What’s the Difference Between a Profitability Coach and a Part-Time CFO?, with Bill McDermott, Host of ProfitSense
In a commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, outlines the difference between a profitability coach and a part-time CFO, and the circumstances that necessitate hiring one or the other.
Bill’s commentary was taken from this episode of ProfitSense.
ProfitSense with Bill McDermott is produced by John Ray and the North Fulton affiliate of Business RadioX® in Alpharetta.
Transcript
What’s the difference between a profitability coach and a part-time CFO? We get that question a lot. Business owners often struggle with financial management, making external help crucial. Two common options are hiring a part-time CFO or a business profitability coach. Here are some main differences between the two to help you determine which one best fits your needs.
A part-time CFO specializes in financial management, such as budgeting, reporting, cash flow management, and strategic financial planning. They typically provide high-level financial insights and help with long-term financial strategy.
Meanwhile, a business profitability coach focuses on improving overall business profitability by optimizing processes, increasing sales, reducing costs, and enhancing operational efficiency. They focus on practical, actionable steps to improve day-to-day operations and drive immediate profitability gains.
Of course, there are differences in the engagement duration for each, as well as the cost. Part-time CFOs are often engaged on an ongoing basis to provide continuous financial oversight and strategic planning. They’re generally more expensive due to their specialized expertise and the comprehensive nature of their responsibilities.
Business profitability coaches are typically hired for projects to address specific profitability issues and implement improvement plans quickly. They are usually more affordable, focusing on immediate practical strategies.
If you’re struggling to manage the financial side of your business, get help today for more insight. Check out theprofitabilitycoach.net.
