Small business owners juggle a wide range of responsibilities, often without the benefit of a dedicated finance team. While managing day-to-day operations, it can be difficult to carve out time to focus on longer-term financial strategy. Yet for many businesses, that’s where real opportunities exist.
CFO services are designed to help business owners take a more strategic approach—offering guidance on everything from cash flow planning to entity structure decisions. For businesses seeking more than a purely reactive approach to their finances, these services can provide valuable insight and direction.
At Leelyn Smith, we work closely with business owners to help them better understand their financial position, evaluate tradeoffs, and plan for their goals.
Why small businesses turn to CFO services.
CFO services give business owners access to financial expertise typically associated with larger companies. These services go beyond basic tax or accounting support and can include:
- Cash flow analysis and planning
- Budgeting and forecasting
- Strategic goal setting
- Capital and debt planning
- Risk assessment
- Tax and entity structure review
As Elizabeth Kittner, who leads CFO services at Leelyn Smith, explains: “Specialized CFO services can optimize business operations by identifying trends and patterns in a company’s financial data. We work to give clients practical insights they can use to inform better decisions.”
Start with cash flow—build towards growth.
Many engagements begin with a closer look at a company’s cash flows. Understanding the timing and sources of cash inflows and outflows is critical—for managing seasonal fluctuations and for planning ahead. Cash flow analyses can also inform tax planning and help guide the timing of future investments or distributions.
In some cases, business owners may be weighing debt-related decisions, such as whether to pay down existing obligations or borrow to support growth. A CFO services partner can help assess these options within the context of business strategy and financial goals.
A broader perspective on business goals.
CFO services also support strategic planning by helping business owners clarify and prioritize goals across different time horizons. Whether the focus is on short-term profitability or longer-term succession planning, having regular conversations with a financial partner can bring added clarity.
For businesses without a dedicated finance team—or where financial decisions are often discussed informally among family or friends—this kind of structured guidance can be especially valuable. It provides a framework for evaluating options and making decisions with greater confidence.
Business owners routinely face decisions with financial implications, from purchasing equipment to expanding into new markets. In many cases, a second set of eyes can help identify risks or tradeoffs that aren’t immediately obvious—such as potential tax liabilities or liquidity concerns.
In addition, CFO services can surface planning opportunities that might otherwise be missed. One example is entity structure: depending on how a business is organized (e.g., S-Corp, C-Corp, or LLC), there may be opportunities to reduce taxes, improve compliance, or access more favorable payroll and benefits arrangements.
Bringing strategy into the conversation.
CFO services are about more than just numbers—they’re about helping business owners use financial information as a tool for decision-making. At Leelyn Smith, we draw on years of experience working with closely held businesses, combining our understanding of tax and accounting with a broader strategic perspective.
Whether you need help with budgeting, goal setting, or evaluating a major decision, we’re here to support you in bringing greater structure and clarity to your financial planning.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.