Extend Your Budget: Fractional CFOs for Start-Ups

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fractional cfo for startup talking to business owner about budget

As the CEO of a startup, you understand the importance of having a solid team. You have your marketing pro, product manager, developer, and sales expert all under one roof. What about a CFO? 

If you’ve thought about hiring a Chief Financial Officer but are concerned about the cost, there is a solution. Fractional CFOs make it possible to have expert support without breaking the bank on payroll.

Romain Berg is your go-to resource for questions like these and more. Join us and see how we can make the price of doing business payout in your favor. 

Fractional CFO for Startups 

Having a fractional CFO on your team just makes good business sense. What is a fractional CFO, and why should you hire one?

When you’re building a startup, cash flow is one of your biggest concerns. That might lead you to think you can’t afford a CFO. Think again.

Hiring a fractional CFO allows you to have an on-staff CFO’s expertise and excellence but at a much lower price. That is because you are only paying them for the time they’re working on your financial plans or projects. 

You can hire a fractional CFO part-time for a set amount of weekly or monthly hours. Alternatively, you can hire one as needed for specific projects. You get the full benefit of a CFO on your team at a price you can afford.

How a Fractional CFO Saves You Money 

Do you know that old saying that you have to spend money to make money? When it comes to hiring a CFO, that is entirely true. A CFO’s expertise, especially at the startup phase, is invaluable.

CFOs can provide a variety of functions that will be cost-effective for your business in the short and long term. 

fractional cfo for startups

Fundraising

A good CFO will bring connections to outside sources of capital, including angel investors, venture capital firms, and private investors. By hiring them, you gain access to the network they have built their careers on, opening doors for your startup to grow. 

Organizing the Books

Crucial to any startup’s success is creating an organized foundation for your growth. A fractional CFO will be able to customize your books to your business and create a model that will scale up as you grow. Any entrepreneur with experience will tell you that getting this right in the beginning is crucial for future success.

Expense Management

CFOs see details that the CEO might miss. They are experts at seeing the cracks and leaks through which cash disappears. Having their expertise in monitoring your cash flow and creating solutions for those leaks will save you a fortune. 

Financial Modeling and Strategy 

A bonus of working with a fractional CFO is that they bring their experience with a diverse client base with them. They can draw upon a database of past strategies, procedures, and financial modeling to innovate solutions to your unique needs. 

A Vision to the Future 

Accounting and finance teams focus their work primarily on the past and the present. They consider where the money went and where the money is coming in. A fractional CFO will help you look towards the future and develop long-term financial growth strategies.

Startup Specific Approach

A fractional CFO is available to help with your startup’s unique, foundational needs. They will help bring the tactical strategy to ensure your success today, tomorrow, and deep into the future.

Here are just a few ways a fractional CFO can bring a big boost to your startup or business:

  • Organizing and preparing a bookkeeping system
  • Preparing financial models and cash-flow forecasts
  • Strategizing for financial growth 
  • Cash flow management
  • Advising on your business plan from a financial standpoint 
  • Providing you access to their network and other resources 
  • Allowing you to focus more on business growth and expansion
  • Our virtual world will enable you to hire a CFO from anywhere in the world.   

person calculating their business budget

Foster a Culture of Excellence 

You can have a specialist’s tactical and strategic expertise on your team for a fraction of the price. Hiring a fractional CFO will also ensure that the high-level work gets done by someone qualified to do it.

A fractional CFO elevates trust in your company because it ensures that your business model is rock solid. Your team gains confidence in their work, and their drive to achieve their goals and projections will increase. The financial success of a startup is a goal that must succeed, and with your financial plan secure, the entire team will be able to get behind it.  

Level-up as a Better CEO 

Delegating financial projects to a fractional CFO will have numerous benefits to the founders and leaders of startups. Having access to on-demand financial advice and strategy will provide you peace of mind. It will also allow you to channel and focus your energy more efficiently. 

If you are stretching a budget, it can be very tempting to try to do this work yourself in addition to the work you’re doing developing your startup. A CFO will pay for itself in no time because they have the advantage of providing an objective perspective. They will see potential pitfalls and obstacles that you may not see coming. 

A CEO is only as strong as the team they are guiding. With a fractional CFO helping to secure your path, you will become a better boss and a more confident industry leader. 

And that is what drives our work at Romain Berg. Success does not happen in a vacuum. We pledge to inform, equip, and support you as you build impactful businesses with high-level achievement. 

We have opportunities for online engagement, inspiration from innovative speakers, and in-person events. Join a network that connects you to the Twin Cities’ business community and beyond. Stay in touch to receive regular updates from our team to yours.

About the Author

Sam Romain

Sam Romain

Digital marketing expert, data interpreter, and adventurous entrepreneur empowering businesses while fearlessly embracing the wild frontiers of fatherhood and community engagement.

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