Signs a Small Business Needs a CFO

When should a small business owner hire a CFO? While there is no right answer, there are certain indicators. I spoke with Marc P. Palker, CMA, about this topic. Marc is Director of CFO Consulting Partners, LLC – a firm that provides interim and part-time CFO services to small and midsized public and private companies – and a member of the IMA (Institute of Management Accountants) Board of Directors.

This interview has been edited and condensed.

Jeff Thomson: What are some internal indicators that a small business owner should hire a CFO?

Marc Palker: An important internal tipping point is when information that helps the business make timely and important decisions is not being prepared. Business owners make decisions at the pace of the business and must be able to rely on the accurate and timely information provided by CFOs. It‘s never too late to make a change.

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