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When business owners and managers start to realize they could use the expertise of a CFO in their organization, their first thought is probably that they are expensive, and will they be able to justify the cost. For many organizations, this is not a simple or sometimes even a knowable calculation. In brief, the benefits of having a CFO are: - Keeping you out of trouble: Ensuring compliance with GAAP and government compliance, ensuring your insurance needs are met, and forecasting your cash flow needs into the future. - Reducing costs: Review spending to ensure all money is being used to advance your company, budgeting for the future, ensure you are working with the right partners for the right services, and ensure you are not overpaying for the goods and services you are currently purchasing. Also, review usage rates of employees and assets and looking for potential increased efficiency in your system. - Generating more revenues: Working with your data and people to help you understand how you are making money through Business Intelligence, and teach you how to focus your resources to make more money. - Freeing up the Owner/CEO/Manager’s time, which in turn also helps with all 3 of the above categories. There are many other transaction-based reasons for having a CFO, such as mergers and acquisitions, capital raises, repricing, and major strategic shifts. But for the ongoing business that is growing or wants to grow, having a CFO needs to bring more value to the table than the cost of having that CFO. There is a way to have this expertise in-house without the $150,000 bill. A Fractional/Consulting CFO is an experienced Financial Professional that is available to a client at a fraction of the cost. We at NOLA Consulting Group spend time up-front with our clients, working out a plan that provides a corporation with the advantages of having a full-time CFO, without the heavy overhead. We work with our clients to determine their needs, timeline, and expectations, and we do it on their terms. Contact us at inquiries@nolacg.com or 504-507-0232 to set up a free consultation.