Time can often feel like the enemy of small business owners and, as customer experience and in-store theatre takes centre stage for retailers, getting out of the books and into your business is crucial for success.
The bricks-and-mortar retail world has changed – simply having a great product line is no longer enough to succeed against larger retail giants and online mammoths. However, it is not all doom and gloom; in fact, there is an exciting trend toward shoppers gravitating back to traditional retail outlets because of the joy of a tactile experience.
From accounting to training: your to-do list is endless
Of course, it is all well and good to spend hours in your store when you have plenty of staff and time, but what happens when you are trying to maintain the store front, train staff and do the accounting? Something gets missed, and often that is being present on the floor, which means you forgo the opportunity to adapt and develop your store to meet current retail trends. As small business owners know, finances take priority so that nothing gets missed, which is where a virtual CFO can really shine for your business. Virtual CFOs minimise your time in the books so you can do more of what you love and focus on growing your business.
How can a virtual CFO help?
A virtual CFO is a finance professional, highly skilled in the area of accounting. So, while you may not have the cash flow to hire a full-time accountant, you will still have peace of mind that a professional is looking after your books while you look after your shop.
Apart from assisting your business with day to day accounting needs, a virtual CFO can also be used to help you step outside the box and look for new growth opportunities. Being able to work in your store and with your team means you will see new and exciting opportunities – a virtual CFO can help assess those opportunities for financial viability and make recommendations based on fiscal reports.
Propeller Advisory has an impressive team of virtual CFOs who are ready to help, providing the ultimate tool to free up your time and inspire you to make entrepreneurial decisions with confidence.