No need to panic when your CFO leaves!
The CFO in a business takes responsibility for financial management. So when they leave it can be a daunting exercise to replace them with the right candidate. You can end up feeling under pressure to take on someone who doesn’t quite tick all the boxes. Rather than rushing the exercise and regretting it later, you can take the pressure off by employing an Interim CFO.
An Interim CFO can come in at short notice, spend some time with the outgoing CFO to get a grip on what needs to be done and how things are done. Even if the outgoing CFO has already departed, Interim CFOs are adept at stepping in and assessing your requirements quickly.
When someone leaves it’s always a good opportunity to take stock and consider how the role can be changed/improved. An Interim CFO can assist greatly in achieving this. An experienced CFO will be able to guide you to how the finance function can run efficiently and cost effectively, whilst providing the information that management needs to make informed decisions.
As an Interim CFO they also have the advantage of being able to give frank and fearless advice rather than being concerned with internal politics and holding on to their job.
An Interim CFO helps to calm the vibe when the CFO leaves, providing confidence that the financial management will remain under control. Experienced CFOs are used to working with finance teams and getting the best from each team member. Interim CFOs are also good at identifying gaps in the finance team.
While the Interim CFO is taking care of the finance function, the business owner can take their time interviewing and researching for the best possible candidate for the role. The Interim CFO can also be involved in the recruitment process, assisting to assess the qualifications and experience of candidates, as well as their fit for the team.
Your business systems can also benefit from a review by an Interim CFO. Most CFOs have been deeply involved in system changeovers. This includes Design, Build/Develop, User Acceptance Testing, Implementation/Deployment and resolving post implementation issues. If you want a successful system changeover an Interim CFO can make a big difference to the exercise.
An Interim CFO can help to tighten up processes, not just in the finance department, but also in operational issues. CFOs are adept at recognising bottlenecks in processes that can be costing much time and money.
If your CFO suddenly leaves, don’t panic! Get in touch with us to speak with one of our experienced Interim CFOs.
