3 Important Tips for Hiring the Right Fractional CFO for Your Small Business

By imarketing

As your small business matures, so does its needs. While in the beginning you may have been able to handle all the functions of your business operations with a smaller, unspecialized staff, you’re quickly coming to the conclusion that what you’re currently working with is no longer meeting the needs of your growth driven operation. One of the most important positions in your small business is that of a CFO. At the end of the day, it’s the CFO who makes sure you’re using financial strategies for growth and profitability. Running a small business without a CFO is doable, but it can be difficult. The responsibilities handled by a CFO are not ones that you want to overlook or delegate to the wrong person. You might be thinking about bringing in a dedicated CFO, but the sticker shock of their salary is causing some hesitation, or maybe you’re wondering if you need someone in the position full time when your business is still relatively small. Hiring a fractional CFO is a solution to both these concerns, but choosing the right one is an important decision. Here are three things to consider before you decide. Understand What an Outsourced CFO Does The first thing to do is make sure you understand what a fractional, or outsourced, CFO does and what their role in your business will be. A fractional CFO is someone who performs financial officer responsibilities for your business, on a part time basis, commonly from a remote location with…