This article was originally written for and published in the Globe and Mail - Report on Small Business, on May 20, 2014.
InHouseCFO's Small Business Blog
A lot has been and continues to be said about the radical changes in how small businesses in Canada (and throughout the world for that matter) must carry on business to continue or be successful. These changes have and are occuring as a result of the internet and everything digital.
As finance experts, ex-bankers, and part-time CFO's for Canadian small businesses, we're watching closely the "Bitcoin phenomenon", whether it has a role to play for our clients, if so, when, and if not, why not.
Tags: CFO for small business
The CFO role has changed
To be able to answer the question whether you, as the owner of a small business in Canada, "need" a CFO, it's important to note that, like many other aspects of business, digital processing, the use of the Internet to make buying decisions (90% of all buyers now use it for research before buying), online computing ( the Cloud"), and new software applications have permanently altered the way business is being done. In turn, so has the role and the affordability of the CFO for small businesses.
Management Information Systems, or "MIS" have, with everything else as a result of digital media and the Internet, evolved to a point now where the smallest of businesses can operate like the biggest of businesses gathering key operational data that is relevant, available in real time, and very useful in making business decisions. So much so that for any business NOT to have the information at its fingertips puts it at a very competitive disadvantage.