This is Part 1 of a 3-part series on Why Hire a Part-time CFO. This article talks about the first step to take, once you decide that your current financial state is simply intolerable.
Over recent years, small business CEOs have become more aware of the consequences of failing to take action. These CEOs carry a growth mindset as opposed to a fixed mindset and realize that continuing to tolerate the status quo is putting their business farther and farther behind the competition.
But where do you look to find a high-quality part-time CFO? One that you can fully trust but as important, one who can get the job done?
A quality CFO has industry knowledge, problem solving skills, flexibility in methods, efficiency, and hyper-qualifications. They should not only organize company finances but also be a first-rate problem solver. They need to be flexible in changing their methods to fit the nuances of your business. They need to work fast to improve the bottom line. And finally, they need to be more qualified than any person you could hire as a full-time salaried employee.
The core value of a CFO consultant includes CEO advisory on major financial issues, strategic plan re-focus, execution of key initiatives, business funding and debt, litigation support, and facilitating key sales and financing transactions. Matters like these are often complex and urgent to the business but can be handled by a money saving part-time CFO consultant.
Additionally, a great CFO consultant is well-versed in small business systems including customer relations management (CRM), HRIS, digital marketing and lead generation. This is to ensure you have a single point resource that understands all aspects of the business.
Onboarding a consulting CFO is simple and immediate and carries no long-term financial commitment. Hiring a part-time CFO is ideal if a) you need a specialist, b) you need to act fast, c) your in-house team has problems, d) you don’t need more office workers.
(Next: Why Hire a Part-time CFO – Part 2 – Built On Trust: the CEO to CFO Relationship)
To learn more about our affordable, flexible, part-time consulting services, or to get a free CFO review of your financials, call Arima Business Solutions today.