The Brief Guide That Makes Choosing the Best CFO Simple
Did you know that 45% of businesses close down within their first five years? If you own a business and it is growing fairly quickly, it might be time to look for a Chief Financial Officer to help you. The problem is that not all CFOs are created equal.
Keep reading to learn our top tips on finding the best CFO around.
1. Leadership Ability
A very important qualification of hiring a virtual CFO is their ability to lead a team towards the specific goals you have for your company and that uses smart management. You want to find someone that has no problem taking charge and moving the company forward. The key is to have a CFO that can be a leader but not cause tension within the rest of the team.
2. Problem-Solving Skills
Another qualification is for the chief executive officer to have the ability to solve problems when they arise. The last thing you want is a lingering problem that creates a domino effect for your company because your CFO was afraid to take charge. We highly recommend asking insightful interview questions during your initial interview to see how they handle everyday situations that arise.
3. Understands the Industry
Only having an understanding of finance is not enough. You need someone that also understands the industry and niche that your company is in. Tied to that knowledge, should also be some passion because if they care about the clients and stakeholders they are more likely to be successful as a CFO for your company.
4. Cultural Fit
You want to look for a CFO that also fits with your office environment. If they do not fit in they will have a hard time making decisions and leading others. Not only do you want them to fit with your culture, but you also want them to share the same values as you.
5. Good Communicator
Having top-notch communication skills is another important qualification. Your future CFO does not only have to be able to communicate in person they should also have good communications skills in writing.
Keep in mind that speaking about finance itself can be a confusing and technical area. Great CFOs need to have the ability to take the complicated lingo and simplify it enough for everyone on the team to understand.
This communication will not only help everyone understand what is going on, but it will help build trust and confidence within the team.
Ready to Find the Best CFO for Your Company?
We hope that now that you are aware of the top qualities to look for when finding the best CFO in the large pool of chief financial officers, you are feeling more confident in your search. Business ownership is not an easy path which is why finding a CFO that can help is almost a necessity nowadays.
If this blog post helped you out today, please continue browsing our business industry section for more tips and tricks.