Wajiha Danish | July 21 2022
You can’t build an enduring business without the right talent. Recruiting top talent is pivotal to long-term business success. However, finding the perfect talent from a pool of mediocre ones is easier said than done. It is not like the odds are stacked against you, or you always have to settle for less than the best. In reality, you are your boss, and you make your odds.
The most we can do is help you make the process simple by providing you with a simple guide to hiring Mr. or Mrs. Right. Hiring a CFO becomes easy if you know what to look for and once you team up with the right one taking your business to the next level becomes a breeze.
So, without further ado, let’s dig into the seven steps you need to take to hire the best CFO and get that win.
Undoubtedly, the right connections make it easy to make the right decisions. Your network defines you and dictates your odds of business success and failure. The chances are you have many exceptional CFOs — finances experts who can give you a winning edge — lurking around you. All you need to do is search your internal network and begin the hunt for the right one.
Skim through your connections and search for individuals who share expertise in areas you desire. Reach out to ones you find interesting and get to know them better. Think positive, visualize the added value the right CFO can bring, and assess whether the candidate in focus has the traits you need.
It shouldn’t come as a surprise, but the chances are you can learn more from a single call with an expert than you do so in an online six-month course. Get to meet with experts within your industry or outside and see who they trust with their finances. It is unwise to go through all the trials when others have done it already and can help you evade them.
Seek help and get to know what worked best for them. More often than not, it will work for you as well. For example, ask which one is best, an in-house CFO or a virtual one, or perhaps ask about the value a CFO brought to their business. Was it worth the expense or not?
Did you know there are professional CFO consultation services and CFOs who happily hop on a quick call with you to discuss your success? Financial service providers like Monily may be as rare as a four-leaf clover, but they do exist; service providers who connect with you to talk about your business and help you pave the best path forward for free. So, our advice is simple, always say yes to a free consultation.
Google can do wonders guess you knew that. However, did you know it can help you find the best CFO too? Set up a Google Alert for terms like company sales or acquisitions. The chances are you can find many exceptional CFOs from acquired or sold companies; financial advisors who are freshly laid off and looking for new ventures. Jump in the lime quicker than others and snatch the best one.
You may say fishing for top talent is not part of your job, as you already have to manage a million things. Here, you are right. If you are a busy business owner chasing excellence, it is best to hire an executive recruiter to help you find top candidates. Hiring an executive recruiter might sound like dated advice, but it is advice that has worked wonders for ages and continues to do so.
Rather than settling for a generic CFO, it is always better to find one who has worked in your industry and helped others businesses like yours win. They know better about your industry, and it’s a no-brainer that they can guide you better. So, the best way to narrow down the hunt and find the right one is to go with the finance pro who has worked with businesses like yours.
If you still can’t decode the science behind hiring the perfect CFO. You should ditch the idea and go for a part-time expert. It is essential to understand here part-time doesn’t imply that you will get half the dedication or expertise. Many exceptional CFOs exist who are too good to become trapped in a single entity; they provide fractional CFO services and use their talents to help multiple businesses.
Monily is home to expert CFOs, bookkeepers, and tax consultants that work to empower small and medium-sized businesses and help them accelerate growth. We can provide you with an expert fractional CFO who does everything an in-house CFO does at a lesser cost.
Wajiha is a Brampton-based CPA, CGA, and Controller with 17+ years of experience in the financial services industry. She holds a Bachelor of Science Degree in Applied Accounting from Oxford Brookes University and is a Chartered Certified Accountant. Wajiha spearheads Monily as its Director and is a leader who excels in helping teams achieve excellence. She talks about business financial health, innovative accounting, and all things finances.