Most entrepreneurs spend their waking hours thinking about the future growth and profitability of their business, even if it’s successful. However, at a certain point, business owners may be able to take pressure off themselves and help the company better by hiring a chief financial officer (CFO). These professionals manage the financial aspects of the organization, analyze data and help with certain day-to-day operations that are taking up too much of the existing CEO’s time.
While business owners facing steady growth may be able to handle their operations more easily, startups that see big increases in business on a yearly basis may need expert advice to help them expand in a more manageable way. But, regardless of the company’s growth, many business experts suggest that hiring a CFO is one of the first milestones in a successful company’s history.
“It marks the point in that organization’s life, as well as in that entrepreneur’s life, where they are going to be transitioning to running the business on quantitative information rather than using just qualitative information,” Ken Kaufman, founder and CEO of Utah-based CFOwise, which provides part-time CFOs for hire, told Entrepreneur Magazine.
When analyzing the decision, owners may be most wary about the added expense of hiring a professional, even if he or she can help cut costs and reduce administrative overlap. However, by putting in place cost-cutting initiatives and preparing for the transitions themselves, small business owners may be able to budget for this expense.
One way to increase productivity and save money is to invest in VoIP business phones. Unlike traditional phones, those that provide VoIP telephony services cost less to maintain and provide a greater functionality for employees. For more information, interested business owners should contact a VoIP provider capable of helping with training and installation, and that provides nationwide support.
One way to increase productivity and save money is to invest in VoIP business phones. Unlike traditional phones, those that provide VoIP telephony services cost less to maintain and provide a greater functionality for employees.