What to look for when hiring virtual CFO services
- Nov 08, 2022
- 8 min read
We bet you thought only big corporations or public companies could afford a CFO or any CFO services.
Well, luckily times have changed and this role has gone virtual – and now every business has access to a CFO to help them build a dynamic business.
I can hear you asking, what is a virtual CFO?
A Chief Financial Officer or CFO is responsible for the strategic financial insight and steering of the company to generate increased revenue. A virtual CFO offers this expertise but is outsourced much like you outsource your accounting and bookkeeping.
A business hiring these services is rewarded with high-level strategy and planning without the high costs that come with hiring an actual CFO in-house. Outsourcing CFO services is now a popular and valued option where strategic thinking is crucial to business growth.
Start-ups especially, see Sleek’s virtual CFO service as beneficial. With tight funds, they view tactical financial advice as essential to help them pivot and evolve in the early stages to market.
So, you’re looking for a virtual CFO. What skills should this person have?
What to look for in virtual CFO services
Expertise and Experience
The key to a virtual CFOs role is to break down your business silos and foster collaboration within your company. To do this effectively, they need to be a big thinker and strategist, as well as an inspirational leader with strong communication skills.
A virtual CFO will need business skills and experience in:
Financial reporting, forecasting and budgeting
These are the building blocks to start your high-level strategic plans.
Raising capital
Your business needs capital to grow. A virtual CFO with skills in fundraising strategy, and an ability to present your company to future investors.
Risk Analysis
Protecting your business and its assets will reduce potential risks and threats.
Leading Change Agent
The key to change and business growth is digitization and automation. This ensures continuous development of market source opportunities and increasing profits.
Your virtual CFO doesn’t need a cape, nor a superpower, to be a change agent.
They need a broad knowledge and expertise in digital technology, in order to bring the benefits of leading-edge practices to their functions and to the company.
To make these improvements in efficiency using digital technologies such as business intelligence and data-visualisation tools, requires organisational will, investment in time and resources, and collaboration with fellow stakeholders.
Strategic leadership and performance management
A virtual CFO actively initiates and is involved in a range of strategy-related transformation activities. These may include creating an overall corporate strategy, the pricing of your company’s products and/or services, collaborating with talent-management initiatives, or setting incentives linked to the company’s strategy.
It’s one thing for them to bring in change initiatives but they must be skilled in measuring the performance of the initiatives, overseeing margin and cash-flow improvements, and establishing key performance indicators and baselines to assess its success.
Wow! Imagine the boost to your business if you had this resource available to you.
Here's how one start-up used Sleek’s virtual CFO services
Shiok Meats, a Singapore-based start-up with offices in Australia and Thailand, is an R&D company looking at creating alternatives to prawns and other crustaceans using stem cell technology.
They utilised Sleek virtual CFO services to ready themselves for the commercialisation of their business –
‘Laura provided excellent and practical guidance to our team as we navigate the decision around our future financial system and process flows. She is knowledgeable, friendly and understands our business needs. Laura is an experienced and valuable resource for advice relating to finance framework and system to be deployed by any organisation.’
Lay See Tan, Shiok Meats, Sleek, Virtual CFO services customer
If you’re looking for more from your accounting division – you need virtual CFO services from Sleek. Contact us today to discuss how high-level strategic planning can make a huge difference to your business now and into the future.
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