|Most companies have similar functions. They sell a product or service, produce the product or perform the service, and they bill for their efforts. The money left over is profit. It all is quite basic, and it is also common to almost any business.These basic functions, or different areas of responsibility, represent the key spaces on a typical organizational chart. Whether the business is large or small, these functions exist and are equally important.In many companies, the owner may have skills in the company’s particular operational functions and therefore performs a dual role as the Owner and the Operations Manager. This is particularly true if the operations are in the business owner’s area of expertise and if the business is not yet large enough to have an additional employee for the Operations Manager role.Alternatively, a business owner may have selling expertise and will perform in a dual role as the Owner and the Sales Manager. Similarly, an organization needs to grow to a particular size before a full time Sales Manager can be justified.When it comes to Finance, the business owner is rarely an expert in financial matters. The company does however need to perform at the highest level possible in this area because finance supports all other areas of the business. Smaller companies will have a Bookkeeper. Larger ones might have a Controller. Neither has the skills of an experienced CFO.
Typically only the very largest companies can afford a CFO, but the needs are just as important in any size company. They may not be full time needs, but they are critical none the less. Fortunately the financial needs of a smaller company can now be met with an outsourced CFO from B2B CFO.
What seems like the better course of action? Spending a few thousand dollars a month on continuous expert advice, staff training, improved systems, reliable information and peace of mind from an experienced professional when you need it, or spending a few thousand dollars plus benefits on a lower level employee that needs managing.