Hiring a CFO is a tedious task. It’s fair enough to say that a lot of time & resources will be spent in choosing the right candidate as a CFO that fits within budget constraints and company culture.
Did you ever consider choosing an outsourced CFO for your business, this may be the right choice because of the following reasons?
1. You want to hire an expert, but can’t afford the CXO level salaries
Outsourced CFOs bring in expertise with proven success at multiple different companies. You’ll get access to an experienced professional and their tried-and-true ideas at a fraction of a cost. Just pay for the time you need, or on a retainer basis.
2. You need only a few hours a month
Part-time CFOs can work on a part-time or project basis, which exactly caters to your requirement vs having a full-time CFO when there is no need. Even better, outsourced CFOs likely be able to get the job done in even less time than someone with less/same experience as they are experts and have worked as CFO on several different companies.
3. You’re looking to hire a full-time CFO eventually, but need help in the meantime.
Shared /Virtual CFOs can pinch hit for a short period of time, keeping the financials up to date, assisting with working capital, investor relations, financial function & much more so you’re free to focus on choosing the right candidate. Even better, they’ll help make the transition smoother & get the team ready once you’ve found the right person for the job.
4. You’re worried about choosing the right fit for the full-time position
A good hire means more than finding the right expertise to get the job done, who is a cultural fit and personality to make or break an employee relationship, especially at the executive level. Outsourced CFOs work differently than internal hires and mitigate the risk of hiring the wrong candidate. Take an outsourced CFO for a project or two before bringing them in full time.
There are various CFO services organizations in India that offer world-class CFO talent if you are looking for outsourced CFO services.