When most people picture a CFO, they imagine a bean counter. Someone buried in spreadsheets, fussing over budgets, or nitpicking every expense. That’s the stereotype.
But that picture is outdated and misleading. Today’s CFO is less accountant and more strategist. Many of the best CFOs don’t even come from traditional accounting backgrounds. They’re operators, investors, and communicators who use finance as the language to guide strategy.
And here’s the thing: if you’re a business owner, you’re already making CFO-level decisions. The only question is whether you have the clarity and support to make them well.
Last week we talked about CPAs and the 3 types of accounting work in businesses:
You can think of it as a spectrum:
A Chief Financial Officer is the senior finance leader in a business. They’re not just responsible for getting the numbers right, but responsible for what the numbers mean and how you act on them.
In large corporations, CFOs spend nearly all their time on strategy, communication, and capital allocation. In small and mid-sized businesses, they may still supervise accounting staff and do some lower level work, but their highest value is always in guiding direction.
When I think about the best way to frame this, I think of the most common questions I find myself askings:
A good CFO isn’t in the transaction weeds day after day. They’re deep in strategy and capital allocation for the business. But what does that mean?
It means:
For some businesses, this means putting together the financial models and scenario plans. For others, their staff could do it. But in either case, the highest value the CFO brings is from their ability to find clarity in the noise and help the business owner see clearly too.
Where this differs from other accounting jobs is that those are looking back. The strategy job looks forward more than back.
Going back to the three jobs framework, the CFO isn’t:
CFOs build on the work of those roles. They help these people, work with these people. But it’s there job to take the information from the others and turn it into a strategy and direction for the business.
Most owners are already doing CFO-level work without realizing it.
Every time you ask yourself:
…you’re sitting in the CFO’s chair.
The problem is, most owners do it without the clarity of clean numbers or the benefit of a financial partner who sees the big picture. That’s why so many end up stressed, second-guessing, or making reactive decisions that cost them dearly in the long run.
By having a full-time CFO or a Fractional CFO, you get someone to help bear part of that load with you.
A true CFO isn’t costing you money, but making it. You should be able to measure how the CFO has helped:
As Fractional CFOs, Bison CFO has measurable results where we’ve actually MADE the client more money than we cost.
Reducing the cash conversion cycle by 70%, putting hundreds of thousands of dollars in the owner’s pocket.
Helping increase profits year over year by over 100%.
Improving gross margins and thus profits.
Led fundraising rounds.
Negotiated new debt with lenders/bankers.
The stories go on and on.
And often, we can help businesses even smaller than you think… we recently just helped a $1M/year revenue business put together a plan that would increase profits by 80% (from 17% to 30%+).
A CFO is strategy first, finance second. If you’re expecting your CPA or Controller to give you that, you’re missing a critical role.
So, if you can’t afford a full-time CFO, explore a Fractional CFO. You get the same strategic benefits… clarity on growth, cash flow, and capital allocation… without paying a full-time executive salary.
If these results sound interesting to you, feel free to book a call. I’d be happy to take a look at your books and offer some suggestions for achieving whatever goal you’ve set out to achieve.