90% of the 32 million businesses in the U.S. do not have a CFO; instead, business owners attempt to “wear the finance hat” while also focusing on their customers, products or services, and employees.
- A CFO costs on average $175k/year
- Only ~200,000 professionals on LinkedIn identify themselves as a CFO
- 50% of businesses fail by their fifth year
- 82% of those businesses fail due to cash flow related challenges
A lack of CFO support typically results in
- Absence of a growth plan
- Ad hoc and inaccurate reporting
- Unexpected cash flow issues
- Manual payments and bookkeeping
- Looking backwards
- Reactive business planning
- Inability to anticipate performance
- Using owners’ personal funds to cover funding gaps
- Higher costs of capital for last minute needs
Businesses try to solve this gap by weekend work and a patchwork quilt of subscriptions to accounting, payment, and reporting tools. Arena CFO allows businesses the access to a financial expert without hiring one full-time. Our CFOs represent industries of all kinds, and we take on clients at any stage of the business lifecycle to help them reach their full potential. We continue to strengthen and expand our strategic advisors and CFO network nationwide as well as build out our digital toolkit to support our CFOs’ work.