Help! My business is growing and my CPA can’t keep up.
The conference room buzzed with the excitement of a recent success. The leadership team of Horizon Tech, a company that had steadily grown from a scrappy startup to a well-established player in the market, gathered for their weekly leadership meeting. The company had just hit a major milestone—$7 million in annual revenue, up from the modest $1 million they’d started with a few years ago. The CEO, Rachel, smiled proudly as she took her seat at the head of the table.
“I think we can all agree, we’ve come a long way,” she said, her voice filled with optimism.
Her Chief Operating Officer, Mark, nodded in agreement. “The expansion into the new markets has paid off faster than we expected. Operations are running smoothly, and we’re poised to scale even further next year.”
Next to him, Olivia, the CMO, added, “Marketing’s been ramping up demand, and if our projections hold, we’ll be looking at another record-breaking year.”
All eyes turned to Kevin, the bookkeeper, who sat quietly flipping through spreadsheets. Though competent in managing day-to-day finances, Kevin had always relied heavily on their CPA, Mary, to handle more complex financial matters. Rachel broke the silence.
“Kevin, how’s the financial reporting looking? Are we on track to streamline that process?”
Kevin hesitated, his brow furrowing. “Well, that’s something I wanted to discuss today,” he said, flipping to a section of his notes. “As you know, Mary has been handling most of our financial planning and tax reporting, but lately, it seems like we’re asking her for things she’s not quite equipped to deliver.”
Rachel frowned. “What do you mean?”
Kevin took a deep breath. “We’ve been growing rapidly, and the financial landscape is becoming more complicated—forecasting, cash flow management, performance metrics, and even compliance. When we were smaller, Mary’s expertise was perfect for our needs. But now, we’re moving into a new league, and I’m starting to see gaps in what she can offer.”
Mark, always the pragmatic one, leaned forward. “So, you’re saying she’s out of her depth?”
“In a way, yes,” Kevin admitted. “I don’t think it’s a question of her ability. It’s just that we’re no longer the $1 million business we were. We’ve grown sevenfold, and the financial complexity has grown with us. Mary’s been great, but we might need someone with more specialized knowledge—someone who can handle strategic financial planning, not just the books and taxes.”
Olivia raised an eyebrow. “Are we talking about a CFO?”
Rachel leaned back in her chair, processing the potential cash flow hit of a huge salary and pondering the potential ROI of the hire. “This is a big shift. We’ve always relied on Mary, and she’s been great for where we were. But I guess where we’re going…we need more.”
Kevin nodded. “I don’t think we can afford a full time CFO though. So what do we do?”
Olivia chimed in, “If we’re going to hit the $10 million mark next year, we need to be making smart investments, knowing where to trim and where to double down. A CPA isn’t enough anymore. We need someone who can see the big picture.”
The room fell quiet as Rachel looked around the table, seeing the realization dawn on everyone’s faces.
“I guess it’s time,” she said slowly, “to call Strategic Voyages and see if Matt Wilhelmi can help as a fractional CFO.”
—
As a seasoned CFO, I can assure you that many businesses have conversations like this. If not outloud, the CEO and other C-Suite executives are certainly confronted with this situation; don’t want to or can’t afford the full time salary of a CFO. Further, they may not even really know what to look for in hiring a CFO.
With a background in accounting, finance, management consulting, and supporting organizations with debt restructuring and turnarounds, I have a diverse background that will support middle market organizations in a number of capacities. Strategic Voyages isn’t your “regular CFO Firm.”
Here are 18 ways the team at Strategic Voyages can help:
Financial Strategy & Planning
- Strategic Financial Leadership: Develop long-term financial strategies aligned with organizational goals, ensuring the business scales effectively.
- Cash Flow Management: Implement more advanced cash flow forecasting and budgeting processes to maintain liquidity during growth phases.
- Financial Modeling: Build predictive financial models that help leadership anticipate challenges and seize opportunities.
- Capital Structure Optimization: Advise on optimal financing, investment, and debt structures as the organization’s needs evolve.
- M&A Advisory: Evaluate potential mergers, acquisitions, or strategic partnerships to fuel further growth.
Operational Efficiency
- Cost Management & Optimization: Identify areas for cost control without compromising quality or growth, utilizing lean finance practices.
- Financial Process Automation: Introduce automation and systems (ERP) to streamline financial operations, increasing efficiency and accuracy.
- Performance Metrics & KPIs: Design advanced financial performance metrics and KPIs that provide insights into business health and growth trends.
- Vendor & Supplier Negotiation: Use financial insights to renegotiate vendor and supplier contracts for better terms and cost savings.
- Financial Reporting & Compliance: Ensure the organization meets all regulatory requirements while implementing stronger internal financial controls.
Leadership & Talent Development
- C-Suite Coaching & Development: Provide executive coaching to the leadership team on financial literacy, strategic decision-making, and leadership development.
- Building Cross-functional Teams: Align finance and HR to build cross-functional teams that are performance-driven and cohesive.
- Cultural Change Management: Apply IO Psychology principles to lead organizational change, ensuring the company culture supports sustainable growth.
Organizational Development & IO Psychology
- Employee Engagement & Retention: Use IO principles to enhance employee engagement and retention strategies, ensuring alignment between financial success and employee satisfaction.
- Leadership Development: Design leadership development programs to foster growth in emerging leaders, ensuring the company is ready for its next phase of growth.
- Change Management Strategies: Lead efforts in managing transitions as the organization scales, ensuring alignment of team dynamics with business objectives.
- Team Efficiency & Productivity: Use IO tools to assess and enhance team collaboration and productivity, supporting smoother business operations.
- Organizational Structure & Roles: Redefine the organizational structure to optimize span of control and ensure each department is positioned to support business growth.
This combination of financial acumen and organizational insight is incredibly valuable for a company at the scaling stage, especially as they outgrow basic financial support like that from a CPA.
Call us today to learn how we might be able to help your growing organization.
