What are some of the cheapest businesses to start?
E-commerce, landscaping, and construction are among the least expensive startups to fund. Around 40% of entrepreneurs in these 3 thrifty fields were able to get their companies up and running with $5,000 or less!
Of course, thriving in the business world is all about knowing how to spend each dollar wisely, no matter what type of budget you’re working with. Thankfully, a well-versed CFO can be the perfect addition to your financial team, helping your company rise to the top.
Read on to learn what a chief financial officer does, and how they can help your company succeed.
Reasons to Have a CFO
What exactly does a chief financial officer do? It’s the chief financial officer’s job to direct all of the financial actions your company takes. Not only will the CFO influence the type of decisions made, but they’ll also be tracking every financial choice. By familiarizing themselves with your company’s monetary strong points they can identify areas of improvement.
Once the chief financial officer identifies an area that can be improved they’ll propose corrective actions that you can then vote on as a company. In a way, a chief financial officer is a lot like a treasure, but with more power.
Tips for Hiring the Right Peron
Moving on, let’s take a look at the best traits for a chief financial officer to have. When you’re getting ready to hire your company’s first full-time finance employee, you have to be sure you’re bringing on someone you can trust on every level. After all, your chief financial officer will have access to some of the most sensitive data about your company!
To make sure you’re getting the right person for the job, you’ll need to look for an individual who wants to grow with your company. A chief financial officer that’s excited about the future, and your company’s ability to expand is somebody who has the right strategic mindset. Next, when it’s time to hire a cfo, look for somebody willing to handle things themselves. If your chief financial officer is constantly trying to push off tedious financial tasks on contractors, they won’t know the nitty-gritty of your company’s finance.
What They Do for Chain of Command
If the chief financial officer is the chief, does that mean they don’t report to anybody? Not exactly. While the chief financial officer does have a lot of decision-making power they still have to run their choices by the company.
Typically, a CFO will report to the CEO, which stands for chief operating or chief executive officer. Over time, it can make sense for a chief financial officer to transition into the role of CEO as well. However, the two positions don’t always go hand in hand.
Rise to the Top
There you have it! Now you know the ins and outs of what a chief financial officer does, and how to find the best one for your team. As you get ready to hire someone to spearhead your financial needs, remember to be picky. The last thing you want to do is to hire an untrustworthy individual who will only drive your company into the ground.
Instead, take your time as you look for a financial superstar to help your company rise to the top! For more tips like the ones in this guide, check out the rest of this site.
