Today's guest post is contributed by Jillian Verdun, Master Profit First strategist. Jillian will share with you why your Virtual COO should not also be your CFO?
If it takes a village to raise a child, then couldn’t the same be said for running a business?
Absolutely!
Just like raising a child, each person in a company’s development, growth, and expansion has a specific role and function.
If one person tries to do everything, she not only gets burned out...
but also becomes less effective in doing what she does best.
And when that happens...
... the door to exhaustion, distraction, dysfunction, and potential collapse is wide open.
The flip side...
...is that when everyone in the “village” is doing what they love and are uniquely equipped, success is all but guaranteed.
Two main villagers in any company or organization are the Chief Operating Officer (COO) and the Chief Financial Officer (CFO).
To get a better grasp of why it’s important to have these positions held by two different people, let’s look at what each one of them does individually.
Chief Operations Officer
The Chief Operations Officer role is responsible for managing and overseeing the daily operations and administrative functions of the business.
Your team, projects, metrics and marketing management are also responsibilities of the COO.
Your Virtual COO has her her finger on the pulse of just about every growth activity and decision the company makes.
Chief Financial Officer
The Chief Financial Officer role, on the other hand, is responsible for all things numbers: cash flow, taxes, financial planning, analyzing and correcting financial strengths and weaknesses, and reporting.
While this is just a general overview, it’s easy to see how overwhelming and distracting it could be for the COO to be the CFO as well.
Your business is your child...
and you certainly wouldn’t want to wear yourself out trying to be all things to your child, the same way you wouldn’t want to be all things to your company.
Your company needs qualified, specialized support – a village – to help your business to grow to higher levels of profit and reach.
It's always a savvy business decision to hire people who are uniquely skilled and passionate about what they do and use that passion to help catapult you to the next level…
...and free up some time for you to be able to enjoy greater business growth and life in the process!
Brenda Violette is a Virtual COO and is totally passionate about role in her high-end client businesses.
Her unique abilities and passion for helping women entrepreneurs increase profit and to grow a sustainable business is rare.
Brenda's high-end clients receive best in class business and operations management support to grow their businesses past 6-7 figures and beyond.
One of the first steps she takes when beginning to partner with a new client is to ensure that her client's financial controls and business metrics are established.
Brenda introduces her clients to the value of the Profit First System for accounting, bookkeeping and financial strategic planning.
Brenda and I began collaborating in 2017. She introduced a new client to the Profit First System and reached out to me as a Profit First Professional to begin the assessment and planning process.
Brenda loves Profit First and even operates within Profit First principles in her own business.
We immediately began the process of getting her client's financial systems, planning and reporting running smoothly.
Brenda's client is over-the-moon happy to finally feel like she had a handle on her financial numbers.
Now she can easily make important business decisions based on real time numbers without guessing.
Do you want to learn more how the Profit First System can take your business to the next level?
I would love to share with you the first 5 chapters of Mike Michalowicz book, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine.
Simply click below for immediate access. You will be taken to my op-tin form and receive immediately via email.
Please let Brenda or I know if this blog post resonated with you in the comments below.
After working with hundreds of companies, many do not know the difference between a CFO and a COO. Bless you Violette Business Services for enlightening the business world!
Super Julie…you are so welcome! It’s our pleasure to make the roles clear.