When Should a Small Business Hire a Finance Chief?

B2B CFO® Earns Award
for Second Consecutive Year

I’d like to congratulate my fellow B2B CFO® partners. We were named to the Inc. 500/5000 fastest growing companies again in September!

An Article Worth Reading

This month, I’m sharing an article I found in the New York Times that effectively addresses the question of  “When Should a Small Business Hire a Finance Chief?”

Some of the points mentioned include:

  • Bring on a CFO when:
    • The CEO is being distracted from revenue-generating activities to handle finance issues.
    • The company is having trouble producing timely and accurate financials.
    • Considering making an acquisition or preparing the company to be sold.
    • The CEO needs a business partner for strategic decisions like performing competitive market analysis, raising capital, or securing credit.
  • A controller is always looking backward in their role of closing the books, but a CFO is always looking forward.
  • Consider a part-time CFO if a full-time CFO isn’t needed, yet.
  • “The bottom line is probably this: hire a CFO as soon as you can afford one.”

I hope you and your family have a great holiday season!
–Dave

photo credit: 29-Jan-07 via photopin (license)

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