How to Find the Right Virtual CFO for Your Company
As a business owner, there might be times when you find yourself wondering what you can do to take things to the next level or how you can continue to successfully grow your company. You know that you have goals, but you aren’t sure how to realize them or what to do next. You might feel overwhelmed or that you don’t have the right people on your team. A virtual CFO can help your company grow. Working with a virtual CFO, you can make plans and goals, seek out new sources of funding or find ways to grow. But you don’t want to work with just anyone. The key to a successful partnership with a virtual CFO is finding someone who’s a good fit for your company’s needs. As you go about looking for a virtual CFO, there are a few things to think about.
Consider Your Industry
While you don’t have to find a virtual CFO who exclusively works with clients in your industry, it does help to work with someone who’s familiar with your field. You can review case studies on the CFO’s website to get a sense of the type of companies they have worked with in the past.
Consider Your Financial Goals
Another thing to consider when you’re looking for a CFO is what your particular goals are. Where do you feel stuck or what have you been trying to do on your own without success? Having an understanding of what you hope to accomplish with your partnership with a virtual CFO is a good idea. That way, you can communicate your goals to them from the beginning. They can let you know if your goals are achievable or if making adjustments to them would be a good idea. A virtual CFO might suggest other options or methods to help you reach your goals that might not have crossed your mind.
Consider How Much Help You Need
It’s also worthwhile to think about the amount of help you anticipate needing. Are you looking for someone to become a part of your team for some time, such as several weeks or months? Or do you want to have someone you can call as needed, but who you don’t have to check in with regularly?
You might want to think about where you’ll meet with the virtual CFO, too. Do you expect them to come to your offices regularly, such as once a week or even daily if they’re working on a big project? Or are you happy to meet with them virtually, such as over Skype or over phone calls?
Ask Around for Referrals
One of the best ways to connect with people is through referrals or recommendations. Ask around to see if other business owners in your network can recommend a virtual CFO. If your network is small, it might be a good idea to turn to other professionals you work with when seeking out referrals. An attorney or insurance agent might have a recommendation for you. If you work with an accountant or bookkeeping service, they might be able to point in you the direction of a great CFO.
Get to Know the Virtual CFO
After you’ve gotten a few recommendations, it’s time to start reaching out and getting to know the virtual CFO themselves. Approach the interview and hiring process as you would any other hiring process. You want to end up working with someone who’s a good match for your needs and your culture. Ideally, you’ll find someone who not only gets what you’re looking for, but someone who’s willing to go above and beyond when it comes to helping you reach your goals.
When you’re getting to know your virtual CFO, ask them about similar projects they’ve worked on and how much time they typically spend with their clients. It’s also a good idea to ask how they handle crises and emergencies. Will the CFO be there for you in a moment of crisis or will you be left to scramble on your own? Once you’ve found someone who’s a good fit, get ready to start tackling your goals. You can work with your virtual CFO to put together a plan for growth and to create a schedule that works for everyone involved.
Need a virtual CFO? Hire your virtual CFO with New Direction Capital today.