Updated: Sep 12, 2022
You’re an entrepreneur.
Your social impact business is up and running. You have a lot of balls in the air. It’s possible that you just don’t have enough time for budgeting, forecasting, reporting, and analyzing financial results.
You had already probably considered hiring a CFO to handle financial aspects of your business. But an experienced CFO certainly won’t come cheap — and that’s a huge financial commitment for any business. But if you want to elevate your social impact business to new heights and better fulfill your mission, then likely an investment in a fractional CFO can help.
Outsourcing fractional CFO services could give you access to financial expertise at the fraction of the cost of a full time CFO. Let’s explore the basic fractional CFO services you can get.
Basic Fractional CFO Services
Outsourced CFO companies often provide services according to the needs of a business. Here are some of the most commonly outsourced fractional CFO services:
Financial reports present the financial health of your business at a glance. They are helpful when you need to present business finances to lenders or investors. This is one of the responsibilities of a fractional CFO, ensuring your financial reports are accurate and detailed.
Financial Analysis and Interpretation
A fractional CFO can help interpret your records, analyze your current business landscape, and forecast your business’ future. They are well versed in the current market trends and have years of financial experience under their belt. So they would surely be able to enhance your business strategy and increase your competitive edge.
Fractional CFOs are extremely valuable when you need to present financial reports to investors or board meetings among many others. Since they have all the necessary knowledge, skills and experience, they will be able to answer any questions that your stakeholders may have.
How to Find the Right Fractional CFO Service for Your Social Impact Business
If you decide to hire a fractional CFO, it’s important to find the right one. You’ll want a fractional CFO aligned with your goals, values, and purpose.
To find the best fractional CFO for your business, consider the following:
- What CFO services do they offer?
- Do they have the right skills and experience?
- What industries do they specialize in?
- What financial issues is your business facing?
- How have they helped clients with similar issues?
- What do they recommend to fix your issues?
- What deliverables should you expect?
- What are their goals and expectations in working with you?
Fractional CFO services can be a lifesaver. But knowing when your business needs a fractional CFO and how to find the right one can be challenging. Most of the fractional CFOs prioritize looking into your numbers, and only those numbers. But as a founder of a social impact business, you need to consider a fractional CFO who will work on your numbers with your mission and purpose in mind– a fractional CFO who can show empathy and passion to help you create that positive change in the world.
When you are ready to hire a fractional CFO who cares about your business as much as you do, reach out to Profit Reimagined Inc. Our team would be happy to speak with you.
We at Profit Reimagined Inc. pride ourselves in our curiosity, expertise, and empathy. We take the time to understand how your social impact businesses work and why you do what you do — because we, too, want to effect changes in the world for the better. Then, we use our expertise to amplify your social impact, create a business you love and maximize your profitability.