Do You Really Need a CFO, COO… or Just a Grown-Up Accountant?

If you’re an SME, or even a ‘small large business’ - maybe you’ve thought about hiring a CFO, COO or some other expensive 3-letter expletive. But are you clear on what you want, or need from your ‘C’? Do you need one, both, one who is both? Or none at all?

Is it a really senior accountant, an operations manager, or a leader who will make sure your strategy and financial direction is sound?

Will they oversee execution, fulfilment, lead your entire operational function or drive your strategy and long range plans?

There isn’t a wrong answer - even if one sounds fancier.

What you need is reflective of your situation, existing support structure and talents.

If you’re bleeding on the basics, hemorrhaging cash by poor cost control and sketchy books- then find that really senior accountant to whip the place into shape.

If you’re struggling to understand where you’re making money- on which customers, and why. If you’re trying to set a plan for 3 years from now which capitalises on your opportunities, or shapes you up for an exit- then find yourself a strategic CFO.

If your inventory losses, transport costs, or warehousing structure are creating inefficiency, missed opportunities & deliveries- find an Ops Manager. If you want to create an operational structure which scales with you, gets more efficient with size and delivers your overall strategy- find a leader.

If you’re lucky, you can partner with a company that will evolve this with you. Continuity is valuable. Every new relationship and familiarisation takes time, and bandwidth.

If you don’t have this, then you will need to actively manage and spot this inflection point.

No matter your way of approaching it- take the time to be clear upfront. Bringing in senior talent at any discipline is high stakes. Showing up with a knife to a gunfight might sound like a guarantee- possibly just a guaranteed mess.

Pick your battle. Then the instrument.