Nearly half (48%) of fractional CFOs say they are facing the toughest challenges of their careers. Rising competition, higher customer acquisition costs, and declining retention rates are just a few hurdles they must overcome.
Today’s small business owners expect fractional CFOs to deliver more than just financial expertise. Access to reliable working capital has become a top priority for many, placing additional pressure on CFOs to meet client expectations.
Let’s explore these challenges and how Boundless is helping CFOs like Courtney Myer of Freedom Finance reliably provide their clients with working capital while standing out from competitors.
“Before Boundless, securing working capital for clients was a painful process. I spent weeks sourcing, applying, and facing rejection from lenders, while brokers just piled on fees. But Boundless truly understands the needs of fractional CFOs. With their help, I secured $150k for my first client in under an hour of my time. I’ve already recommended them to Free to Grow CFO so my friend Jeff can benefit from Boundless too.” - Courtney Myers, Freedom Finance
Acquiring new clients has become more expensive for fractional CFOs. In 2023, smaller practices were spending up to USD 6,300 per new client, according to Focus Digital. With increasing costs for paid search and SEO, this challenge will likely worsen. CFOs who fail to offer value-added services, such as reliable access to working capital, risk seeing their customer acquisition costs (CAC) continue to rise, which impacts their profitability and growth.
SMBs frequently switch CFOs due to unmet expectations about capital access. In 2023, Vintii reported that smaller firms had a client retention rate of just 60-70%, meaning 30-40% of clients were lost each year. Given that a 5% increase in retention can boost long-term revenue by 25-95%, CFOs need to focus on retention-driving services. Proactively offering clients financial solutions can help solve business pain points before they arise, strengthening long-term relationships with clients.
Small businesses often face cash flow and working capital challenges, expecting their CFOs to help them secure funding quickly and efficiently. Traditional lending options can be slow, complex, and require extensive compliance measures. Without a streamlined process for connecting clients to capital, CFOs risk falling behind competitors who offer faster, more effective funding solutions.
Traditional funding methods—like brokers and direct lenders—are often slow and inefficient. Responses can take weeks, and only 2-3% of businesses secure the funding they need. In contrast, Boundless boasts a 79% funding approval rate.
With our “white-glove” approach, fractional CFOs can connect clients to the right capital solutions in just hours, not weeks. This eliminates the guesswork and increases the chances of successful funding. CFOs no longer need to navigate the complex lending landscape alone. Instead, they can offer clients a quicker, more reliable path to funding, enhancing their advisory value and improving client retention.
Fractional CFOs who fail to offer value-added services risk losing clients to competitors who provide more strategic value. With rising customer acquisition costs, higher churn rates, and increased competition, it’s essential for CFOs to offer more than just financial expertise. By leveraging Boundless, fractional CFOs can provide clients with the shortest path to funding success, securing capital in hours rather than weeks. Offering proactive funding solutions isn’t just an advantage; it’s the key to a fractional CFOs' long-term success.
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