Every company is different, and each one will have a different way to look for a new chief financial officer. Here are four tips to help you decide how to hire a CFO and find the best solution for your business.
1. Hire an executive search firm Hiring an executive search firm to find a CFO saves you time and stress. Instead of spending your time contacting people in your network or vetting candidates, you pass this work off to a team of qualified professionals. With someone else handling the search process, you can spend more time helping your business grow and thrive.
The staff at an executive search firm already has thorough knowledge of the industry and may already know candidates who are qualified for your position. Once you give them a detailed description of what you need in a CFO, they can search their community and find the best candidate. Their expertise allows them to interview and select the best person for the job.
2. Use your connections If you want to search for a chief financial officer yourself, your industry connections are a great place to start. Don’t be afraid to contact people you know who might be interested in the position. Even if they aren’t interested in becoming your CFO, they might know someone who is. Utilizing your professional network is a great way to find a CFO who fits into your company’s culture and can get the job done.
If you don’t have a wide network of contacts or none of your contacts lead to a new hire, try networking online. Websites like LinkedIn are a great way to find qualified candidates in need of a job.
3. Keep an eye on the industry Keeping track of industry news can help you find a chief financial officer that is well qualified to work with your company. If a company is going through layoffs, there might be someone in need of a job who fits the requirements of your position.
4. Evaluate all of your options If your search for a new CFO has been fruitless, or if you aren’t sure whether or not you need to add another full-time executive to your company, it’s time to think about your options. Does your company really need a full-time CFO? Think about how much work you need the chief financial officer to do, and consider whether or not it is worth hiring someone full time. If you might not need a full time professional, look for part time candidates or an outside firm.
If your company does need a full-time chief financial officer, and referring the work to an outside firm is not an option, try reevaluating your search criteria. Ask yourself tough questions to determine whether or not your expectations are realistic. Don’t be afraid to readjust the job description to find the perfect candidate for your business.
What questions do you have about deciding how to hire a CFO? Let us know in the comments.
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