A CFO is a trusted advisor who provides insights for all business strategies to the CEO or Business Owner.
Terry Weaver, CEO of Chief Executive Boards International, identified seven key functions of a CFO (Click here to read article). The CFO:
- Plans, considers and decides how financial transactions will be booked, consistent with the objectives and strategies of the business.
- Plans, forecasts, budgets and projects the future financial performance of the company, in light of the company’s objectives, strategies and capacity to perform.
- Focuses on a clean, quick, and solid closing of the books within days of the end of the period. Generally has daily or weekly real-time key indicators of performance or trouble, shared with key players in the company.
- Analyzes results in the context of the company’s objectives, strategies, and owners’ intent for the business. Establishes key indicators that provide early warning for management
- Works to maximize the value of the business to the owners, including investors, while remaining within loan covenants, creditor requirements, etc.
- Makes certain you (the owner or CEO) understand the financials, the trends and the issues they identify. Reads them to you, if necessary.
- Does what he’s hired to do — help you strategize, plan and operate your business to your maximum financial advantage, within the law.
Finding an individual with talent in all of these areas is often difficult. Many people work with my team and me to bridge the gap between current financial leadership and the ideal financial leadership.
As part of our work in this area, we ensure systems are in place to keep the company on track. These systems help everyone make best use of their time, talent and resources.
At Barbar Financial Solutions, we are passionate about working with entrepreneurs who want to grow their companies and business owners who want to take their companies from good to great.
We become part of the team to help: 1) Create an organization that builds people, profits and performance; 2) Provide effective business and financial strategies; 3) Assist in making decisions leading to financial improvement.
If you want a member of our team to see how we may help you, call 561.347.8586 to schedule an appointment.
Live Passionately!
John
www.barbarfinancial.com
