If you have finally come to the realization that you simply cannot handle the operations, accounting, financials, strategic planning, and management all by yourself, you’re probably bombarded with thoughts and questions as to how you’re going to end your dilemma. Yes, all the solutions you’re thinking now, more or less, can just actually lead to one thing: hiring some help.
Well, to give it to you straight, you’re right about that. Getting expert help is the smart way to go. Whilst all business owners like you have the best intentions when it comes to overseeing the finances of your companies, hiring professionals to help your enterprise grow could mean that you can personally focus on the areas that need your time and utmost attention.
So if you’re considering hiring a virtual CFO for your business, then let us help you. Besides providing expert financial advisory services, the team here at Enterprise Global will guide you in assessing your need for a virtual CFO. Our goal is to match you with someone who can be your partner in achieving your goals and in growing your business.
Here’s what you should do in order to find the best virtual chief financial officer:
Ask the right set of questions
As many have been saying, hiring VCFO is totally different from hiring an accountant. So make sure you are backed up with the right set of qualifying questions so you could end up with the best candidate.
Of course, all of them would have their best foot forward, while presenting to you a set of impressive introductions and experience summaries. It’s always good to keep yourself from getting carried away. All of your candidates will surely present outstanding qualities. But keep in mind that not all of them could really provide what your business exactly needs. Your goals and his/her qualifications must mesh well. So it’s best if you lay out open-ended and situational questions. Those that will really help you see if he/she is the best person to handle your financial situation.
Don’t think it’s as simple as hiring a part-timer
While you’re set on getting the best VCFO for your company, never have a mindset that you’re just hiring a part-time employee. Because if you’re starting off like that, then you’re setting yourself and your company up for some trouble in the future. That also means that you truly haven’t fully understood what a virtual CFO can do for your business.
Once you decide to hire a VCFO, keep in mind that you’re like hiring a business consultant, or better yet, a long-time financial management partner. With that proper mindset, you’ll be able to see better if that person is really fit to be your virtual CFO.
Don’t stress over the price
They say any business owner knows that ‘you’ve got to spend money to earn money’. And at the end of the day, it’s how you’re able to wisely cut down costs while earning that will make the difference. But in this case, we’re not simply talking about your working capital or cost of goods. We’re talking about what it takes to get the financial expertise you need. So you’ve got to have that thinking that what you’re getting is truly invaluable.
Sure you’ve got to ask upfront how much their virtual CFO services cost. But, don’t make the mistake of basing your decision solely on the price. Yes, you need to be wise about spending for this, but always keep in mind that more often than not, you just get what you pay for. Besides, if you do end up with a good virtual CFO, he or she will be able to provide you recommendations and strategies that will help your business save large amounts of money and result in an ROI that will definitely be much higher than the cost of the VCFO service.
Only consider those with the same experience
Make sure the only VCFOs you’re considering are those that have many years of experience in working with similar-sized businesses and the same industry as yours. Say, it wouldn’t really make much sense if you’re going to hire a VCFO, who has only worked for pharmaceuticals, for your hotel or restaurant business right?
Working with a VCFO who is already an expert in handling financial issues faced by companies in your business sector would be the one to provide you great help.
Personally get to know the exact person handling your account
After scouting, interviewing, and deliberating on your set of prospective VCFOs, you’ll most likely end up working with a firm that has been providing virtual CFO services for years. And if that’s the case, all you need to do now is know exactly who you’ll be dealing with.
There are firms who pass the ‘not-so-important clients/accounts’ to the juniors, while the experts in the field handle the VIP clients. There some who outsource tasks. And there are also some who pass the work to almost everyone in their firm, like a trial and error process, to know which one is best to handle your company.
So make sure you know exactly who you’re working with. After all, this will be a long-term relationship.
After everything, if you really want to end up with the most qualified VCFOs who will make sure that all your needs are transparently taken care of, then look no further than Enterprise Global. Speak to us today so we could explain to you further how our team will be the best fit.