Virtual/Remote Controllership/CFO Services: NYC Metro Area

Goals

To understand the market size in the NYC metro area for virtual/remote controllership/CFO services. Additionally, to understand the competitive landscapes of such services, the industry trends, and any niches or verticals to be focused on.

Early Findings

Summary of Findings

  • After an exhaustive search through the public domain, we could not find any article, publication, news report, or industry analysis containing the pre-compiled size of virtual/remote controllership/CFO services in the New York Metropolitan Area or in the United States in general.
  • Even though the idea of virtual CFOs in the United States dates back as early as 1990, no major industry analysis has been conducted about the industry.
  • Notwithstanding the lack of pre-compiled data, the market size for the virtual/remote controllership/CFO services in the New York Metropolitan Area could be triangulated/calculated.
  • In order to calculate the size of the industry, we need to identify organizations that generate between $5 million to $40 million in revenue per year, with an employee range of 10 - 200 persons located in Bergen, Passaic, Hudson Counties in NJ, Rockland, Westchester, Orange and the five boroughs of NYC - NY, Brooklyn, Queens, Bronx, and Staten Island in the NYS.
  • We will not be able to accurately identify all the business located in the above counties because most organizations that fall within the given range (i.e., $5 million to $40 million in revenue annually and 10 - 200 employees) are private companies and are not under any obligations to publish their financial dealings or annual reports in the public domain. As such, we will not be able to include businesses with no information about their revenue and number of employees.
  • As a more feasible alternative, we could find/calculate the number of medium-sized businesses (organizations with 20-500 employees) in the New York Metropolitan Area using the data published by Small Biz Trends. This number will be easier to find.
  • We would multiply the number of medium-sized businesses gotten above with the average revenue of a medium-sized business to get an idea of the Virtual CFO services market size in the region.

Research proposal:

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