Situational Triage: A critical, core competency for an interim CFO
One of the key responsibilities of a turnaround CFO is to assess the financial health of your business and identify areas for improvement. This may involve analyzing financial statements, reviewing business processes and operations, and identifying opportunities for cost savings. If there’s a need, we would also help develop and implement financial policies and procedures to help improve financial management and control within the organization.
In addition to these strategic responsibilities, your New Life CFO may also be responsible for managing the day-to-day financial operations of the business. This may include overseeing the preparation of financial reports, managing the budget and forecasting process, and ensuring that the business is in compliance with all financial regulations. Again, the duties and responsibilities start with understanding what your business needs and then creating a custom-fit solution that matches.
Beyond the numbers:
The New Life CFO approach to interim CFO services
Communication is also an important aspect of the role of a turnaround CFO. The CFO may be responsible for communicating with stakeholders, such as lenders, investors, and board members, about the progress of the turnaround effort and the financial health of the business. In addition, your New Life fractional CFO may need to work closely with other members of the management team to ensure that they have the financial information and support they need to make informed business decisions.
As such, we are uniquely positioned to help companies faced with the need to get things turned around as quickly as possible. That’s because our unique screening process identifies more than financial management prowess—that part is simply table stakes. Rather, the CFOs who make the cut here are entrepreneurs, like you<url:”About us page”>.
We’ve walked in your shoes, we know what keeps you up at night, and baked into our DNA are the genes to be proactive, driven multi-taskers who can work with executives to both push and encourage. When one of our fractional CFOs is called to serve as interim CFO during a business’s turnaround, you can be assured they know how to ask and answer the right questions—and more importantly, look for “the question behind the question.”
More than that, we help motivate your team to improve performance in ways that don’t simply show up in the numbers. What you’ll find is our leadership also shows up on your team’s faces, in a renewed commitment to your company’s mission and a reignited passion for doing what needs to be done.
Why hire an interim CFO on a fractional basis?
Hiring one of our fractional CFOs as an interim or turnaround CFO brings expertise, flexibility, and cost-effectiveness to a business navigating unprecedented financial challenges.
Expertise and experience
Our fractional CFOs bring a wealth of experience and expertise to the table, which can be invaluable in helping your business navigate the challenges of a financial turnaround.
We offer the benefits of a full-time CFO without the need for a long-term commitment. This can be especially useful in the uncertain and fluid environment of a financial turnaround, where your business needs can change rapidly.
“Fractional” is the key word here. Hiring our interim CFO firm can be more cost-effective than hiring a full-time CFO, especially for businesses that only need financial leadership on a temporary or part-time basis. This can help you better manage financial resources, allocate them towards other areas of the business, and let you and your leadership team focus on your core competencies.