If you have a business, there are certain corporate positions that you might need, but simply do not have the means to fill just yet. One of these is a chief financial officer. Their duties include focusing on financial operations as well as assisting the owners with crucial decision-making. However, since they typically command a high salary, they might be out of reach for startups. This is where a fractional CFO can come into play. They are typically involved only part-time and are not salaried, they bill for their services on an hourly basis.
Garner Trust
Whether fractional or not, the board of any business will be pleased to see that someone with actual financial experience is helping to guide the company. This gives them a great boost of confidence in the company.
Expert Fundraising
Any startup will need to go through rounds of fundraising. This can be difficult to do for those who are inexperienced in the process. However, since a CFO who is working on a fractional basis is typically a semi-retired full-time CFO, they know the ropes on how to raise funds in the most efficient manner possible.
Determine Financial Health
The owners of the business will need to know the financial health of the company at any given time. A fractional CFO can show them where the finances are at and even offer projections for the future. This can help with expansion plans as well as seeing how viable the company will be in years to come.
