What Is a Virtual CFO?
Did you know the average CFO (chief financial officer) salary in the US is a massive $420,300? While this role is important, many companies will be unable to afford such an outlay, and this is when working with a virtual CFO can be a terrific option.
But what is a virtual CFO and what do they do? If you understand how these skilled professionals can help your business, you could decide that it would be best to hire a virtual CFO sooner rather than later. That’s why we’re going to take a look at the role of these key service providers.
Read on to learn more.
What Is a Virtual CFO?
A virtual CFO is a chief financial officer who works for your business remotely. They can work part-time, giving you access to their skills and knowledge at an affordable rate. You can agree on how many hours a virtual CFO will be required each month, allowing you to pay only for the time they are working for your company.
What Does a Virtual CFO Do?
Before you hire a virtual CFO you’ll want to know what benefits they can bring to your business. While virtual CFO services can perform a range of functions, these are some of the most common tasks they will complete.
Cash Flow Management
Managing cash flow is essential for keeping your business afloat. A virtual CFO can identify how much money you have, when bills will need to be paid, and if you need to reduce your spending. If you’d like to learn more about this aspect while you decide if you need to hire a virtual CFO, you can read this guide to cash flow management.
Prepare Financial Reports
It can be difficult to make logical decisions if you don’t have all the relevant data in one place. A virtual CFO can prepare detailed financial reports and help you understand what the figures mean. This can make it easier to run your business efficiently.
If you’re planning to grow your business, a virtual CFO can be a source of sound financial advice. They could explain how you can finance your plans, and help you build your company on a solid base. An experienced virtual CFO can also help you avoid making unnecessary mistakes.
Hiring a Virtual CFO Could Benefit Your Business
Hiring a virtual CFO can bring a range of excellent advantages to your business. Not only can they help you manage your cash flow effectively, but they can also help you understand financial reports so you can make the right decisions for your company. A virtual CFO could also be invaluable when you planning how to grow your business in the future.
Working with a top-class virtual CFO service provider could help you take your company to the next level!
If you’ve found this virtual CFO guide helpful, be sure to check out more of our informative blog posts before you go.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]
5 Creative Ways to Use Instagram to Boost Your Income
Whether you run a physical product company or a service-based business, Instagram can help you grow your audience and boost sales. But how do you monetize your social media platform?
Instagram offers various ways to earn money, such as sponsored posts and running an online store. Finding a strategy that works for your situation is the best way to make it.
Promote Your Business
Whether you sell products, services, or yourself, promoting your business on Instagram is an excellent way to increase your reach. Using hashtags related to your niche is one way to do this, but you can also use a tool to track competitor posts and see what hashtags work for them.
Sponsored content is another popular way to earn money through Instagram. Fashion brand @everlane, for example, regularly features shoppable posts where they tag products in their images and direct followers to their online store. This is a fantastic option if your business wants to promote specific products but needs more inventory to expand the product line. You can collaborate with a print-on-demand service such as Teelaunch to customize T-shirts, mugs, and other items with your images without the burden of stocking inventory.
If you are passionate about photography, Instagram can be a great platform for selling your prints. You can use various platforms to turn your Instagram photos into posters, mugs, pillowcases, and more.
Alternatively, you can use Instagram to promote your online shop or marketplace. Services allow you to include a clickable link in your Instagram bio to a product catalog where users can browse and purchase items.
Many IG sellers prefer to bypass a website and conduct all sales through DMs, which makes it easy for their audiences to keep shopping without leaving the app. This approach can be particularly effective for products that require a significant upfront investment. For example, a ceramicist could profit by selling kits that let buyers build their pieces.
Offer In-Stream Video Ads
Instagram’s in-stream video ads are a great way to promote your brand and drive more followers to your website. Creating a video that blends in with its environment and looks genuine is crucial to achieving the desired outcome. Blatant promotional content tends to scare people away. Instead, try to offer value in your ad. For example, if you’re a fashion company, you can create a tutorial or a customer spotlight video to inspire your audience.
Whether you’re an influencer or not, it’s important to diversify your monetization strategies. One way to monetize your social media presence is through sponsored posts with brands, utilizing shoppable images to lead your followers to your online store, or providing online courses for your audience. This will help ensure you can keep earning money even if one revenue stream slows down.
Sell Virtual Products
Installing virtual products is one of Instagram’s most popular ways to make money. This can include everything from video tutorials to e-books and one-off payment programs like astrology reports.
This type of monetization works well if you have a strong niche audience, keen followers, and a high number of engagements. For example, a profile with advanced graphics skills can offer a course to teach people how to make the most of Instagram.
Another way to sell virtual products is to use a dropshipping service that handles logistics. For instance, a seller could offer premade emotes or bit badges for gamers or streamers on Twitch. They’d get a small cut from every sale without the need to store any inventory.
Offer a Course
If you have a valuable skill, you can use Instagram to sell your online course. For example, if you’re an influencer with photography skills, you can offer a photography course on creating engaging Instagram posts.
Share course information and a link to purchase your course in your Instagram bio. You can also promote your system by creating shoppable posts or adding links in Instagram Stories and Direct Messages.
Hamza Fazal is a reporter for The Hear UP. After graduating from the University of Abbottabad, Hamza got an internship at the NPR and worked as a reporter and producer. Hamza has also worked as a reporter for the Medium. Hamza covers health and science for The Hear UP.