Before hiring anyone, whether a full-time employee, a temporary, part-time staff member or a virtual CFO, you want to get to know them a bit better, to confirm that they’re a good fit for your company. The interview is an essential part of the hiring process, even if you’re outsourcing your CFO or working with a contractor. The questions you ask during the interview can tell you a lot about the company you’re about to work with and can help you feel confident that you’re making the right choice for your business. As you go through the process of hiring an outsourced CFO, here are five must-ask questions.
- Have You Worked With Companies In My Industry Before?
Working with a virtual CFO can help your company get expert-level advice and guidance, without having to pay to hire someone full-time. To make sure you’re going to get top-quality, expert advice, it’s important to make sure that the person you’re considering has worked in your industry before. While they don’t have to have a degree in your field, they should understand the ins and outs of what your business does. Industry knowledge and experience can also mean that your virtual CFO understands the particular challenges your company might face. Along with getting verbal verification from a virtual CFO that they have experience in your industry, it can be a good idea to read case studies so that you can see for yourself how they’ve helped businesses like yours.
- What Types of Services Do You Provide Your Clients?
Ideally, the services your virtual CFO offers will align with your business’ goals. If you’re interested in growing your company and want guidance on how to take things to the next level, the CFO you work with should focus on that area. It’s also worth learning about the full range of services a CFO provides. You might start working with the company needing one service or needing help with one area. In the future, you might have different needs or concerns. It helps to work with someone who can provide a full and varied range of services to your business.
- Who Will Be Working With Me And How Often Will We Meet?
Relationships are important, even when you’re outsourcing. It’s often better for everyone involved to work with a company where you have a chance to get to know the person you’re working with and they get the chance to get to know you. Preferably, you’ll work with the same team members day in and day out, rather than being shuffled around from desk to desk. It’s also a good idea to find out how frequently you’ll work with your virtual CFO. Do they expect to give you monthly check-ins by phone or will they come to your office weekly? If you need to discuss a particular concern, will they be available to talk to you right away or will you have to schedule meetings way in advance?
- What Is Your Approach To Problem-Solving?
It’s helpful to learn more about how your virtual CFO approaches problem-solving and what their tactics are for working with their clients to come up with solutions. You want to work with someone whose approach might be slightly different from your own, so that you can benefit from a new set of eyes on a problem. It’s also a good idea to ask the virtual CFO for evidence of how they’ve worked with clients in the past to help them solve problems and what the results were.
- How Long Do You Typically Work With Clients?
Another thing to ask about when hiring a virtual CFO is how long they typically work with their clients. If you hire someone today, when can you expect to see progress? Not only that, will you still be interested in working with the CFO in the future when another concern comes up? If clients keep working with the CFO for years and years and continue to value the work the company does for them, that’s a good sign.
Ready to interview your virtual CFO and begin the process of achieving profitable growth? Contact New Direction Capital today.