business growth strategies to help you overcome growing pains. Keep these tips in your toolbox for when you encounter expansion challenges.

Almost every business will face the daunting ‘Valley of Death’ before it becomes profitable. The key to survival is not avoidance, but preparation. By planning ahead with the right business growth strategies, you can minimise the time your business spends in the Valley and get back on track to profitability.

There are hundreds of business growth strategies––how do you know which one is right for you? The Ansoff Matrix is a good place to start. This tool helps businesses assess four common strategies: market penetration, product development, market development, and diversification. Here’s how the Ansoff Matrix works and some tips for applying it to your business.