Having an effective financial strategy is critical to every size and type of organization. The Chief Financial Officer bears the primary responsibility developing and executing that strategy, but many businesses and nonprofits struggle to find an individual with the background, expertise, and skill set necessary for that duty. As a result, many businesses miss critical opportunities because they are not able to manage their financials effectively. The good news is that through Summit’s Chief Financial Officer program, any size of organization can reap the benefit of effective strategic guidance without needed to incur the expense of a full-time CFO.
With the Summit Executive-as-a-Service program, small and mid-sized businesses and charitable organizations can have access to the same level of marketing expertise and resources that larger corporations find to be indispensable. As part of the Summit Executive-as-a-Service program, clients can add an outsourced operations executive to their team for a fraction of the cost of a full-time staff member. Summit outsourced Chief Financial Officers work with the team to determine what actions the company needs to take to be able to effectively manage all aspects of operations. These specific operations related strategies can cover areas such change management, program improvements, risk management and safety, process management, inventory control, and cost reductions. All of these areas can be critical to build and maintain profitability. Below are just a few examples of steps that a CFO from Summit can help a business take to help it grow and thrive.
The CFO will be responsible for preparation and presentation of all financial reports used within the organization. This would include Profit and Loss Statements, Balance Sheet, Cash Flow Statements, Accounts Receivable Statements, Accounts Payable Statements or other reports needed to manage and lead the organization. Through a Summit Outsourced CFO, the Financial Department can be a resource to other departments providing guidance on the development of metrics or special reports to gauge the effectiveness of expenditures and activities.
Strategy and Forecasting
The CFO and their team are an integral part of the company’s financial future. They must be able to identify and report which areas of the company are most efficient and how to best capitalize on this information. The CFO should be able to provide information on which services or products are the most profitable to the organization and share this ongoing information with others in the company to guide the organization to improve economic success. Economic Forecasting is a key area of the responsibilities in guiding the future success of the organization.
The CFO and the financial team will provide the organization with structure to determine accurate costs for products and services. They will also come alongside other departments to help guide product and service development to assure profitability to the organizational activities today and with future projects. In addition, a Summit Outsourced Executive can also evaluate the vulnerability of the organization to financial risks to allow the organization to better plan and protect itself against business risk..
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