Government shutdown, natural disasters, recession, unemployment…these are all signs of the times. Companies must be nimble, lean and use all resources as efficiently as possible. One way that’s proving to be a smart way to contain expense is utilizing consultants. Depending on whether your company is service and/or product driven, a CFO Consultant can step in to help guide the business and achieve goals.
Aside from the obvious cost savings of not having to pay a regular salary, you also can count tax and benefit savings as another plus. Taking this one step further would be avoiding the cost of having to set up a work station and provide computer and needed equipment. With costs of regular overhead rising steadily, these savings have a direct effect on the bottom line.
CFO Consulting also allows you to utilize this person as much or as little as your company needs. You can hire when projects arise, for example a new product roll-out or new store opening, when you may only need someone for 6 weeks. Another option is a monthly retainer to include the CFO in monthly or quarterly meetings. This flexibility helps management fit consulting fees into the budget and tailor services to exactly what your company needs.
Different CFO Consultants can bring specialized skills and experience to your company. A CFO with years of experience in your industry may be impossible for your growing company to afford to bring on full time. CFO Consultants who specialize in Manufacturing know that margins and logistics are two key areas that need focus, while a CFO with service experience may stress the need for ongoing education and training for staff. Say, for example you are a software company who needs a CFO to guide you in taking the next step in growing your company. You hire an experienced CFO Consultant with a proven track record of helping other software companies and seamlessly move into the next phase in your company vision.
One more important point to make is the option to use more than one CFO Consultant when it is necessary to get more input at a strategically crucial time. Having multiple resources to bring in for advice can mean better informed executives and better results. One example would be an apparel company wanting to open a webstore to sell their clothing direct to consumers. A CFO who has done this with companies before can help to establish pricing models and budgets, while another may specialize in identifying financing options.
Overall, the current business climate is forcing companies to be quick to react and make smart, informed decisions without the added expense. CFO Consultants are a clear solution for companies and can offer many options to provide needed skills when companies are fighting to be successful.