Growing businesses have diverse financial needs, including cash flow management, business planning and fiscal management. These needs must be addressed by an experienced financial professional, but many business owners struggle with the decision whether or not to hire a full-time CFO or opt instead for an interim CFO. For many smaller businesses with limited budgets or companies in start-up mode, an interim CFO can be both a cost-effective and strategic option to continue growth and success. Here’s why:
You can designate more time to ensure your business’ growth.
As the CEO of your business, you don’t have the time or bandwidth to complete everyday financial tasks such as accounting and bookkeeping. With an interim CFO, you can have the confidence that your books are being handled with expertise and detail, so you can get back to doing what you do best: running your business.
You’ll save money.
Hiring a full-time CFO doesn’t come cheap: you’ll have to spend time searching for a perfect fit, pay a salary, and ensure benefits. An interim or part-time CFO can cater to your business’ needs on your terms – and get all the know-how without the added costs.
You’ll add experience and expertise to your team.
After working with various businesses in an array of industries, interim CFOs have a broad range of experience that allows them to adapt to any environment. The expertise they have gained in accounting, reporting systems, taxes and more will add to the strength and capability of your business.
Your business will gain a fresh perspective.
Many companies can get stuck in a financial routine and remain unaware of outside practices. However, an interim CFO can bring vast knowledge from past clients and experiences and apply it to your business. The interim CFO will view your business with a fresh perspective, reorganize finances accordingly, and put your team on a path to success.
Before hiring a full-time CFO, consider the benefits of an interim CFO. You’ll save time, money and stress, so you can get back to doing what you do best: leading your business.