Many small business owners are reluctant to hire a business advisor and we get where they’re coming from. But is it realistic to take on the role of a CFO in addition to all the other responsibilities you have as a small business owner? For some, the answer will be yes, depending on their professional backgrounds and the amount of support they have in other areas of the company.
In 2013, Khalid Saleh and his wife Ayat were riding high. They’d build their online marketing and conversion optimization company, Invesp, into a thriving business. Conversion optimization had become commonplace, and most businesses understood its importance. Invesp was enjoying consistent growth.
Accounting services not only save valuable time, freeing you to do the tasks that you find most rewarding, but they also allow you access to a professional who can find and fix financial problems before they get out of hand.
In particular, CFO services are especially useful because they provide timely insight so that companies can make positive changes. This is not to say that a CFO can completely save a dying business. Or that you can’t succeed without one. But, what we are saying is that your business can be more successful and profitable if you have a better strategy for spending and saving your resources.
Let’s take a look at the benefits of CFO services and the guidelines for choosing a partner.
When Cristian Rennella and his business partner, Hernán Amiune, founded ElMejorTrato.com in 2008, the internet was a very different place. Smartphones were just hitting the mainstream, and mobile web browsing was basically unheard of. A programmer had one job: make a website that works on a computer, period.
In today’s digital economy, the ability to run your business from the palm of your hand is becoming a necessity. This may include posting to your business social media accounts, accessing your marketing tools and customer relationship management platform. Being able to access your books from any device and any location should also rank high on the list.
There’s not an entrepreneur on this planet who doesn’t want to get paid more. Even if money isn’t what drives you, you’d just plain be a bad businessman to turn down more cash for the same amount of work.
Money opens doors, and with more of it you’d be able to funnel more money back into your business, pass profits on to your employees, invest in philanthropic initiatives and so much more. So, are you making as much money as you can for the work you’re doing?
A typical small business owner is deeply involved in the day-to-day operations of their company. They are concerned with things like customer service, innovation, new client acquisition, hiring, conserving resources and making money to keep the doors open. Not surprisingly, when tax season rolls around, it throws a wrench in their entire workflow.
Ah, inventory. The bane of a retailer’s existence. Whether you sell clothing, car parts or cat food, inventory is a necessary evil. But it’s much more than that; it’s an important business component that, when managed effectively, can help you maintain tight margins and trim overhead. When managed poorly—or not managed at all—it can be a money pit.
Annual tax time is almost here. And if you’re an e-Commerce business you’ve already got a number of legal considerations on your plate. Things like:
- What payment gateways should I use?
- How should I handle trademarks, patents and copyrights?
- Are there any shipping restrictions to get products to my customers?
- What are the lease requirements for holding inventory in my building?