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Hiring Best Practices: What to Look for When Hiring a Part-Time CFO

 

Are you looking to hire a CFO that will oversee the financial side of your business?

As you start to consider what to look for in a CFO and who would be the best fit for your business, your first instinct might be to interview full-time candidates only. However, you’ll be missing out on the many benefits that qualified, part-time CFOs bring to the table.

 

The Benefits of Hiring a Part-Time CFO

 

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The importance of a business plan and how to create one – Part II

In our previous article, we have highlighted the importance of creating a business plan.  In this article, we will focus on the key elements of a business plan, the sections it should contain and how a part-time CFO can help you to create your business plan and implement it.

The key elements of a business plan

The most important part of your business plan is its financial information. Your financial forecasts should include your cash flow predictions for the next 12 months or more.

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The importance of a business plan and how to create one – Part I

Without a comprehensive, up-to-date business plan and an implementation timetable, companies may be missing out on opportunities for growth and not realizing their full potential. A formal plan can be an extremely valuable tool for managing and growing a business, as it allows a company to recognize its strengths and weaknesses. Furthermore, research has shown that SMEs that have a business plan in place are consistently more profitable than those who do not have a business plan. 

Financial reporting | The CFO Centre Canada
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Keys to Profitable Growth – Financial Reporting

Have you ever been so far off the grid – on a wilderness expedition, maybe – that your smartphone doesn’t know where you are? If you click on your “maps” app, your phone just shows you a blue dot, figuratively shrugs its shoulders and says, “You’re on the blue dot. But I have no clue what’s around you, where you’ve been or where you’re going.”

That uncomfortable “lost” feeling applies to more than just wilderness trekking.

7 keys to profitable growth | The CFO Centre Canada
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7 Keys to Profitable Growth

Planning for growth is something every business owner will say they do, but not all business owners will do this effectively and with a focus that will generate profitable growth.

Many businesses plan for growth, but not profitable growth.  Some businesses focus on growing sales without a focus on margins while others build infrastructures to support sales and growth that never materialize.

Michael Porter said, “If your goal is anything but profitability – if it’s to be big,

Welcome to the team | The CFO Centre
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Thank you for a great year, 2018!

Well, with 2018 in our rear-view mirror and as we move forward along the 2019 highway, it is a  great time to reflect on the past year’s journey.  For us at The CFO Centre Canada, the last 12 months have been rich in opportunities to help SMEs thrive as well as our overall growth.  Our road was paved with outstanding relationships, both new and growing, from clients to collaborators.

We are pleased to have welcomed several talented individuals to our team. 

Banking relationship | The CFO Centre
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Improve your banking relationship

Developing a strong relationship with your bank provides tremendous benefits including offering necessary funding, preferential rates, and better terms. Your bank can provide expert financial  advice and help you to find solutions to financial challenges. It can also help you to grow your business and reach your financial objectives.

Since your bank works with a wide variety of businesses, it can also be an excellent source of prospective vendors, partners, and customers for your business.

CFO vs Controller
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The difference between a CFO and a Controller

If you’ve ever looked through a storage box holding clothes you wore as a child, you may have wondered, “How did I ever fit into something that small?”

Your company may be in the same situation. The equipment, personnel, and premises that fitted well when the company was starting out, may be constraining its growth as it matures.

One of the most pressing areas for change may not be your production system,

Impementation Timetable | The CFO Centre
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Why a timeline or timetable is essential for implementing your business plan

In building your business, do you ever:

Feel out of control – you’re getting by, dealing with one crisis after another, but just barely hanging on?
Find that your longstanding products and services just aren’t selling like they used to, but you can’t find time to develop new offerings?
Think about retiring after selling out to a group of your employees, but you know that they (and you) are nowhere near to making that possible?

Business Risks analysis | The CF Centre Canada
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Understanding Business Risk – How to Avoid the Road to Ruin

Entrepreneurship means taking risks, such as launching new products, entering new markets, or using new processes. Because this involves uncertainty, there are always chances that things will go wrong.

Our experience at the CFO Centre has been that the most successful companies take the time to understand the downside of the risks they take, and then find a way to compensate for those downsides.

As the CFO Cente’s book “Scale Up” says,

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