Once your business crosses a certain turnover limit, it would be imperative for you to hire an adept CFO to take critical decisions in financial matters of your business. It would be in the best interest of your organization to seek the advice of an experienced financial analyst to settle on a suitable CFO. A CFO should have be suitably qualified and possess right attributes to handle the finance. In simple terms, the CFO should be a good strategist and forecaster besides being a qualified accountant.
Such an officer is usually a part of the body of directors, concerned with planning and reporting of financial information within in the enterprise. In recent times, their role has become indispensible with ever increasing financial risks hovering over business houses.
Step 1 – Before assigning this key position to an individual, do some background research to gain sufficient knowledge on work profile of CFOs. Go through CFO business magazines, online websites or talk to financial experts to identify suitable candidature for CFO.
Step 2 – Frame a clear picture of the effective qualities and qualification you seek in a CFO to run your business on a smooth tract. Give due consideration to the compensation package that would be required for using the services of the CFO.
Step 3 – Contact a reputed financial consultant firm which could suggest you an apt financial manager for your small business.
Step 4 – Talk to your business associates who have considerable stake in your business as they may have the necessary experience and interest giving you a better advice on a perfect CFO for your business firm.
Step 5 – Place and advertisement in special media such as business periodicals, magazines or websites.
Step 6 –Short list the candidates by taking interviews followed by real-life business problems. Evaluate them in the terms of their ability to solve these problems. Probe further to get their views and suggestions and search for a perfect strategist in the making.