Finding the Right Interim CFO for Your Business
Finding the Right Interim CFO for Your Business
Growing a business takes a dedicated leadership team. An essential part of any c-suite team is a CFO. They’re the one who helps prepare your company for a rainy day while creating the strategies that will enable you to scale your business. A CFO interacts with every layer of your organisation – from stakeholders to investors and employees. Hiring an interim CFO can be a change your company needs to succeed.
Given their importance, finding the right CFO can be difficult. You want someone who will fit into your company culture. An interim CFO is usually hired on a temporary or short-term basis to cover a vacancy or oversee a specific project. If you’re a start-up or SME, hiring an interim CFO can give you the strategic leadership you need to take your company to the next level.
Are you looking for the missing piece in your leadership team? It’s an interim CFO. We’re covering some of the benefits of hiring an interim CFO and how FD Capital can help you find the right candidate.
Why you should hire an interim CFO
When you’re hiring a CFO, you can choose a full-time, fractional, or interim CFO. While a full-time or fractional CFO is usually on a long-term contract, an interim CFO is hired as a full-time employee on a short-term contract. Most companies hire an interim CFO for up to six months. Some interim CFO contracts can be as short as one to three months. You might be interested in: How the UK Fractional CFO Market is growing?
If you have a specific project in mind – or need help improving the systems within your business – an interim CFO is the best choice for you. Here are a few reasons why your business should hire an interim CFO.
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Trialling a CFO in your c-suite team
Hiring a leadership member full time is a major expense to any SME or start-up. Smaller companies often choose to hire an interim CFO to trial the position before deciding whether to commit to hiring an employee in the role full-time. Hiring an interim CFO also gives your current CEO a chance to diversify the activities they focus on day-to-day.
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Review your accounts for a merger or acquisition
Is your company about to undergo a merger or acquisition? You can hire an interim CFO to professionally review your finances and give you a full report before or during the merger. Hiring an interim CFO allows you to benefit from their diverse skillset for the duration of the merger without adding them to your payroll full-time. They’ll ensure your paperwork and documentation is ready and correct for the next stage of your company’s evolution.
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A fresh perspective of your finances
If you’re a company CEO, you’re often juggling more than one task. It can be hard to stay on top of your finances or see new opportunities to make savings or maximise your fundraising. Hiring an interim CFO can give you a fresh perspective on your financial situation. They’ll give you their professional opinion on the state of your finances and offer a strategy for the future.
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Keep your leadership team running
Has your CFO left the company unexpectedly? Many companies find themselves unexpectedly without a CFO. Hiring an interim CFO allows you to trial the candidate in the position while also bridging the gap between your previous and next full-time CFO. You can keep your leadership team running by hiring your interim CFO on a project basis or a short-term contract until you hire a full-time CFO or your existing CFO returns to work.
What to look for in an interim CFO
When you invest in an interim CFO, you want to ensure you find the right candidate for the job and your company at large. At FD Capital, we strive to connect companies with their ideal candidate who can use their expertise to help them grow. An interim CFO oversees one of the most vital aspects of your company – your financial planning and systems. Most of our CFO’s are ICAEW trained.
Most interim CFOs have a wealth of experience from working full-time with a variety of companies across different industries. Many of them are choosing to diversify their portfolio by working with different companies on a part-time or interim basis. These financial experts are used to hitting the ground running and are professional problem solvers. Their job is to offer a fresh perspective and to meet specific KPIs.
You want to find or headhunt an interim CFO who is familiar with your industry, including the challenges that you’ll be facing. The best interim CFO is one who will understand the needs of your business and fit into your existing c-suite team. You want your interim CFO to feel like they’re a full-time part of your team.
How FD Capital can help you find the right interim CFO
You want an interim CFO who can hit the ground running. You’ll be even keener to find the right candidate when hiring an interim CFO. They’re only with you for a limited time, and you want to take as much advantage of their expertise as you can.
You may also find yourself in a situation when you need to hire an interim CFO at short notice. It may be due to illness or an unexpected change within your company. In some scenarios, you may have more time to hire an interim CFO as cover for maternity or sickness leave.
Whatever your circumstances are, FD Capital are here to help. We work with companies across a variety of industries to match them with the best interim CFOs. We’re able to provide a shortlist of candidates immediately and have highly skilled finance professionals available for immediate starts.
Please visit our London interim CFO page to learn more about the services we offer.
At FD Capital, we’re experts at recruiting interim CFOs to help you scale your business. We’ll curate a shortlist of candidates to help you find the right CFO for your project or long-term growth. Contact us today to start the recruitment process for your interim CFO. You might be interested in CFO Headhunters.
