Part-time CFO for a Startup

The time has finally come. You’ve thought about this moment for a long time and now it’s actually arrived. You new company is open for business. You’re officially a startup. There is something you likely still need to consider.

You Covered All the Bases

You made sure you had adequate staff. You made sure you had the necessary products. You have spent time before opening to spread the word about your new business. All of these and other things are important. But I bet there is one thing you put on the back burner.

It’s Now 6 Months Later

Great! You have 6 months of running your business under your belt. Perhaps sales have been even better than you expected. That employee that wasn’t working out was replaced and you never missed a beat. Congratulations. Now let me ask you a question.

Where are You?

I don’t mean this in the physical sense. I mean are you meeting you financial and operational objectives? It may be great that sales have ramped up faster than you expected. It may also be a great feeling to know that your employees are fully engaged in the business. But, are you able to get a picture of just what your company looks like financially and operationally? More importantly, do you know whether you will be able to handle future growth? Will the resources be there? On the down side, are you prepared to handle it if business begins to wane?

You Need Information

Startups are notorious for letting financial management go until a crisis occurs. I encourage you to avoid that. From the very beginning, make sure you have someone available who can function as a Part-time CFO or Controller. Believe it or not, your startup may need this more than an established business. Why? The very nature of a startup is chaotic. Because there is not track record, it is even more difficult to make predictions and be prepared for the unexpected in a startup. So, bite the bullet and make sure you have someone who can keep you up to date on just where your company stands and help you prepare for growth. Consider a Part-time CFO or Controller. It just may be one of the best things you ever do.

 

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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