I often talk on this blog about the value of having a virtual CFO, but hiring someone to concentrate on your financials is only one step toward your lasting success. Truly, a virtual CFO works best as part of a team of professionals geared toward making your business goals a reality.
One of the most important types of professionals you should have on your team is a marketing person. Whether he or she is in place on a full-time or as-needed basis, that individual will be able to help your virtual CFO generate cash by strategically adding to the marketing you’re already doing.
(Now, I’m going to pause here and say that I realize that marketers and finance folks don’t always see eye-to-eye. They look at the same problem from totally different vantage points. Yet that can be a benefit to you if you choose your partners wisely. More on that later…)
For instance, if you operate a website that gets a decent amount of hits, it might be worth your while to add affiliate advertisements or Google Ads to your pages in an effort to boost your revenue. This is something that a virtual CFO might not automatically think to do to generate some extra “passive” cash flow, but it’s likely that a well-versed marketing expert will.
Of course, you’ll have to allow your virtual CFO and marketing consultant/employee to work in tandem in order to get the most value from each of them. That can be difficult for some businesses to understand (as I said above, many people would be shocked to hear that your marketing and finance “departments” were working together.) But in the end, they’re both trying to get your company to a financially secure point.
Does this mean your virtual CFO and marketing person will never argue? Certainly not. Chances are good that they will occasionally be at cross-purposes. However, when you find two great professionals who can work together to benefit your business, you’ll increase your chances of prosperity enormously.
Always remember that it’s important to surround yourself with a team that has a common goal, not a series of individuals who work in silos.
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