What is it really like having a Fractional CFO in your business? How much of their time does your company get? And how can they really help you with your business if they’re not an employee?

These are the questions we answer a lot at Crown CFO. While it may sound strange at first, having a Fractional CFO on board can be a big boost to your organization, driving the financial side of your business while you focus on the areas you know best.

A Fractional CFO can help your business in many different ways:

• If you’re growing — or want to — they can help develop and execute the right strategy.
• If you have an “unofficial” CFO whose job is really something else in your org, a Fractional CFO can step in and let them get back to their best work.
• If you’re drowning in financial documents that just aren’t your area of expertise, they can get things under control and help you make sense of it all.
• If you’re looking to sell or acquire a company but haven’t done that before, they can guide you and help make it as low-stress as possible.
• If you need to seek additional capital or refinance your existing structure, they can take the lead on that process.
• If you have someone on your team who’s an up-and-coming financial leader, but they’re not quite ready to be a CFO, a Fractional CFO can help get them there.
• If you know you need experienced financial input on big decisions, they can help ensure your success.

A typical week with your Fractional CFO

While it depends on your needs, most Fractional CFOs will be in your office a day or so each week.  This can come in different forms: one full day, two half days, or a full day plus a half day. 

In the office

When your Fractional CFO is on-site with you, they’re typically working from a dedicated spot, sliding right in with the rest of your team. They’ll meet with various individuals and groups — but especially with the leadership team to ensure the company stays on the right track.

They’ll also meet with your accounting team, providing the leadership and decision-making they need from a CFO, and with external partners like your bank, CPA firm, or insurance providers. 

Besides meetings, your Fractional CFO will use their time with you to roll up their sleeves and truly work in your business, analyzing your finances and opportunities to make sure you’re looking at the road ahead. The right Fractional CFO will be operationally focused, exploring even your shop floor or warehouse to understand how your business works and where it can improve.

Off-site Access

Sometimes a Fractional CFO’s work is done off-site — especially if meetings take up a lot of the time they’re with you at your office. The time spent away from your office allows your team to complete tasks related to your Fractional CFO’s work and allows everyone time to prepare for conversations the next time they visit. 

When they aren’t with you at your office, they’re always available by phone and email, making time for the things that pop up unexpectedly. While they’re not available on demand at all times, you can usually get a response within 24 hours. The best Fractional CFOs work with three to five clients at once and are well-practiced at balancing their time.

Misconceptions about fractional executives

The confusion surrounding fractional leaders can sometimes keep companies from benefiting from the experience and expertise they can bring to a business. 

One of the best things about bringing in a Fractional CFO is that they function like a member of your team. They’re not a consultant who takes a limited look at one issue — they embed themselves in your company and focus on your success for the long haul. A Fractional CFO is there to help you succeed just as a full-time CFO would.

At first, it might seem like a financial executive who works with other companies at the same time as yours could be distracted. On the contrary — working with other clients gives your Fractional CFO fresh insights. They’re always learning and implementing best practices and new ideas that can apply to all their clients. It’s an outside view of your business that a full-time CFO just wouldn’t get.  

Finding the right Fractional CFO

Fractional CFOs are the best of both worlds — a dedicated part of your team without the hefty salary and benefits price tag. They’re experienced across a diverse range of businesses, yet possess the deep financial experience and knowledge you need to build your business strategically. 

Our Fractional CFOs are experienced in guiding Kansas City businesses across a range of industries and can use their deep, varied expertise to help take your business where you want it to go. Contact Mike DeMaio at [email protected] to learn more.