The failure rate of businesses is a sobering statistic. Many businesses fail in their first year, and many more fail in the first three years. The failure rate remains high even in the first five years. There are many reasons why businesses fail.
One of the main reasons for failure is the lack of attention to the financials. Business owners that try to do their own bookkeeping, and simply ignore the fact that what they really need is a vCFO to take care of everything for the owner, so he or she can simply run the business.
Most businesses fail due to lack of "cash flow problems". A vCFO can help you with this problem. Financial planning is crucial for a young company to survive. A budget becomes equally important as well. Accurate bookkeeping becomes just as important as well.
A vCFO should be the owners / CEO best friend. The vCFO is replacing the full time CFO. Most companies simply can't afford a full time in-house CFO and being on the hook for that average salary around $250K up to $500K , the need for an office, bonuses, executive assistant, taxes matched ... I mean the list goes on and on.
Even if you're not a new business, and you still don't have a vCFO, you really need to consider getting one. Let the vCFO keep the books so he will get to know your business intimately. Then let the vCFO in him, or her, start doing their thing. You will simply be amazed at the reports that a vCFO will deliver to you. The changes that they will want to implement to your company in order to get the company on a solid foundation.
I hope you will decide to get you your own vCFO and you become good working partners. You need to find someone you can trust and build a relationship with them. Your business will depend on a vCFO getting to know your business and to help stabalize your company and help it to grow and become extremely profitable.
Get a vCFO today. We work on a fixed rate, and would be more than excited if you talked to us when you get a vCFO for your business.
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