When you own your business, it can be hard to give up control. Your business is your baby, one you’ve nurtured, evolved, and gone through some serious blood-sweat-and-tears to create. However, usually within your business, there are aspects you’re best at and others you painfully stick through but don’t enjoy in the slightest.
Starting off, it’s perfectly acceptable, and most of the time mandatory, to have a hand in all areas of the organization. However, when your business starts to grow, you need to use your time wisely by giving up a bit of control. When things start to happen, and your business is growing, it’s essential to surround yourself with a team that has the specialized skills you need to drive your company to the next level.
Most CEOs are focused on business development or operations, rather than accounting and bookkeeping. That being said, finance is one of the most important departments in any business. Having the right team in place that can drive your business forward is pivotal to the success or failure of your company.
As your business grows, so do your financial needs and obligations. A financial leader – AKA a CFO – who understands your industry, cash flow needs, and expansion plans, can help you create and execute a strategic action plan that sustains your growing business.
When should you consider hiring a CFO?
You should bring on a CFO to be your right hand once you’re beyond the basic cash basis bookkeeping. Usually, this comes at a time when you want to add a new inventory line, come up with a new service offering, or grow your business from medium to large. Bringing on a CFO in this time of change is critical. A CFO will not only look at your past financials, but they will also analyze the numbers and provide you with a critical, forward-thinking plan that will help steer your business in the right direction.
Why should you hire a CFO?
A skilled CFO can give profitable advice on your business model and general operations. There are many hidden costs of running a business, and a CFO will be able to identify which opportunities you’re missing out on, while evaluating the profitability of your company. A bookkeeper can handle payroll, taxes, and invoicing, but they can’t necessarily take that information and turn it into actionable suggestions.
A few of the many roles a CFO can help you manage include risk management, forecasting, digging into a deeper analysis of financial statements, managing capital structure, coaching your leadership team, and being on the frontline when talking to banks, vendors, investors, auditors, customers and more.
How to hire the right CFO?
A CFO not only needs to have impeccable financial skills, but also exceptional management abilities and business sense. They need to be action-orientated and interested in what your company has to offer while providing ideas on which direction they can take the company in the future. Your finances are a key driver behind your company, so it’s important to hire a CFO that will complete your team, share your vision, and be able to advise you from a strategic point of view. Choosing the best person for the job is crucial and can cost you in the long run if you settle for the wrong candidate.
Let us help you through the recruitment process, finding you someone who will complete your team seamlessly. Our strong relationships with top talent in the financial industry will provide you with highly qualified candidates that will fit into your company culture and take your business to the next level.
Contact us today to discuss your placement needs, and we can find you the very best CFO for your company.
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E: trevor@bullseyerecruitment.com
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