COVID-19 Plaguing Your Business? 5 Ways a Virtual CFO Can Help

The COVID-19 pandemic has changed the way you do business. And not just that, it has literally changed your entire life. You have not ever had to deal with something like this. And as you try to limit the impact of COVID-19 on your life, you might find yourself scrambling to balance your personal life and your work life. When it comes to your work, you might even be experiencing little to no profit. Your business could even be on the brink of closing. To make sure your business is not plagued by COVID-19 or to prevent that from happening, you might want to consider hiring a virtual CFO. They can help your business in five ways.

1. Provide You with a Financial Audit

One of the benefits you receive from their services is an in-depth and precise analysis and report back of your company's financial picture. These financial audits can reveal information you did not notice before, and they can shore up any assumptions you might have had.

Even if you already have a CFO on your staff, you can benefit from another set of eyes being privy to your financial framework. With an accurate assessment of your finances, you can maximize your company's wealth.

2. Suggest Necessary Cuts

You will also receive recommendations on the cuts you and your team need to make. Now some people might associate cuts with things like personnel changes or fewer privileges, but you must know this is not always the case. Even the smallest changes can pack the biggest punch for your business.

Do not be afraid to make cuts. And Virtual CFOs can help you make the right cuts without making you do things that make you uncomfortable. Sometimes, you just may not have realized that easy and painless cuts were doable the entire time.

3. Create a Financial Plan for You

Virtual CFOs help you create a better plan to get the most out of your finances. Of course, there may be those aforementioned cuts included. But you also will get recommendations on things like energy-efficiency, vendor savings, and lower purchasing prices.

Your plan will be detailed, and you will not just have specific steps to take. You also will have a timeline and staff responsibilities outlined. And of course, you can always get help from your virtual specialist if you run into issues after rolling out your plan.

4. Raise Additional Capital

And don't forget that virtual CFOs can assist you in raising additional capital if that action is needed. They have forged relationships with key bankers, creditors, government agencies, lenders, and investors. They can identify sources of money much easier than you usually can, and they also have an added layer of credibility.

Their specialties can indeed help you have better success in acquiring money for your business. Whether you want to make solicitations or you want them to try and handle the solicitations for you, it is a wise idea to utilize virtual CFOs for these services.

5. Cost-Effective Services

Virtual CFOS provides cost-effective services, and your investment in them should only improve your bottom line. Of course, you are probably already trying to save where you can, and even cut in areas if you have to do that. But sometimes investing in something actually does help you, even if you are strapped for cash. Or if you are almost at the point.

You do not have to pay for employee benefits like you do with other staff. And although it could be great for your business, you do not have to bring on virtual CFOs full-time. You can hire them for mini-projects, and you can hire them for one-off situations, too.

Whether you currently are in dire financial straits, feel tough times are ahead, or even if you have a great financial picture, virtual CFOs can be helpful for your business. Because no matter what your finances are like, the COVID-19 crisis is likely going to impact them.

But do not worry. Again, virtual CFOs can indeed work wonders for your business. Through one or more the services covered above, you will be able to make it through the COVID-19 crisis and come out of it stronger than ever.