Potential clients frequently ask, “Can hiring a fractional CFO or COO really save money for my organization?”
 
The good news is that YES! A fractional CFO or COO can save you money and boost your business. In other good news, we at Lumina Business Solutions have an even better idea: In case you haven’t met the concept of a CFOO, let me introduce you.
 
A CFOO – Chief Financial and Operating Officer - is like a Swiss Army Knife. At Lumina, our team can pull out just the right tool to help you cut costs, open up possibilities, uncork bottlenecks, saw through knotty problems and scale your operations. In other words, this hybrid function – working part-time for your organization – takes a comprehensive look and finds ways to streamline, enhance and increase profitability. The outcome? Deeper knowledge leading to better decisions.
 
By combining financial savvy and organizational know-how, Lumina can give you, the business owner, the precious gift of time to focus on growing your business, spending time with family, or even – gasp – taking a vacation without being tied to the phone or laptop.
 
By engaging this human Swiss Army Knife, you needn’t feel obliged to master additional skills needed to manage your business effectively. A fractional CFOO like Lumina Business Services provides the specific skills you need to take your business to the next level. We can look for potential improvements in everything from tech systems to vendor contracts to HR policies. Whether your needs involve legal issues, finance, human resources or culture, there is almost no part of the business you can’t assign to a CFOO. 
 
Having a C-suite expert on board can and does result in direct savings. Three examples from my career: Within a month of my joining a large law practice, I saved the firm $400,000. In two other cases, where organization principals thought they were saving money by not engaging a financial professional, I quickly found errors. In one, after an hour’s work, I saw an opportunity for $100,000 in savings. In another, I saved the client $125,000 by suggesting creative strategies to take advantage of bonus depreciation.
 
At Lumina, we work exclusively with professional services firms and nonprofit organizations with this comprehensive foundational support. Our clients refer us to other organizations because we really do improve the way they operate, comply and report. Our services can boost their bottom lines, give the business leaders valuable time and, yes, save them money.