The world of work is changing faster than ever before. Gone are the days when c-suite executives only worked in full-time positions. With the shift to the gig economy and more professionals deciding to become self-employed, we’re seeing a sharp rise in the number of part-time CFOs.
If you’re a start-up or small business who knows they could benefit from the help of a CFO, hiring one part-time could be a gamechanger for your business. You’ll get the benefits of their skills and experience without the financial commitment of hiring a senior professional full-time. When your business is in the development stages, it can also be when there is a smaller number of projects for your CFO to work on.
Financial management is one of the most important components of any business – regardless of the industry that you operate in. Hiring a chief financial officer will free up your time to focus on the day-to-day running of your business by having dedicated leadership personnel in charge of overseeing your company’s finances.
The evolving role of chief financial officer means that they can offer more than just financial management to your company. They’re playing an ever-increasingly important role within the operations and strategy side of every business. By hiring a part-time CFO, you can take advantage of the skills and experience of some of the industry’s most sought-after professionals in a way that works for your business.
FD Capital is a boutique recruitment agency that specialises in connecting businesses with senior financial professionals. Their tailored approach to recruitment can help you find the right part-time chief financial officer who will hit the ground running and become an instant part of your team. They’re sharing with us the benefits of hiring a part-time or fractional CFO to scale your business to the next level.
1. Informed Decision Making
A CFO does more than just balance your budget. Their forecasting and analysis provide the data and insight that allows for more informed decision making at every level of your business. Whether you’re launching a new product or considering your fundraising options, a part-time CFO will provide the data that offers context for your decision making and wider strategy.
Your part-time chief financial officer will become your CEO’s strategic right hand, giving them invaluable insights to help them decide the next steps for the business. Without a CFO, most companies find themselves flying in the dark with their strategy. Whether you’re looking to invest or start fundraising, a right person will feed into your wider strategy to help you make more informed decisions.
2. Increases Efficiency Across Your Business
Hiring a part-time CFO is a win-win for your business. They can take on the financial tasks that other members of your team would previously be doing alongside their actual jobs. As well as freeing up your other team members, a part-time CFO can help improve efficiency across your business by identifying opportunities to become more cost-effective.
Choosing to hire a chief financial officer on a part-time basis is more affordable for your business, especially as most work remotely, allowing you to save on office space to reduce overhead costs. Hiring your CFO part-time means that you can focus their work on a specific project within your business, whether it’s restructuring your systems or overseeing fundraising initiatives.
3. Increase Productivity Across Your Team
Along with reducing costs, hiring a part-time chief financial officer will have a knock-on effect on the productivity of your entire team. Companies will often hire a part-time CFO to oversee their financial activities, allowing other employees to focus on their daily tasks.
Instead of your marketing team having to take time off projects to find the financial information they need, they can get the information directly from your part-time CFO – allowing them to become more productive.
4. Benefit from the Expertise of a Senior Financial Professional
Not every CEO has a financial background. Getting your finances right can make or break your business. A CFO is one of the first major appointments you want to make your team once you start growing. A financial professional that works as a chief financial officer has a diverse skill set with experience in every aspect of finances, from budgeting to taxation and overseeing mergers and acquisitions.
The expertise and experience that a part-time officer brings to your business are invaluable and can help you in every aspect of your business. Their insight helps to ground the decision making of the CEO, increase efficiency, and reduce unnecessary costs. Working with a part-time CFO can boost your company’s profitability by identifying potential areas for improvement.
5. Oversight and Monitoring of Your Company’s Finances
As your company starts to grow, you need to consider how to bring proper oversight to your finances. A part-time CFO is an ideal choice as they can monitor your finances and identify any potential risks or suspicious activities that may be occurring.
They can act as the eyes and ears for the chief financial officer when examining the past and present financial activities of your company. Hiring a part-time perseon can help to protect your assets and resources against malicious activity.
You can turn to your part-time CFO to introduce internal control measures to create a resilient system that will protect your business’ finances. These control measures can include pre-signing checks and introducing regular monitoring of expenses.
Hire a Part-Time CFO Today
Your CFO is one of the most important leadership members of your team. Their experience and expertise are invaluable for companies of every size, benefiting both your internal and external operations. Hiring a part-time CFO allows you to take advantage of their expertise in a way that is affordable and sustainable for your business. As your company grows, you could choose to transition your fractional CFO over to a full-time position.
Start the recruitment process and get in touch directly. They’ll tailor the recruitment process to your needs and help you find the right financial professional who can tick all the boxes for your company. With their help, you can scale your company to new heights by adding a part-time chief financial officer to your c-suite team.