Your hard work is paying off, and your business is growing—time to spread your wings and fly
even higher. With growth comes new responsibilities, challenges, and complexities to running
your business, particularly in managing your finances, making this the perfect time to bring in
fractional chief financial officer (CFO) as a catalyst for growth in your business.
What is a fractional CFO?
A fractional CFO is a financial professional who provides strategic financial guidance and
support to businesses on a part-time or contract basis. The role of a fractional CFO can be
adapted to the needs of a specific business, but the scope of their skills and role can include:
● Mentoring financial staff;
● Managing budgets;
● Facilitating strategic planning;
● Preparing thorough financial reports;
● Managing audit preparation;
● Implementing internal controls;
● Cash flow forecasting;
● Evaluating contracts and negotiating with customers and partners;
● And more.
The advantage of a fractional CFO is that your business will benefit from the experience,
expertise, and strategic advice of a knowledgeable professional, but you will only have to pay
for the services and time your business requires.
What can a fractional CFO do for your business?
Provide high-level financial insight and leadership
Fractional CFOs are highly experienced in their field and have spent time and effort acquiring a
wealth of knowledge they can apply to your business. Fractional CFOs will have strategic insight
into maximizing your current business and building toward future growth.
Many fractional CFOs are also capable mentors who can bring their experience, expertise, and
strategies to lead your financial staff to greater efficiency and effectiveness.
Specialized expertise
Many CFOs have chosen to specialize in specific industries and fields, meaning they will have
an understanding of your business needs and goals. Having a high-level financial expert with
industry-specific knowledge opens doors you may have yet to access otherwise.
Some incorrectly believe that fractional CFOs are less experienced than full-time CFOs—this is
inaccurate. Many fractional CFOs have had successful careers as senior-level financial
employees and have switched to contractual work by choice for variety or flexibility.
Flexibility
Hiring a fractional CFO can give you all the benefits of a senior-level financial employee, but
without having to maintain the cost of a high salary, benefits, and bonuses. Fractional CFOs can
be hired for more or less hours to address the specific needs your business currently requires.
How can a fractional CFO catalyze your business growth?
Running a business takes a great deal of time and focus to simply maintain the day-to-day tasks
and requirements. A fractional CFO can come alongside your team and support your daily
needs as well as strategize and implement the long-term vision needed to grow your business.
They can do this by:
● Forecasting. Where do you want your business to be in one to five years, and what are
the steps to make that happen? A fractional CFO can create multi-year forecasts and
plans and can implement the necessary steps to get there.
● Training and mentorship. Your staff can benefit from the leadership and guidance of a
fractional CFO who has spent years gaining experience and training teams.
● Securing capital. A fractional CFO can ensure your business is presented in the best
possible light to attract the capital necessary to take it to the next level.
● Guiding you through an audit. Audits can be complicated; a fractional CFO can
expertly guide you through an audit, removing the pressure.
There are numerous ways in which a fractional CFO can add value to your business and
catalyze the growth you desire. Hiring a fractional CFO is an ideal way to enjoy high-level
financial expertise without paying for the cost of a full-time employee. You can elevate your
business planning and financials, customize your services, and partner with an expert who will
help propel your business into a bright future.
Looking to hire a fractional CFO for your business? We can help. Marren Consulting supports
privately held businesses with strong financial leadership and accurate, relevant
reporting—helping business owners and leaders identify opportunities to improve performance,
unlock growth, and achieve their firm’s full potential. Learn more at
https://www.marrenconsulting.com.