Hiring a Chief Financial Officer (CFO) is a big deal for a business. Most business owners feel that they can only hire one when they’ve reached a certain size and level of success. However, this doesn’t have to be the case due to the rise in demand for part-time CFOs. Many businesses simply either don’t have the financial resources to hire a full-time CFO or they don’t have the need.
More and more companies are looking to get support in their financial strategies and achieving their financial goals. A CFO is a hire that will help to do just that. Whether you’re a large or small company, hiring a part-time CFO could be the right fit for you. There are many benefits to hiring a part-time CFO, which we will talk about next.
Benefits of Hiring a Part-Time CFO
Hiring a part-time CFO can mean a lot of things for your company: continued growth, fast success, budgeting better, etc. There are many more benefits, most don’t think about.
You can hire virtual.
Because you’re hiring part-time, you can hire someone virtually. Maybe your office is already packed, or you recently downsized due to the pandemic and most people working from home – either way, you don’t have to squeeze another person in. You can simply expand your work from home/virtual team.
You save a lot of money.
Since the position is part-time, you are saving money on the pay. A part-time CFO typically is paid hourly or a flat monthly rate. This doesn’t include a benefits package, which can add up to in an extreme case $250,000. Not all companies would be able to afford that, which is understandable. Hiring a part-time CFO comes with a much smaller price tag and therefore many enjoy that.
You save time.
Hiring a part-time CFO saves you time because they often are able to start immediately, and don’t require an extended process to adapt to the new workplace environment. They are used to this kind of work and are able to literally start working right away. No transitionary period is needed or expected!
You can stay flexible.
You may simply not require a full-time CFO from a project perspective. Perhaps you only have 20 hours of work this week for them to work on. Maybe you only have smaller challenges that don’t require a lot of support. Hiring a part-time CFO allows you to be flexible in not needing the full set of hours required of a full-time CFO, as well as being able to recruit from virtually anywhere in the world (which has its own set of benefits).
You’ve decided to hire a part-time CFO, now what? FD Capital can help you find the right candidate for your business and for you. FD Capital is experienced in hiring and recruiting part-time and virtual CFOs on your behalf, finding the right fit for your business based on industry, your needs, and your business’s challenges. Regardless of your reason and qualifications for a part-time CFO, FD Capital can deliver.