If you could get a golf lesson from Rory McIlroy or your local club professional for the same price, chances are you would pick Rory. Your rationale would likely include Rory’s skill, expertise and experience (not to mention that new green jacket). He’s played every major course in the world, worked with the best coaches and has access to top performance experts. Why wouldn’t you want access to that knowledge?
The same holds true in business, especially when it comes to finance. Experience and expertise matters. Traditional staffing approaches may not offer the flexibility and/or value investment managers require based on their stage of growth and business needs.
Is it better to bring in a full-time hire with less skills and experience, or direct a similar amount into a fractional hire with proven knowhow, who’s been there and done that many times? The answer may be simpler than you think.
There are hidden costs to not having the right type of expertise on hand when you need it. Outsourcing a CFO role can help you avoid those costs regardless of where your firm is in its lifecycle.
Beginning on day one, there are key financial decisions to be made, and policies to be created and executed. Working with someone who has done this before can help you shortcut costly and extended learning curves, avoid overspending and over-hiring. Outsourced CFOs hit the ground running and know what you need for your stage of growth.
Not outsourcing your CFO role or related financial projects may not sink your business, but it could be detrimental to your reputation and make growth much harder. Attracting and retaining institutional investors requires a strong, organized, and professional business foundation that uses industry best practices. Having a reputable organization handling or supporting your in-house financial team goes a long way toward meeting operational due diligence queries and demonstrating strong internal controls.
Having outsourced CFO services enables you to quickly scale to meet unexpected needs mitigating reputational and compliance risks. Can you hire someone full-time and get them working on expense allocations within a week? You can with the right outsourced CFO.
Your firm incurs financial transactions every business day. Finance and accounting can’t wait until you have a dream team in place. Just like improving your golf swing, building and maintaining a strong financial foundation for your firm requires the right expertise. While we can’t do much for your golf game (except maybe join you for a practice round), we can help you avoid the costs of not managing your accounting team correctly.
Let us show you how outsourced CFO services can give you the right expertise at the right time — without the cost of full-time talent your firm may not be ready to fully utilize. Schedule an exploratory conversation with Blue Ribbon CFOs today