The Rise of the Virtual CFO: Building a Business that Lasts

How can the Virtual CFO business model propel small and mid-size enterprises to long-lasting success?

In this conversation, Bhavesh Naik interviews Ellen Wood, CEO and co-founder of VCFO, who shares her journey of pioneering the virtual CFO concept. They discuss the importance of understanding client needs, the role of culture in financial management, and the lessons learned from navigating economic challenges. Ellen emphasizes the significance of focusing on shareholder value and the need for entrepreneurs to be aware of their company's worth. The conversation concludes with Ellen's insights on leadership, grounding oneself amidst change, and the importance of integrity and people-first values in business.

Ellen shares her experiences and insights on the role of a virtual CFO, the importance of understanding client needs, and the psychological and cultural aspects of financial management.

Throughout the conversation, Ellen delves into the founding story of vcfo, the challenges she faced, and the strategies she employed to overcome them.

She discusses the impact of the 2008 financial crisis on her business and how she adapted to the changing landscape. Ellen also highlights the significance of assessing shareholder value and aligning financial management with client values.

Among the topics we explored:

• What it takes to pioneer a deep-thought idea - the Virtual CFO model in this case - and build a sustainable business around it that lasts decades and beyond.

• How to leverage the financial strength of a business as the foundation for its long-lasting growth and success.

• How a company that helps other companies build financially strong businesses itself be an example of such strength and longevity.

• What role the culture plays in managing finances and building an enduring business.

• How paying attention to the human factors can drive the financial culture of a company.

• What a business leader can do to not just prepare for financial crises like 2008 but also capitalize on the opportunities they present.

• Why a business owner should pay attention *now* to their company's shareholder value even if they are small or mid-size.

• Why it's important for leaders to keep themselves grounded in the midst of relentless change.

• How prioritizing values that drive culture are innate to building a sustainable business that stands the test of time.

• The role that the culture plays in building an enduring businesses.

• How human factors drive the financial culture of company.

Listeners will gain valuable insights into Ellen's leadership style, her approach to supporting clients' value systems, and her strategies for internal company growth. The episode also covers the differences between organizational and accountability charts and how vcfo implements these concepts to foster growth.

Tune in to discover actionable advice and strategies from Ellen Wood that can help you enhance your financial management practices and drive business success.

CHAPTERS:

00:00 - Introduction

02:47 - The Genesis of vcfo

09:57 - Vision for vcfo and Who It Benefits

13:37 - The Perspective of a Virtual CFO

17:55 - Understanding the Ideal Client

19:44 - Psychological and Cultural Aspects of Financial Management

22:29 - Supporting Clients' Value Systems

26:37 - Internal Strategies for Company Growth

29:27 - Organizational Vs. Accountability Chart

31:46 - Honoring a Legacy: Award-Winning Leadership

33:11 - Overcoming Obstacles and Learning from Crisis

38:30 - Insights from the 2008 Financial Crisis

41:33 - Entrepreneurial Journey: Navigating Change While Remaining Grounded

46:30 - Importance of Assessing Shareholder Value

49:14 - Getting In Touch with Ellen Wood and vcfo

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Music by Yrii Semchyshyn (Thank You!): https://www.patreon.com/yuriisemchyshyn

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Deep Dive, Show Notes and Further Reading: https://www.awayre.com/fractional-cfos-virtual-cfo-lasting-value-smbs/