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Fractional CFO hiring refers to the practice of hiring a Chief Financial Officer (CFO) on a part-time or project basis instead of as a full-time employee. Fractional CFOs are typically highly experienced financial professionals who provide strategic financial guidance to companies on a contract basis.
There are several advantages to hiring a fractional CFO. Firstly, it can be more cost-effective than hiring a full-time CFO, as the company only pays for the services they need. Secondly, fractional CFOs can bring a fresh perspective and new ideas to the company, as they often have experience working with a variety of different organisations. Thirdly, they can help companies to manage their finances more effectively, providing insights into financial performance and helping to identify areas for improvement.
When hiring a fractional CFO, it is important to ensure that they have the necessary skills and experience to meet the company's needs. It is also important to establish clear goals and expectations for the engagement, and to communicate these effectively to the fractional CFO. Finally, it is important to work closely with the fractional CFO to ensure that they are integrated into the company's operations and that they have access to the information and resources they need to be successful.
Startups are beginning to recruit a fractional CFO for a limited period or with a particular milestone in mind (eg, funding rounds), and to help it mature its finance operations. “Every startup would love to hire a superstar chief financial officer — but it can take time to hire for such a key role, and involve paying a big salary”. Generally, fractional CFOs are seasoned professionals with board-level experience that provide a bridge as a company grows, offering a breadth of experience that early-stage companies may lack. Fractional CFOs aren’t freelance specialists, but rather act as pay-as-you-go or “on demand” employees with a wealth of experience, keen for a change of pace and to apply their skills in different ways to several organisations at once.
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