Hiring a Part-Time CFO: What Small Businesses Should Know
Even if you’re a small business, you still need the services of a chief financial officer to help you in dealing with the financial side of your business while you handle the executive aspect. This can become a delicate balancing act because even though you need the service, you might not have the resources to add a fixed cost to your expenses. One way to get around this is to hire a part time CFO.
Typically, a chief financial officer is one of the more senior executives within the company and is part of the group of officers that serve directly beneath the board of directors. In your small business, the typical role of a CFO would be to deal with the financial matters of your business so you can focus on running it. Today, though, modern CFOs have a lot of other responsibilities that may or may not be related to finance. When you hire a part-time CFO, you have to know what projects to give them to maximize their potential.
This would be part of the CFO’s traditional workload – knowing the ins and outs of your company’s finances, developing and finalizing budgets, and coming up with recommendations to contribute to your bottom line. You can also ask your CFO to keep a close eye on the finances of your competition. Furthermore, he can help determine whether there are employees who are illegally using company funds.
As the resident expert when it comes to your company’s finances and all things money-related, your CFO can play a big role in developing strategies for your company. Let the CFO work with different departments in your company. They could help develop financially-viable plans that would contribute to your company’s overall development.
Letting potential and existing investors know about the status of your company is a good marketing strategy. When you’re looking for a CFO for hire, choose one who can always put a positive spin on your finances. A good image of your company can let you attract more investors and customers.
General Management Projects
If you’re running out of things to assign to a part time CFO, you can always give him general management duties. A CFO who knows his way around the company and isn’t just limited to the numbers would be able to relate more to the business. This might help him make better decisions, especially with your money.
Make sure, though, that you only hire CFO services that are trustworthy – you are giving them access to your finances, they better be good. For more information, you can visit corpmagazine.com or smallbusiness.blogs.cnnmoney.cnn.com.
Published by Moneek Mehra on July 21st 2012 | Business
Published by Chooseems on July 20th 2012 | Business
Published by Gayathri AksharaDevi on June 9th 2012 | Business
Published by Joseph Carr on April 17th 2012 | Business
Published by ShopTexasElectricity on February 17th 2012 | Business
Published by Sylvia Lambert on March 6th 2012 | Business
Published by James Blee on June 16th 2012 | Business
Published by Julia Roger on December 15th 2011 | Business
Published by Calum Rendall on April 24th 2012 | Business
Published by Mary Porter on July 20th 2012 | Business
Published by Johnthanmartin on February 28th 2012 | Business
Published by Amber Cruz on April 4th 2012 | Business
Published by John Schubert on August 17th 2012 | Business
Published by Sujaya on December 10th 2011 | Business
Published by Diego Hall on December 22nd 2011 | Business
Published by Peter Loots on March 23rd 2012 | Business
Published by Methew Pitt on December 13th 2011 | Business
Published by Amitaabh Saboo on May 11th 2012 | Business
Published by Simon Dcruz on March 1st 2012 | Business
Published by Maxwelllawfirm on December 15th 2011 | Business