As a small business owner, sometimes you need to step back and analyze where you’re expecting your company to be in the next few months, or years, and what you can do better to help get you there.
But let’s face it. When you’re scrambling to keep the lights on, expanding sales territories and trying to prepare much-needed financial reports for your banker, it gets complicated and very time consuming to complete just the day-to-day tasks.
Leveraging Experience Through Outsourcing Financial Services
Maybe you’re a startup founder looking for a that first round of financing: you have the product and it’s testing well in your market test, but now it’s time to put some projections together to present to that VC (venture capital) group that gave you the nod.
That’s when it makes sense to consider the benefits of financial outsourcing: not only can it prove to be quite cost-effective, but it frees up your time to do what you do best, which is running the business.
How to Decide When You Should Outsource Financial Services
According to an article on Entrepreneur.com, there are specific tasks that are generally proven to benefit the company:
* Tap ‘knowledgeable’ people…either on a short or long-term basis. Want the perspective of a chief financial officer (CFO)? Look for services with a network of C-level folks you could hire on a contractual basis; this, to get the right financial analysis you need, plus ensure the back office operations are being handled efficiently.
* Don’t waste time doing it over-and-over again…like those on-going repetitive tasks, such as data entry and accounts payables.
In short, it’s best to outsource those tasks are keeping you from moving your business forward. Marc Resnick, Ph.D., a small business consultant and director of the Institute for Technology Innovation at Florida International University, notes:
If you’re used to doing everything yourself, consider delegating the management of outsourcing relationships to another member of your management team, a move that may help you let go…
If your business could benefit from outsourced CFOs and financial services, please contact us to learn more.