In the starting phases of your business, it is important to focus on developing your roadmap and building a solid foundation for your new venture. You had that great idea, you’ve done the research, and you know that it’s working, because the clients are rolling in. Now is the time to focus on increasing your sales, and keeping your expenses at bay. This strategy will ensure stable growth over the long run.
Yet often, when launching and growing a new business, entrepreneurs try to do everything themselves and juggle multiple roles, whilst placing too much emphasis on the bottom line. Unfortunately there are only so many hours in a day to be productive. You need to sleep. You need to exercise. You need to keep your life balanced. But you simply don’t have the time.
Help when you need it most
At this stage, there is much value to be added to your business by outsourcing some tasks to professionals. Time spent figuring out how to implement a new system, how to allocate your transactions or even how to set up a website, is time spent not generating an income. All too often, business owners waste time figuring out how to do it themselves, and then end up having to pay a web developer or accountant to redo it anyway.
At Digital CFO, we advise our clients to rather pass these challenges on to the experts, and therefore open up their schedule to focus on the core tasks and aspects of their business. For example, when we started with our very first client, they had 12 employees and were growing fast. The business owner did not have the knowledge on accounting or tax and decided to make us a part of their business. Over the next couple of years, we were able to help the company hire key experts to grow and scale their business in a sustainable manner.
Today they employ over 50 people, their business is booming, and they keep growing every month – with the knowledge and security that they have a solid foundation and the support of professionals in the right areas. Their model is scalable and they can run operations in the UK and Australia from their digital home base right here in South Africa.
Finding the right fit
Hiring an expert can sometimes be tricky. You need to find the right fit to suit your company, not only in a professional manner, but also in a personal capacity. After all, the financial health of your business is key, and you need a ‘partner’ that has your company’s best interest at heart. We suggest that you start by identifying all the shortfalls and challenges in your business, which can be due to lack of knowledge or time. Then take that list and start building up your dream resume. It would be ideal to find one candidate to outsource these tasks to, but sometimes more people are required to manage the load. You need people that fits into the culture of your business, and also believe in your product or service.
Your digital chief financial officer
At Digital CFO, we specialise in migrating business accounting processes to the cloud, and can assist you to custom build processes to streamline and digitise your whole financial department. We utilise software like Xero and SageOne that can give you an overview of what is going on in your business finance, in real time. We teach you how to understand your balance sheet, income and expenses. How to plan for that provisional tax payment or VAT that was due, but not in your budget. Using integrated digital tools like these will still enable you to be in control of your operations, no matter where your outsourced service providers are.
We are more than an accounting firm, we are your outsourced Digital CFO. We offer expert knowledge and advice at the click of a button, but at a fraction of the cost of hiring an in house accountant or Chief Financial Officer. We do your finance, so that you can do your business.