Your company’s chief financial officer will play an integral role in your company’s future, regardless of the size of your business. Whether your current CFO is retiring or otherwise leaving the company or your company is expanding and it’s the first time you’ll be appointing a CFO, hiring a new CFO is not a decision you should rush into, even if you fell pressed for time.
Rely on an Interim Expert
Hire an interim CFO immediately to fill in the gap between permanent hires or to ease your company into working with a chief financial officer overseeing things. Trained, highly educated CFOs not only help manage the daily operations of your business, but they even work to streamline and improve business practices using their wealth of experience at different facilities. Plus, an interim hire can prove an integral part of the decision-making process, helping you interview prospective candidates and sticking around to train her permanent replacement.
Great Experience Doesn’t Always Mean a Good Fit
The best CFO at a company in another industry doesn’t always have the know-how to operate in your industry. Although a candidate may seem appealing on paper, seeing how he’d do his job in your company firsthand is a must to finding a long-term match. You could hire candidates on an prospective basis to work with the interim CFO you’ve hired from a CFO service to see how well he adapts to your company. At the very least, knowing you can rely on the interim CFO from the CFO service while you decide will give you more time to conduct interviews and do research on your candidates to unearth any potential problems.
You Can Interview More People
When you’re panicked about filling a gap in your company – especially as important a gap as a CFO – you’re likely to hire the first person who seems qualified. However, with more time at your disposal to conduct your search, you may find someone with even more experience or equal experience who demands a smaller salary and fewer benefits. You might even be able to court potential hires away from existing positions at other companies.
Some companies wind up promoting a loyal staff member from within the company, while others hire a CFO with experience at other businesses. However you wind up finding the CFO that will take your company into the future, don’t feel pressured to hire the first candidate that comes to mind. A well-thought-out choice is more likely to prove the right choice in the long term.