Hiring a Part-Time CFO? Look for These 11 Important Qualities
Occasionally, a business may require a part-time chief financial officer (CFO) because their full-time employee has left or transitioned, or they just can’t afford to bring on a full-time CFO at an early stage of the business. While a part-time CFO may not have the exact same duties as a CFO who works full time, to be successful in their work, they need to have certain qualities that make them suitable for the position.
1. Money management skills
Money management and an understanding of your industry are key traits. If you’re trying to find a CFO, it’s likely that you aren’t currently managing your finances in the best possible ways. The new CFO should have a nice history on their resume and positive feedback from all of their previous positions. The last thing you want is to hire someone to fill the position and then leave it in a worse situation from when they first came in.
2. Logic paired with trustworthiness
Logic is a key trait. Since the CFO has to manage the financial actions of a company, logic is the basic requirement needed to track cash flow, analyze the company’s financial strengths and weaknesses, and even propose corrective actions. Next to logic is trustworthiness. You can’t ask a liar or a thief to take care of your bank statements. Logic and trust should go hand in hand.
3. Leadership capabilities
CFOs need to have strong leadership capabilities. They need to be able to communicate well with the team, share important information and create a vision for the future. I would look for someone who isn’t just good with numbers, but who is also someone who can lead a team.
4. A results-oriented mindset
A great CFO must have a results-oriented mindset. Setting goals gives the company something to work toward, thereby motivating your team. The CFO must find ways to measure outcomes, holding people accountable when goals aren’t met, and rewarding those who meet their goals.
5. Self-discipline
If you’re hiring a CFO, especially one that’s part-time, then it’s crucial that they’re a self-disciplined motivator. They can get their tasks done without needing to be micromanaged and can easily take on their workload despite doing so in fewer hours. If they can’t take initiative, then they probably aren’t a great fit.
6. An understanding of your services
If they are part-time, you want to see if they would be good enough to work full-time. Make sure they understand your main services more than simply the finances behind it. They should have a deep and thorough understanding of pricing in the marketplace so they can help you make effective decisions.
7. Versatility
Versatility is essential. Believe that having the ability to adapt to changes quickly and to do so properly is an indispensable quality for a financial director. This environment is very changeable and you must be prepared to face any situation in the best possible way for the company.
8. Delegation skills
If your CFO is part-time, they’ll need to be a good delegator. They should be able to effectively delegate tasks to other accounting team members since they won’t be in the office full-time to perform all of these tasks or oversee them at all times.
9. Passion
There are many skills a CFO should have, including leadership, resourcefulness, problem-solving skills, and being able to innovate. But when it comes to running a business with a part-time CFO, you need someone who’s passionate. They don’t have to be so crazy about the mission to leave their jobs, but they have to be passionate enough about it to invest their talents for the right reasons. Money alone isn’t enough.,
10. Communication skills
The oratory skills of the candidates should be weighed during the selection of any part-time executives like the CFO. Since they are limited on time, they should be able to communicate even the most complicated aspects and delegate to their subordinates. They must also be able to communicate effectively with owners, leaders, vendors, and the entire management team.,
11. Attention to detail
Attention to detail is a significant quality in your CFO. There’s no question that when it comes to a business’s finances, you need someone at the helm who is willing to dive into the small details and make sure that everything is being done correctly. It matters because your financial activities need to comply with the law, and it’s not an area to treat lightly.
