Benefits of a Fractional CFO
When you hire a fractional CFO, they should come with competitive advantages. Like every other business expense, investing in CFO outsourcing should be just that, an investment. Here’s what we bring to the table:
Fractional CFO Services
Meaningful business growth does not happen by accident. To help your business reach its full potential, you need a thoughtfully planned, carefully built, and vigilantly maintained financial foundation. That’s what a CFO does, but for many businesses, the cost of a CFO is out of the question. With our fractional CFO consulting services, you can outsource financial leadership and get the guidance you need to reach your goals—all while still focusing on your core competencies—at a fraction of the fulltime CFO cost.
Are we right for your business? Can we help you get back on track and achieve your goals? It will cost you nothing to find out. Schedule a complimentary consultation today.
Cost-effective
Yes, this is table stakes, and that’s why it’s worth mentioning. Our fractional CFOs provide the same level of expertise as a full-time CFO, but at a lower cost, because you’re paying for our CFO’s time on an as-needed basis.
Flexible
You can hire a fractional CFO from our team on a temporary or long-term basis, depending on your needs, giving your company lean yet scalable financial leadership.
Specialized expertise
We take pride in working with businesses we feel called to help, so we’re selective in the clients we take on and are not afraid to turn down opportunities if we feel we are not the right fit. Whether you need help raising capital, financial restructuring, support with mergers and acquisitions—or just need all the benefits that a broader, experienced authority perspective brings to the table, we have fractional CFOs who can provide the focused support you need. We have firsthand entrepreneurial experience and understand the challenges and opportunities you face
Objectivity
We promise to tell you what you need to hear, not necessarily what you want to hear—without ego drama, giving you the fresh perspective you need.
Focus
With New Life CFO outsourcing comes a renewed purpose amongst you and your leadership team. That’s what we mean by “new life.” Our clients are more able to lean on their core competencies and drive the business instead of splitting time and attention between those responsibilities and financial management.
Get expert guidance to help your business reach its full potential, starting with a complimentary consultation.
New Life CFO has been a key strategic partner in my business maturity and growth. They have served as our Chief Agitation Officer to pattern interrupt when we get comfortable all the while educating and encouraging us in the areas, we can move the needle. If you are ready for your business to grow, New Life CFO is the right partner to take your business to the next level.
— Gina Buser, CEO & Founder, Traveling Coaches
Fractional CFO FAQs
If you’re considering hiring a fractional CFO, you may have questions about what a fractional CFO is, what they do, and how they can benefit your business. Here are some answers to common questions about fractional CFOs:
What is a fractional CFO? Do you also offer full-time CFO services?
Fractional CFOs are truly part-time CFOs. They are chief financial officers who work on a part-time or project basis, rather than in a full-time role. Our CFOs provide their financial leadership and guidance to companies on an as-needed basis rather than as a permanent member of the leadership team. 90% of our clients engage us on a part-time basis. We work on-site, and we’re working with you typically 5-15 hours per week.
On some occasions, our clients need a Full-Time CFO—but only for 1-6 months. We refer to this as an Interim CFO. The need for an interim CFO occurs when a company suddenly loses its CFO and needs a qualified executive to fill the seat while an extensive search is conducted. Other reasons include:
- A company is in a turn-around situation and needs heavy lifting from a CFO to restructure the company’s cost, performance, and capital structure
- A company is in M&A mode and needs a CFO to evaluate/negotiate the deal(s) and integrate acquisitions
- A company who needs financial leadership on a major project that the existing CFO simply doesn’t have time to take on.
How do you charge for services and how much does a fractional CFO cost?
It varies by client, and it all begins with you. We start with your goals and aspirations and then look at both:
- the delta in your current performance versus these goals
- and your biggest financial management challenges
From this, we work with you on the recommended course of action and how we can generate additional cash or profits ASAP. Most clients engage us for recurring services and pay us based on an agreed-upon retainer.
While this is not a specific answer since we don’t know your needs, we can promise you this: Hiring one of our fractional CFOs will be more cost-effective than hiring a full-time CFO. That’s because you’d only be investing in a CFO with a specific, well-defined area of expertise.
What do New Life fractional CFOs do? How would New Life CFO work with our company?
We truly step in as your CFO to provide your team with financial insight and the everyday, “in the trenches” work to get things done. The only difference between hiring us and a full time CFO is that for the market we serve of entrepreneurial business with $50 to $2.5 million in sales, they simply don’t have enough CFO-level work to justify adding a $250,000 salary to the payroll.
Should I hire a fractional CFO? What if we only need a controller?
That depends on your needs and goals. If you are looking for financial leadership on a part-time or project basis, or if you don’t have the resources to hire a full-time CFO, a fractional CFO may be a good fit for your business.
We have CFOs, controllers, accounting managers, and staff analysts. You could truly outsource your entire accounting and financial management functions and not miss a beat. However, before jumping that far, let’s first assess what your needs are and prioritize your services and fees accordingly. For our clients that do use both our CFO and controller services, they still have significant savings compared to hiring a full-time controller. The best part: it will cost you nothing to find out if we’re a good fit for you.
When should I hire a fractional CFO?
You started this business with financial goals and aspirations. If you’re facing each day with your vision further and further out of reach, you’re likely missing the financial insight to drive these to reality.
An accountant should provide you with good numbers. A CFO provides financial insight to guide your business to greater EBITDA, Cash Flow and company value. Depending on the unique challenges your business faces, there are a number of situations where hiring us might make sense. Generally, if you don’t have the resources to hire a full-time CFO yet have specific needs (perhaps on a certain project, or even a niche need in which you need guidance), it may be time to hire us to help.
Why do I need a fractional CFO anyway?
As entrepreneurs, we all wear a lot of hats. Yet, not all the hats we wear speak to our true gifts, our core competencies. One sign than you or your team have spread themselves too thin is that, when you look at the goals you set for your business, you’re increasingly finding it nearly impossible to reach them. You simply don’t have the bandwidth or financial insight you need to get things back on track.
We find that our clients need a fractional CFO to help them and their leadership teams to get back to what made them successful from the start—to focus on the financial leadership piece in whatever capacity makes the most sense, so they can return to focusing on what they do best.
It’s time to reboot your business plans, processes, and profits. We can help, and the first step is a complimentary consultation.
Capital Raising Services
One of the primary advantages of hiring us is getting specialized expertise. When you need to raise capital for a business, it’s that kind of focused guidance that makes our fractional CFO model an ideal solution.
Turnaround / Interim CFO Services
Many of our firm’s fractional CFOs have served as turnaround or interim CFOs for companies facing liquidity crises, growth that’s unexpectedly rapid or other financial planning issues—any number of challenges for which companies are simply not equipped to manage.
Helping businesses overcome financial challenges — getting things turned around—is, after all, one of the main reasons to hire a fractional CFO. With a well documented track record of driving successful outcomes for our clients, our expertise can help your business turnaround its financial performance, reignite the organization’s mission, and get back to growing. Whatever brought you to our site today, we’re glad you’re here, and we invite you to book a complimentary consultation to find out if we can help.
Buying a business?
A fractional CFO could be a key advantage
Are you an entrepreneur looking to take the next step in your career by purchasing an existing business? Or are you a business owner looking to grow your company by acquiring another business? Regardless of your position, our team of experienced fractional CFOs is here to guide you through the complex process of buying a business. Let’s talk.
