Most startup companies are not at the point of having all the pieces of the puzzle together. You have the idea, and you are the visionary. You, the founders, have taken the startup company to the point where it is really time to get serious about the financial side of the house – both funding and financial planning.
Start-ups have the tightest purse strings of any venture.
The obvious next step: hire a controller. Well, that’s typically the route start-ups go, but it is not in your best interest.
It seems like a good idea, hire a full time CFO. Why would you NOT want a full time, devoted professional to guide your growing venture? Well, there are good reasons.
Typically limited resources are available, with many demands for those resources. Trying to spread your limited capital to all areas without ignoring any one is a challenge when trying to make the wisest decisions, in a changing unknown environment. Start-up companies have different needs than a public company or well established companies. Start-ups thrive on creative, energetic people with fresh ideas. Finding a seasoned pro that still has the entrepreneurial zest is a difficult proposition. While someone with 20 years of experience brings an unbeatable background, they tend to have difficulty adapting to the start-up atmosphere. Where to find lenders, how to handle investors, creating 5 year plans, adjusting quickly to strategy change aren’t ingrained in someone with big corporate thinking. 5 years from now is when you need that person.
Using the part-time CFO until it makes sense to bring on full time staff is a very effective method of managing one of the largest expense to a company, bringing on experience you most likely wouldn’t find in a more expensive full time person. You can have the “Part-time Start-up CFO” come on board and help you get where you need to be. The part time CFO will start managing the capital in place more effectively, prepare for more funding and lending. Ploutos Tactical Consulting wants to partner with top notch entrepreneurs with passion, energy, enthusiasm and solid business models to help bring them to the next level.
Nico Bot, president of Ploutos Tactical Consulting, has over 20 years of experience in financial accounting in Europe as well as North America, as cost accountant for large fortune 500 multi-nationals as well as with a start-up with limited resources. Nico Bot brings his experience and his wide network of resources to the table to help guide you through the financial jungle of the start up world.