As your business grows, so do your financial needs. You may start feeling like you need more strategic financial insight, but you’re not quite ready (or willing) to bring on a full-time Chief Financial Officer. That’s where a fractional CFO comes in.

If you’re a small business owner looking for CFO services without the full-time price tag, a fractional CFO in Detroit (Like OPTIX) might be the perfect fit. But what exactly is a fractional CFO—and how do you know if your business is ready for one?

Let’s break it down.

What Is a Fractional CFO?

A fractional CFO is a senior-level finance professional who provides strategic financial leadership on a part-time or contract basis. Unlike a full-time CFO who works exclusively for one company, a fractional CFO supports several businesses, often through remote or hybrid work.

These professionals offer many of the same services as a traditional CFO, including:

• Cash flow management
• Budgeting and forecasting
• Financial strategy and planning
• KPI analysis and reporting
• Fundraising and investor relations
  Risk management
  
  

For businesses that need more than basic bookkeeping but don’t have the budget (or need) for a full-time CFO, fractional services can be a game-changer.

Why Would a Business Hire a Fractional CFO?

The biggest reason businesses bring in a fractional CFO is for strategic support—especially during key growth stages, pivots, or financial challenges.

According to a report by CB Insights, 38% of startups fail because they run out of cash. Many of those failures could potentially have been avoided with stronger financial oversight and forecasting—something a seasoned CFO brings to the table.

A fractional CFO helps business owners:

• Understand the story behind the numbers
  Build financial models to guide big decisions
• Prepare for funding rounds or exit strategies
  Identify inefficiencies or areas for growth
  
  

For example, if you’re getting ready to expand your business, invest in new equipment, or seek outside investment, having a CFO’s input can be the difference between success and costly missteps.

How Much Does a Fractional CFO Cost?

Cost varies depending on the experience of the CFO, the complexity of your business, and how many hours you need them. But typically, fractional CFO services range from $3,000 to $10,000+ per month.

That may sound steep—until you compare it to the average salary of a full-time CFO, which according to Salary.com, sits around $430,000 annually in Detroit. With a fractional CFO, you get high-level expertise at a fraction of the cost.

Signs You Might Be Ready for a Fractional CFO

Still wondering if your business needs one? Here are a few signs that now might be the right time:

• You’ve outgrown your bookkeeper and need deeper financial insights
• You’re experiencing rapid growth and want a sustainable financial plan
• You’re seeking funding or preparing for a merger/acquisition
• You want help managing cash flow or reducing expenses
• You’re overwhelmed by the financial side of your business
  
  

If any of those sound familiar, OPTIX Accounting might be the partner you need.

OPTIX Accounting Can Help

Whether you’re in the early stages of growth or facing a major business transition, having the right financial strategy makes all the difference. At OPTIX Accounting, we offer flexible solutions tailored to your needs—from small business accounting and bookkeeping to business tax planning and fractional CFO services.

Let’s build a financial strategy that supports your vision. Contact us today to learn more about how OPTIX can help. https://www.optixaccounting.com/book-a-consultation

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