Hiring a CFO: How to Find the Right Person for the Job
If you’re considering hiring a part-time, interim or fractional CFO, one of your key considerations is how to find the right fit.
You could be incredibly confident in their expertise and aware of the impact they could have on your business, but just like with your full-time employees, you might be keen to ensure they fit in well with your other directors and teams.
Alternatively, you might not be sure that they have the right experience to be able to work on a part-time basis.
With this in mind, here are three main tips on how to find the right fit when hiring a CFO.
1. Look for the right qualifications
Firstly, when hiring a CFO, you need to ensure they have the right qualifications and experience for the job. Working part-time, they need to work efficiently and effectively to be able to make strategy-based and data-driven decisions to align with their business objectives.
Having the right experience is crucial here – so we recommend looking for a CFO who has experience working at this level in larger organisations. At The Finance People, we only ever offer our clients CFOs who have previously worked for one of the Big Four accounting firms, reassuring our clients of the expertise and position of the individual.
2. Guarantee a great cultural fit
The Finance People CEO Anita Tweets refers to the ‘BBQ test’ when finding the right cultural fit for a business - “If you wouldn’t invite the CFO to your family BBQ, then they are not a good fit!”
With a CFO only working part-time, you’ll likely see them less frequently than the rest of your employees – which can make building a relationship a bit of a challenge. The BBQ test ensures that you feel confident in their personality from the get-go and you’re happy they would blend well with your team.
3. Finally, be sure to know your requirements
Finally, when hiring a part-time, interim or fractional CFO, it’s essential you can clearly outline your requirements. A significant benefit of working with a CFO on a part-time basis is gaining access to high-level expertise at a fraction of the cost and time – they work more efficiently and can quickly strategise for your SME.
However, you need to be clear on what you need from your CFO so that you can find the right person for the job. Many SMEs know they need financial guidance or support but are unsure of the actual skills they are after and might find that the job can be filled with a Finance Assistant or Financial Controller instead.
Having a clear understanding of your business objectives and role requirements will enable you to find the best fit for your business.
Ready to find the right CFO for your SME?
At The Finance People, we enable SMEs to gain access to experienced CFOs to help their business thrive. Our CFOs work part-time for The Finance People, supporting various small businesses at once, meaning you get high-level experience for a fraction of the cost.
Get in touch today to find a part-time, interim or fractional CFO that is perfectly matched to your SME.