This article addresses common questions on when to hire a full-time, part-time, contract or virtual CFO.
If you are like most successful small business owners, you started out either on your own or with significant support from those closest to you or a business partner. During the initial years, resources were scarce, so you learned how to do everything. While your trade may have been medicine, legal, publishing, construction, running a cafe or even manufacturing, you soon learned how to market and sell your product or service. You learned how to interact with your customers and how to handle the occasional customer complaints. Then, as sales increased, you learned how to hire staff and how to run payroll. You learned how to manage the company’s finances, variations in cash flow, and how to prepare the books for your tax preparer.