Key questions to ask when hiring a Virtual CFO
Before hiring a Virtual CFO, you want to get to know them a bit better, to confirm that they are a good fit for your company. Your interview is an essential part of this hiring process, the questions you ask during the interview can tell you a lot about the Virtual CFO you are about to work with and can help you feel confident that you are making the right choice for your business.
Here are some key questions that you should ask when hiring a Virtual CFO,
1. Have you worked with other companies in my industry before?
To get quality, expert advice, it is important that the Virtual CFO has worked in your industry as they need to understand the nuances and intricacies of how your market and business works. This industry knowledge and experience should mean that your Virtual CFO understands the challenges your company might face and will be able to draw on their experience and they won’t spend time reinventing the wheel. As proof you should request case studies from them so that you can see for yourself how they have helped businesses like yours.
2. Can you please explain the full range of services that you provide your clients?
It is worth learning about the full range of services a Virtual CFO provides. It helps to work with a company who can provide a full and varied range of services to your business as what you start out wanting help with may evolve over time and so its best if they can assist you with a wide range of services.
3. What is your approach to solving problems?
It is helpful to learn more about how your Virtual CFO approaches solving problems and what their tactics are for working with their clients to come up with solutions. Getting some specific examples of how they worked with other clients will tell you if their approach is acceptable to you. You want to make sure that they partner with you to learn from you how you do things and what you view as important, think of this as a collaborative approach. They will be looking at your numbers and how organised you are and how to deliver new improved processes and methods to improve profitability.
4. Who will be working with me and how often will we meet?
You will want to work with the same point of contact day in and day out so make sure this is agreed. Also determine up front how frequently you will meet with your Virtual CFO, do you want weekly or monthly check-ins by Zoom, Teams etc.? If you need to discuss a particular concern, will the point person be available to talk to you right away or will you have to schedule meetings way in advance? (not ideal) Do they have a transparent way to book meetings that does not waste your valuable time.
5. How long do you typically work with clients?
If the Virtual CFO has had clients for many years this is a good sign, the converse is not. If they have worked for many years with clients it means they constantly provide good value driving the financial direction, growth and profitability of a business. No one is going to continue a service which takes money out but does not add significant benefits.
This advice should help you with your search for a Virtual CFO and begin the process of achieving profitable growth.
For more tips and advice please contact Sally today .