Which Financial Positions to Hire For
If you’re the CEO of a small to mid-sized business, you know that making the decision to hire financial positions is an enormous investment. But “financial” is a wide-ranging term that covers the most important facets of this realm, including planning, strategy and analysis. Any combination of these skills means investing in a higher salary—so it’s critical to assess your company’s needs to make the most thoughtful and strategic hire. Ask yourself the following questions to help you make the right financial hire to not only support your company’s current needs, but to help you scale up for a more profitable future.
Is the “old-school” financial hire the right fit for you?
First, let’s define what this even means. Hiring several separate financial roles to fit all of your company’s current needs is what our team considers the old-school way of financial hiring. While it can work for some, these companies won’t have access to the same level of strategic insight that working with an all-in-one kind of role could provide. Choosing the traditional route can provide you with a service you need, whether it’s analytical, strategic or otherwise, but unless you have a truly holistic financial planning and analysis professional, you may be risking a more successful and sustainable future.
How do your hiring options and goals align?
As a leader within your organization, your goals are focused on not just growth, but sustainable and scalable growth. Hiring financial positions to fill your current needs can help right now, but will it serve you in the long run? The same can be said for partnering with companies that offer hourly outsourced services. These services can fill an immediate need, but aren’t necessarily suited for long-term, strategic partnerships that actually set you up for success.
Decide where your finances need the most help, and understand how you as a CEO need support to make decisions, both right now and in the future. Understand what your budget will allow, and if hiring a couple of positions or partnering with a company that offers hourly forecasting or reporting assistance is ideal for your company.
When to hire a CFO
Hiring a full-time CFO is an unsustainable option for many small or mid-sized businesses. Typically, you’d have to be a $50 million company to invest in a quality CFO hire. Beyond that, an effective CFO may require support while forecasting and budgeting support hires—a bill that most small businesses simply can’t foot. There’s no doubt that a good CFO can be a huge asset to any company, but the question is usually whether it’s a viable option at all. Your money may be better spent outsourcing the CFO position to lower the cost while still reaping the benefits a top-tier CFO would provide.
Know when to outsource—and know why
Companies can balk at the idea of outsourcing, especially with C-suite positions. But this is becoming a more popular option, and for good reason. There aren’t enough qualified candidates out there that fully encompass the financial planning, reporting and strategic skills that are needed to establish sustainable growth. And the ones that are available for hire are looking for salaries that many mid-sized companies can’t offer.
By partnering with a company like AmpliFi, you’ll gain access to all the facets of the most accomplished CFO, and then some. We’re focused on building long-term, strategic partnerships, not simply filling your current financial needs and billing you by the hour. You can scale up when needed, like during product launches or deal time, without burdening your cash flow. With a full team of financial experts on your side to provide you with the tech-enhanced reports and detailed analysis, you’ll truly help your company stand out from the rest. If you’re frustrated by financial hiring woes, it’s time to contact the AmpliFi team.