As a business owner, your life can easily become hectic. You can find yourself hustling day in and day out to make things work. Finances are of utmost importance, but there is not enough time to stay on top of them yourself.
While some companies may hire a full-time Chief Financial Officer (CFO), you may not be flush with cash, which makes growing your headcount a challenge.
So, what’s an alternative solution? Well, the answer is to hire a part time CFO. While this may not be as common, it might just be the smartest thing you do for your bottom line.
Solutions Without a High Price Tag
First off, money matters most. Hiring a full-time CFO is a serious investment, as you have to account for both their salary and benefits.
But with a part time CFO, you get the financial expertise without the hefty price tag. You’re paying for what you need when you need it, without any waste. Many small businesses do not require an employee to work 40 hours per week on their finances, but if you hire a full-time CFO, you will be paying them regardless of their daily workload.
A part-time CFO only gets paid for what you want them to accomplish. If you want to increase their hours, you pay them more each month. If you want to decrease hours, then you pay less. It’s that simple.
Enabling Agility
Hiring a part time CFO also allows for a certain level of flexibility you don’t get with full-time solutions. Business isn’t exactly a uniform gig. Problems can occur at random times throughout the year, and having someone who can work around your schedule is essential.
Do you need them to crunch numbers for a big presentation? They are on it. Is tax season too stressful? They will help put your mind at ease. Plus, you’re not stuck footing the bill for downtime. When they’re not needed, they’re not on the clock.
Safeguarding the Future
CFOs provide you with expertise that cannot be ignored. The cheapest option would be to hire no CFO, part time or full time, but that would be penny-wise but dollar-foolish.
Poor financials will end up costing far more than any CFO. Their expertise will pay dividends in the long run, and when you hire a part time CFO, you’re tapping into all that expertise without having to commit to it for the long term.
With numerous clients in various industries, part time CFOs have a wide range of experiences to draw from. From budgeting advice to expanding your business, they’ll help you navigate the financial waters no matter how treacherous.
But Are Part Time CFOs Invested In You?
A common concern is that a part time CFO is less invested in your business — that they are not fully “bought in.” It is precisely the fact that they are not an internal part of your business that makes them so effective.
Because they’re not tied down to one company, they often bring a fresh perspective to the table. They are incentivized to make as much money for you as possible because if they are effective, you’re more likely to keep them on and continue to give them work. (As we put it at Fox & Partners, we like to earn our keep each month.) Their success also increases their reputation, which will in turn get them more business. In other words, the better you are doing financially, the better they are doing.
To summarize, hiring a part-time CFO might be the best decision your business can make. You get all the expertise, flexibility, and financial savvy without breaking the bank. It’s a win-win for your bottom line and your peace of mind.
If you want to hear more about the Fox & Partners approach, please set up an introductory call with us today.
