{"id":312,"date":"2020-01-17T11:32:00","date_gmt":"2020-01-17T11:32:00","guid":{"rendered":"https:\/\/extension-recruiting.eu.applyflow.com\/does-your-company-need-a-cfo\/"},"modified":"2025-02-27T15:26:44","modified_gmt":"2025-02-27T15:26:44","slug":"does-your-company-need-a-cfo","status":"publish","type":"post","link":"https:\/\/www.extensionrecruiting.com\/does-your-company-need-a-cfo\/","title":{"rendered":"Does Your Company Need a CFO?"},"content":{"rendered":"

\n\t\"\"<\/p>\n

\n\t <\/p>\n

\n\tYou launched your business a few months or a few years ago, and so far, things are going well. Your reputation is strong, your product or service is trustworthy, and your client and customer relationships are growing. You\u2019re hiring staff, you\u2019re keeping up with your orders, and you\u2019re staying on top of the books. But until now, you\u2019ve handled company financial decisions on your own, and you may be reaching the point at which it makes sense to hand this task off to a professional.<\/p>\n

\n\tLike any other investment, hiring a CFO could bring returns high enough to justify the cost. But if you pay too much or act too quickly, those returns will be lower (or non-existent). How can you tell if the time\u2014and the price\u2014are right for you? Here are a few questions that can help you move forward.<\/p>\n

\n\tHow quickly are you growing?<\/h2>\n

\n\tA rapidly growing business means your calculus is shifting by the day (or month) and what you couldn\u2019t afford yesterday, you\u2019ll comfortably justify tomorrow. Fast growth also means you need someone at the wheel who can manage and maximize an influx of ever-larger orders, someone with the experience and training to predict the future and make wise, informed financial decisions. If your growth is taking place at a rate so slow and steady that you stay in control with extra bandwidth left over, keep your own hand on the CFO role. If your attention is divided, consider hiring help.<\/p>\n

\n\tIs your business model changing?<\/h2>\n

\n\tIf you\u2019re adding new products or services to your line of offerings, a CFO can help you analyze and understand how these new offerings contribute to your bottom line. A CFO can help you decide how much to invest in each new endeavor and how much risk each one will bring. If you\u2019re about to add something new or change your recipe for success, bring a trusted CFO along with you.<\/p>\n

\n\tHave you considered outsourcing?<\/h2>\n

\n\tHiring a full-time professional CFO can cost a business roughly between $200,000 and $300,000 per year, which is out of the question for most small to midsized new businesses within their first five years. It\u2019s not realistic to expect a return on this investment if there\u2019s any chance you can handle financial<\/p>\n

\n\tdecisions on your own. But it may be worth exploring a middle option, in which you hire a part-time CFO who works offsite and dedicates a few hours per week to your company needs. Contact the employment experts at Extension. We can help you determine if a part-time CFO may be the right move for you.<\/p>\n","protected":false},"excerpt":{"rendered":"

  You launched your business a few months or a few years ago, and so far, things are going well. Your reputation is strong, your product or service is trustworthy, and your client and customer relationships are growing. You\u2019re hiring staff, you\u2019re keeping up with your orders, and you\u2019re staying on top of the books.…<\/p>\n","protected":false},"author":1,"featured_media":692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","footnotes":""},"categories":[39],"tags":[],"class_list":["post-312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-blogs"],"_links":{"self":[{"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/posts\/312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/comments?post=312"}],"version-history":[{"count":1,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/posts\/312\/revisions"}],"predecessor-version":[{"id":691,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/posts\/312\/revisions\/691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/media\/692"}],"wp:attachment":[{"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/media?parent=312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/categories?post=312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extensionrecruiting.com\/af-api\/wp\/v2\/tags?post=312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}