%20(1).svg "Frame (18) (1)")
.svg "Close (1)")
Watching from the grand stand, it can be tempting to believe that some businesses just get lucky—that success just comes easier to some. Of course, this isn’t the case. Across every business’s lifecycle, there will be stumbling blocks, mistakes, and forks in the road.
For the organisations that have outgrown the confines of the ‘small business’ label, it’s near-guaranteed that one day, they’ll find themselves up against one— if not both — of these problems:
Business Advisory Partner, Jason Krenske, says that these crossroads are also the points in time where an external CFO service can have a transformative effect on a business.
“The CFO service is really made for businesses that have a problem that needs solving—their cashflow isn’t where they want it to be, or they’ve got ambitions to grow but aren’t sure how to make that happen,” says Jason.
Jason has been providing external CFO services with Ulton since 2004. With more than two decades of experience in CFO matters under his belt, he’s been a key player in many of his clients’ success stories. Speaking with him, we dug into the question—how does an external CFO arrangement help businesses achieve their goals?
In our discussion with Jason, we talking through the key benefits that arise from a committed CFO engagement:
For businesses with complex structures, the opportunity to take in all the important information in a single, consolidated view is a game-changer.
“Let’s say we have a client who has 15 different entities within their structure. When you have a complex structure like that, it can be very difficult to have a clear understanding where everything is sitting overall,” says Jason.
“Our approach is to consolidate everything together into a single view. From that holistic overview, you can then drill down and analyse the individual business units from there,” he says.
This unified perspective not only streamlines decision-making but also illuminates areas of opportunity that might otherwise be overlooked.
An external CFO can delve deep into your business to identify and leverage the key drivers of profitability. These drivers may vary depending on your industry, size, and structure, but the impact of strategically engaging them is always significant.
For example, let’s say you’re a small crop grower and we’ve identified that your two drivers of profitability are the number of plants under planting and the quality of that product. Your external CFO and their team would build a financial model that allows these drivers to be easily tweaked. Through this model, you can see with greater accuracy what the tangible result would be from increasing either of these dials.
As Jason puts it, “And what this is really powerful for is helping that client go back to the coalface and say, ‘Okay, we’ve determined that our goal is to increase our quality by 5%, that means we really need to focus on our pest management strategy (for example), because that will guarantee us more first-quality product and less seconds—and have a major impact on our income.”
This approach provides clear, actionable insights that directly inform operational decisions.
Sustainable growth is built on accountability and discipline—qualities that an external CFO can help instil across both the operational and financial sides of a business.
He further explains that discipline—whether on the operational or financial side—is often what distinguishes successful businesses from those that struggle. By implementing robust processes and systems, the CFO ensures that these measures are not set in place but are actively maintained.
“Accountability is one of the top reasons why business leaders seek us out in the first place,” says Jason.
Regular catch-ups in the form of monthly management meetings are scheduled to review performance against targets, keeping the business on track and making adjustments as necessary.
Beyond delivering clear financial insights, the true value of an external CFO lies in the enduring partnership they forge with their clients. In this role, the CFO acts not only as a financial expert but also as a trusted advisor.
“We’ve got the best interests of the client at heart—we’re invested in understanding where the business is at, where they want to be, and how we can create the solutions that will make any problem they’re experiencing disappear,” says Jason.
This long-term relationship ensures that your external CFO is with you every step of the way, helping you navigate challenges and capitalise on opportunities as your business evolves.
A good external CFO embodies the role of a trusted advisor, a long-term partner that can help guide your business through its toughest challenges.
Want to know more? Learn more about our external CFO capability.
9 min read
For small and family businesses in Queensland, the impact of extreme weather events can be devastating. If your business...
17 min read
In life, there are some absolute truths that resonate no matter who or where you are—universal principles that we can al...
21 min read
As of January 1, 2025, new laws have come into effect to criminalise wage theft. These laws aim to protect employees and...
