Bohemia, NY (PRWEB) August 16, 2013
On August 16, Lawrence Teicher, founder of CFO Consulting Services, LLC, a leading part time CFO services company, comments on an article published by CFO.com regarding a series of helpful tips for business to avoid cash burn.
According to the article published by CFO.com on July 25 titled “Five Tips for Controlling Cash Burn,” sometimes companies go through cash faster then they originally predicted. For both early-stage and fully matured businesses, the article says avoiding burning through cash is a top priority. Without the proper planning, companies may spend too quickly, resulting in massive failure.
The article cites one of the most useful tips to avoiding cash burn is to simply “stick to your core competencies.” By dividing labor amongst a company, a business owner can focus on high priority tasks and delegate other jobs by hiring outside help. While the start up costs of hiring help may seem expensive, getting overwhelmed by tasks can quickly lead to problems and severe money loss.
Teicher says this is why many people need part time CFO services. “It’s easy for a business owner to get overwhelmed with accounting and other financial tasks,” he says. “Often times, business owners have a lot of things to do, so they look to contract extra help. A part time CFO can be a huge asset to your company. Not only will a financial expert help your business avoid cash flow by monitoring spending, but they can also find ways to cut costs that you didn’t think of before.”
The article also says another useful hint to avoiding cash burn is to “avoid tunnel vision.” If a business is “focused solely on profit without considering cash flow” then even if they are making a large profit they may still run out of money due to the increasing size of the business.
“Acting early, cutting costs, delegating responsibilities and simply putting time into problems as soon as they emerge are all critical to avoiding the dreaded cash burn and ensuring the future success and stability of a growing business,” Teicher says.
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.