Fractional CFO: First 15 Days in Post

posted in: CFO, Finance Director 0

In today’s fast-paced business landscape, time is of the essence, especially for small and medium-sized enterprises (SMEs) and startups. At WrightCFO, we understand the urgency of making an impact from day one.

Our fractional CFOs are equipped with the expertise and agility to hit the ground running, ensuring rapid progress and tangible results. In this article, we explore what a WrightCFO fractional CFO or finance consultant would prioritise in the first 15 days of working with a new client, giving potential customers a glimpse into the transformative experience of partnering with us.

  1. Comprehensive Assessment: The first step for our fractional CFOs is to conduct a thorough assessment of the client’s financial functionality. This includes evaluating existing systems, processes, and controls to identify areas of improvement. By understanding the current state of affairs, we can tailor our approach and pinpoint the most pressing issues that need immediate attention.
  2. Cash Flow Optimisation: Cash is the lifeblood of any business, and our fractional CFOs recognise its paramount importance. We swiftly analyse the client’s cash flow, ensuring it remains healthy and sustainable. By identifying any inefficiencies or areas of concern, we implement strategies to optimise cash flow, such as streamlining accounts receivable and payable processes or renegotiating vendor terms.
  3. Profitability Analysis: Profitability is the ultimate goal for any business, and our fractional CFOs are well-versed in enhancing it. We delve into the client’s financial statements, scrutinising revenue streams, cost structures, and profit margins. Armed with this insight, we develop strategies to improve profitability, such as identifying new revenue opportunities, reducing unnecessary expenses, or optimising pricing strategies.
  4. Liquidity Management: Maintaining adequate liquidity is crucial for SMEs and startups, especially in uncertain times. Our fractional CFOs assess the client’s liquidity position, closely monitoring cash reserves, short-term obligations, and access to credit. We work closely with the client to develop contingency plans, establish lines of credit, or explore alternative funding options, ensuring they have the financial resources to weather any storm.
  5. Strategic Financial Planning: Beyond the immediate financial challenges, our fractional CFOs take a proactive approach to strategic financial planning. In the first 15 days, we begin the process of collaborating closely with the client’s management team, aligning financial goals with broader business objectives in order to develop long-term financial forecasts, identify key performance indicators, and implement robust financial reporting systems to provide timely and accurate insights for informed decision-making.
  6. Empowering and Educating: At WrightCFO, we believe in empowering our clients to become financially independent and confident. Our fractional CFOs go beyond mere advisory roles, actively engaging with the client’s team and providing hands-on training and guidance. We impart financial knowledge, equip teams with the tools for effective financial management, and foster a culture of financial literacy throughout the organisation.

Working with a Fractional CFO from WrightCFO is an immersive and transformative experience. Our dedicated professionals bring a wealth of experience and expertise, enabling rapid progress and sustainable financial success.

Within the first 15 days, we assess functionality, optimise cash flow and profitability, manage liquidity, engage in strategic planning, and empower our clients to take control of their finances.

In this fast-paced business world, SMEs and startups cannot afford to wait 100 days to make an impact. With WrightCFO, you have a partner who understands the urgency, delivers results, and propels your organisation towards financial excellence.

Experience the transformative power of a WrightCFO finance consultant today and unlock your business’s full potential. Get in touch at sophie@wrightcfo.co.uk.

This content was originally published on LinkedIn on 16th November 2023.