Getting Started with a Part Time CFO: 27 Questions We Ask to Get to Know Your Business 

When we begin to work with a new client, there is a lot of information we need to gather to get a full understanding of the business, its challenges, and its goals. Building this necessary foundation of knowledge can take some time, but it only helps us to provide more effective part time CFO services. 

The thing that can expedite the whole process, however, is our clients knowing exactly what to expect: what questions we’ll ask you and why. This way, you can come prepared with the necessary information and we can start doing what we do best as quickly as possible. 

So, here is a list of 25 questions we ask every one of our clients: 

The Basics for Any Part Time CFO 

Of course, we need a baseline knowledge of your business. The better we understand your market and business model, the better and more specific our approach. To start to paint a picture of your organization, here’s what we need to know: 

1. What are you looking for from a fractional CFO on a daily, weekly, monthly, and annual basis?  
2. Are there board meetings? Monthly C-Suite reviews? 
3. What is your business model, and how does it position you in the current market? 
4. Who are your primary competitors, and what is your competitive advantage? 
5. How many companies are there? Is there a holding company? 
6. Is there a current goal structure and forward-looking strategy? Do financials tie to this? 

Financials 

Now we get into the meat of our strategy: your financial reporting. Everything a part time CFO does starts with your financials, so we need to understand them fully. If they aren’t in good shape, that’s okay. That’s something we’re here to help you with. We just need a clear picture of where you’re at so we can figure out where to go from here. Expect us to ask:  

1. What are the current monthly reports that are being generated?  
2. Are the financials current? Does the balance sheet for each entity tie out each month?  
3. What is break-even and how will it achieve profitability? 
4. If you’re already cash flow positive – is there a cash investment strategy?  
5. What are your current growth projections? 

Regulatory Compliance 

Of course, we always ensure that no matter what, you remain compliant with all current laws and regulations. In order to get an idea of your approach to compliance, we’ll ask: 

1. Are you compliant with all local and international regulations? 
2. How do you manage quality control and certification processes? 

Sales and Distribution 

In order to provide the strongest part time CFO services possible, we need to get an idea of how money is coming into the business. In order to evaluate this, we will ask: 

• What are your primary sales channels? 
• How do you plan to expand those channels? 

Marketing and Branding 

A part time CFO always wants to ensure that we understand what sets you apart and only build upon that. So, we inquire about your brand by asking: 

1. How do you market your product, and what is your branding strategy? 
2. What is your customer demographic, and how do you plan to expand your market reach? 

Financing 

It’s important for us to know if there will be a significant cash infusion into your business so that we can establish a plan that will make it go as far as it possibly can. These questions help us evaluate that plan: 

1. What are your long-term business goals assuming there is funding? 
2. What is the capitalization today (debt vs equity) and what will the funding sources be in the future? 

Risks and Challenges 

We always expect there to be bumps in the road. Help us smooth them out by telling us: 

1. What are the biggest risks facing your business? 
2. How do you plan to mitigate these risks? 

Management Team and Employees 

A solid business approach starts from the top and reaches down the organization. We can help you with any personnel challenges by learning more about your workforce. So, we’ll ask: 

1. Can you provide information about your management team and their experience? 
2. How do you manage employee relations and retention? 
3. Can you provide us with an organizational chart and job descriptions/duties for your staff?  

Technology 

Sometimes improving upon processes and investing in technology could pay dividends in the long run. We’ll get a better idea of where you’re at by asking: 

1. What software and products are you and your business currently using?  
2. Is your company set up for remote work?  
3. Do you have an IT team in place, and what security practices have they/you implemented? 

Perhaps you’d naturally anticipate some of these questions from a part time CFO, but you may also be surprised by how relevant others can be to our process. That’s because we’re more than just accountants; we want to be true partners for your business, adding value in any way we can. This means going beyond just your financial reports and truly helping your business thrive in all areas.  

To start this process with us, please set up a call today. We’d be excited to learn all about your organization and how we can help it to grow and thrive.