Five CFO Focus Areas For The Next Six Months
Life Sciences Practice Leader, Charles River CFO
As we close out the year's first half, CFOs focus on the next six months. While Biotech valuations continue to be depressed, revenues have improved in 2023. And there is positive news in recent drug trial results, a slowing of inflation and a long-term steady growth outlook. Please join me and my colleagues on Thursday, September 14th for a webinar where we look at 5 business challenges and ideas for addressing.
Here is what I am looking at for the next six months.
Summer downtime — use this time to look at the halfway point of the year, how have you done relative to your budget, how is your cash position, what are the top three priorities for Q3, for Q4.
Audit — time to order 409a valuation reports (they take 2-3 months), work on some interim control testing, look for an audit firm, or have your annual audit done during the auditor's "off-season."
ERISA testing — take a look at your 401K and run the tests to see if there are any failures with the plan or projected failures and have participants adjust accordingly.
Benefit benchmarking — review the market options for existing benefits plans. Consider a compensation study to determine if your team is appropriately compensated before they tell you as they walk out the door.
Take a vacation — schedule yours and make sure team members are planning their time off and that you have coverage in place. The break refreshes the mind and outlook for the remainder of the year.
How can we support you in achieving your organization's financial sustainability and growth?
We are smart, nimble, and flexible. If you would like to discuss how Charles River CFO can assist your company with fractional or interim CFO and accounting services, please contact us at (781) 431-0420 or send us an email.