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Do you need to hire a CFO with experience in my industry?

Author: Larry Chester

Every business owner says to me, “My business is unique. My industry is unique. If you don’t have experience in my industry, then how can you help me get better?” 

Here’s how a varied background helps our CFOs offer innovative insights: 

I like to highlight the example of a furniture manufacturer who said, “If you haven’t done a lot of work in furniture manufacturing, how can you help me be a better furniture manufacturer?” 

We find that: business structures are universal, but every business is unique.  

The CFOs that are part of CFO Simplified, have worked in multiple industries. They draw what they need in each new situation from the experiences they’ve had in the industries they’ve worked in.  The experience offers them insights into both the specific areas that you’re having problems in and ways to solve those problems.  With those “outside the box” insights, they can then apply those solutions to your unique business. 

Take this example of a very experienced CFO in only one industry: 

If you hired a consultant who has worked exclusively with 20 manufacturers in your specific industry and they’ve given the same advice to every single one of those 20 companies that are competitors of yours: 

  1. How do you know that advice is the best solution to help solve your unique problem? 
  2. What advantage does that give you over your competition? 

At CFO Simplified, we give you access to the information that we’ve gathered from the 20 to 25 years of experience that each one of my CFOs has.  Our CFOs have worked in many different businesses and draw on those experiences to apply innovative solutions to issues that face your company.  Working with a CFO who has experience in different industries will give you that added benefit of insights and advice that your competition does not have access to. 

Strategic insights into the way your company operates are an essential function of a fractional CFO.  We frequently see companies whose AR is a source of constant pain.  Have you been reeling over unpaid overdue payments? There are ways to collect the uncollectable while maintaining your company’s stellar reputation and relationships.  Check out our post on UNPAID OVERDUE PAYMENTS: COLLECTING THE UNCOLLECTIBLE

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