6 Benefits of a CFO Coach
The fact that 95% of Canadian businesses have fewer than 50 employees, and 87% have fewer than 20 employees, means the majority of our CEOs are leading their businesses without the benefit of senior financial expertise by their side. The need and/or desire to hire a CFO often arises before the company can afford one. Until then you are both CEO/CFO. No matter how smart you are, a little CFO Coaching could go a long way to bridging the financial gap.
Here are 6 benefits of engaging a CFO Coach.
1. Improved profitability. A recurring conversation with a CFO Coach regarding your financial statements can help you see your financial realities from another perspective, helping you make the right choices to improve your bottom line.
2. Revenue growth. A CFO Coach has only one client – You. When the only agenda is to serve you, your CFO Coach can give you the support you need take larger calculated risks that will pay off.
3. Future wealth protection. Your CFO Coach looks beyond your daily operations, keeping your exit strategy in mind, and encouraging you to consider both short-tern and long-term risk factors.
4. Increased productivity. Accountability is a key ingredient to getting things done. A regularly set conversation with your CFO Coach will keep you focused on your goals and motivated to execute quickly.
5. Increased Financial Literacy. Most CEOs are financially illiterate, but are either not able or willing to admit it. Understanding your Balance Sheet will put you in a much better position for negotiations with clients, vendors and banks because you’ll have a clearer understanding of your financial strengths and weaknesses.
6. More personal happiness. Imagine the benefits of a peer you can speak to about all kinds of sensitive, confidential and worrisome business areas. Fewer work-related stresses will follow you home.