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Posts Tagged ‘virtual CFO’
Thursday, August 5th, 2010
Is more cash flow always better?
Many business people would unequivocably say “YES!”… but I’m not asking if more CASH is better… I’m talking about cash flow.
When thinking along those lines, the answer can be a definite ”NO”.
So why can a lot of cash flow be a problem? Namely, it’s because it means that you might not be investing your cash in the wisest way.
This is where working with a virtual CFO can really come in handy. Otherwise, you might just be allowing your cash flow to gush when it would better be conserved. And that would be a waste.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: cash flow, Investing, Lot, virtual CFO
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Friday, July 30th, 2010
As an entrepreneur, are you getting a paycheck every two weeks, every month or any other time? Or are you simply continuing to put everything back into your business and only pulling out money for yourself when it’s absolutely necessary?
Though many people fall into this kind of trap, it’s a bad idea and not a long-term solution at all. If you’re making any kind of a profit (and if you aren’t, it’s time to rethink your sales and marketing plans), you need to start paying the top dog — YOU!
How much should you give yourself as a salary? It all depends upon a number of factors… which is where the help of a virtual CFO can come in handy. A virtual CFO will assist you in making sure that the paycheck you receive is fair without hurting your company.
Remember — taking a paycheck isn’t selfish. It’s a smart business move.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Bad Idea, Business Move, entrepreneur, Handy, Long Term Solution, Marketing Plans, Money, Paycheck, Salary, Sales And Marketing, Sales Marketing, Smart Business, Top Dog, virtual CFO
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Monday, July 26th, 2010
As a business person, do you ever find that you are essentially living entirely off your cash flow? In other words, do you spend the money you receive as soon as it comes into your company?
While this “in-one-door, out-the-other” style of managing your cash flow isn’t unusual, it’s also not a method for achieving long-term success. Essentially, you’re just breaking even.
With the help of a virtual CFO or a CPA, you can determine the wisest ways to make the most of the cash coming into your business so you don’t allow it to slip needlessly away. Even if you can only put aside a small portion of it each month, you’ll be ahead of the game down the road.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Ahead, Business Person, cash flow, CPA, Game, Money, Small Portion, Term Success, virtual CFO
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Friday, July 9th, 2010
Do you have a CFO on staff (either a traditional CFO or a virtual CFO) who eschews what’s modern in favor of the “old-fashioned” methods? While that may seem okay on some levels, it’s important to be certain your CFO’s techniques aren’t outdated.
It’s not that your CFO wouldn’t be able to do the basics of his or her job without understanding technology; after all, an abacus will add as well as a computer will. It’s just that the further away from the latest technology that your CFO gets, the harder it will be to:
a. Get him or her to take advantage of software that could make him or her a whole lot more efficient.
b. Get him or her to contribute to a blog, Facebook business account, Twitter page, etc.
c. Get him or her to relate to modern business concerns that are technology-related (like why you need to pay a firm to offer offsite data storage or co-location services.)
If your traditional or virtual CFO isn’t able or willing to step up to the plate, it may be time to make some hard decisions. Technology is only going to change more and more radically. You cannot afford to have your organization left behind.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Abacus, Blog, Business Account, Business Concerns, Co Location, Hard Decisions, Job, Latest Technology, Left Behind, Location Services, Offsite Data Storage, Organization, Twitter, Understanding Technology, virtual CFO, Whole Lot
Posted in technology, virtual CFO | No Comments »
Tuesday, July 6th, 2010
Every day, entrepreneurs and business owners take risks — it’s just part of the job. They have to make decisions and sometimes can’t get 100% of the information in time to completely predict an outcome. While that’s somewhat expected, I’m here to say that it’s no excuse for taking on unnecessary risks.
For instance — are you playing roulette with your company’s finances? You may not realize that there are financial management choices you’re making that are actually putting your business at far too great a risk.
Perhaps it’s the way you’ve structured your billing or the method you’re using to pay your employees or vendors. Maybe you’re just not being wise with the ways you’re allocating the revenue that’s coming into your organization.
If you’re not 100% sure that you’re being proactive about the risks your company faces financially, I encourage you to get help from someone who understands. There’s no reason to put your business in harm’s way, especially when so many risks can be thwarted.
And, of course, if you’re looking for a virtual CFO, I’d be happy to provide you with a free telephone consultation. Just email me today at Scott(at)FinancialFutureCFO(dot)com.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Billing, Business Entrepreneurs, Business Owners, Decisions, Excuse, Faces, Finances, financial management, Free Telephone, Job, Management Choices, Organization, Playing Roulette, Proactive, Reason, risk, Telephone Consultation, Unnecessary Risks, virtual CFO
Posted in Protection, risk management | No Comments »
Thursday, June 24th, 2010
If you decide to hire a virtual CFO, it’s important to remember that he should be vetted just as you would a regular employee. Although he will not actually be on your payroll, he will still have access to incredibly sensitive information.
Some tips when hiring a virtual CFO include:
→ Ask to see a resume, CV and/or bio. You’d be surprised at how many people forgo this step!
→ Conduct at least two interviews. Include other important members of your leadership team in the interviewing process to boost objectivity.
→ Ask for references and then actually call the people. If they don’t seem to want to say much about the virtual CFO you’re considering, that’s probably a red flag.
→ Conduct a background check on any potential virtual CFO. Don’t assume that he’s “safe”.
Make sure you keep your company and your clients secure! Interview all consultants who come into your organization. You’ll be glad that you did.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Background Check, Leadership Team, Members, Objectivity, Organization, Payroll, Red Flag, Resume Cv, virtual CFO
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Monday, June 7th, 2010
Is your cash flow turning into a trickle? You may want to consider outsourcing as a method of turning it back into a predictable stream.
Outsourcing is nothing new — employers have outsourced jobs here and there for centuries. But what is new are the many different types of positions that can easily be outsourced thanks to the Internet age.
Today, a company can literally be run from a central location with outsourced consultants (not necessarily employees) doing their work from their home offices. Not only does this save on the cost of a building, but it also maximizes people’s schedules and flexibility.
But let’s get back to cash flow…
Outsourcing can be a boon to your cash flow in a number of ways, including:
1. As a means of taking away the worry of paying employees every week.
With outsourced employees, you often only pay for what you need. That means you’ll never owe them a salary for sitting around idle.
2. As a Way to Avoid Human Resources Issues
This isn’t to say that outsourced consultants can’t cause problems, but they’re often much easier to resolve… and you won’t be paying their unemployment if you let them go.
3. As a Method of Getting the Most Bang Out of Your Buck
When you hire a consultant who is a professional, like a virtual CFO, you’ll be getting an expert for your dollar. He won’t be an employee, but will be dedicated to giving you the best service he possibly can. That means your money will stretch further and you’ll get a whole lot for your investment.
In the end, if you haven’t tried outsourcing, it might just be time to start, especially if cash flow is a concern.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Boon, cash flow, Central Location, Centuries, Dollar, Flexibility, Human Resources Issues, Internet Age, investment, Many Different Types, Outsource, Outsourced Jobs, outsourcing, Paying Employees, Salary, Trickle, Unemployment, virtual CFO, Whole Lot, Worry
Posted in cash flow management | No Comments »
Tuesday, June 1st, 2010
Have you ever wondered if hiring a virtual CFO was the right investment for you? Then you’re not alone. Entrepreneurs around the country have discovered the advantages of having a virtual CFO as part of their teams.
Below are 5 signs that working with a virtual CFO could be a good move for you and your company:
- Your business has grown rapidly over the past year… so much so that you find it tough to keep up with the financial management of the organization.
- You just lost your CFO and need an interim CFO to help you stay organized and on track.
- You’re going to ask for a loan from a bank and want to have some “clout”.
- You are consistently late in making payroll and paying your bills on time.
- You have no financial plan for your business and are just “winging it” month by month.
If you recognize yourself in any of the above indicators, I encourage you to investigate the possibility of working with a virtual CFO. You won’t be disappointed if you choose the right one for you!
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Clout, financial management, interim CFO, investment, Lost, Organization, Payroll, Signs, virtual CFO
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Thursday, May 27th, 2010
By now, the term “virtual CFO” has probably crossed your path more than once.
In today’s era, working with a professional in a virtual capacity is hardly new. Yet many people are confused as to whether a virtual CFO is necessary for the success of their businesses.
If you’re wondering whether you should consider investing in a virtual CFO’s services, you’re not alone. That’s why I’ve come up with some scenarios of individuals who could definitely use a virtual CFO:
- The entrepreneur who is starting his or her business. (Begin on the right financial path!)
- The business owner who has bought an existing company and needs to get cash flowing immediately. (You’ve inherited financials… make sure you understand them!)
- The company that’s recently lost their CFO and is looking for an interim CFO until a full-time replacement can be found. (Virtual CFOs make great temporary employees and allow you to take your time to find the perfect person to work onsite.)
- The work-at-home entrepreneur who wants to ensure his or her business isn’t saddled with fiscal problems. (It can be easy for this to happen!)
- The small business owner who wants to compete with the “big boys”. (Having a CFO on board makes a huge impact with potential clientele.)
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Big Boys, Cfo Services, Clientele, Era, Existing Company, Financial Path, Fiscal Problems, Full Time, Home Entrepreneur, interim CFO, Investing, Lost, Perfect Person, Scenarios, small business owner, Virtual Capacity, virtual CFO
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Friday, May 21st, 2010
It doesn’t matter if you’re planning to bring in $1,000 this year or $1,000,000 — you need a cash flow plan. In fact, it might be even more important for the small guy to manage cash flow from the perspective of ensuring that bills aren’t missed and bank accounts aren’t overdrawn.
Devising a cash flow plan needn’t be difficult, though, nor must it require complicated procedures. It could be as simple as discussing your business with a virtual CFO a couple of times a year and then putting together a cash flow plan you can follow.
Remember that more than one company has been brought down by problems with the way cash flow is handled, not with the way a product or service is accepted by the public. Take your cash flow seriously and your business will be stronger for it, no matter what your size.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: bank accounts, Cash Flow Plan, Couple Of Times A Year, Perspective, virtual CFO
Posted in cash flow management, virtual CFO | No Comments »
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