Consider your options carefully as your business looks to hire a chief financial officer (CFO). Weigh the advantages and disadvantages of hiring a fractional CFO over a full-time one. When you do, you may discover that a fractional CFO could be a great addition to your team.
Here are reasons to hire a fractional CFO.
Financial Strategy Development
Expect your CFO to provide high-level financial guidance and support. They will develop and execute your company’s financial strategy. Over time, they can assess this strategy and help your business get the most value out of it.
Cost Savings
With your CFO’s help, your business can save money now and in the future. Your CFO can identify areas where your company can cut costs, leading to immediate savings.
Meanwhile, it may be more economical to hire a CFO on a fractional basis instead of full-time. If, for any reason, the CFO doesn’t work out, you can pivot quickly without a substantial time and resource investment.
Business Scaling
Trust your CFO to help your company grow and thrive. Your business may lack the budget to hire a CFO on a full-time basis. Yet, with a fractional CFO on your side, your company can get the help it needs to achieve its desired results. If this CFO becomes a vital contributor to your company’s success, you can always make them a full-time member of your team.
What to Look for When You Hire a Fractional CFO
Who you hire as your company’s fractional CFO has long-lasting implications for your business, its employees, and its customers. Factors to consider as you evaluate CFO job candidates include:
- Experience with cash flow issues, low gross margins, and other financial challenges that your business could face
- What a CFO will do to help your company accomplish its short- and long-term financial goals
- How an individual fits with your company’s culture
When in doubt about how to find a fractional CFO, get help. Professional recruiters can walk you through your talent search. They can search for job candidates who match your company’s requirements. If you have concerns or questions as your talent search moves forward, these recruiters will address them right away.
The Bottom Line on When to Hire a Fractional CFO
If you are unsure of whether now is the right time to hire a fractional CFO, think about what will happen if your company proceeds without one. Your business may remain in its current spot and lack the leadership it needs to reach the next level. Alternatively, a CFO could help your company identify new ways to boost its revenues and sales and get the most value out of its time and resources.
Elby Professional Recruitment can connect you with chief financial officer job candidates any time you choose. We learn about your business and why you are looking for a fractional CFO. Next, we can find candidates who meet your requirements.
We can help you with your CFO talent search. Contact us today to let us find talent for your company.
