Whether you already have a big company that’s been growing continuously for years or you’re just starting your own business in Singapore, the importance of having a CFO or Chief Financial Officer is but paramount. This person plays such an integral part of your organization or more specifically, your company’s financial stability.
But since there have been many kinds of improvements in digital technology just like cloud computing, there are also lots of changes in the way we do business. Hence, the rise of the virtual workforce. Hiring virtual CFOs today become more and more convenient and advantageous for business of various sizes. And because a VCFO can provide you the expertise just like an in-house Chief Financial Officer, you will be able to capitalize on its benefits mainly because it’s sort of a part-time contracted resource.
We here at Enterprise Global have been in the business of helping many Singapore startups and established companies grow, so we want to further inform you how hiring a virtual CFO can help your company in more ways than you can imagine. Read on and you’ll know exactly what we’re talking about.
Once you get on the bandwagon and decide to hire your own virtual CFO, you’ll realize that Virtual CFOs can help transform your business for the better by:
Giving exactly the kind of help you need
Virtual CFOs aren’t hired as direct or in-house employees. Because of that, you can think of it as hiring a business advisor or consultant, bound to the terms of your contract. Simply put, you can customize the set of services your VCFO will need to provide for you. You can shape the work or services according to your needs.
And although your VCFO is not a permanent employee, he/she will automatically become a significant member of your team. As his/her focus is to provide customized solutions for your organization, you, in turn, have the responsibility to provide the VCFO the most pristine idea of what your company currently needs and what you want to achieve for the future.
Letting you take advantage of their wide network
Most of the veteran chief financial officers today who are now a part of a virtual CFO team have been in the industry long enough to have a wide and rich network of key professionals and organizations like financiers, business advisors, lenders, accountants, and more. This robust network is available for you to leverage from once you decide to get their VCFO services.
Moreover, the best part of hiring a virtual CFO team is that apart from his/her contacts, you now also have access to a vast network of CFOs that have been working for industries like yours. So if you’re a believer of the saying ‘Two heads are better than one’, then you’re definitely getting the help of a team of expert financial officers - for the price of one.
Handling all kinds of challenges and changes smoothly
Another good part of hiring a virtual CFO is that you’re assured of his/her experience and credibility. He or she wouldn’t really be part of a trusted virtual CFO company if he cannot be trusted, right? So by hiring one, generally speaking, there’ll be a much smaller learning curve. As opposed to newly hired employees who will take about 6-8 months before they can finally perform at their maximum ability, a virtual CFO can definitely enter your organization and speed things up immediately.
In addition, changes within your organization will be handled much smoothly because as they handle many companies, they are already used to handling all kinds of simple and complicated transitions. Simply put, they have ‘been there’ and ‘that’.
Because of this, it is safe to say that they would be able to handle any kinds of challenges you would throw at them - even right at the moment they step in your company. They’ve just simply worked with organizations of all ages, sizes, industries, and even stages of chaos.
Putting plans into actions faster
In relation to what we have mentioned regarding having a smaller learning curve, it will indeed be a lot easier for your virtual CFO to take matters into his/her own hands because they know how to bring change in an organization without causing any kind of conflict.
As they have worked with different kinds of personalities oftentimes simultaneously, it is simply natural for them to bring in their financial expertise without the need for an adjustment period or a time to feed their egos before they perform well. Expect your plans to be in action immediately when they step in.
Being available 24/7 to work on your goals
Last and most definitely not the least, another benefit of hiring a virtual CFO is getting more flexibility and/or availability. An in-house CFO (may) or may not do all the tasks faster simply because of the thinking that he/she will still be in the office tomorrow; or he/she expects to be in the position for a very long time. Whereas with a virtual CFO, there’s no such thing as a M-F 9 to 5 job.
Like what we always say, with VCFO services, you will only pay for the time they are spending on a certain project. That means, you could also specify the number of hours in the contract, depending on the requirements of your company.
We can actually go on and on in discussing the great things a virtual CFO can do for your company. But we hope that you simply won’t take our word for it. Because the only way which you can truly maximize and leverage on the benefits is to be sure if you are ready to take your business to new heights by embracing the help offered by virtual CFOs.
Need help on that? The experts here at Enterprise Global will welcome you with arms wide open. Speak to us now and we’d be truly happy to discuss with you all your concerns and questions regarding virtual CFOs.