A CFO – or Chief Financial Officer – is a critical part of any leadership team! They work in senior management for the financial division and deal with all aspects of your financial situation, from overseeing the relationship with your tax consultant to analysing, checking and informing you of your business’s financial performance and results. They also synthesise all of this information to create actionable strategies and make informed decisions on how your company can best work with all of this data to be more financially successful.
But, if you’re not sure what they can do for you and your business, you could be missing out!
So, here are 3 questions you should ask your CFO!
- What is my business’s profitability and cash flow position?
As we’ve discussed in other posts, cash flow and profit are related but are not the same thing. A good CFO can not only point to the strengths and weaknesses of both but also give you strategies for improving both.
Also, a good CFO can provide you with a breakdown of the profitability of different areas of the business, be it product profitability, client profitability or channel profitability, which will allow you to ensure that the right areas of the business are performing and being managed appropriately.
- What products, marketing campaigns, and distribution channels are most successful for our business right now?
The CFO has a finger on the pulse of your business finances. Ask them to give you some helpful information about which business strategies you should focus on.
- What are the biggest threats to our planned profit target and what can we do to minimise the risk?
There will always be some risks in running a business but your CFO is uniquely qualified to give you the big picture so that you can decide which risks are worth it and which can be mitigated!
How We Can Help!
When you work with a CFO from ABJ Business Solutions, you get all the data, analysis and strategy advice you need to successfully run your business through our customised financial dashboard! For more information about our dashboards, get in touch with us today!
