Frequently Asked Questions

What Does the CFO of a Company Do?

The CFO oversees the financial operation of an organization.   The CFO is also a trusted partner to the owner(s) and/or board of directors and participates in strategic decisions.


Can we afford a CFO?

The real question is, can you afford not to hire a CFO?

Without an experienced financial professional, you might be overlooking some critical elements in your business.  You could be losing profits and/or misspending, there could be lost opportunities that might be addressed by a strategic look at your pricing, inventory, receivables and more, and there may be process inefficiencies that could be costing time and money.  A good CFO will pay for themselves by addressing some important financial issues. 

Also, at Grow Forward CFO, we do not charge by the hour. Based on the work involved, we estimate a fixed-priced fee that is paid monthly. 


Aren’t we too small for a CFO?

NO! A business of any size can benefit from bringing on a CFO.  Depending on the complexity of your business, you may need advice on how to be more profitable.  Having an experienced CFO partnering with you will help make decisions on accurate information so you can plan forward – which is critical to the growth of your business.


When is the right time to bring on a CFO?

If your business is growing, it may be time.

While in the beginning, a business may be simple, as it grows, things become more complex. Maybe you’re considering new revenue streams. Maybe you’re looking at potential new markets, perhaps overseas. Maybe you need tax and legal advice on a higher level.  These can all be indicators that it may be time to consider the need for a CFO.


What differentiates a CFO from other financial roles?

Strategy! A CFO focuses their efforts on the strategic landscape of the business and provides financial insights to keep your business growing.  They understand the economics and will help you see clearly the benefits of making certain decisions for the future of the business.

While bookkeepers and accountants play important roles, they’re looking backward at what has been. A CFO looks forward to what is ahead.  Further, CFO will analyze financial risk, develop proactive strategies, and track performance.


What If I Don’t Know What Services I Need? How Do You Help Determine What Services My Company Needs?

Grow Forward CFO performs a complementary Financial Due Diligence Review (FDDR), which includes a business assessment, a review of your financial records, and a conversation with the CEO to understand the vision of the organization.  From the FDDR, we create a proposal that outlines our assessment with recommendations of services that will assist you with achieving your business goals. 


If I Hire Grow Forward CFO, am I Contractually Obligated for a Specific Period of Time?

No. We are at-will.  However, we request a 30-day notice to help transition services. 


How Much Do These Services Cost?

We tailor our services to each client’s specific needs and cost varies based on the amount of days per week/month needed.


At What Point Does a Self-Funded Startup Need a CFO?

Every company needs a CFO!  A start-up needs the services of a CFO, but may only need a few hours per month to provide the owner with insight and help with day-to-day financial services to facilitate success.


Why Should I Consider Hiring an Independent CFO Instead of Hiring a CFO In-House?

COST!  In-house CFO annual salaries range from $80,000 to $200,000.