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You are here: Home / Does a Small yet Growing business need a CFO?

October 17, 2011 By Samuel Dergel 2 Comments

Does a Small yet Growing business need a CFO?

You might think that given what I do, I would say “of course”.

I recently read a great piece by Janine Popick in the Huffington Post called Small Business CFOs: Do You Need One? In this article, Janine discusses the personal story of the growth of her company, Vertical Response, the challenges they faced as they were growing, and not having the right finance resources when they needed it.

Janine’s honesty is refreshing. She mentions that there were numerous times she needed to take decisions to bring on the right finance resources, but her concerns of cost overrode her need to build value. She also admits there were things she did not know.

The fact is many entrepreneurs of growing companies face the same issues. And make the same mistakes. I highly recommend this article to any entrepreneur who is building a growing business.

So, does a small yet growing business need a CFO?

If the business is small, growing and simple, I would say no.

If the business is a complex business (where revenue is not a simple formula, where there is innovation in the product or service and where new investment is needed regularly to accomplish success) I would say yes.

My recommendation to entrepreneurs of growth companies is: If you’re not sure, there are people you can ask. You can approach an entrepreneur of a successful growth business (like Janice) for their input. You can seek advice from the people that have invested money in your business (or people you hope will invest money in your business) for input.

Or, as one entrepreneur did last week, you can ask me.

Related Blog Posts:
More companies are ready for their first Real CFO
CEO and Investors: Are you ready for your First CFO?
New CFOs and the Entrepreneurial CEO – How to make it work

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Comments

  1. Rodrigo Dromundo says

    October 21, 2011 at 3:28 PM

    Depends on Company Growth Expetations & Hands-On Capability of Hired CFO. Everything should be about Adding Value to the Company.

    Reply

Trackbacks

  1. “Get a CFO on board when you are ready to take on the world” « Samuel's CFO Blog says:
    October 27, 2011 at 7:24 AM

    […] for me to work with. In addition to my own direct take on the blog which I recently wrote – Does a Small yet Growing Business need a CFO? – I have written blogs that have touched this topic from different […]

    Reply

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