Blog

Our CEO for Eastern Australia, David King, gives a quick summary on the vital roles that CFOs play within a business.

To future proof your business, click here: https://www.cfocentre.com.au/future-proof-your-business/

SME’s planning to survive

As you emerge from the ‘government life support’ phase and look to plan your future in an uncertain world, preparation is essential.

As we attempt to return to business as usual during what some commentators are forecasting to be the worst economic collapse since federation, businesses will need a clear strategy to help them emerge into what will, for many, be a very different landscape.

Businesses in the Professional Services sector (along with many others) have had it tough this year. With the road to recovery in sight and a new financial year, now is the time to make sure your business is in the right shape to navigate through the rest of 2020 and beyond.

Nick Crawford, one of our CFOs in Sydney, partnered up with James Freeman at Capital Architects, Alistair Marshall from Professional Services Business Development and David Smith,

The impact of COVID 19 coupled with the imminent new financial year is inevitably resulting in a lot of people reviewing their businesses and wondering where to next? Like many, the recruitment sector has been hard hit, but in these times of uncertainty businesses need to be thinking about their business strategically. They need to be planning and being prepared for the recovery. How do you capitalise, pivot and survive to then revive and then THRIVE post COVID 19?

Reflections in Isolation

The COVID-19 lockdown may have afforded many business owners the opportunity to reflect on how they may have been better prepared to manage the crisis. It is likely that there will be a number of common threads evident, however it is certain that they will all be focused on the same goal of making the business more resilient and able to survive, revive or indeed thrive in the event of a major business disruption.

A CFO’s knowledge and experience is invaluable.  Now more than ever, the right advice and planning is paramount in navigating from Survive to Thrive.

To this end, I have held team meetings with our 40 part-time CFO’s over the last week and wanted to share my learnings in order to help more businesses during these challenging times. It was pleasing to hear how many of our clients are moving from ‘survive’ mode to ‘revive’ or indeed ‘thrive’ mode.

What does a CFO do?

A CFO’s (Chief Finance Officer’s) role is to get fully engaged in your business, regularly drill down into your financials and use their perspective by which to help you plan, forecast and monitor financial performance. A CFO can provide valuable help to you in the follow areas:

Help you strategize, plan and operate your business to your maximum financial advantage.
Analyse results in the context of the company’s objectives and strategies.