A part-time CFO is a certified financial professional who helps companies manage their finances. They can guide everything from budgeting to cash flow analysis to investment portfolio management. Part-time CFOs work about 20-25 hours per week and are paid a salary plus benefits. If you’re looking for help managing your company’s finances, a part-time CFO may be the right option for you! What is a Fractional CMO? Similar to a part-time CFO, a fractional CMO is a professional who provides marketing support to a business on a part-time basis. They can also provide guidance and mentorship to junior marketing staff. A fractional CMO can help small business owners with a variety of tasks, such as: Developing marketing plans Improving brand awareness Tracking return on investment Creating advertising campaigns A fractional CMO can be a great option for businesses that don’t have the budget to hire a full-time marketing staff member. They can also be helpful for businesses in the early stages of development and don’t have the resources to hire a full-time CMO. If your small business needs marketing assistance, a fractional CMO may be the right solution for you! What Are the Benefits of a Part-Time CFO? The benefits of hiring a part-time CFO are that they can help save money by reviewing the company’s finances and suggesting ways to reduce costs. This can be extremely helpful for businesses looking to scale their marketing operations without dedicating a full-time employee to the task. Successful CFOs can help small businesses with the following: Strategic Goals Declining Revenues Raising Capital Restructuring Financial Operations Cash Management Systems and Processes Part-time CFOs can be a great asset for businesses of all sizes, so if you’re looking for someone to help with your finances, consider hiring a fractional CFO. Let’s explore some of the benefits of hiring a part-time CFO in more detail! Part-Time CFOs Can Help With Strategic Goals A part-time CFO can help a business with strategic goals by providing expert advice and guidance on financial planning and management. They can also assist in developing strategies to grow the company and improve profitability and provide support during times of financial difficulty. Part-Time CFOs Can Help With Declining Revenues If a business is experiencing declining revenues, a part-time CFO can help identify the root cause of the problem and develop a plan to turn things around. They can also assist in implementing cost-cutting measures to help stabilize your finances, identify areas where costs can be reduced, provide guidance on improving cash flow, and make it easier to attract investors. Part-Time CFOs Can Help With Raising Capital Part-time CFOs can be extremely helpful when it comes to raising capital. They can advise what type of funding would be best for the company, help with the application process, and work with the investors to close the deal. Additionally, they can provide valuable insights into how the company is performing financially and suggest ways to improve its performance. Having a part-time CFO on board can give your business a competitive edge when seeking investment. Part-Time CFOs Can Help With Restructuring Financial Operations A part-time CFO can help with financial restructuring operations by providing guidance on improving performance and making the company more efficient. They can help make recommendations for changes that need to be made and then help to implement those changes. Part-time CFOs can also help to keep things on track going forward, ensuring that the financial operations are running smoothly. Part-Time CFOs Can Help With Cash Management A part-time CFO can help with cash management by providing guidance on managing and investing cash flow. They can also help forecast future cash needs and identify potential areas of financial risk. In addition, fractional CFOS can provide support and training to other finance team members so that everyone is on the same page regarding cash management. Part-Time CFOs Can Help With Systems and Processes Part-time CFOs can help businesses by overseeing and improving systems and processes. They can help to make sure that the company is running smoothly and that all procedures are being followed. They can also help to improve efficiency and productivity or avoid any potential problems, which can be helpful for businesses that are looking to grow or expand. A CFO can help you streamline your finances, make wise investments, and keep your business on track. They can also help you prepare for tax season and advise you on financial matters, which is why having a CFO on board can help you make sound financial decisions and improve the overall health of your business. Ultimately, hiring a fractional CFO can provide businesses with the expertise and support they need to improve their marketing efforts while keeping costs down. So, if you think your business needs some financial advice, consider contacting a part-time CFO to see how they can help you increase your overall revenue. How Much Do Part-Time CFOs Cost? Full-time CFOs can cost businesses anywhere from a few hundred dollars to tens of thousands of dollars per month, depending on the size and complexity of the company. However, there are some part-time CFOs who work at an hourly rate and can charge between $75 and $250 an hour. For businesses that are just starting or are too small to justify a full-time CFO, fractional CFOs can be a great, budget-friendly option. Choosing the right CFO for your business is important, and you should keep a few things in mind when making your decision, such as: Comparing rates Asking for references Interview several candidates Additionally, it’s important to ensure that the CFO you choose is a good fit for your company culture and that they have the right skills and experience to help your business grow. Is a Fractional CFO Right for Your Business? A part-time CFO is a great option for businesses that don’t need a full-time CFO but still need some financial guidance. If you’re considering hiring a part-time CFO, discuss your needs and budget with them to ensure they can meet those needs. Are you a small business owner in need of financial assistance? Do you have any questions about hiring a part-time CFO? Let us know in the comments below! Part-Time CFO FAQ What is a Part-Time CFO called? A part-time CFO is also known as a part-time chief financial officer. What Does a Fractional CFO do? They are responsible for the financial health of a company and work with senior management to make sure that the company is making sound financial decisions. They also work with other finance team members to prepare financial reports, track expenses, and manage budgets. How Many Hours Does a Fractional CFO Work? A fraction CFO works a part-time schedule. They typically work around 20-25 hours per week. This allows them to focus on their other professional and personal obligations while still providing the needed financial assistance to their company. What do CFOs do on a Daily Basis? On a day-to-day basis, CFOs may meet with department heads to discuss the company’s financial performance and future goals, review financial statements, approve investments or loans, and work with other executives to create long-term strategic plans. What is the Hourly Rate for a Fractional CFO? Hourly rates for a fractional CFO can vary depending on the services they offer, the size of the company, and the scope of work. However, most part-time CFOs charge from $75 to $250 per hour. Although, there are some CFOs that might charge more base on their experience.