An Outside CFO can add value to a business. They bring expertise in an affordable way, to complement management’s lack of high level Financial stewardship.
Look for the following four qualities in picking an Outside CFO:-
- Expertise – This is basic.
- Do they have knowledge and experience in managing an accounting function? This involves the job roles, systems and routines needed to process data.
- Will they be a conduit for new concepts, technology, products/services to improve business processes?
- Do they have knowledge of the legal and regulatory framework.
- Implementor –This is where work happens.
- Is he biased towards implementing his recommendations?
- Is he a team builder?
- Can he prioritize between (critical) immediate and later tasks?
- Can he set himself up to be multi-tasker via delegation to your firm’s team and also ‘roll up the sleeves’ in a show and tell way?
- Ownership and counsel – Be a sounding board
- Does he use his abilities to support business decisions?
- Can he articulate the pros and cons in a plain manner?
- Can he provide unique insights?
- Is he competent and confident?
- Strategic management This is understanding the raison detre’ – (the reason for our existence)
- Can he shape the big picture for the business ?
- Does he understand how to conceive and implement a strategy?
- Can he respond to changes as it happens ?