Running a business requires a sharp focus on many things, but financial health is paramount. For many growing companies, the cost of a full-time CFO isn’t feasible. The good news? A part-time CFO can be the perfect solution, providing strategic financial guidance without breaking the bank. But how do you find the right fit?
Here’s your roadmap to finding the ideal fractional CFO for your business:
1. Define Your Needs
Before diving into the search, take a step back. What specific financial expertise are you looking for? Is it cash flow management, budgeting, or strategic financial planning? Determining your core needs will guide your search for a CFO with the right skillset.
2. Craft Your Ideal Candidate Profile
Now, let’s get specific. Here are some key qualities to consider:
- Experience: Go beyond the numbers. Look for someone with a proven track record in strategy not just accounting to be a true thought partner.
- Qualifications: Experience with relevant financial software is essential.
- Communication Style: Ensure clear and concise communication to foster a strong working relationship.
- Cultural Fit: Find someone who aligns with your company culture and values.
4. Refine Your Interview Process
Prepare a list of interview questions that delve into their experience, approach, and specific skills relevant to your needs. Consider including scenario-based questions to assess their problem-solving abilities.
5. Look Beyond the Resume
The interview is your chance to assess their personality and communication style. Do they ask insightful questions about your business? Are they passionate about financial strategy? A great CFO should be a strategic partner, not just a number cruncher.
Finding the right part-time CFO can be transformative for your business. By following these steps and focusing on the right qualities, you’ll be well on your way to securing a financial expert who can help your company thrive.
Kimberly Loftis is owner of Loftis Consulting, a Chicago-based CFO Consultancy practice specializing in part-time and fractional CFO services. To learn more about Loftis Consulting visit loftisconsulting.com.
