Many growing businesses reach a point where the bookkeeping is in order, but the owner still has no clear answer to a few key questions: where the money is going, which client or service actually makes a profit, and whether the next growth step makes financial sense.
This is where the need for financial management arises. The question is not always whether to hire a full-time CFO. It is often more sensible to start with a fractional CFO who helps set up management reporting, cash flow planning, KPIs and a better decision-making framework, without the fixed cost of a full-time hire.
A fractional CFO is a particularly good fit when the business is growing fast, preparing to raise capital, needs to improve profitability or wants to reduce the owner’s involvement in day-to-day financial management.
A thought for the owner: if financial information reaches you too late or doesn’t help you decide, the problem is not just the reporting. The problem is the management system.
The first step is to agree which decisions the CFO needs to support: for example pricing, investments, working capital management or dealings with the bank. This determines both the scope of the work and the management information required.
WIZEN helps assess what kind of financial management support your business needs and shapes a scope of work to match.