FAQ

Answers to the Most Important Questions

1. Why is the idea of employing a part-time CFO gaining widespread acceptance?

   In today's hyper-competitive business climate, many companies realize they need a CFO's expertise but can't afford to pay one full-time. Using The CFO Factor, a company can get the benefit of an experienced CFO while paying only for the hours that the CFO is working.

   The Rent-To-Own CFO Program - Inc. Magazine



2. What value does a permanent part-time, interim, temporary or project CFO bring to a company beyond the work that he or she does?

   On many occasions, senior-level finance professionals bring their established networks of bankers, lawyers, IT experts, accountants, risk managers and others to meet the strategic and tactical needs of a growing business at a fraction of what it would cost to employ individuals with those levels of talent and experience.

   Seven Reasons Interim Executives are Great for Business - External Resources, Inc.



3. Are there other advantages to using a CFO on a permanent part-time, interim, temporary or project basis?

   Yes. There are many "hidden costs" to hiring full-time employees, and salary is only one part of the cost of employing a full time senior-level executive. In fact, the total cost of employing a senior executive is often as much as seven times more than his or her annual salary.

   Top 8 Reasons Why Leadership On-Demand Makes Economic Sense Today - Cerius Executive Management Solutions



4. What other advantages do alternative employment arrangements give to business owners?

   Besides the savings on salary and benefits, the advantages of hiring a CFO on a part-time, interim, temporary or project basis can:

   • Reduce the risk of hiring the "wrong" person
   • Enable a business owner to pay only for days or hours of productive work
   • Receive senior-level expertise at a fraction of what it would cost to employ an experienced CFO full-time
   • Receive better value than contracting with a consultant who offers recommendations but must be paid additional fees to implement them



5. How else can a CFO hired on a less-than-full time basis be helpful to a company?

   By getting a fresh set of eyes on the financials, or an extra pair of hands on-deck, a business owner can benefit from insights and expertise that the full-time staff may not have. An owner can also have peace-of-mind that key finance-related matters will be taken care of during busy periods rather than neglected until there's "downtime."



6. How much more effective are executives who work part-time compared to those who are employed permanently?

   According to Corporate Insights, a New York-based executive management development consulting firm, "Interim executives achieve goals 20 times faster than permanent senior managers."

   At The CFO Factor, we believe that finding is valid because when assignments and hours worked are of a pre-determined limited duration, people tend to perform most efficiently to ensure that tasks are completed in the time allotted.

   Furthermore, economic hardships that the recession forced upon many businesses have taught owners they can run their companies successfully by using a CFO's services on a part-time, interim, temporary or project basis.