For many small and medium-sized business owners, tasks like bookkeeping, payroll, and VAT returns are a regular part of running the business. These activities are essential — they keep you compliant and ensure your records are accurate — but they largely tell you what has already happened.
To truly drive growth and resilience, it pays to go a step further and start thinking like a Chief Financial Officer (CFO). That means using your financial data not just to record the past, but to plan for the future — making informed, strategic decisions that move your business forward.
From Record Keeper to Decision Maker
A bookkeeper’s role is to make sure your financial records are correct and complete. A CFO — or a business owner adopting that mindset — takes those same numbers and asks the questions that matter most, such as:
- Which customers or products generate the most profit?
- How much cash will we need in the next six months?
- Where should we focus investment to get the best returns?
This kind of strategic thinking can completely change how you view your business — and it’s easier to start developing these skills than you might think.
Key Financial Skills Every Business Owner Can Build
Even without a finance background, you can begin to think like a CFO by strengthening a few key areas:
- Financial Literacy – Understand your profit and loss, balance sheet, and cash flow. These reports are more than just accounting documents — they’re a roadmap to your business performance.
- Forecasting and Budgeting – Anticipate income, manage expenses, and plan for seasonal changes or growth opportunities.
- Key Metrics – Identify and monitor the figures that truly drive your business, such as cash flow, profit margins, and customer acquisition costs.
- Risk Awareness – Spot early warning signs, such as slow-paying clients or rising costs, and act before they impact your bottom line.
Even small improvements in these areas can lead to meaningful results.
Start Small, Think Big
You don’t need complex systems or a finance degree to start thinking strategically. Try simple steps like:
- Checking your cash flow weekly
- Reviewing profit margins by product or service
- Setting straightforward financial goals for each quarter
Over time, these habits build the foundation for proactive financial management — helping you steer your business with confidence and clarity.
The Bottom Line
Treating finance purely as a back-office task can limit your visibility and control. Adopting a CFO mindset means using your numbers to make smarter, forward-looking decisions — giving you greater control, confidence, and long-term success.
And remember, you don’t have to do it alone. At London Accountants, we help business owners across London turn financial data into clear strategies for growth.
If you’d like to explore how to think — and plan — more like a CFO, get in touch with our team. We’re here to help you see beyond the numbers and shape the future of your business.
e: office@londonaccountants.co t: 0203 137 9791
Kind Regards,
The Team at London Accountants
