When you are in the middle of expanding your business, you will realize that you will need more senior members in your team. If your business is getting big billings, you may want to find a leader that will help you manage the workload and create a more efficient financial structure. You may need to find a chief financial officer or a CFO. However, you know too well that getting a C-level officer is going to cost your company a lot. Thankfully, you can still work with an officer of that caliber without committing to it.
One way of doing so is through getting fractional CFO services. This is akin to having a part-time employee, though the difference is that you are hiring a senior officer and that they are likely to have a bigger scope. Maybe you are thinking of how you can maximize their services. Below are some of the things that you can do.
Revamp the accounting protocols
Your accounting team’s protocol may seem stable, but an expert like a CFO can actually help you find errors that may be bugging the entire system. One way of using the expertise of a CFO is by allowing them to revamp the accounting process. You can ask them to revise some rules and streamline the procedures to make sure that the team will be efficient. You can even ask them to introduce new technologies into the process mix.
Let the CFO represent you in a stakeholders’ meeting
Attending meetings with investors and stakeholders can be daunting for many business heads. While you may be confident about presenting numbers and figures, you may want an expert to actually do it for you. That way, you can easily build trust among the stakeholders. Investors are always looking at facts and data, and a CFO with business acumen can effectively present them. This is among the situations where you can depend on a chief financial officer.
Include them business in pitch teams
Your business will always be looking for income opportunities. On some occasions, you will be raising capital for new projects. Both situations may require the expertise of a CFO. They will help you find opportunities that will help move the business forward. They may also have a network of investors and partners that you can tap.
Ask them for some advice
If you believe that your business and financial abilities are not enough, you can make your CFO a go-to person. You can turn them into a mentor who will help you navigate through the financial aspects of your business—from saving money to dealing with some crises.
When your finance department is expanding, it will need a leader that will provide reforms and directions. A chief financial officer, such as CFO, will help you get a firm grip on your finances. That way, you will have a better and clearer picture of where your business is going. But you may find hiring a CFO so expensive. In that case, you can always go for someone who can offer fractional CFO services.