Why Hire a Part-Time CFO?

Why Hire a Part-Time CFO?
Hiring a part-time CFO is a great solution for small and medium-sized companies that require financial expertise but do not have either the budget or need for a full-time CFO.

Some reasons to hire a part-time CFO follow:

  • Business Analysis. All companies should analyze their business on a regular basis. However, many business owners are so caught up in the day-to-day obligations of running their business that they never get the opportunity to do so. Having a financial expert involved who knows how to read financial numbers, gather and manipulate data, and then communicate to you what the numbers are saying about your business can add tremendous value.
  • Creative Insight. A good CFO consultant should be able to add value right away simply by asking questions about your business that cause you to think about your business in a new way.
  • Experience and Knowledge. A CFO Consultant should be able to use the knowledge they have gained from working with other companies both to figure out what questions to ask and to figure out how to answer them. This goes well beyond financial numbers. CFOs get involved in all parts of the business, so you should expect a CFO consultant to get involved in your sales process, your operations, your human resources, etc.
  • Benchmarking. Most small business owners would be hard pressed to compare the operations of their own organization to that of others. A CFO consultant can help with this.
  • Pay for What You Get. Most Part-time CFOs charge by the hour. Therefore, you only pay them when they are working, and the hours can go up and down according to your needs. Also, if your part-time CFO isn’t adding value, it is easier to get rid of them than it is to fire an employee.

All companies, big or small, face many of the same strategic issues. Consequently, all companies have many of the same needs, including the type of analysis that a CFO can provide. For small companies that simply can’t afford a full-time CFO, a part-time CFO is a potential solution to consider.

 

Samarak's CFO Services
Samarak provides CFO Services to a limited number of clients. Visit the CFO Center for more information.