0816_TOEFL-Test-and-Score-Manual-1997

48 ● 201 Great Ideas for Your Small Business
providing bookkeepers, controllers, and CFOs, the company has a division
to help companies recruit permanent financial employees and executives.
The company has flourished by offering a variety of professionals who
can determine what kind of help the company needs and provide “a slice
of the right level of (financial) expertise,” said Wood.
So when should you consider hiring a virtual CFO?
“If you don’t have a CFO on your team, you need someone to do pro
forma projections and be able to tell your financial story to make it believable,”
said Carol Nichols, a veteran VC who does business development for
Virtual CFO.
“Fractional CFOs,” earn between $55 and $250 an hour, depending on
their level of expertise. Small companies may just need a controller two days a
week. They may later hire a temporary CFO to help with strategic transactions.
“Our concept allows the company to get the right person at the right
time,” Nichols said.
GREAT
Choose the Right Bank
The myth is that bankers don’t like entrepreneurs. The
IDEA
reality is that bankers have nothing against entrepreneurs,
but bankers tend to be conservative and risk-averse. As we know,
entrepreneurs tend to be risk takers and able to deal with uncertainty. If you
view this situation as a communication gap, not a personality clash, you’ll
be on your way to building a strong relationship with a banker.
But how do you find the right bank for your company? The first step
is to determine exactly what services you need from your bank. I like the
idea of starting with a community bank, where you can get to know your
banker and they can get to know you and your business.
That personal relationship is critical. I was once hired by Wells Fargo
Bank to research what was most important to small business owners about
their banking relationship. We were surprised to learn that most business
owners want a bank with a personal banker dedicated to their specific needs.
Unfortunately, given the massive consolidation among banks and the
push to doing most transactions online, it’s tough to find a real person.