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Thursday, December 3, 2020

5 Tips on Choosing a Virtual CFO for Your Business

If your company could benefit from hiring a CFO, a virtual one might be the best solution. It means you reap all the rewards of their expertise and skill without having them as a full-time staff member.

In this article, we will explain the 5 tips on how to choose the best virtual CFO for your company. They can effectively scale your business and help you expand, whilst you focus on the other core elements of your business model. Read on to find out more.

1. Do They Have Experience in Your Industry or Sector?

This is a really key piece of information when deciding on the best virtual CFO for your business. They should have tangible evidence of working or your industry or sector and how they have successfully improved other companies that are in some way adjacent to yours.

Ask them about their work history and get them to identify scenarios they have been involved in which are similar to your working parameters. If you are considering a virtual CFO and their business services, click the link to learn more.

2. Do They Have Expert Knowledge of Your Company and a Plan to Implement?

The best types of CFOs are ones that are quick starters and are highly effective at getting things done. In the interview, you should gain an understanding of how much they are aware of your company and its current standing and how they would go about enhancing procedures and strategy.

They should be able to demonstrate a clear and concise direction they would aim to steer the company if they were to be appointed and how they would go about achieving it.

3. Can They Identify the Gaps in Your Business?

One of the most common traits that all competent CFOs have is they are able to identify any gaps or blind spots in a company and come up with solutions to change it. You will be aware of your gaps however they should also be able to identify ones you haven't even considered.

4. Are They Able to Respond to Tough Questioning and Maintain Credibility?

A CFO will need to present and deliver presentations about projections and forecasts and respond to tough questioning by members of the team. They should be comfortable under pressure and remain professional and confident in the facts they are delivering.

Unsuccessful CFOs tend to develop conflict and animosity in their workplace due to how they handle scrutiny and if they seem unpersonable. They should be able to maintain credibility within the boardroom even if the topic matter is sensitive and difficult.

5. Do They Have Relevant References and Case Studies?

Even if an interview goes really well and the candidate seems perfect for the job, it's important to check out their references and relevant case studies. Using these you can come to a decision whether the interviewee is a right fit for your company.

Hiring a Virtual CFO: What Next?

We hope this article on the 5 tips to consider when hiring a virtual CFO has given you plenty to consider when conducting your search.

A CFO can add an enormous amount of value to a company if they have the right traits and skills for the role. Don't miss out on potential scaling and growth for your business, even on a part-time basis.

If you enjoyed this article, check out our other blog posts!

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