Do I need a CFO?
5 Signs Your Company Needs a CFO
- You are not getting your numbers fast enough or you can't rely on them. You are lacking key data and information that allows you to make better decisions.
- No one is watching your costs.
- You're not as profitable as you should be.
- Your company is growing faster than your financial and business systems can handle.
- Your bankers and investors are frustrated by the lack of a CFO on your team.
If you’re still uncertain whether you need to hire a full-time CFO, or are concerned you don't have the financial resources to do so, you could benefit from enlisting a part-time or fractional (small amount of time) CFO on a trial or even permanent basis. There are many firms (including Verbeckassociates.com) that provide these services for small and medium-sized businesses.
I need a full-time CFO. Part-time or fractional won't work for us.
I hear this comment frequently. Many business owners feel they need a full-time CFO, but when they break down the actual responsibilities, find that a fractional or part-time CFO paired with a strong bookkeeper, accounting manager, or controller can be an affordable option. This gives the CFO input and influence while reducing the expense (i.e. benefits) a full-time employee would require.