As trusted advisors to CEOs and management teams, vcfo relies on a unique platform of industry best practices and proven methodologies to help solve the most complex operational business issues. Based on our experience working with more than 3,000 clients, we’ve developed a “Top 10” list we share with organizations looking to outsource CFO support.
- Determine the type of financial assistance you are seeking. Do you need to raise money? Are you looking for assistance in addressing operational issues? Is creating a solid financial infrastructure your goal?
- Validate the experience and expertise the CFO resource has not only in your industry segment, but also with the specific issues you are facing. Are they familiar with the terminology you use regularly in your business, whether a manufacturer, an architectural firm, a restaurant or a high-tech company? Do they have a broad range of experience in dealing with the multitude of business challenges?
- Verify their experience working with companies at the same stage of development as yours. Issues can look very different between an early-stage company versus one that is publicly held.
- Consider whether you want to work with a single, independent CFO consultant or whether it is in your best interest to utilize a financial consulting group, tapping into the combined expertise of a larger number of outsource CFO professionals with varying experiences.
- Talk directly with executives from companies who have worked with your proposed CFO resource. A vote of confidence from a satisfied customer is always a good sign. Check references.
- Inquire as to other resources your CFO consultant can bring to the engagement. Can they assist with introductions to other service providers and funding sources as these introductions become appropriate for your company?
- How responsive can your CFO consultant be to your needs? Can their schedule comfortably accommodate yours?
- How flexible are they in their approach to working with companies like yours?
- What type of training or ongoing professional education do they use to stay on top of the rapidly changing market conditions?
- What additional internal resources do they offer? Can they support you with assistance in other areas such as human resources and systems implementations? Are they equipped to handle large-scale projects, as well as smaller ones?
These are 10 key points you really should ask yourself when seeking to outsource CFO consulting services. With these answers in hand, you will be better informed about not only your specific requirements and the level of assistance you need, but also the assurance that when you make your decision, you covered your bases.