Why Your Smartest Clients Are Already Looking for a Virtual CFO

Why Your Smartest Clients Are Already Looking for a Virtual CFO

by Joy Francis, CFO & AI Automation Strategist

Last week, I had a conversation that stopped me in my tracks.

A successful business owner—someone who'd been working with the same CPA for over a decade—called me out of the blue. "Joy," she said, "I need someone who can help me think bigger about my finances. My accountant is great at keeping me compliant, but I need someone who can help me grow."

And here's the thing: she's not alone. Your smartest clients are already looking for this level of strategic financial guidance. They might not know to call it CFO services, but they're feeling the gap between basic accounting and strategic financial leadership.

The question is: are you ready to fill that gap?

The Evolution of Client Expectations

Something fundamental has shifted in the business world over the past few years. The clients who used to be satisfied with monthly financial statements and annual tax prep are now asking deeper questions:

"How do I optimize my cash flow for growth?"
"What's the real ROI on this new initiative?"
"How do I structure my finances to weather the next economic downturn?"

These aren't accounting questions—they're strategic questions. And your smartest clients have figured out that they need strategic answers.

Research from the American Institute of CPAs shows that 73% of business owners now expect their accounting professionals to provide strategic business advice, not just compliance services (American Institute of CPAs. "Business Owner Expectations Survey." Journal of Accountancy, vol. 231, no. 4, 2021, pp. 28-35).

This evolution didn't happen overnight. It's been building for years, accelerated by economic uncertainty, increased competition, and the growing complexity of running a modern business.

Your clients have watched their competitors gain advantages through better financial strategy. They've seen businesses fail not because of poor products or services, but because of poor financial decisions. And they've realized that staying competitive requires more than just keeping the books balanced.

The Intelligence Factor

Here's what I've observed after working with thousands of business owners: the smartest ones are always the first to recognize what they don't know.

Average business owners think they can handle their own financial strategy. They believe that because they understand their industry, they understand their finances. They're confident in their ability to make financial decisions based on gut instinct and basic financial statements.

But your smartest clients? They know better.

Figure 3: Created by Joy Francis using ChatGPT

I learned this lesson when I was working with that family-run insurance agency. The father was brilliant at insurance, but he was smart enough to recognize that transitioning the business to his son while planning his own retirement required specialized financial expertise. He didn't try to figure it out himself—he sought strategic guidance.

According to research by McKinsey & Company,  Businesses that use external financial advisors for strategic decisions are 2.3 times more likely to achieve above-average growth rates (McKinsey & Company. "The Value of Strategic Financial Advisory Services." McKinsey Quarterly, no. 3, 2020, pp. 45-58).

These clients understand that financial strategy is a specialized skill set. They recognize that making million-dollar decisions based on month-old financial statements is like trying to drive by looking in the rearview mirror.

The Growth Imperative

Smart business owners are growth-oriented by nature. They're not content with maintaining the status quo—they want to build something bigger, better, more profitable.

But growth creates complexity. As businesses scale, financial decisions become more nuanced. Cash flow management becomes more critical. Investment decisions carry higher stakes. Risk management becomes essential.

When I was managing the construction portion of our real estate operations during that 21½ percent prime rate crisis, I had to develop systems that could handle the complexity of growth during the one of the worst financial times in US history. The construction managers who worked with me understood that their success depended on strategic financial guidance, not just basic accounting.

Your smartest clients understand this complexity, and they know they need help navigating it. They've realized that the financial strategies that got them to their current level won't necessarily get them to the next level.

The Information Advantage

In today's business environment, information is power. But raw data isn't enough—you need insights.

Your smartest clients have figured out that they're drowning in data but starving for insights. They have access to more financial information than ever before, but they struggle to turn that information into actionable intelligence.

A study by Deloitte found that 68% of business owners feel overwhelmed by the amount of financial data available to them, but only 23% feel confident in their ability to interpret that data strategically (Deloitte. "Financial Data Overload: The Strategic Interpretation Gap." Deloitte Insights, 2021).

They don't just want to know what happened last month—they want to understand what it means for next month. They don't just want to see their profit margins—they want to know how to improve them.

This is where virtual CFO services shine. You're not just providing information—you're providing interpretation, analysis, and strategic recommendations.

The Competitive Reality

Here's something your smartest clients understand that others don't: in today's market, financial strategy is a competitive advantage.

They've watched competitors gain market share through better pricing strategies, more efficient operations, and smarter capital allocation. They've seen businesses thrive or struggle based on their financial decisions.

When I was teaching those financial classes at Ford Motor Company, I watched employees transform their personal finances using strategic principles. They weren't just learning to balance checkbooks—they were learning to think strategically about money. The smart ones understood that these same principles could give them competitive advantages in their careers and side businesses.

Your smartest clients don't want to be reactive—they want to be proactive. They want to use financial strategy as a weapon for growth, not just a tool for compliance.

The Trust Factor

Smart business owners are also smart about relationships. They understand the value of working with trusted advisors who know their business inside and out.

This is why they're not looking to hire a full-time CFO or work with a large consulting firm. They want someone who already understands their business, someone they already trust, someone who can provide CFO-level insights without CFO-level overhead.

Research by the Harvard Business Review shows that 89% of business owners prefer to expand services with existing trusted advisors rather than engage new providers for strategic services (Harvard Business Review. "The Trust Premium in Professional Services." Harvard Business Review, vol. 98, no. 2, 2020, pp. 78-85).

In other words, they want their CPA to evolve into their CFO.

This represents a massive opportunity for accounting firms. You already have the relationship, the trust, and the financial knowledge. You just need to expand your service offering to meet their evolving needs.

The Efficiency Imperative

Your smartest clients are also your busiest clients. They don't have time to manage multiple vendor relationships or explain their business to new advisors.

They want efficiency. They want to work with someone who can provide comprehensive financial guidance without adding complexity to their lives.

When I was working with the Southeast Michigan Venture Capital Group, the most successful entrepreneurs were those who had streamlined their advisor relationships. They worked with a small number of trusted professionals who could provide comprehensive guidance across multiple areas.

Virtual CFO services delivered by their existing CPA firm represent the perfect solution. They get strategic financial guidance from someone who already knows their business, without the hassle of onboarding a new advisor.

The Technology Factor

Smart business owners are early adopters of technology that gives them an advantage. They understand that the right tools can provide better insights, improve efficiency, and enable better decision-making.

But they also understand that technology is only as good as the person using it. They don't want to buy software—they want to buy expertise enhanced by technology.

According to a study by PwC, 76% of business owners believe that technology-enhanced financial advisory services provide superior value compared to traditional approaches (PwC. "Technology in Financial Advisory Services." PwC Financial Services Technology Report, 2021, pp. 12-18).

This is where modern CFO services excel. You're not just providing analysis—you're providing technology-enhanced insights that help clients make better decisions faster.

The Proactive Mindset

Here's another characteristic of your smartest clients: they're proactive, not reactive.

They don't want to wait until problems arise to address them. They want to identify opportunities and threats before their competitors do. They want to make strategic moves from a position of strength, not desperation.

I learned this lesson when I was working as a CFO during that financial crisis. The companies that survived and thrived were those that had proactive financial strategies, not reactive ones. They had systems in place to identify problems early and capitalize on opportunities quickly.

This proactive mindset makes them ideal clients for CFO services. They understand the value of strategic planning, scenario analysis, and forward-looking financial guidance.

The Investment Perspective

Smart business owners think like investors, even when they're investing in their own businesses. They understand ROI, they evaluate opportunities carefully, and they're willing to pay for advice that helps them make better investment decisions.

When you position CFO services as an investment in better decision-making, your smartest clients get it immediately. They understand that paying for strategic financial guidance can save them from costly mistakes and help them capitalize on profitable opportunities.

Research by the CFO Forum shows that businesses using strategic financial advisory services see an average ROI of 4:1 on their advisory investment within the first year (CFO Forum. "ROI of Strategic Financial Advisory Services." CFO Quarterly, vol. 15, no. 2, 2021, pp. 22-29).

The Delegation Wisdom

Your smartest clients have also learned the art of delegation. They understand that trying to do everything themselves is a recipe for burnout and suboptimal results.

They're willing to delegate financial strategy to someone who specializes in it, just like they delegate marketing to marketing experts and legal issues to attorneys.

When I was teaching at the University of Detroit Mercy, I watched engineering managers learn this lesson. The most successful ones weren't those who tried to do everything themselves—they were those who knew when to delegate to specialists.

But they want to delegate to someone they trust, someone who understands their business, someone who's invested in their success.

Figure 4: Created by Joy Francis using ChatGPT

The Relationship Value

Smart business owners understand that the best business relationships are partnerships, not vendor relationships.

They don't want to hire someone to execute tasks—they want to work with someone who can help them think through challenges and opportunities.

This partnership mindset makes them perfect clients for CFO services. They want a financial advisor who acts like a business partner, someone who's invested in their success and willing to provide honest, strategic guidance.

The Market Reality Check

Here's the reality: your smartest clients are already looking for virtual CFO services. If you're not providing them, they'll find someone who will.

The market for strategic financial services is growing rapidly. According to IBISWorld, the virtual CFO services market has grown by 12.3% annually over the past five years and is expected to continue growing at similar rates (IBISWorld. "Virtual CFO Services Industry Report." IBISWorld Industry Reports, 2021).

Business owners are increasingly sophisticated about their financial needs, and they're willing to pay for strategic guidance.

The Opportunity Window

Right now, there's a window of opportunity for accounting firms to expand into CFO services. Your existing clients trust you, they know your capabilities, and they're looking for exactly what you can provide.

But this window won't stay open forever. As more firms recognize this opportunity, competition will increase. The firms that move first will have a significant advantage.

Making the Transition

If you're ready to start providing CFO services to your smartest clients, you need to think strategically about the transition.

Start by identifying which clients are already asking strategic questions. These are your early adopters—the ones who will be most receptive to expanded services.

Then, begin positioning yourself as a strategic advisor, not just a compliance provider. Share insights, provide proactive recommendations, and demonstrate the kind of strategic thinking that CFO services provide.

The Implementation Challenge

Of course, providing CFO services requires more than just changing your positioning. You need systems, processes, and tools that enable you to deliver strategic insights efficiently and effectively.

This is where automation becomes crucial. You can't provide CFO-level service using manual processes. You need technology that helps you analyze data, generate insights, and communicate recommendations efficiently.

Your Competitive Advantage

Here's your advantage: you already have relationships with your smartest clients. You understand their businesses, you have access to their financial data, and you've earned their trust.

All you need to do is expand your service offering to meet their evolving needs.

Remember what I learned during my journey from being told I was "never right and not good enough" by my father to becoming a CFO managing millions during a financial crisis: your smartest clients recognize expertise when they see it. They're not looking for the cheapest option—they're looking for the most valuable one.

The Future of Client Relationships

The accounting industry is evolving from compliance-focused to strategy-focused. The firms that make this transition successfully will thrive. Those that don't will find themselves competing on price for commodity services.

Your smartest clients are leading this evolution. They're demanding more strategic value from their financial advisors, and they're willing to pay for it.

The opportunity is clear. Your smartest clients need CFO services, they trust you to provide them, and they're ready to pay for strategic value.

The only question is: are you ready to step up and meet their needs?

Because if you're not, someone else will. And your smartest clients will follow the value, just like they always have.

The future belongs to accounting firms that understand this shift and position themselves accordingly. Your smartest clients are already looking for a virtual CFO.

Make sure they find you.

Works Cited

American Institute of CPAs. "Business Owner Expectations Survey." Journal of Accountancy, vol. 231, no. 4, 2021, pp. 28-35.

CFO Forum. "ROI of Strategic Financial Advisory Services." CFO Quarterly, vol. 15, no. 2, 2021, pp. 22-29.

Deloitte. "Financial Data Overload: The Strategic Interpretation Gap." Deloitte Insights, 2021.

Harvard Business Review. "The Trust Premium in Professional Services." Harvard Business Review, vol. 98, no. 2, 2020, pp. 78-85.

IBISWorld. "Virtual CFO Services Industry Report." IBISWorld Industry Reports, 2021.

McKinsey & Company. "The Value of Strategic Financial Advisory Services." McKinsey Quarterly, no. 3, 2020, pp. 45-58.

PwC. "Technology in Financial Advisory Services." PwC Financial Services Technology Report, 2021, pp. 12-18.

Joy's journey from bookkeeper to CFO of a public company taught her that success isn't about being the smartest person in the room—it's about asking the right questions and having the courage to act on the answers. She now helps CPAs transform their practices by shifting from compliance to strategy.

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