Have you ever wondered how massive corporations like Apple got to where they are today? Every company has to start somewhere – even the “big fish” started like every other small business.
The answer lies in effective and well-thought-out strategic business planning.
Gonzalez & Arrambide, certified public accountants and virtual chief financial officers in Weslaco, are here to explain strategic planning and just how vCFOs can assist you in your business’ success.
What Is Strategic Planning?
Strategic planning is an analysis of where a company is versus where it wants to be in the future as well as the strategies that can be implemented to make growth possible. You have to be very methodical and considerate when you make these plans, which makes a skilled Chief Financial Officer (CFO) indispensable in the process.
What Skills Do vCFOs Bring to the Table?
While CEOs are at the center of the planning, the CFO is a key player for a variety of reasons. Though it’s the job of the CEO to drive a business in the direction they desire, CFOs and Weslaco CPAs have invaluable skills that should be utilized to help get there.
CFOs are knowledgeable and valuable team members when it comes to:
- company finances and budget
- risk mitigation strategies
- financial processes and other regulations
With these skills, a CFO is able to play a key role in any company’s strategic planning process.
How Can Chief Financial Officers in Weslaco Help with Strategic Planning?
Now that we’ve discussed strategic planning and the abilities of a vCFO, let’s discuss how they can help a business be the best it can be. Despite the many details involved with the actual plan, the process itself can be summarized in three steps:
- Define the End Goal – Just as we mentioned earlier, the entire point of strategic planning is to take a company from point A to point B. It’s impossible to do this if you don’t accurately define what point B looks like.
- Analyze and Take Into Account the Capabilities of the Business – A good CFO will make sure they understand the current financial circumstances of a company and what costs must be considered to make ventures feasible.
- Make a Plan and Take Action – The CFO then combines what they’ve learned from steps 1 and 2 to make a thorough and useful guide on how to better the company through strategic planning.
Get the Right Financial Help With Gonzalez & Arrambide
If you want to expand or update your business but don’t know where to begin, the highly-skilled and experienced certified public accountants and virtual chief financial officers at Gonzalez & Arrambide can help!