For all startups, there comes a time when more traditional corporate positions must be filled. Many start off by bringing on CEOs to lend some long-term direction and developmental objectivity. Chief financial officers normally come next – and for good reason.
These business leaders take on essential fiscal responsibilities, often shaping the futures of their organizations. However, hiring for this position is tough. Even seasoned human resources personnel have a difficult time pinning down the qualities that predict success and make an impactful CFO.
As you start the search for your first CFO, be sure to keep in mind these key hiring and recruitment strategies:
Assess your needs
Startup founders dealing with increased financial complexity often jump to the conclusion that they absolutely need a CFO when they actually require the services of an accountant and controller, Entrepreneur reported.
So before you commit to bringing on an executive-level money manager, review the state of your organization to see if such a move is necessary. If you're experiencing rapid top-line revenue growth or are already pulling in $5 million to $8 million per year, then it's time to move forward, Inc. advised.
Understand the role
Got the green light? Great. Now you need to better understand the position itself. Normally, CFOs are responsible for providing general financial guidance and allocating company resources. Additionally, most also collaborate with banks and investors and develop fiscal forecasts and tax strategies. These duties require a unique range of skills, including a robust knowledge of modern financial analytics tools and accounting practices, presentation chops and a knack for leadership.
"Consider partnering with an executive recruiter to find an impactful CFO who can transform your business."
Since your company is only just developing, you must also consider other variables. For instance, candidates with a passion for big data and technology should be at the top of your list, as these variables will soon become the driving forces behind global markets, according to Business Insider.
Find a partner
Though you may be a subject-matter expert with a deep knowledge of your sector, you probably don't have the time or the resources needed to pinpoint the ideal candidate.
With this in mind, you should consider partnering with an external organization to find a truly impactful CFO with the executive experience and skills to transform your business from a fledgling enterprise into an industry powerhouse.
In this case, a global executive search firm is most likely the ideal solution. Such a company can connect you with an executive recruitment consultant who has the sector-specific knowledge and deep industry connections required to net you a truly transformative CFO.
Ready to get started? Contact YES Partners today.
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