Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is The CFO Role 0:00: Integrating CFO mentality in small businesses. Mercer and Jeff Sauer discuss the CFO role in small businesses, exploring how to integrate the CFO mentality without hiring a full-time CFO. They consider options such as using an advisor or CPA to play the role, and how entrepreneurs without accounting background can still adopt the CFO mindset. 2:37: Financial management for small businesses. Jeff discusses the importance of financial management for small businesses, highlighting the need for a bookkeeper to organize financial records and provide valuable insights. 4:43: Outsourcing bookkeeping tasks for small businesses. Bookkeeper helps small businesses by organizing financial data and ensuring accuracy. 5:37: Roles for small business financial management. Bookkeeper: manage day-to-day finances, invoicing, and payments. Virtual CFO/Business Coach: help with financial planning, forecasting, and profitability. 7:37: Financial roles in small businesses. Jeff discusses the importance of hiring a financial controller in small businesses, as they bridge the gap between the CEO and CFO roles and manage financial statements, reports, and expenses. 11:26: The tension between entrepreneurs and controllers in a business. Jeff suggests that CFOs and entrepreneurs often have different perspectives on growth, with CFOs focusing on facts and entrepreneurs looking to the future. Mercer agrees, noting that CFOs are risk-averse and entrepreneurs are more willing to take risks, leading to conflicts in decision-making. 15:32: Financial forecasting and risk management in business. Mercer emphasizes the importance of forecasting in business, citing the need for both marketing and financial control to work together to make informed decisions. 20:01: Financial planning and control for a business. Jeff suggests breaking down financial forecasting into weekly, monthly, quarterly, and annual intervals to stay on top of expenses and revenue. 24:28: Financial management and decision-making for a business. Jeff highlights the value of having a CFO or financial professional involved in decision-making, as they can provide objective and unbiased analysis and recommendations. 26:57: The importance of a CFO role in business. Mercer encourages listeners to have conversations within their organization about the CFO role and how it can be implemented, even if hiring a CFO is not currently feasible.