Money is the lifeblood of any business: if you don’t make a profit, you’re not going to stay in business. This is why good financial management is critical to the success and even survival of your business. It also explains why you must have an excellent Chief Financial Officer at the helm. The challenge is finding someone who combines business acumen and leadership skills while fitting into your corporate culture. Here are a few tips on how to find the perfect CFO for your organization.
Determine If You Need a CFO
Not every organization requires a CFO. Many small businesses can function with an accounting manager rather than a CFO. However, there are cases where a CFO is necessary. If you’re earning several million in top line revenue, your financial department is likely so large it needs its own representative in the C-suite. If your business is subject to formal audits, considering going public, or planning on a merger or acquisition, you need a CFO and one who is an expert in these areas. A large business that wants to get tighter control over its money and monetize assets to maximize cash flow can typically benefit from a formal CFO, as well.
Work with a Recruiting Agency
Recruiters are invaluable when you’re trying to fill any role where competence, experience and qualifications are hard to find. They’re essential when you can’t afford to take a chance with the new hire, and the CFO role is certainly in that category. However, not every search firm is capable of giving you a short list of qualified, vetted candidates familiar with your industry and the services you need a CFO to provide.
This is why you should work with a company like Recruiterie, who are the best executive recruiter Phoenix has to offer. They take the time to determine exactly what your organization requires in a CFO. Their thorough screening process assess both the skills and personality of the potential hires relative to your culture. They only present qualified candidates so you don’t waste time in interviews. Their experts are available to help you interview and decide between candidates so you find the right one for your business. You can learn more about what they do by visiting recruiterie.com.
Be Flexible
You want to hire the strongest CFO candidate, who many not necessarily be the person who holds that role at a flagging organization or the first person who meets your checklist. Be willing to consider people with accounting qualifications, or experience with mergers but doesn’t have experience in your particular industry. For example, someone could apply knowledge gained elsewhere in to your industry. However, they must have experience managing financial teams, good communication skills and the knowledge required to meet industry standards.
Test Them
Give CFO candidates real life financial problems to evaluate. How would they increase revenue for an organization like yours? How would they help you monetize assets or take the business public? This provides insight into which candidates think strategically and do things differently than your competition.
Conclusion
Hiring a CFO is different than filling a staff accountant role. This is why you need to use different processes and approaches to find the right Chief Financial Officer for your business or non-profit.