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WHEN SHOULD I HIRE A CHIEF FINANCIAL OFFICER?

A Chief Financial Officer, or CFO, is a top financial position in a company that tracks cash flow, analyzes the company's financial strengths and weaknesses, and guides the company in a strategic direction.
 
Who holds the CFO seat when a company first starts out? You guessed it: The Entrepreneur does.
 
By definition, all entrepreneurs start off as "grinders." You are Chief Everything. Eventually, you fail, succeed out of luck, or succeed because you are strategic.
 
Hiring a CFO is one of the most strategic hires a company can make.
 
Here's why:
 
  • IT FREES UP YOUR TIME AND MENTAL ENERGY -  As your business grows, your time is better spent working on the business, not working in it. The daily grind of payroll, invoicing, analyzing financial statements, and making sure the company is positioned to move forward
  • YOUR BUSINESS NEEDS SOLID FINANCIAL FORECASTING - It's not only important to know where you've been, but you must also know where you are going. Accurate financial statements can be used to develop financial forecasts, which projects 12 months out at any given time. This requires a whole different set of skills
 
YOU CAN'T AFFORD NOT TO HIRE A CFO
 
If you're waiting on hiring a CFO until you can afford one, don't.
 
You should have someone in the financial seat sooner rather than later. We recommend a CFO be one of your first hires.
 
HOW DO YOU KNOW WHEN IT'S TIME?
 
Unfortunately, knowing when it is time to hire a CFO is more intuition based than metric based.
 
You may start out with a bookkeeper or a controller to handle the day-to-day financial needs of the business. You may be able to engage with a fractional or part-time CFO in the beginning stages of your business. But eventually, your business will require a super strong CFO in house to be responsible for transactions, record keeping, reporting, forecasting, and strategic partnering.
 
RETURN ON INVESTMENT
 
The good news is a great CFO pays for themselves. The financial expertise a CFO brings to the table in combination with the time and emotional capacity you get back will help your business grow faster than it ever could.
 
Having a CFO on staff will give you greater clarity of your company's financial strengths and weaknesses, the knowledge to avoid pitfalls, and the insights to improve your cast flow.


INDEX
  • WHEN SHOULD I HIRE A CHIEF MARKETING OFFICER?
  • WHEN SHOULD I HIRE A COO?
  • HOW TO EXIT YOUR BUSINESS WHEN YOU DON'T HAVE A BUYER
  • WHEN SHOULD I HIRE A CHIEF FINANCIAL OFFICER?
  • IT'S NOT THE GREAT RESIGNATION; IT'S THE GREAT REALIGNMENT
  • WHEN SHOULD I HIRE AN HR MANAGER?
  • WHY YOUR BUSINESS NEEDS A PRICING STRATEGY
  • THE 4 Cs OF EVERY SUCCESSFUL BUSINESS
  • WHAT IS A CEPA ADVISOR AND HOW CAN ONE BENEFIT YOUR BUSINESS?
  • THE FALLOUT ON CULTURE WHEN YOU DON'T HIRE A PLAYERS
  • THE ROLES OF SALES IN YOUR SMALL BUSINESS
  • FINDING THE PERFECT GIFT FOR THE ENTREPRENEUR IN YOUR LIFE
  • THE BENEFITS OF OWNING A SMALL BUSINESS
  • WORKFORCE IN MOTION
  • GOAL SETTING FOR 2022: WHAT TO DO NOW TO BE SUCCESSFUL NEXT YEAR
  • LESSONS LEARNED AFTER PUBLISHING MY FIRST BOOK
  • WHY YOUR BUSINESS NEEDS INNOVATION
  • THE COVID-INSPIRED SPIKE IN ENTREPRENEURIALISM
  • THE PROS AND CONS OF OUTSOURCING YOUR FINANCE AND ACCOUNTING SERVICE
  • HOW TO SET GOALS IN 2021
  • THE LEADERSHIP EVOLUTION OF YOUR BUSINESS
  • HOW TO GET THE MOST OUT OF YOUR ADVISORY BOARD
  • THE PANDEMIC-INDUCED INNOVATION OF MEETINGS
  • HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS
  • BEST PRACTICES FOR COLLEGE FINANCING
  • SCALING A BUSINESS - ARE YOU READY?
  • THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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