With the popularity increasing for fractional employees, it comes as no surprise that businesses would decide to hire a fractional CFO for their business. Initially, it might sound confusing. How can a person that isn’t dedicated to your business full-time make any positive impact on it?
The answer is quite simple really, and all you need to understand is the fact that an experienced fractional CFO costs a lot less money than your typical CFO who is hired on as an employee. How can that be you ask? Well, fractional employees are changing the way businesses run and are actually contributing a lot more valuable insights into the development and growth of the businesses. Let’s take a closer look at that to help you understand how fractional CFOs can positively impact your business growth.
A fractional employee is one that is hired to work part-time or on a contract basis for a growing business. Because they are not hired on as typical employees, the company saves money on all of the costs associated with employees including benefits, taxes, and any costs associated with new hire orientations. Rather than spending money hiring a CFO, businesses seek a fractional CFO with the experience that is needed.,
The beauty of fractional employees is that they are typically experts in their field and will offer you and your business valuable insights and contributions that will maximize your growth potential. Because of their experience, they can easily and quickly identify the strengths and weaknesses in regard to your financial situation. This knowledge comes with experience and when you hire a fractional employee, you know that they will give you that insight efficiently and help get your business moving in the right direction without wasting time learning the basics of being an effective CFO.
On top of quickly identifying any underlying issues with the finances in your business, fractional CFOs can also recommend the changes that you need to help your business run more effectively. One thing is being able to identify the issues but getting your business to grow to its fully potential requires a plan to be set in motion. An experienced fractional CFO can quickly implement the strategies you need to help your team run your finance department more effectively.
Once a plan is set into place, you need someone who can make sure that it is delivering results in a timely fashion. A fractional CFO can make sure that your staff is up to date with the knowledge needed to implement the latest and greatest strategies in the finance profession to ensure that you get maximum results. The execution of the plan is vital and ensuring that your team can do so effectively is going to make the difference between a successful bottom number. Thankfully, a fractional CFO can help.
Finally, if during the process your fractional CFO notices that your staff is missing some vital skills to help them be effective contributors to your finance department, they can guide you or guide the staff on how they can grow as individuals in the finance world. The experience that a fractional CFO brings to your business can help them quickly identify what skills your employees lack. Ideally, your fractional CFO helps your team grow, making them a stronger foundation for all of your finance needs.
Don’t hesitate to make the move to hire a fractional CFO today and start seeing improvements in the execution of your teams’ performance and your overall revenue. Accelerate your growth by targeting your business’s specific weaknesses and turning them into strengths that you will benefit from in the long run.