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Halliday Marx Visions

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Chief financial officer using a laptop whilst sta in from of a window overlooking a cityscape

Successful companies wouldn’t exist without expert and strategic financial management. Knowing when to hire a CFO comes down to your company’s current position and your plans for future growth.

Most companies will need a dedicated leader who will be able to oversee and drive the finance and accounting function forward and plan financial strategies for the future as the business grows. 

At Halliday Marx, we know how important a CFO is and we’ve been helping to match finance experts with leading companies for many years, this is our advice on what you need to know when hiring your first CFO.

What does a CFO do?

The CFO is the company’s financial leader, responsible for top-level financial reporting, management and executing the organisation’s financial strategy. They will be responsible for recruiting and leading the finance team which will vary in size depending on your organisation’s requirements. Additionally, a CFO is responsible for overall business financial performance and ensuring finance is at the heart of strategy for future growth, undertaking financial analysis, forecasting, risk management and planning.

What you need to know when hiring a CFO

Growing your business successfully requires a certain degree of financial leadership that goes beyond the typical skillset of an accountant. Looking at what a CFO does, it’s clear that it’s more than just day-to-day accounting, it requires a more strategic financial skillset.

Once your business reaches a certain size, you’ll need someone who can manage the finance team. They will also need to be able to recommend and implement financial procedures, manage and analyse your financial performance, identify and mitigate financial risks, and make strategic recommendations moving forward.

John Marx, Director of Halliday Marx says “A strong CFO obviously has a firm grasp of a company’s finances, and the driving force behind the financial strategy. They also need to be a phenomenal leader for finance as they are representing them on the board of directors.”

Matching CFOs to Growing Businesses

Whilst looking to the future is essential for business development and growth, it is equally important to assess your company’s current needs.

Are you at a stage in your growth when there is more rigour required around your financial reporting? Are you concerned about risk management or compliance? Does your team need a stronger or more experienced leader? Do you need someone to analyse and deliver financial strategies – or to implement and oversee financial systems? If you answered yes to at least one of these, there’s a good chance your company would benefit from hiring a CFO.

John Marx, Director of Halliday Marx adds “CFOs are responsible for overseeing the implementation of best practices to ensure the organisation hits its targets. However, identifying the immediate challenges you are facing means you can recruit a CFO with the right skills and experience.”

Another indicator to look out for is if your company is expanding or making plans to expand soon. If you’re looking to grow your business organically or via acquisition, then a CFO can provide the analysis and financial advice to help mitigate any risks and improve the outcomes of this process.

Every business owner should know when to hire a CFO, at Halliday Marx, we understand that recruiting a skilled financial leader at the right time can help your business stay ahead of the game. If you would like any more advice on applying for or recruiting a CFO please contact us on 020 7096 8200 or email us at [email protected]

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