The past few years have brought numerous crises. It started in 2020 with COVID-19, continued in 2021 with a global recession and the Russia-Ukraine war, and now, in 2024, we face another war with no end in sight. Each crisis had unique characteristics, but they all shared a crucial common factor—they all impacted the economy and jeopardized many businesses worldwide.

Fortunately, with our outsourced CFO service, we managed to help our clients navigate these recent crises and even grow. How can our outsourced CFO service assist your organization? Here are a few examples:

• Threat Assessment: Danoy’s outsourced CFO is an experienced financial expert with valuable financial knowledge. This expertise is invaluable during a crisis, as our outsourced CFO can assess the impact of the crisis on the organization, highlight potential threats to the company, and start preparations to navigate the upcoming period.
• Updating Financial Strategy: We’ve previously emphasized the importance of a financial strategy crafted by our outsourced CFO for our clients. This strategy is a financial action plan that allows for proper long-term planning of the company based on expected revenues and expenses. During a crisis, our outsourced CFO revisits the financial strategy, evaluates it against the crisis, and updates it. The crisis will eventually pass, but to navigate through it and return to growth, it is crucial to adapt the financial strategy to the current reality.
• Familiarity with Regulations and Aid Packages: Danoy’s outsourced CFO stays updated on how authorities help businesses during the crisis. They can apply for grants, utilize tax benefits, and find additional support avenues that the state or related entities offer to companies during a crisis.
• Communication with Suppliers and Financial Institutions: Danoy’s outsourced CFO understands how the crisis affects the organization and seeks ways to provide financial breathing room. One approach is to negotiate with suppliers or financial institutions (such as banks or credit companies) to discuss revised payment terms, fees, or loan repayments. Often, planning such measures defers expenses to a later period, enabling the organization to better navigate the tough times.
• Experienced Management Member: Danoy’s outsourced CFO is a person with extensive knowledge of financial and business worlds. Their presence on the management team allows them to offer wise advice to other management members and even identify growth opportunities amid the crisis.

If you are also interested in an experienced management member to help your organization financially through the coming period, Danoy’s outsourced CFO service is for you. For more details, contact us.