Did you know the average CFO salary in 2021 was $399,062? This figure highlights the valuable contribution these professionals can make to a business. By performing financial planning exercises and helping with strategic decisions, a CFO can help take a business to the next level.
But, what qualities should you look for when hiring a CFO? After all, if you employ the wrong person, it could be a time-consuming and costly error. The good news is you can find your ideal candidate by identifying some crucial traits that set the best CFOs apart from their rivals.
Read on to find out more about hiring a CFO.
Industry Experience
You may feel more comfortable working with a CFO who has plenty of experience in the financial industry. A seasoned professional could use their knowledge and expertise to make faster and more effective decisions than someone who is new to their job.
However, working experience is not the only factor to consider. You can also check if a candidate has invested in educational programs that could help make them a more rounded professional. Be sure to ask for more information about any training programs they have been through so you can fully understand their background and qualifications.
Leadership Skills
A modern CFO needs to have smart management skills to inspire those around them. CFO’s make strategic company decisions, and without support from colleagues, their plans could fail. Before hiring a candidate, be sure to check if they have led teams in the past.
Working Preferences
In the current commercial world, hybrid working environments are becoming more popular. But, this may not suit all employers, so it’s essential to ask if a CFO would like to work from home on certain days of the week, or if they would prefer to be completely office-based. You can then come to an agreement that is suitable for all parties.
Availability
Not all CFO’s will work full-time for one company, and they may have several different clients. In this scenario, you need to make sure a CFO will be available when required, as there is no point in having the best CFO in the industry if they are not present when you’re making important decisions.
Salary
As a small business owner, you’ll be wary of spending too much money on hiring a single employee. While you may need to offer an attractive salary and benefits package, it’s also crucial not to pay more than the current market rate. Try to negotiate terms that represent fair compensation without breaking the bank.
Take Your Time When Hiring a CFO
Hiring a CFO is a major business decision, so it’s important to be patient and not rush the process. Ask about a candidate’s experience and training, and ensure they have the leadership qualities required to drive your company forwards. It’s also important to ensure they will be available when you need them the most.
When you find the right CFO, you’ll be delighted you took the time to carry out your due diligence.
Before you hire your new CFO, be sure to browse more great articles in our Business Advice section.
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