The CFO'S Perspective

As more people begin to get vaccinated, we are eager to return to what life was like in the "before times" to plan vacations, in-person meetings, even concerts and ballgames. When it comes to the workplace, there is no turning back the clock to how we used to do things. Wise leaders will capitalize on the innovations developed during the transition to continue remote operations by retaining the process improvements to be sustainable, regardless of what comes next.

Companies that understand how finance and HR overlap and foster a relationship between the two are better poised for long-term growth than their less informed counterparts. The reason behind this is simple – knowing when and how to leverage your CFO to assist with hiring and employee retention can improve profit margins, encouraging sustainable long-term growth. Additionally, encouraging collaboration between these two vital areas of the business improves workplace culture across the entire organization.

In uncertain times businesses need continued access to experienced bookkeepers and accountants to keep cash flowing. Whether the need is part-time, interim, or project-based, a third-party financial professional can offer the information needed to make strategic business decisions. This need does not change when people are working remotely. In fact, with so many businesses temporarily pausing operations, the need for bookkeepers and accountants is likely greater than ever before.

While the future may be uncertain, there is one immutable certainty – businesses still have access to the reputable, qualified bookkeepers and accountants that they need to keep their organizations afloat. These kinds of key personnel aren’t going anywhere and are available to help businesses navigate today’s unique challenges.

The current economic uncertainty has many businesses closely evaluating their current and future staffing needs. While some positions are being cut, especially in the hospitality and travel sectors, many businesses are strategically hiring financial professionals into executive leadership positions during the downturn.

Companies that previously had tasked their CEOs with handling finance functions are now hiring dedicated CFOs (or outsourcing CFO roles to reputable third parties) to ensure they will be able to weather the new economic storm. With ambiguity over how long businesses will need to keep their offices and storefronts closed paired with unpredictability in the stock market, business owners and CEOs are feeling increased pressure to make critical strategic financial decisions for the health of their organizations.

For many owners of growing companies, the choice of a bank is a crucial decision.  A solid relationship with a bank can make or break a company.  Banks provide relatively cheap capital to fund expansion as well as the everyday transactional and payment services that enable everyday operations. 

A poor relationship with your bank can hinder growth plans and even put you out of business.  Still, many business owners simply stumble into doing business with a bank because of convenience or with the mistaken assumption that all banks are all the same.  A wise business owner puts effort into developing and maintaining a relationship with their bank, just like they do with key customers and suppliers, to ensure their long term success.