A ‘tour through Paris’ with your outsourced CFO
A friend of mine had only one day to spend in Paris. It was a rare opportunity, and she wanted to ensure that she spent her day in the best way possible. So she took the advice of an oft-travelling acquaintance and hired a personal tour guide.
“It was amazing. He knew every back alley and all the right people,” she said. “He got us into everywhere we could possibly want to go, took us to places the average tourist had never heard of. We were thrilled with what we had accomplished at the end of the day. It was worth every penny.”
Today let’s assume that doing business is like navigating the French capital. You could go it alone, and you’d probably be fine. Then again, you might spend five hours of your day standing in a line for the Eiffel tour, or trying to follow directions to the Louvre. So your other option is to hire a personal tour guide. In the business world, that means an outsourced CFO.
Here are a few ways that bringing on an outsourced CFO is like having a really top notch personal tour guide.
- An outsourced CFO knows the back alleys. In the same way that a tour guide knows the best ways to get around in his own city, so an outsourced CFO knows the best ways to achieve your financial aims. And sometimes it means avoiding the highway and taking the road less travelled. For example, if you need to cut costs quickly, the obvious solution, (or “highway route”) might be to retrench. But your outsourced CFO might be able to recognise different ways to pull back on costs: he might see a way to save on costs within your supply chain, or to cut down on borrowing costs for example.
- An outsourced CFO speaks the language. If you don’t parler Francais it can be difficult and sometimes impossible to ask for help and follow directions. You could meet a friendly, obliging local who is very intent on helping you find where you want to go, but if you don’t understand her “Tournez droit” then you’re likely to be as stuck as you were without her. In the same way, an outsourced CFO speaks the “language” of investors. If you’re trying to attract a loan from a bank or bring in new finance, she can speak the financier’s lingo, highlighting what’s important to them in order to attract their support.
- An outsourced CFO knows what you’re looking for. Just as an experienced tour guide has a good idea of what the average tourist is looking for in a ‘Paris’ experience, so an outsourced CFO will be able to get a good feel for your company objectives. He’s familiar with companies like yours, and he’s guided many of them to success. He’s got the experience to help you get where you need to go.
- An outsourced CFO can get you into places you couldn’t go by yourself. If there are 4 000 people queuing up to see the Mona Lisa, you could either get into the back of the line, or if you’ve only got 24 hours in the city, connect with someone who has an “in” to help you skip the queue. Your outsourced CFOs has “ins” to help you skip the slog and get where you need to go. They can guide you towards managing your cash more effectively, keeping your cash flow at an optimal level, and ensuring that stock levels are optimal, to name but a few example. In short, you’ll “get to the front of the line” quicker with an outsourced CFO.
If you could do with the help of a professional tour guide through the business world, contact The Finance Team. One of our experienced finance executives can help you navigate the back alleys, connect with the locals and ‘speak the language’ in no time.