Companies occasionally need extra senior-level financial expertise. While you can hire full-time specialists, this isn't always the right solution. There are times when you simply need some extra help for a short time.

At these times, you can hire a fractional CFO. These Chief Financial Officers work with companies on a temporary basis.

When might you need to hire a fractional CFO?

1. You Need to Hire a New CFO

When a senior executive leaves your company, you ideally have enough time to hire their replacement so that you have a smooth transition. Your new executive will be in place when your current one leaves.

However, this isn't always possible. Sometimes, you have to fire someone and ask them to leave immediately. Other times, you might struggle to find exactly the right candidate for the job.

A fractional CFO fills this gap. If you lose your CFO and can't find a fast replacement, then you can hire a temporary replacement until you find the right hire for the job.

A temporary CFO hire is also a useful resource when you hire your first CFO. Your fractional advisor can help you shortlist and interview candidates during the time they do the job for you.

2. Your Company Has a Problem

Senior financial executives play a key role in helping businesses smooth out bumpy patches. However, if you are a small company, then you might not employ someone at this level. A fractional CFO is a good temporary hire here.

A CFO can help evaluate your problems and work out how to fix them. They can deal with problems linked to economic downturns, market conditions, and competitive actions. They can help you ride out the storm or make cuts to reduce your current financial problems.

3. Your Company Has Grown Fast

Sometimes, companies hire a temporary CFO after a period of fast or unexpected growth. If you feel that your company's progress might have outgrown your initial financial processes and procedures, then an experienced CFO can run a health check on your financial systems.

They can then recommend ways to streamline the way you manage your company's finances. You'll then know that they are in the right shape to support your company's future growth.

4. You Have Expansion Plans

If your company is doing well, then you might want to realize some future growth plans. For example, you might want to merge with a competitive business, move into new markets, or simply expand your operations.

All of these moves need expert guidance. A fractional CFO can help you assess the viability of your plans and map out how they should work. They can then guide you through the process.

To start your hiring process, contact fractional CFO providers.